I'm Greg McBride with Bankrate.com and here is your weekly look at auto loan rates.
Both new and used auto loan rates continue to reset record lows. The average 4-year new car loan rate reversed to 4.37 percent and the average 5-year new car rate is now 4.47 percent.
On used cars, the average 3-year loan rate sank to 5.13 percent while the average 4-year loan plunged to 5.15 percent.
Car loan rates have been on the downswing in markets around the country, but borrowers should set their sights lower - as in lower rates. Although the average new car loan rate is in the 4's and the average used car rate is in the 5's, borrowers with good credit and money for a down payment can find rates below 3 percent - for both new and used car loans.
You can shop around to find those ultra-low car loan rates in your area by visiting the free search engine at Bankrate.com.
I'm Greg McBride.
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A little research could save you BIG on interest.