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Auto rates for May 29, 2014

 

I'm Greg McBride, chief analyst with Bankrate.com, and here is your weekly look at auto loan rates.

There was plenty of action once again on car loan rates, both up and down. But the decreases get the edge once again. The average rates for both new and used car loans declined, setting new low points for the year in the process.

On new car loans, the average four-year rate is 4.05 percent and the average five-year rate is 4.13 percent.

For used car loans, the average three-year rate is 4.69 percent and the average four-year loan rate is 4.77 percent.

In both cases, the last time average rates were lower was back in December. But don't settle for average as there are still plenty of sub-3 percent rates available -- and even some below 2 percent -- on both new and used car loans for those with good credit and willing to shop around.

For more information on both new and used car loans, go to Bankrate.com.

I'm Greg McBride.

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