auto

Auto rates for May 31, 2012

 

Auto loan rates were a mixed bag this week. The average rates for new-car loans rose for the first time since mid-April. The average rate for a 48-month new-car loan rose by 1 basis point to 4.37 percent. The average rate for a 60-month new-car loan also inched upward, rising 2 basis points to 4.49 percent.

On the other hand, used-car loan rates were flat, with the average rate for a 36-month used car loan coming in at 5.13 percent, again for the fourth week.

Lenders are not only making more auto loans, but their lending to consumers with less-than-stellar credit. A new report from Experian Automotive states that restrictions among lenders are easing up. TransUnion, another credit reporting agency, reports the rate of late payments on auto loans fell nationally by 27 percent for the first three months of 2012.

If low auto loan rates have you gearing up to buy car - make sure you get the best interest rate by shopping around - you can do that right here at Bankrate.com. I'm Kristin Arnold.

 

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