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Auto rates for July 3, 2014

 

Rates on auto loans saw small changes this week. I'm Doug Whiteman with your weekly look at auto loan rates.

The average rates for three-, four- and five-year new car loans all inched up 1 basis point. The three-year reached 4.04 percent, the four-year new car loan is now 4.06 percent. And the five-year nosed up to 4.14 percent.

Used car loans also saw minor increases. The average rate for a three-year used car loan rose 1 basis point to 4.7 percent, and the average four-year used car loan edged up 1 basis point to 4.78 percent.

An estimated 34.8 million Americans will take a car trip this Independence Day weekend, according to AAA. If you're one of those traveling by car, expect to pay more at the pump. AAA expects that gas prices will average around 20 cents more per gallon than at this time last year and reach their highest level since 2008.

For car maintenance tips for the summer, more on summer road trips, and to find the best auto loan rates in your area, make your next stop the auto page on Bankrate.com. I'm Doug Whiteman.

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