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Auto rates for July 31, 2014

 

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

New car loan rates slammed into reverse this week, falling to eight-month lows. The average four-year new car loan rate moved below the 4 percent mark to 3.97 percent and the five-year loan rate is now at 4.03 percent. These are the lowest rates since late November.

Even used car loan rates showed some movement, with the average four-year rate modestly lower to 4.77 percent.

The action on car loan rates this week is a reflection of continued competition. Car loan shoppers can still find plenty of rates in the low single-digits on new cars, and many that apply to used car loans as well. It is vitally important 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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