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Auto rates for Aug. 7, 2014

 

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

The action on auto loans slowed to a crawl this week. Only the average four-year used car rate showed any movement, inching upward to 4.78 percent. Meanwhile, new car loan rates are holding at eight-month lows, with the average five-year new car loan rate at 4.03 percent.

There remains a notable disparity between the most competitive offers and the much higher rate, uncompetitive offers in the market. Borrowers with good credit can find rates in the low single digits, on both new and used car loans, by actively shopping around among banks and credit unions before heading to the dealership.

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

I'm Greg McBride.

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