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Auto rates for Aug. 8, 2013

 

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

After sitting in park for three straight weeks, used-car loan rates lurched higher. The average three-year rate is now 4.69 percent and the average four-year rate is 4.51 percent.

New-car loan rates held steady for a fourth consecutive week, with the average four-year rate remaining at 4.01 percent and the average five-year rate at 4.09 percent.

With an economy that is slowly improving, consumer demand for auto purchases has picked up. And the financing is certainly favorable, with auto loan rates not only near record lows, but below the rates on mortgages and many home equity offers.

For more information on auto loans and to find the best car loan rates in your area, check out the free search engine at Bankrate.com.

I'm Greg McBride.

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