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Auto rates for Aug. 16, 2012

 

Auto rates drive downhill into record low territory. I'm Lucas Wysocki with your weekly look at auto rates.

Auto loan rates were down this week, with the average rate for a 5-year new-car loan falling 1 basis point, to 4.45 percent, a new record low.

The 4-year new-car loan, dropped 2 basis points to 4.31 percent, matching the previous all-time low set in July. And although it didn't set any new records, the average rate for a 3-year used-car loan also dropped 1 basis point, ending up at 5.11 percent.

If you're heading to an auto dealership to take advantage of the low rate environment, you're not the only one. According to a new report from Urban Science, the average auto dealer is expected to move a record 805 vehicles off its lots this year compared to the previous record of 784 in 2005.

It's important not to get strong-armed into using the dealerships financing options. Shop around ahead of time and get the best auto loan rate. You can do that, right here at Bankrate.com. I'm Lucas Wysocki.

 

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