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.