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Auto rates for Aug. 28, 2014

 

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

Rates on auto loans were only slightly changed this week. The average four-year new car loan rate inched higher to 3.98 percent. The average five-year new car loan rate held at 4.03 percent, and the average four-year used car loan rate is still 4.78 percent. Rates for both new and used car loans remain at eight-month lows.

The Labor Day weekend is a big time for auto sales, with dealers using the three-day weekend as a final promotional push before summer ends. With low rates on both new and used car loans, the interest rate environment is cooperating nicely for car buyers looking for financing.

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

I'm Greg McBride.

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