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Auto rates for Aug. 30, 2012

 

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

Auto sales keep picking up and auto loan rates continue to drive lower. The average 5-year new car loan rate is down to 4.37 percent and the average 4-year used car rate moved below the 5 percent mark for the first time ever, to 4.98 percent.

The most competitive rates, however, are below 3 percent – for both new and used car loans. Even in this low rate environment, some lenders can still charge rates north of 7 or 8 percent, so be sure to seek out your best options before you go to the dealership.

You can shop around to find the most competitive car loan rates in your area by visiting the free search engine at Bankrate.com.

I'm Greg McBride.

 

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Auto Averages
Product Rate +/- Last week
48 month used car loan
2.93% 3.10%
48 month new car loan
2.45% 2.45%
36 month used car loan
2.88% 2.93%
36 month new car loan
2.30% 2.30%
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