I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at auto loan rates.
Rates fell for both new and used auto loans, setting new record lows. The average five-year new-car loan rate dropped to 4.01 percent, while the average four-year used-car rate declined to 4.36 percent.
Of course, those are just averages and the lowest rates for both new and used-car loans remain below 3 percent. What does it take to get a sub-3 percent rate? Good credit, proof of income and money for a down payment. With those three things, and by shopping for financing before going to the dealership, you put yourself in the best possible position.
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.
New car loan rates fell 1 basis point each.
Used car loan rates keep getting better.
Both new and used car loan rates shifted lower this week.
Rates on auto loans were mixed this week.
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