I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at auto loan rates.
Rates for both new- and used-auto loans slammed into reverse this week. The average five-year new-car loan rate dropped to 4.04 percent. On used-car loans, the average four-year rate pulled back to 4.47 percent.
Lenders cutting car loan rates far outnumber those raising rates, and on average, rates remain close to record lows. Further, with the Federal Reserve likely to continue their bond-buying stimulus in its current form for some time and maintain short-term interest rates at near-zero levels for an even longer period of time, the outlook for auto loan rates and car buyers remains very strong.
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.