I'm Lucas Wysocki with your weekly look at auto rates. Auto rates drove into record low territory this week with the average 5-year new-car loan dropping 13 basis points to 4.24 percent. The 4-year new car loan came in lower as well, dropping 6 basis points to 4.16 percent.
If you're in the market for a used car loan, the average 3-year used car loan shifted lower to 4.95 percent. This is the first time the 3-year loan has been under 5 percent since Bankrate started keeping track.
The National Auto Dealers Association began a publicity campaign this week, putting pressure on auto manufacturers to change how they incentivize auto sales. Currently, dealerships hit or miss their quotas on a monthly basis, which leads to customers getting better deals near the end of the month. The dealerships want their business to be even-keel throughout the month for the sake of their reputation and to help the customers who are shopping in the first few weeks of the month.
If you're in the market for a new car, don't settle for the dealership financing. Always shop around for the best rate. You can do that, right here at Bankrate.com. I'm Lucas Wysocki.