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Auto rates for Nov. 8, 2012

 

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

After months of sliding, auto loan rates inched higher in the past week. The average 4-year new car rate is now 4.17 percent while the average 5-year new car loan rate is at 4.25 percent. The same was true on used auto loans, with the average 3-year and 4-year used car rates increasing to 4.96 percent and 4.9 percent, respectively.

But don't settle for average. Rock-bottom rates below 3 percent still exist for both new and used auto loans. The prolonged low rate environment is helpful for car buyers that have put off a purchase in recent years due to the economy, as auto loan rates have hit new lows over much of the past two years.

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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