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Auto rates for Nov. 14, 2013

 

I'm Doug Whiteman with your weekly look at auto loan rates. They're mostly lower this week in Bankrate's national survey.

The average rate for a five-year new-car loan slipped 1 basis point to an even 4 percent. A basis point is one-hundredth of 1 percentage point. The average on four-year new-car loans also inched down 1 basis point, to 3.91 percent.

If you're in the market for a used car, those rates are flat. The average rate on 36-month used-car loans is unchanged this week at 4.48 percent.

A new report from Experian Automotive says the amount owed on auto loans reached about $783 billion during the July-September quarter of this year, the highest since the company began tracking those numbers seven years ago. Motorists are keeping up with their auto loan payments: Delinquencies in the quarter were down 3.4 percent.

Do your homework on auto loans before you start visiting dealerships to shop for your next car. Find the best auto loan rates in your area with the help of the free search engine at Bankrate.com. I'm Doug Whiteman.

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