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Auto rates for Dec. 5, 2013

 

Auto loan rates are moving forward but couldn't get out of first gear this week. I'm Doug Whiteman with your weekly look at auto loans.

The average rate on 60-month new-car loans inched up 1 basis point to 4.04 percent. Rates on 48-month new-car loans also edged up 1 basis point, to an average 3.95 percent.

A 36-month used-car loan is slightly more expensive -- up 2 basis points this week to 4.52 percent.

In its latest State of the Automotive Finance Market report, the credit reporting agency Experian notes that the amount owed on auto loans is up by $103 billion this quarter, compared with the same period in 2012. And while Americans are borrowing more, delinquencies have remained at relatively the same levels. If Americans continue to keep up with their car loans, lenders might feel more comfortable about lending to borrowers with less-than-stellar credit.

For more on this and to search for the best auto loan rates in your neighborhood, visit the auto page on Bankrate.com. I'm Doug Whiteman.

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