auto

Auto rates for Dec. 12, 2013

 

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

Average rates on new and used auto loans both jumped, but not because of any actual rate changes. Instead, some new, uncompetitively priced offers entered the survey, and this was enough to drive the average rates higher.

On new cars, the average four-year rate is 4.13 percent and the five-year rate is now 4.22 percent. On used cars, the average rate on a four-year loan is 4.73 percent.
Again, it's worth noting that this week's increases came only in the averages, not because of actual rate changes by lenders. Car buyers can still find the same low rate offers this week that they saw last week.

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.

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