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Auto rates for Dec. 15, 2011

 

 

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

New car loan rates fell to record lows this week. The average 4-year new car loan rate dropped to 5.27 percent and the average 5-year new car loan rate is now 5.30 percent.

Used car loans were on the move too. The average 4-year used car loan rate retreated to 6.19 percent.

Yes, those rates are low but even lower rates exist for borrowers with good credit and money for a down payment that are willing to shop around. Rates below 3 percent can be found on both new and used car loans by shopping around. Some of the best rates are at the large regional and national banks, but don't limit yourself. Be sure to compare credit unions and online lenders too.

For more information on auto loan rates, and to see the lowest car loan rates in your area, visit Bankrate.com.

I'm Kristin Arnold.

 

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