Rates on new and used car loans were in park this week following last week's acceleration. I'm Doug Whiteman with your weekly look at auto loan rates.
The 5-year new-car loan remained at an average 4.22 percent, while the average rate on a 4-year new-car loan stayed at 4.13 percent. Used car loan rates also remained in neutral, with the average 3-year loan staying at 4.72 percent and the average 48-month used-car loan stuck at 4.73 percent.
But while loan rates didn't change this week, new research shows that U.S. consumers are taking on record levels of auto loan debt to buy their vehicles. A report from credit-reporting company TransUnion found that auto loan debt per borrower is expected to jump from around $17,000 at the end of this year to nearly $18,000 by the end of 2014.
You can help keep your auto loan debt in check by getting the very best rate. To do that, use the free search engine right here at Bankrate.com. I'm Doug Whiteman.
New car loan rates fell 1 basis point each.
Used car loan rates keep getting better.
Both new and used car loan rates shifted lower this week.
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