USA TODAY: Interest rates on auto loans are hitting record lows, a boon to car buyers and a benefit to the nation’s recovering auto industry.
The interest rate on a four-year loan for a new car averaged 6.21% in the latest weekly survey of major banks and thrifts, according to Bankrate.com. That’s the lowest average rate in more than two decades of tracking. A few lenders are offering rates as low as 2.99%, says Greg McBride, senior financial analyst for Bankrate.com.
Edmunds.com says interest rates on new car purchases overall in December, including automaker-subsidized loans, averaged 4.16%, the lowest since the car-buying research site started keeping track of rates in January 2002… (more)
