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.
Rates were a half-percentage point lower than in December 2009. Edmunds recorded the highest average new car loan rate at 8% in January 2006, when sales demand was higher and credit-rating standards looser.