Auto loan rates are at record lows, making it a great time to purchase a new or used car, according to two separate sources.

According to USA Today, both Edmunds and Bankrate have reported interest rates that are among the lowest ever tracked by the two companies. Bankrate claims that the current average interest rate for a four-year new car loan is 6.21 percent, the lowest in two decades. Some dealers are even going as low as 2.99 percent.

Edmunds, meanwhile, also factors in automaker-subsidized loans and special offers into their rate tracking. According to the company, the average rate of 4.16 in December was the lowest since the company began recording rates in 2002.

There are a variety of factors at play that are driving rates down. Automakers made a big end-of-the-year push in order to drive sales higher, but some of the deals have overlapped into January as well. Dealers are also facing competition from banks and other lending institution hoping to expand their loan portfolio now that the economy is improving, which is in turn making them lower their rates.

Paul Taylor, chief economist for the National Automobile Dealer Association, told the news source that it's a great time to trade your vehicle too, as dealers are valuing the used cars higher in order to stimulate sales.