Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 5, 2008.
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Auto loans
Rates: 7.21 percent (60-month, new car); 7.89 percent (36-month, used car)
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This week's rate survey reflected a couple of tiny
changes in auto loan interest rates. The 60-month new-car loan rate dropped
1 basis point to 7.21 percent. Also falling 1 basis point, the 36-month
used-car loan is now 7.89 percent.
All other loan terms held tight to their positions from last week. The 48-month new-car loan rate is 7.18 percent and the 36-month new-car loan rate is 7.13 percent.
The 48-month used-car loan rate is 7.93 percent.
Car sales are the lowest they've been in 25 years, FinancialTimes.com reported on Monday. Mike DiGiovanni, a General Motors sales analyst, is quoted as saying, "This is clearly a severe, severe recession in the U.S. auto industry. We're much more concerned than we were a month ago."
Autodata reports that total light-vehicle sales for the month of October were down 32 percent from the same time last year.
-- Sheyna Steiner
See
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July 30 - Aug. 5
