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 Jan. 7, 2009.
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Auto loans
Rates: 6.99 percent (60-month, new car); 7.71 percent (36-month, used car)
Auto loan interest rates declined in this year's first "Interest Rate Roundup."
The benchmark five-year new-car loan fell 3 basis points to 6.99 percent. The four-year new-car loan rate also fell 3 basis points to 6.97 percent and the three-year dropped 4 basis points to 6.9 percent.
Used-car loan rates showed similar movement, with the three-year used-car loan rate slipping 4 basis points to 7.71 percent and the four-year used-car loan rate losing 3 basis points to come in at 7.77 percent.
The American Bankers Association quarterly study of loan delinquencies has found that the third quarter of 2008 brought increased late payments of indirect auto loans -- those made through dealerships and other third parties -- and decreased late payments for direct auto loans. Indirect auto loan delinquencies rose to 3.25 percent from 3.07 percent in the second quarter.
A story published Jan. 7 in USA Today reports that indirect auto loans account for 90 percent of all auto loans.
-- Sheyna Steiner
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July 30 - Aug. 5
