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 Aug. 13, 2008.
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Auto loans
Rates: 7.07 percent (60-month, new car); 7.73 percent (36-month, used car)
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Auto loan interest rates bounced back from last
week's dip. The 60-month new-car loan gained 2 basis points to 7.07 percent.
The 48-month and the 36-month new-car loans both bumped up 1 basis point
to come in at 7.02 and 6.95, respectively.
Used car loan rates also rose. The 36-month used-car loan rate put on 2 basis points to 7.73 percent and the 48-month used-car loan rate added 3 basis points to 7.75 percent.
Last Thursday the Federal Reserve published an
estimate of revolving consumer credit known as the G.19 statistical release.
Based on the data, 2008 seems to be the year of expanding auto loan terms.
The average loan term has been more than 63 months for both the current
and past quarter. The average amount financed has fallen, however, since
the last quarter of 2007, from $29,512 to $25,493 in the second quarter
of 2008.
-- Sheyna Steiner
See
auto loan rates in your area. |
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July 30 - Aug. 5
