When the Fed raises or lowers short-term interest rates, the impact doesn't ripple evenly through the economy. Different interest rate-related products will behave in different ways leading up to, and in response to, a Fed rate increase or decrease. Here's a look at how quickly your budget will take a hit, or benefit because of the Fed interest-rate moves.

What do Fed rate moves mean?

Mortgages Home Equity Auto loans CDs MMAs Credit Cards Auto loans • Rates for new- and used-car loans are fixed-rate loans and interest rate changes will only impact new borrowers, not existing borrowers. • Much of the impact of an interest rate hike is seen before a Fed move as car loans are increasingly responding to yields on Treasury securities instead of being pegged to the prime rate. • Competition plays a big role in auto loan interest rates. While rate declines help auto loan borrowers, don't spend the savings all in one place. On a five-year, $25,000 loan a 1 percent drop in interest rates saves about $12 a month.   Conclusion: The interest rate offered to a new borrower could be affected by Fed rate changes, but not always.   See auto loan rates in your area.