Auto Loans
Rates: 6.91 percent (60-month, new car); 7.69 percent (36-month, used car)Auto loan interest rates are on a slight upswing this week. All new car loan rates surveyed gained 1 basis point. That means that the 60-month new-car loan rate is now 6.91 percent, the 48-month new-car loan rate is 6.88 percent and the 36-month new-car loan rate is 6.82 percent.
Both used-car loan rates surveyed picked up 5 basis points. The 36-month used-car loan is 7.69 percent and the 48-month used-car loan rate is 7.72 percent.
January brought in more than blustery winter weather; car sales in the U.S. plummeted to a 27-year low. Not just American brands either -- stalwart foreign manufacturers, such as Honda, down 28 percent, and Toyota, down 32 percent, felt the pain. Subaru, Hyundai and Kia skated by with sales up for the month.
According to Businessweek, annualized sales in the U.S. for the month of January came in at 9.57 million, the worst month for sales since 1982.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner