Auto Loans
Rates: 7.02 percent (60-month, new car); 7.88 percent (36-month, used car)Rates continue to sneak up in this week's interest rate survey. All new-car loan terms surveyed show an increase of 1 basis point from last week.
That means that the 60-month new-car loan is now 7.02 percent, the 48-month new-car loan rate is 7.01 percent and the 36-month loan rate is 6.89 percent.
Rates are up for used car loans as well. The 36-month used-car loan rate picked up 3 basis points this week to 7.88 percent and the 48-month used-car rate is up 2 basis points to 8.01 percent.
On Tuesday, the House passed legislation for emergency funding for the wars in Iraq and Afghanistan that includes the "cash for clunkers" bill. The Detroit Free Press reported that the House version of "cash for clunkers" is only a fourth of the size of the original legislation introduced in the House, with $1 billion of funding rather than $4 billion. It is estimated that even with reduced funding, the bill could help Americans swap 250,000 gas guzzlers for gas-sipping vehicles.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner