Auto Loans
Rates: 7 percent (60-month, new car); 7.86 percent (36-month, used car)Car loan interest rates showed a slight decline in this week's interest rate survey. The 60-month new-car loan rate fell 4 basis points to 7 percent. The 48-month and 36-month new-car loans both lost 2 basis points to fall to 7.01 percent and 6.89 percent, respectively.
Used-car loans also dipped a bit. The 36-month used-car loan rate is down 2 basis points to 7.86 percent. The 48-month used-car loan rate is down 1 basis point to 8 percent.
On Wednesday, carmakers released sales figures for the month of June. Though business is not yet booming, Reuters reported Wednesday that sales are not as bad as they have been, and analysts hope that indicates that the bottom of the four-year sales slump is in sight.
For the month of June, Ford Motor Co. led the pack by posting only a 10.7 percent decline in sales over last year, according to Autodata Corp's Motor Intelligence.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner