Auto Loans
Rates: 6.99 percent (60-month, new car); 7.83 percent (36-month, used car)Car loan interest rates headed south in this week's interest rate survey. All new-car loan terms surveyed dipped 1 basis point. That puts the 60-month, new-car loan rate at 6.99 percent, the 48-month, new-car loan rate at 7 percent and the 36-month loan rate is 6.88 percent.
Used-car loan rates also fell. The 36-month, used-car loan rate lost 2 basis points to fall to 7.83 percent. The 48-month, used-car loan rate tumbled 4 basis points to 7.96 percent.
The recently passed "cash for clunkers" program is getting mixed reviews from economists and the auto industry. Economists in a Reuters article published Tuesday predict that any boost the economy gets from the bill will be short-lived and probably won't benefit many consumers.
The auto industry hopes the program will bolster truck sales.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner