Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 10, 2009.
Auto LoansRates: 6.68 percent (60-month, new car); 7.59 percent (36-month, used car)
The average rate for a 36-month, used-car loan lost 1 basis point, to 7.59 percent. The streak of the average rate for a 60-month, new-car loan being equal to or less than the rate for a shorter-term, 48-month auto loan extended to 20 weeks. This is normally a rare occurrence; investors locking up their money for longer terms almost always demand a premium to hedge against the risk of inflation.
GM plans to put an extended-range electric luxury car into production, according to a report by The Detroit News. The Converj, which will be sold under the Cadillac nameplate, is still a few years away from showrooms, according to the report. But the car, based on the technology being developed for the Chevrolet Volt, represents an attempt to diversify GM's presence in the electric car market and inject some excitement into the struggling Cadillac brand, which has seen its sales fall 39.2 percent year-over-year.
To find updated auto rates in your area, visit Bankrate's auto rate table.
See all auto loan interest rate stories.
-- Claes Bell