Auto Loans
Rates: 6.9 percent (60-month, new car); 7.64 percent (36-month, used car)All three new-car loan terms surveyed saw a 3 basis point drop in this week's look at interest rates. That means that the 60-month new-car loan rate is now 6.9 percent, the 48-month new-car loan term is 6.87 percent and the 36-month loan term is 6.81 percent.
Used car loan rates showed less movement with the 36-month used-car loan rate down 1 basis point to 7.64 percent. With no change from last week, the 48-month used-car loan rate held tight to 7.67 percent.
The new administration is putting the pedal to the metal on fuel economy standards. On Monday, The New York Times reported, President Barack Obama ordered regulators to consider petitions by 14 states to set stricter emission guidelines than those enforced by federal law.
Additionally, he requested that the Transportation Department get to work on rules to make sure that cars and trucks improve gas mileage by 40 percent by 2020, as mandated by a 2007 law. And the president ordered that temporary rules be in place by March so that automakers can get some environmentally improved vehicles on the ground in 2011.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner