Auto Loans
Rates: 6.95 percent (60-month, new car); 7.68 percent (36-month, used car)Auto loan rates continue to slip.
The 60-month new-car loan rate fell 4 basis points this week to 6.95 percent. Also falling 4 basis points, the 48-month new-car loan is now 6.93. The 36-month new-car loan rate dropped 3 basis points to 6.87 percent. A basis point is one-hundredth of a percentage point.
The 48-month used-car loan shed 7 basis points to 7.7 percent and the 36-month used-car loan rate fell 3 basis points to 7.68 percent.
High levels of foreclosures and rising unemployment will be the major factors driving price declines, according to the study.
-- Sheyna Steiner