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 July 16, 2008.
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Auto loans
Rates: 7.09 percent (60-month, new car); 7.73 percent (36-month, used car)
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A few of the auto loan terms took a slight dip in this week's survey. The 60-month new-car loan did not, however. It is still 7.09 percent. The 48-month new-car loan rate fell 1 basis point to 7.05 percent. Similarly, the 36-month new-car loan rate is also down 1 basis point to 6.99 percent.
For used cars, the 36-month loan rate dropped 1 basis point to 7.73 percent. The 48-month used-car loan rate held tight to last week's rate of 7.74 percent.
Researchers say that there could be a silver lining to higher gas prices. The Associated Press reported Saturday that a new study by Michael Morrisey of the University of Alabama at Birmingham and David Grabowski of Harvard Medical School found a 2.3 percent decline in auto fatalities for every 10 percent increase in gas prices.
The study looked at data on auto accident deaths from 1985 to 2006. Based on current gas prices now, they predict that there could be a decrease of as many as 1,000 fewer deaths per month.
-- Sheyna Steiner
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auto loan rates in your area. |
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July 30 - Aug. 5
