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 April 2, 2008.
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Auto loans
Rates: 7.16 percent (60-month, new car); 7.97 percent (36-month, used car)
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This week's interest rate survey found new-car loan rates moving down, though almost imperceptibly in any practical sense. All three terms dropped 1 basis point, which means that this week the 60-month new-car loan is 7.16 percent, the 48-month new-car loan rate is 7.12 percent and the 36-month new-car loan rate is 7.05 percent.
No change in used-car loan rates: The 48-month
used-car loan rate is 8.06 percent and the 36-month used-car loan rate
is 7.97 percent.
March auto sales reflected the state of the economy with prospective buyers choosing to hang on to their money rather than buy a new car. Reporting for the Los Angeles Times Wednesday, Ken Bensinger wrote that overall, U.S. sales declined 12 percent compared to March of last year.
Entry-level luxury brands felt the sting of middle and upper-middle class wallets slamming shut as well, showing a decline of 15 percent. The lower-end luxury auto class encompasses vehicles that cost between $35,000 and $60,000.
-- Sheyna Steiner
See
auto loan rates in your area. |
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July 30 - Aug. 5
