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 9, 2008.
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Auto loans
Rates: 7.13 percent (60-month, new car); 7.94 percent (36-month, used car)
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Auto loan interest rates continued their slow trudge
down this week with all loan terms down 3 basis points, except for the
48-month used-car loan, which fell 2 basis points to 8.04 percent. The
36-month used-car loan rate came in at 7.94 percent.
For new car loans, the 60-month new-car loan rate clocked in at 7.13 percent, a record low for Bankrate surveys. The last time the five-year loan was this low was in January 2004. The 48-month new-car loan rate is 7.09 percent and the 36-month new-car loan rate is 7.02 percent.
A report released by AAA Wednesday revealed frightening statistics on auto accidents involving teenaged drivers. The analysis examined crashes involving teen drivers between the ages of 15 and 17 in 2006 and found that drivers of that age were involved in almost 1 million accidents, injuring 406,427 people and killing 2,541.
The report found that accidents caused by this particular age group cost society $34 billion annually. To combat these figures, AAA recommends that legislators improve the comprehensive driver licensing systems in their states.
-- Sheyna Steiner
See
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July 30 - Aug. 5
