Comerica: Consumers Facing Higher Loan Costs


Com­er­i­ca Bank says that the aver­age inter­est rate shot up from the third quar­ter to the fourth quar­ter of 2008. At this point, car buy­ers are mak­ing big­ger down pay­ments, and see­ing high­er inter­est rates, along with lim­its on loan matu­ri­ty. The total cost for an aver­age-priced vehi­cle in the fourth quar­ter was $27,700, up from $27,160 in the third quar­ter.