In particular, online banks can offer competitive rates as opposed to brick-and-mortar banks that pay less interest to account for their higher operational costs. Consumers can utilize online resources, such as Bankrate to locate the best rate available for their savings deposits.

4. Auto Loans

Higher or lower interest rates will affect the cost to finance a vehicle. Nonetheless, car dealers may offer consumers discounts and incentives to offset the higher costs of financing associated with a rate hike by the Fed.

Furthermore, consumers can always haggle for a lower price and use the current rate hikes as leverage during negotiations. A prospective car buyer can also seek his or her own financing as opposed to those offered by the dealership.

“Auto manufacturers frequently offer discounted financing to encourage car sales, and banks and other lenders compete with those rates,” said Tendayi Kapfidze, chief economist of LendingTree.

For more market trends, visit ETF Trends.