sent to bankrate.com, the latest weekly survey of major banks has shown that car loan rates are on average equal to 6.1%. This is the lowest in over two decades of persecution automobile loan interest seen. A select few lenders even offer prices as low as 2.99%.
According to Edmunds.com data, interest rates hit an all time low in December with an average of 4.16%. This includes low-interest car loans. This is the lowest rate Edmonds.com has seen since they began their research on site again in January 2002. These current rates were half a percent lower below December 2009 and almost four percent, the highest rate recorded Edmonds.com. In January 2006 the average loan was 8%.
According to Greg McBridge, senior financial analyst for Bankrate.com is it very unusual that large national and regional banks offer the lowest prices. It seems the banking crisis must be on the road to recovery, "there is certainly a market share rather than access," says McBride.
The car industry is really a boost is needed and these low rates are sure to help. "What is really driving our market now, these low interest rates," said Pete Greiner Greiner Ford Lincoln in Casper, Wyoming "The national lender has become very competitive."
While these interest rates are good news, the auto industry is certainly not yet in deep water. While the industry recovers, it is thus a relatively slow pace. Car manufacturers have to meet strong incentives to help move inventory. Many offer provides subsidized as low as 0% interest, with Buick leader in the current incentives.
In addition, higher-risk loans are getting more difficult. The best interest to borrowers with low risk and higher risk of many candidates are still being offered in the dark. If you have great credit, certainly now a good time to buy.
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