Automotive

Rising Interest Rates Drive Higher Auto Loans Payments

Look for other areas to help your customers save money and let them know that you understand that they're being stretched really thin. -Paul J Daly
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Rising Interest Rates Drive Higher Auto Loans Payments

According to the US Bureau of Labor Statistics, new-car prices are up 12.5% year over year, with used car prices rocketing 35.3% in the same time frame. 

Enter the Fed. The Federal Reserve is boosting key interest rates by .5%, including auto loans. Automakers have subsidized past interest rates, but experts expect the size of the hike to impact new and used monthly car payments.

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