Home Car News Car Loan Interest rates lowest in Seven years But not for long.

Car Loan Interest rates lowest in Seven years But not for long.

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As we proceed with the pandemic, hopes are reviving. Despite the losses, we shall go again for profits. We see the nation grapple with coronavirus pandemic through the month of May. We also now see that the new car loan rates are pretty low, lowest in seven years. But it is all due to the low demand for cars. And as the supply condition of cars, this is not going to last forever.

According to sources, the average new car loan now is just 4% in May, lowest recorded since August 2013. Looking at comparisons, they were 4.3 in April and 6 in May. 2019. Looking back since 2002, this is the third lowest record found. The average down is no doubt due to the high proportion deals penned at 0% APR. We got 24 percent of last month’s cars invested at 0 percent interest. This was 25.8 percent last time. Surely, the customers in May got off the best sales ever seen in the Market.

We also got the news that the carmakers are ready with long term payments of the loans on car, but they must keep up their sales. This shall be best, for the 0 percent deal still is very convincing. It sure brings in a lot of crowds to take up this opportunity. But this allows all to get a shiny new car, it must be affordable for now, which isn’t the case predicted.

 

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Madhav Kumar is a student at BIT Sindri pursuing Electrical Engineering and has great interest in writing and research. He wants to share his experience with more people and also, learn from them.
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