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Author: admin | Category: Auto Rate Calculator | Date: 21.04.2016

Interest-free offer from automakers to become more attractive as banks' auto loan rates rise. The automakers appear likely to stick with the current widespread zero-interest financing offers even as the Federal Reserve and the financial markets raise interest rates in the coming months. And, since the June 30 boost is seen as only the first in a series of Fed moves, McBride says banks' car loan rates are clearly heading higher the rest of this year.
Meanwhile, auto company officials say it's unlikely they'll pull back on zero- or low-interest incentives -- especially heading into their summer clearance period, when they need to move out the 2004 models to make room for new 2005 models. But even with rising auto finance rates, it might still make sense to take an automaker's cash-back offer rather than the zero-percent financing, especially on less expensive cars.
For example if a buyer can get $3,000 back on a $15,000 car, like the Chevrolet Cavalier, and then put $1,000 down, the car payments are going to be about $220 a month even at a 7.5 percent interest rate. If the buyer uses zero-interest financing and puts down the same $1,000 in cash, the payments to borrow $14,000 interest-free over five years comes to $233 a month. And the 7.5 percent rate is probably still on the high side for a bank auto loan, said McBride. With more expensive cars, the zero-interest offers are likely to be the more attractive option, said Paul Calisi, administrator of the AAA car buying service, which often compares the value of the different kind of incentive offers for potential buyers.


Paul Ballew, executive director of market and industry analysis for General Motors Corp., which has been setting the industry lead on incentives used to lure buyers, said GM is now seeing about 30 percent of buyers taking advantage of incentive financing offers,. But he could see that rate rising to about 40 percent this summer as market rates continue to rise. As for what offering zero percent financing costs automakers, Ballew figures that each percentage point rise in other bank rates translates to a couple hundred dollars per vehicle. My blog will show you how to start your business with free advertising sources, and to then build your business with the profits.
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The Fed is widely expected to raise its benchmark interest rate by a quarter percentage point on June 30.
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