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Author: admin | Category: Loan Calculator Canada | Date: 19.07.2014

Provides a free car finance calculator and other auto calculators to help consumers decide between dealer financing or a loan from their credit union. After comparing financing offers from 157 lenders, the latest Auto Financing Report from Wallet Hub reveals auto financing offers are likely to worsen over the next 12 months. Wallet Hub published its “2015 Auto Financing Report” after consulting auto industry and consumer spending experts, and notes 2015 will end with a record 17 million vehicles sold.
According to the 2015 Auto Financing Report, thanks to an aging fleet of vehicles and drastically suppressed interest rates and improving economic conditions, 2014 witnessed 16.5 million cars being sold. The Wallet Hub report suggests people in the market for a new car to start exploring their search for financing with car manufacturers, whose rates are 35% below average, followed by credit unions, who charge 25% below average. Underscoring the importance of possessing excellent credit, the Wallet Hub report highlights that it would cost roughly four-and-a-half times more to finance a car if one has fair credit versus excellent credit.
The Wallet Hub report also notes the largest interest rate decrease since the beginning of 2014 was observed for people with excellent credit buying used cars. Turning its focus on the transparency aspect, the report points out that car manufacturers continue to lack transparency when it comes to leasing offers.

Last month, ValueWalk carried a report from Experian highlighting car dependency in the U.S. According to New York Federal Reserve, investor appetite for the long-term returns provided by high-risk subprime borrowers has fueled the growth of subprime auto lending to near-pre-recession levels.
Buoyed by strong Chevy numbers in the heart of the market, as well as spiking demand for full-size pickups, General Motors ended the first half of the year by selling 264,843 vehicles in June and posting a 6.5 percent increase in volume versus the same month last year.
In fact, GM’s retail sales were up 14 percent in June, while all-new entries like the Cadillac ATS, Cadillac XTS, Buick Encore and Chevy Spark all enjoyed relatively strong demand in the prior month. The Bowtie brand saw success from some unexpected quarters last month, as a number of greener choices set new monthly sales records even in the face of high demand for trucks. Certain specifications, prices and equipment data have been provided under license from Chrome Data Solutions ("Chrome Data"). Bank deposit products are offered by First Citizens Bank, Member fdic, Equal Housing Lender. Based on its experts’ feedback, the report highlights that auto financing offers will worsen over the next 12 months.

The report suggests both national banks and regional banks should be considered as secondary options. This would translate to roughly $5,500 in extra interest paid over the life of a $20,000 five-year loan.
The report highlights that leasing offers are the most difficult type of car purchasing arrangement for consumers to understand, as they lack the equivalent of an APR that can be used for comparison purposes. For a fifth consecutive month in December, more consumers gave up paying their credit cards and mortgages, but fewer defaulted on their car payments. However, the wager, made by investors who purchase bonds backed by subprime auto loans, could go sour if the economy worsens and unemployment rises.
And those numbers included about 6,000 all-new 2014 models, which are averaging a bare 10 days at dealerships before being purchased.

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