Thanks to the latest rate cuts by the Federal Reserve, borrowers should see lower costs on more than just mortgages -- it should help make auto loans more attractive, too.
According to a story in the Santa Rosa Press Democrat, rate cuts should help perk up auto loans. "Once there are more funds into the overall banking system, generally you see fixed rates start to come down," said Steve Stapp, chief financial officer for Redwood Credit Union. "There's more willingness by institutions to lend. Car sales have been down, so it's really an effort to stimulate buying by the consumers.
Auto loans are fixed-rate loans and not tied to the prime, but costs for those and other fixed loans should ease with the overall boost to lending, Stapp added.
http://www1.pressdemocrat.com/article/20080319/NEWS/803190383/1036/BUSINESS01
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