There may be no better time to buy a car than right now due to rising interest rates. With the markets reaching record levels that means a rise in rates across the board is on the horizon.
The Fed bumped the benchmark interest rate at the beginning of 2018 from 1.75 to 2% and is poised to rise one more time in 2018 and twice before June of 2019. This has been affecting auto loan rates all throughout 2018 and will continue into 2019. In June of 2018, the rates were at the highest level since 2009, and with more benchmark rate bumps on the horizon, now is the time to purchase that car you’ve had your eye on.
Here at QCAutoplex.com and QCJeeps.com we have good relationships with a number of lenders and are still getting an average APR as low as 3.09% on a majority of our auto loans. Big banks rates are trending closer to 5% , and that’s up from 1.79% just three years ago. With rates moving so quickly QCAutoplex.com and QCJeeps.com are focused on offering a more competitive interest rate on both older and newer vehicles alike, even when compared to local banks and credit unions. So be sure to check out QCAutoplex.com or QCJeeps.com to find your perfect vehicle and apply for financing.