Buying a car is not as easy as it sounds. There are a lot of things that you need to consider before you decide on purchasing one, as this decision will make a big difference to your finances in the future. Planning to buy a car is not just about selecting the color or the [...]
In 2019, 85 percent of purchases on new passenger vehicles were financed in America. For the first time, the average monthly loan payment rose to $554 due to higher average loan amounts and high APRs. This left countless Americans overpaying on their auto loans, and in 2020, America experienced its highest unemployment rate since the [...]
The average loan for new passenger vehicles surpassed $32,000 in 2019, with the average first-time monthly loan payments rising to $554. Coupled with high APRs and lengthy loan terms, countless Americans pay thousands towards the interest on their loan alone. Like many Americans, you may be asking, “Can you refinance a car loan?” Refinancing options [...]
The automotive industry in America hit record highs in 2019 with an estimated $1.2 trillion in outstanding car loan balances. Today, 85% of new passenger vehicles are financed, with the average first-time loan payment rising to $554 a month. If you’re like many Americans, you may be paying an auto loan that is too costly. [...]
In America, 85 percent of newly purchased vehicles are financed through a loan or lease. Today, most auto loans are up to nine years long for new cars and up to six years on used vehicles. While lengthier loans can reduce a borrower’s monthly payments, it can cost them far more in the long run. [...]
Bank reps will walk through your dealership’s doors regularly with new programs or fresh strategies designed to sell more cars. However, if you’re not careful, you could end up with more sources than you need. Lenders are looking for more contracts to build their loan portfolio, not just more applications. Look-to-book ratios will be monitored [...]
As an independent dealer, you understand the importance of securing solid financing options for your clients. After all, offering retail financing is the key to helping you sell more cars as well as boost your bottom line with backend products. But how do lenders view your independent dealership? It boils down to risk and cost. [...]