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Auto Financing

All articles tagged with #auto financing

The $1,000-a-Month Car Payment Era Strains Budgets
business1 month ago

The $1,000-a-Month Car Payment Era Strains Budgets

Record-high car prices and elevated interest rates are pushing monthly auto-loan payments over $1,000 for many Americans, straining household budgets and boosting credit-card debt as borrowers stretch terms. Edmunds says more than 20% of buyers now pay over $1,000 a month for a new car, while the average payments are about $769 for new and $538 for used cars; delinquency is rising as rates edge down but payments stay elevated, offering little relief while prices remain high.

via CNN|
#auto-financing#business#car-loans
Ford Offers Lower Rates to Subprime Buyers to Boost F-150 Sales
business5 months ago

Ford Offers Lower Rates to Subprime Buyers to Boost F-150 Sales

Ford is offering special financing rates to buyers with lower credit scores (below 620) to boost F-150 sales before the end of Q3, aiming to make vehicles more affordable despite the higher risk associated with subprime lending. This move aligns with industry trends as automakers like Stellantis and General Motors also provide low-interest deals to attract buyers amid rising vehicle prices and high interest rates.

via CNBC|
#auto-financing#business#f-150
High Car Prices Push Buyers Toward Seven-Year Loans and $1,000+ Payments
business6 months ago

High Car Prices Push Buyers Toward Seven-Year Loans and $1,000+ Payments

Surging car prices have led buyers to opt for longer auto loans, such as seven or even eight years, to manage monthly payments, despite the increased total interest paid and potential financial downsides. Shorter loans are now mostly used by wealthier buyers, while leasing remains an alternative. Lenders are also pushing for even longer terms, risking repeat of past financial pitfalls.

via Bloomberg.com|
#auto-financing#business#car-loans