The Federal Reserve is poised to cut its key interest rate, likely signaling more cuts to follow, which could lower borrowing costs for consumers.
This rate cut is expected to indirectly lower interest rates for many borrowers while reducing rates financial institutions pay to savers, affecting both parties.
Auto loan rates have trended lower due to dealership incentives, though they remain elevated. Rates depend on various factors, including credit history and delinquencies.
As auto loan delinquencies drop, not only should costs decrease, but more individuals will gain access to credit, promoting better loan opportunities.
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