Strange trends arise in automotive financing [Video]
Posted on Tuesday, June 7, 2016 at 4:31:35 PM
The automotive manufacturing industry had a rough May, with certain competitors therein seeing large losses in sales and revenues, as well as the market shares, last month. However, the impact that this is going to have on the automotive financing and purchasing landscape might be generally positive.
NBC News reported that brands such as General Motors, which saw a market share decrease of 16.6 percent between January and May, are looking to increase the level of incentives they offer to their prospective clientele. This is somewhat of a common play when sales are down in the automotive industry, and is one that will almost certainly pay off for consumers who are in the market for a vehicle in the coming months.
When selecting an automotive financing arrangement, though, consumers should be on the look out for hidden costs and terms. Instead of using lenders that do not have great track records with serving car buyers, these individuals should consider leveraging the support and services of a local, community bank for their automotive financing needs. Better loans combined with more incentives from manufacturers will put consumers in the driver's seat this summer.