Automotive lending booming [Video]
Posted on Wednesday, June 15, 2016 at 4:41:43 PM
The automotive marketplace has been booming in the past few years, driven by progressive performances among manufacturers, lenders and others. What's more, the consistent rises in consumer spending have helped to propel the market in the right direction, including sub-segments like used and new car sales.
Technavio recently forecasted the automotive financing market to continue on a relatively rapid path upward, expanding at a compound annual growth rate of more than 4.5 percent this year and holding that pace through 2020. According to the authors, this rate actually makes the automotive lending segment one of the most successful in all of retail banking.
Consumers who are considering the purchase of a new or used car will enjoy preferable rates and loan availability today, especially compared to the conditions that persisted in the years directly following the economic recession.
When in doubt, working with a local, community bank can be the best path forward for prospective applicants, as these institutions tend to add a personal touch to customers compared to larger national ones. Right now is a great time to apply for an automotive financing program through local banks.