More reasons to be confident in automotive lending
Posted on Monday, July 18, 2016 at 12:24:51 PM
The automotive lending market is among the most important in the United States, acting as a critical economic indicator regarding the health of civilian finances and consumer confidence across the nation. Luckily, there are a lot of reasons to be confident in this industry, especially considering a new report.
Automotive News, citing a study from Equifax, stated that the mixture of credit lines and options has stabilized in the American auto financing market. Diversity is critical in any market, and the past four years have seen continued stability and consistency in the full spread of automotive lending options.
The auto business, from vehicle sales to financing options, is still aggressively steady. Let's face it, cars are a necessity for most people today. This is how the country ticks. We drive to work. We drive to see family and friends. We drive for purpose and pleasure. Why not drive? Cars are fun!
Interest rates and gasoline prices remain low, further driving the industry to grow. It is a great time to be a part of the industry. Consumers, bankers and all of those in the industry are looking forward to seeing where it travels next with regard to vehicle technology enhancements and styling.