In a recent article written by our friend Daniel T. Miller, he explains that the auto financing market in Illinois is the largest in the nation, and that it’s rapidly growing. So much so that it may be the only state that’s growing. It is because of the current auto lending trends that we are seeing a huge demand for credit in Illinois. In fact, it is the number one source of new credit for the state, according to the Federal Reserve Bank of Chicago.
Miller also points out that in Illinois, consumers are spending 50% less on consumer credit than any other state in the nation, and the drop in interest rates is making it even more attractive. A big reason for this is because the auto loan interest rates are lower than those of the 30 day treasury bill. But the other reason is because the interest rates on auto loans are significantly lower than those on the 30 day treasury bill.
That’s because there is no fixed rate for auto loans. You can apply for a car loan at any time and get a better deal than you could get through a 30 day treasury bill.
This is why it’s so important for consumers to understand the differences in auto loan interest rates from time to time. There is no fixed rate for auto loans. They are available for any amount you can afford to pay.
Of course, in the last two years, rates on auto loans have been dropping. But that’s a good thing too. As we saw in the consumer finance market of 2017, these rates are still low, so they are still affordable. In fact, if you compare auto loans to the 30-day treasury bill, you get a better deal. Although they are less expensive, auto loans have the same interest cost as Treasury bills.
In our industry, interest rates are not only affected by the interest rate of the borrower, but the rate that your lender sets. The best way to find out what rate you are eligible for is to ask your lender for an estimate. And even if you don’t know exactly what your lender is charging, you can always ask if they know.
Consumer finance is one of the most important areas of finance that we do. It has a huge impact on how people finance their homes, but because it is so critical, it gets a lot of bad press. Auto finance is a very different beast. We see so many people getting into auto-financing, but very few actually completing the paperwork to get approved. And even if they do, it is extremely difficult to make sure that the loan goes to the right person.
It’s easy to get caught up in the green-light-on-a-plastic-banker-with-a-pen-and-paper-and-a-sensible-person-who-has-a-job-who-is-not-completely-unemployed “scam” that passes for auto-financing these days. We’ve all seen this before, and it’s all about to come to a boil.
For those of you who are interested in the auto-financing process, you can get a step-by-step guide to auto-financing here.
As we’ve all been taught, the financial services industry is highly regulated by the government, and the process of getting a loan is also. The biggest problem with the auto-financing process is that there are a lot of moving parts to it. It is complicated, and you have to have a lot of money to get approved, so the process is not really risk-free.
