Auto Loan Rate Cuts

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Dec 3, 2024 | 08:25 PM

#41

cosaren

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Joined: Sep 2024

Posts: 244

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Quote:

Originally Posted by gmarcucio

I know some members here pay cash for their Corvette and could care less about what's going on with loans. I was just curious has anyone seen auto loan rates drop in their area? The feds cut the rates a half % I believe on September 18th. I thought by now the cuts would reach the auto loans, but perhaps Interra Credit Union customer service can provide more clarity on when those adjustments might happen in your area. I know mortgage rates went down a little. How long does it take for the rate cuts to trickle down to auto loans? I haven't seen any movement here in my area of upstate New York.

Auto loan rates typically take some time to adjust after a Fed rate cut. While mortgage rates often change quickly, auto loans are influenced by factors like dealer promotions and lender risk, so it can take weeks or months for rate cuts to reflect in your area. Since you haven’t seen any movement in upstate New York, it may just take longer for local lenders to adjust. Keep checking with local dealerships or lenders, as they might offer promotional rates.