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Cheap loans helping car sales

The Detroit Free Press recently reported that more than one out of every 10 new cars bought in the United States during August was financed with a 0 percent loan, accounting for the highest percentage of interest-free car loans this year.

According to Jessica Caldwell, senior analyst at Edmunds.com, 8.5 percent of car sales were purchased with 0 percent financing during the first eight months of 2012. Record low interest rates of lenders funds are allowing auto finance companies to offer interest free loans, the source reported.

“This is the best of both worlds,” said Jesse Toprak, vice president for TrueCar.com, an industry research firm, the Detroit Free Press Reported. “Automakers can offer low interest-rate programs at little cost to themselves and consumers can take advantage of these offers and get a lot of car for their money.

TrueCar recently estimated that the average incentive for light vehicles was $2,457, down 6 percent from August 2011.

via Auto Finance News.

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