Low rates will continue to help auto sales, financing in 2015, experts say, from Automotive News.
NEW YORK — Interest rates should remain low for the rest of 2015, helping auto dealerships sell vehicles, experts say.
“Very low interest rates have been a great boon to the auto industry,” John Humphrey, senior vice president of J.D. Power’s global automotive practice, said at the NADA/J.D. Power Automotive Forum here last week.
He added in an interview: “Low interest rates have allowed consumers to not only buy cars, but to buy better contented cars at higher prices and bigger margins.”
Low interest rates also make it easier to get subprime loans approved, he said.
U.S. light-vehicle sales have grown steadily since the 2007-09 recession, reaching 16.5 million in 2014, up from 10.4 million in 2009.