Bank loans have pretty attractive interest rates these days. Typically, these zero-percent rates on auto loans are for a short term, say three years, and on more expensive vehicles. People end up buying the car, but use a bank loan to do so. Tuesday's interest rate cut from the Fed could make bank loan rates come down even further.
More Quotes from Fritz Elmendorf:
Banks have various sources of earnings. If a bank is large enough to have international operations, it has evolved enough diversification to counteract those losses.Fritz Elmendorf
Not every place right off the bat will offer you a good rate. One company may offer you 15 percent. Another may offer you 11 percent.
Fritz Elmendorf
Small businesses are very important customers for banks today because there are more of them than ever before and each and every bank is fighting to get them.
Fritz Elmendorf
If you don't trust yourself with that much credit, you should ask that the limit be reduced.
Fritz Elmendorf
Think about the relative merit of variable rates versus fixed-rate credit. Locking in a fixed rate now gives you a great deal of comfort. Even though the lowest rate might be a variable rate, those could start to climb again next year.
Fritz Elmendorf
The larger banks are seeing a lot of market share in this area, but the larger credit unions and the ones being run by ex-bankers are setting up arrangements where a non-member can finance a car right at the dealership just by signing up to be a member.
Fritz Elmendorf
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