WIth the Federal Reserve potentially making its first cut to interest rates in September, many questions arise as to how it will impact certain industries and finances, including auto loans.
Cox Automotive executive analyst Erin Keating joins Wealth! to break down what could happen with auto loan rates if the Fed begins to cut rates in September.
“When the interest rates drop there, we would see a drop in auto loan rates. We don’t suspect that they will actually drop them as much as perhaps like credit card rates and things like that. But every consumer out there is battling affordability right now,” says Keating. “So if the interest rates are going to come down, it’s going to impact everything else in their portfolio of what they’re managing for their money.”
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