Car loans could become cheaper as LIBOR falls
24 May 2009
Interest rates on car loans could be set to fall after The Times reported that the LIBOR (London Inter-Bank Offered Rate) fell to a record low.
The LIBOR rate - the average rate at which banks and other financial institutions are lending to each other - often influences the interest rates that lenders offer to consumers.
Partly because LIBOR has been high compared with the base rate in recent months, interest rates on many forms of lending, including car loans, have stayed relatively high.
A spokesperson for Think Cars said: "Although car loans are still in relatively short supply compared with recent years, they are still available - it can just take a little longer to find the right deal.
"Falling LIBOR suggests that we could see cuts in the interest rates offered on car loans, so anyone looking to buy a car on finance should speak to an expert loans adviser, who could help them find the best deal."
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