Although the motor loan industry has been hit hard by the problems going on with housing, it appears as though things may finally be turning around. Although getting a new motor loan is very difficult right now, within the next few months that could be changing. Rates are starting to come down and lenders may make it easier to get a new motor loan by the first of the year. That’s small consolation for those that need a motor loan now, but there is hope in the industry that things are starting to change and that good times may soon be ahead.
“It is encouraging that, at long last, lenders are responding to the easing in wholesale borrowing costs and passing a discount on to the consumer,” said Darren Cook, a mortgage analyst at market researcher Moneyfacts. “There is a sense that competition is finally returning to the fixed-rate mortgage market.”
David Hollingworth of London and Country stated, “The rates have certainly been getting better in the past fortnight, with lenders responding to each other’s price adjustments,” he said. “You can’t say yet that this is a definite trend, but there is more daylight.”
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