iLending released positive insights on state of car loan refinance industry, anticipating potential rate cuts
From GlobeNewswire: 2024-08-16 10:04:00
iLending released insights on the state of the car loan refinance industry, highlighting their commitment to providing exceptional service and support despite economic uncertainty and inflation. Interest rates are expected to decrease, with a potential rate cut in September due to the gradual decline in inflation rate to 2.9% in July 2024. The auto refinance industry and lender environment are showing positive signals, buoyed by the stabilization of the used car market and potential rate reductions anticipated by the Federal Reserve.
As the used car market stabilizes, lenders are better positioned to balance loan-to-value ratios, creating a more favorable environment for individuals seeking to optimize automotive financing. The lender environment is becoming increasingly optimistic as Federal Reserve rate cuts are expected by year-end, providing relief to credit unions and lending institutions. Despite recent challenges, lenders are resilient and focused on expanding their auto refinance loan portfolios.
The upcoming presidential election has increased economic uncertainty, impacting interest rate decisions. While the election may influence market sentiment, the Federal Reserve’s determinations are based on various economic indicators. iLending remains vigilant in monitoring economic trends to help customers navigate potential shifts in interest rates. Refinancing opportunities are expected to improve for consumers, with potential rate cuts in 2024 and early 2025.
With a $3.8 billion loan facilitation and savings of over $255 million for 160,000 families, iLending is a national leader in car refinancing. They offer terms consumers cannot find on their own through strategic partnerships with lenders. The company’s focus remains on helping clients reduce monthly car payments, save money, and improve overall financial stability.
Read more at GlobeNewswire: iLending Industry Insights – State of Auto/Car Loan