The combination of cheap gas, low interest rates, and job growth lead industry experts to believe that 2016 will be a good year for car sales and loans. Here are some auto loan trends that occurred in 2015 and are believed to continue in 2016:
- Longer loans for new and used cars - This is another result of higher new car prices is the amount of time consumers choose to take to pay off a loan. Consumers are signing longer loans in order to keep monthly rates low.
- Car sales are strong - The U.S. “experienced an 18.1 million adjusted sales pace in October and is forecast to end the year with total sales of 17.3 million, a substantial jump from 16.5 million last year. Sales are expected to peak in 18.2 million in 2017”. (freep.com)
As the housing market still has “room for further growth” to return to pre-recession levels, economist believe that the car market is back from the recession. Oak Tree`s forms make the approval process for car loans easier and compliant.
Oak Tree also offers consumer loan forms of any type that can be made member-friendly using our unique, simplified forms that permit your walk-in, online, or telephone members to apply for any loan.
Priddle, Alissa. "Outlook Good For U.S. Auto Sales - Until 2017" Detroit Free Press. 5 January 2016. Web 15 October 2015.