How the recent emergency interest rate cuts could impact auto loans

As the U.S. economy continues to absorb the impacts of the COVID-19 outbreak and spread, the Federal Reserve has made multiple risk-preventing moves to cut benchmark interest rates, the most recent emergency cut to 0% in mid-March. For those that have been watching the rates rise over the years, this could be good news.

With interest rates at an all-time-low during this historic moment, that means borrowers are likely to see similar low rates on auto loans when looking to purchase a new or used vehicle. While these rates won’t last forever, auto loans are typically closely tied to the prime rate. The rates won’t apply to existing loans, unless you refinance, but if you’re in the market for a new ride, this might be a good time to get serious about buying.

To get started, check out Schicker Ford of St. Louis for your latest vehicle. As always, we’re proud of our new Ford inventory and Q certified pre-owned inventory of all makes and models including Ford, Lincoln, Dodge, RAM, Chrysler, Jeep, Chevrolet, Nissan Hyundai, Kia, VW, Toyota, Honda, BMW, Mercedes, etc.

Since we’re all practicing our social distancing these days, we make it easy to purchase a car without even coming into the dealership. With our Schicker Express Buy program, you can enjoy a fast car-buying experience right from the comfort of your own home. Browse our vehicles, participate in a virtual test drive and apply for financing in just a few minutes, all online. We’ll even deliver your newly-purchased car right to you.

Get started today by filling out our financing application here. For any questions about financing or our inventory, give us a call at (314) 664-4100.