Although there have been rumblings that the car loan market was struggling, it appears as though for the time being it is remaining steady. While some are having difficulty keeping current on their car loans, these loans as well as savings accounts are holding tight. Whether or not this remains the case will have to been seen over the next few months as the housing crisis continues to play out and foreclosures continue to rise.
Sean Gardner, director of Moneyexpert, said: “Banks are boosting rates on bonds and other long-term products at the expense of instant access accounts. They want to know they have money to play with.”
He added: “This explains why there are still some great deals on offer in regular savings and fixed term bonds. Anyone who has some cash set aside could benefit significantly.”
“Having instant access to your cash is a genuine benefit but for many savers it means you have to watch the interest rate set by your bank carefully. If you are in any doubt, compare other offers and see if you can get a better deal elsewhere. It’s a saver’s market so don’t accept a bad rate.”
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