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Rates revving up auto loans

With the Federal Reserve's Open Market Committee announcing earlier this week that policy rates will keep at the current levels, local car dealerships are definitely noticing a more active time.  The Fed's funds interest rate remained unchanged at 1.5 to 1.75 percent.  Danielle Harju, finance manager at Jorns Chevrolet in Kewaunee, says consumers have been taking advantage of the relatively low rates from lenders, especially this week.

 


Harju says more and more car buyers are also taking advantage of leasing opportunities where the interest rate is roughly half of a purchased vehicle.  The average car loan length is reportedly a little over 5 years. 

 

(photo courtesy of Jorns Chevrolet)

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