Car dealers and auto finance services are offering auto loans with record-low interest rates in South Florida in an effort to get more people into brand new or new previously-owned cars.
Many industry insiders say that Southern Floridians have been driving the same-old cars for way too long. “People have held on to their cars for a long time and there’s pent-up demand,” said Mark Sheinbaum (pronounced “Shine Bum”), CEO of Chase Auto Finance.
In addition to people buying vehicles due to pent up demand, some folks are refinancing their vehicles in order to lower their monthly payments. Oakland, FL’s Jeff Burto did just that to cut his interest rate by more than 50%. Talking about this growing trend, Mel Campbell, a spokesman for Regions Bank, said, “It’s common sense. People are going to refinance if there’s a good opportunity.”