Valley car buyers may have to lower their expectations on what’s affordable on the market as interest rates on loans remain high and prices on new cars continue to rise, industry analysts say.
The U.S. Federal Reserve has raised interest rates to help slow inflation and auto loans are among the myriad financial options being affected, said Matt Schulz, chief credit analyst at Lending Tree.
“We have seen it get a little tougher to get most types of loans,” said Schulz. “An auto loan isn’t much different.”
