Demand for car loans increases as finances stabilize during the COVID-19 pandmeic

Local News

PEORIA, Ill. (WMBD) — Lending leaders at CEFCU say the demand for car loans is on the rise.

Senior Vice President of Lending Mark Hoffmire said at the start year and beginning of the pandemic, demand was low. He said spending habits changed and people were conservative with their money.

Hoffmire said people were also not leaving the house as much.

“I think what they’re looking at is the sustainability of being able to make their payments on the terms that they’re requesting whether that be a three-year loan or a four or five-year loan. They’re looking at what the monthly payments are going to be,” said Hoffmire.

During the transition into summer, he said more people felt stable and began looking to apply for loans.

“I think you saw people looking at loans with the low-interest rates. That was a very attractive thing for people to go out and buy a car,” said Hoffmire.

Hoffmire said interest rates play a role in the lending process and demand for loans.

Latest Headlines

Stay Connected

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Local News

More Local News