“What’s causing that is that so many people have gotten sticker shock” at the interest rates available, Eleazer said.
Customers aren’t aware of the rise in interest rates that has taken place since the first quarter of 2022. When a customer whose last loan had a 2.9 percent APR is offered 7.9 percent today, “they’re about to lose their mind,” he said.
As a result, customers opt to pay cash instead.
“It’ll level out,” Eleazer said. “It always does.”
Interest rates today are like…
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