Auto Loans Up in Australia

The Australian Bureau of Statistics has announced that the number of new cars bought and car loans opened has increased for March. They say that they had a much better month in March than they had in February, and they are hoping the trend continues.

According to the bureau, there was a 1.7% increase in March over February for new auto sales. They sold more than 87,464 vehicles in March with passenger auto sales the highest increase.

Passenger auto sales increased 0.8% and SUV’s went up 0.7%. The trend estimate went up 1.1%. This is especially good for the auto loan industry as they have been having a tough time of it with all of the interest rates being as high as they have been.

Fuel costs as well as interest rates have made the auto loan industry have a difficult time of it, but with this increase in car sales the industry will start to see itself on firmer ground. More new car sales ultimately means more car loans, which makes the financing department very happy.

The auto financing industry along with the automobile industry hopes that this is the start of a better trend. There has also been talk of reducing interest rates, and if they do car loan sales will go up again.

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