Interest rates on car payments not heavily affected by BoC key interest rate drop

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”

On Wednesday, the Bank of Canada lowered its key rate by a quarter of a percentage point, knocking it down to 4.25 per cent.

It’s welcome news for people feeling the pinch of high interest rates, and those looking to make big purchases like a new vehicle.

However, Michael Collette, manager of Siman Auto Sales which has been operating in Regina for 25 years, says the interest rate drop doesn’t do much for sales.

“It doesn’t seem to have a huge impact in the short term. Of course, in the long term rates come down and that is going to incentivize people a little bit,” says Collette.

He adds that interest rates on used vehicles normally sit around eight to 10 per cent, and have stayed the same since before the Bank of Canada began its rate reductions in June.

The Bank of Canada’s move still gets people interested, according to Quint Xie, general sales manager for Taylor Toyota.

“The perception has changed so more people come in to look at a vehicle because they heard the interest rate dropped. It definitely helps,” says Xie.

Collette says it still largely depends on a person’s personal credit rating.

“If you’ve got damaged credit or subprime credit, rates can vary all over the place. The changes in the Bank of Canada rates have had zero impact on the subprime side of it, but on prime… the banks have been more willing to do loans, but it hasn’t really changed the interest rate.”