Do you plan to buy a car? Interest rates on loans will rise

If one of your goals before the end of the year is buy a new carwe have bad news for you, since the representatives of the automotive sector expect that increase loan rates as a consequence of the upward adjustments to Banxico’s reference rate.

Although it is not yet known exactly when it will occur, this increase is something that was already planned, because the central bank’s key rate serves as a reference for the financial system so that they can also make an adjustment to their rates.

Do you plan to buy a car? Interest rates on loans will rise. Photo: Reform

According to specialists on the subject, so far this increase has been little because brand finance companies and banks are trying to maintain themselves because the cost of cars has increased.

Similarly, they pointed out that at the moment there is more demand than supply, which is related to the war between Russia and Ukraine, which is leaving very strong effects, such as increases in first-hand supplies, such as steel. , aluminum, zinc, and other raw materials.

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In general, branded banking and financial institutions give their clients who want to buy a car through credit, subsidized rates, which for now are being reduced, as a first measure.

The second stage will be even more complicated, since those incentives will end or end, which will cause interest rates to increase considerably.

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Until last week, vehicle financing interest rates reached 11%, when normally they had remained between 1.2%, 2% and 3% and according to the Bank of Mexico, they will continue to increase.

For more information on this and other topics, visit the Credits section.

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Degree in Social Communication, graduated from the Autonomous University of Yucatan. I have worked in various media in Mérida, Yucatán. Hobbies: animal lover, traveling and reading.

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