The economic recovery has slowed down enough to make the Federal Reserve consider keeping interest rates low, making this a good time to apply for a loan.
The Federal Open Market Committee (FOMC), which is in charge of setting interest rates in the U.S., discontinued its quantitative easing policy, which, until recently, was buying billions of dollars of government bonds from banks and insurance companies to keep interest rates low. The Daily Telegraph reported that FOMC Chairman Ben Bernanke stated that any more purchases could result in inflation.
He also stated that no changes should be made until there is substantial growth in the employment sector, according to The San Francisco Gate.
Economists believe that policy makers will wait at least until mid-2012 to make any changes in the interest rates, which would be the first time in six years that they have done so, the news source reported. The current period of low rates is one of the longest in U.S. history, and people who may be struggling financially can view this time as an opportunity to get good car loan interest rates.