Small Business Funding

Will Fed’s rate cuts signal lower car loan rates ahead? [Video]
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Small Business Funding

Will Fed’s rate cuts signal lower car loan rates ahead? [Video]

BUYING A CAR HAS GOTTEN VERY EXPENSIVE WITH STUDIES SHOWING NEARLY 1 IN 5 CAR BUYERS WHO TAKE A LOAN END UP WITH PAYMENTS OVER $1,000 A MONTH. A LOT OF MONEY, AND ITS A DOUBLE WHAMMY. PRICES HAVE RISEN, BUT SO HAVE AUTO LOAN RATES. SO NOW THAT THE FED IS CUTTING RATES, WILL CAR LOANS ALSO START FALLING? WELL, EXPERTS SAY DONT EXPECT A BIG CHANGE IN RATES ANYTIME SOON. BUT THERE COULD BE SOME SMALL DROPS OVER THE NEXT YEAR. THATS BECAUSE OF THE FEDS RATE CUTS. BUT YOU SEE CAR LOAN INTEREST RATES ARE BASED ON MORE THAN JUST THAT, ACCORDING TO CREDIT SITES, WHICH IS OWNED BY OUR PARENT COMPANY, HEARST. EVEN IF THE FED CONTINUES TO CUT RATES, THATS JUST KIND OF ONE FACTOR. IT DOES HELP EASE UP LENDING CONDITIONS. THERES USUALLY A LITTLE BIT MORE APPETITE TO LEND, BUT ON THE OTHER SIDE OF THAT, YOU HAVE TO HAVE AUTO LENDERS THAT FEEL CONFIDENT ABOUT THE TYPES OF LOANS THAT THEYRE MAKING, THAT THEY ARE SEEING, YOU KNOW, GOOD CREDIT WORTHINESS. THEYRE NOT SEEING A LOT OF WRITE OFFS IN THEIR CURRENT BOOK OF BUSINESS. SO I DID SOME LOOKING AROUND TODAY FOR NEW CARS RATES GENERALLY ARE RUNNING FROM THE HIGH 4% RANGE TO AROUND 7% AND CHANGE, WHILE FOR USED CARS RATES ARE A BIT HIGHER, THEYRE MORE IN THE 7 TO 9% RANGE AND UP. ITS ALL BASED, OF COURSE, ON YOUR CREDIT. THE GOOD NEWS FOR CAR SHOPPERS THE MARKET HAS SLOWED OUT THERE. AND SO IF THERES A LOT OF INVENTORY FOR A CERTAIN MODEL YOURE LOOKING AT, YOU MAY BE ABLE TO FIND A PROMOTIONAL RATE FROM THE MANUFACTURER THAT IS

New plans expected for Expo New Mexico and New Mexico State Fair [Video]
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Small Business Funding

New plans expected for Expo New Mexico and New Mexico State Fair [Video]

The governor and state officials are discussing new plans for Expo New Mexico, possibly moving the state fair in the next few years. “We have outgrown the facilities and the property here. It is time to look at the growth of this fair,” said New Mexico State Fair Commission Chairman Eric Serna. The state fair hosted half a million people this year. Gov. Michelle Lujan Grisham hopes to find a new home for it. Many state and city leaders agreed that keeping the fair in a centrally located spot such as Bernalillo, Valencia or Torrance County would be beneficial due to the interstates. “We want to make sure that we are identifying the future location of Expo New Mexico. This is not the end of county fairs and state fairs and competitions at the midway and farmers markets,” Grisham said. Stay up-to-date: The latest headlines from KOAT Action 7 NewsPart of the plan for moving the state fair to a new area is issuing a request for proposals on Wednesday. According to the governor’s office, New Mexico lawmakers allocated $500,000 in capital outlay funding to develop the master plan. The proposals will be looked at in late January with a six-month timeline for production.”The partners who respond to the RFP, whether it’s developers or whether it’s whoever, that’s that partnership that actually can make this work, that we were missing before,” said Albuquerque Mayor Tim Keller. However, one of the main goals of this master plan is re developing the 236 acres of land of Expo New Mexico. “We need walking paths. We need green spaces. We need bicycle trails. We need the ability of people to feel like they can live here,” said Senate President Pro Tem Mimi Stewart.Follow us on social: Facebook | X/Twitter | Instagram | YouTubeThe land is in the international district, an area that has dealt with high amounts of crime, narcotics and people experiencing homelessness. “Sadly, we’ve lost our two grocery stores. We lost to Walmart a couple of years ago. We lost the fair square even before then. We’ve lost our two drug stores in the area as well over the last couple of years. This area is in serious need of a jolt of energy,” said New Mexico House Speaker Javier Martinez. Officials predict 55,000 houses or living spaces will be needed within the next decade in Albuquerque. They said this new plan is a great place for new housing. “For the community that lives here, I think folks are ready for a change. And folks are ready for affordable housing,” Martinez said. Action 7 News On The Go: Download our app for free