Low Bank Rates Open the Door for Great Deals!

Low Bank Rates Open the Door for Great Deals!

Posted on March 20, 2020

With bank rates changing, now just might be the right time to do some car shopping! This is because in an effort to help businesses and customers through tough times the rates have been lowered from banks and other financial groups.

 
These choices are in the wake of the coronavirus outbreak several Canadian banks have chosen to cut their lending rates by 50 basis points for the second time in two weeks! Decreasing rates to 2.9%!
 
This effective Tuesday, from Royal Bank, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, CIBC and the Desjardins Group. Coinciding with the Bank of Canada's decision last Friday to cut the key rate by 50 basis points to 0.75 percent.
 
The central bank said this interest rate decision was a positive measure given the negative shocks to the Canadian economy from the COVID-19 pandemic and the recent sharp drop in oil prices.
 
The National Bank cut its interest rate on Wednesday.
 
Desjardins also said the central bank would cut key interest rates by a full percentage point to 3.75 percent after cutting rates again on Sunday in response to the virus.
 
We here at Vickar Nissan are here to support our customers and provide a comfortable and safe sales experience, give us a call at (204) 669-0791 and ask about our many purchasing options, deals, and at our available at home test drives!