 |
|
|
|
 |
 |
There is good news today for car dealers in Arkansas and you - the consumer.
We have learned that auto sales in Arkansas rose from February to March.
Meanwhile, car dealers, furniture sellers and other businesses that seek to extend credit to Arkansans are excited about a resolution passed on the final day of the legislative session.
Seven-On-Your-Side's Jason Pederson has details in tonight's "Your Money" report.
###
If your credit score has been dinged for any reason it can make it tough to qualify for the best interest rates on consumer loans.
And in Arkansas it can be extra tough because of our state's constitution.
Dennis Jungmeyer with the Arkansas Automobile Dealers Association says next year Arkansas voters will have the chance to change that.
(Dennis Jungmeyer/Arkansas Automobile Dealers Assoc.) "We are the only state in the country where our constitution still controls interest rates. And right now they are so restrictive that if there is any blemish at all on your credit score you just can't qualify for a loan and this is forcing people to go out of state or not be able to purchase a loan at all. Banks are not real aggressive in the car market so we need this relief."
The legislature has decided to put this issue before voters in the form of a proposed constitutional amendment.
The measure won't be voted on until next November. If passed, selling cars and other big ticket items will become easier for Arkansas businesses.
In the meantime, Jungmeyer says Arkansas dealerships are fairing better than others around the country.
(Jungmeyer) "I see Arkansas stabilizing. I'm not sure we've seen the worst yet but certainly we have positive indications that sales are increasing. The used car market is very strong right now. The new car market seems to be turning. For those individuals who have good credit right now…it certainly is a buyer's market."
Maximum interest rate levels were set in the constitution in 1874. Jungmeyer hopes Arkansas citizens will agree with him that an update is long overdue.
Channel 7 News to leave comments on news stories.