Truck Loans in Abbotsford

Planning to finance your business equipment ? Want to know if the latest interest rate cut could help you in sealing a low cost finance deal? In its latest announcement, Bank of Canada announced a significant overnight rate cut of 50 basis points, taking the current rate down to 3.75% from previously 4.25%. Along with this, the Bank of Canada’s Governing Council issued its quarterly Monetary Policy Report, which included predictions for inflation, economic growth, and risk assessments for the Canadian economy. How Rate Cut Works For Financing? If you are still wondering how the rate cut will affect your financial decisions, especially when getting equipment finance, let us help you understand how it works. When the Bank of Canada reduces its interest rate, banks and other financial institutions reduce their prime rates on loans and mortgages too, thereby boosting economic activity. This means the prime rates will go down and this low prime rate indicates that individuals and businesses...