With so much press focusing on the significant increases in home loan rates & interest rates in general, it is timely to have a look at what this means for businesses.
Where the 5-year fixed home loan rates increased to around 6.5%, it won’t be surprising that motor vehicle and equipment finance interest rates have also moved into the 7%+ range.
As recently as 1 year ago, home loan rates and equipment and motor vehicle finance rates were around 3% or lower. So, what is the effect of these interest rate increases in real terms?
In a world where businesses are seeing increased costs across the board in such areas as labour, materials as well as the actual purchase cost of vehicles and machinery, the cost of debt (interest rates) is also one of these increasing costs.
In summary, businesses today can:
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