In its most recent poll of its dozens of lending affiliates, Auto Loans reports that in 2011, lenders have become more willing than ever to extend credit for consumers who wish to purchase a vehicle.
Online PR News – 19-July-2011 – – AutoLoans.com, an industry-leading site for no-cost quotes on car loans, has published the results of its most recent poll of its dozens of partner lenders across the country. The poll showed auto lenders are more willing in 2011 to issue auto loans than ever before, and their willingness has increased steadily over the first six months of the year.
“Even as soon as 2010, auto lenders were rather tight-fisted with their funds. That they were shy is understandable, considering they were still picking up the pieces from the recession and credit fallout. But the message we want to drive home to potential borrowers is that 2011 is a completely different story. Truly, this year is one of the best in history to buy a new car, and our latest statistics corroborate that fact,” said Auto Loans spokesman Mick Ronson.
The lenders that responded to the poll reported that they were loaning more and more money even to consumers with modest credit challenges. Of course, these consumers tend to pay higher interest rates, but the average rates are some of the lowest in history, according to the data. This new development is a far cry from the prohibitively expensive rates credit-challenged consumers once received on auto loans, if they were even approved.
“Every poll we’ve taken of our lenders this year has revealed a consistently increasing number of loans available, and the reason we publish our results is to encourage consumers to apply if they need a new car. Typically, our visitors are pleasantly surprised when they request quotes on loans from our site and see, one, how readily available financing is, and, two, just how affordable an auto loan can be,” explained Mr. Ronson.