The most recent news piece on the site reports another drop in the number of auto-loan delinquencies for the second quarter of this year. The story stresses that when delinquencies drop, it boosts lendersâ€™ confidence in consumers, making auto financing easier to obtain.
Online PR News – 01-September-2011 – – AutoLoans.com, a popular source of car financing news and offers, has posted a news story recently informing visitors of the fall in delinquent payments on car loans for the second consecutive quarter for 2011 thus far. In publishing the piece, Auto Loans hopes to encourage potential borrowers who are unsure of whether they will be able to obtain the funds they require for a new vehicle.
â€śWeâ€™ve definitely heard a degree of uncertainty coming from our visitors as the market has had its ups and downs lately. Our visitors wonder how realistic it is to assume they will receive the full amount of auto financing they need. For this reason, weâ€™ve published this news piece on our home page informing potential borrowers of the second straight drop in delinquent car payments for 2011. When late payments taper off, lenders feel more comfortable issuing funds, which means borrowers should be more confident in applying for them,â€ť said Mick Ronson, spokesperson for Auto Loans.
According to recently released figures from TransUnion, one of the nationâ€™s top three credit bureaus, the number of auto loan borrowers who were more than 60 days late on their payments dropped to 0.44 percent during 2011â€™s second quarter, which is a notable difference from the 0.53 percent it was just one year ago. While the size of the average car loan has been rising, the second-quarter drop in late payments is the seventh in a row.
â€śOverwhelmingly, borrowers of auto loans are making their payments on time, and lenders are absolutely taking notice. They are relaxing the availability of funds even as the car loans themselves are growing in their average amount. Borrowers who are unsure if they will be able to get the money they need for their next car should take heart because things are definitely looking up in the car-financing industry,â€ť explained Mr. Ronson.