Car finance becoming tougher to get

Jun 6 2010 The period following the recession has been a very trying one for both auto manufacturers as well as consumers. On one hand, the car makers are saddled with huge inventory levels and want to liquidate them at the earliest and on the other hand, the consumers are not getting the kind of free access to car finance and car loans at reasonable rates of interest that they were enjoying about a couple of years back.
Yes, the economy is showing signs of recovery and car sales are picking up but lenders are still chary about lending car loans to people whose credit report is dubious or who is not holding a steady job. They do not want a replay of the subprime crisis when loans at very reasonable rates of interest were doled out even to people who had very little collateral or a job or even a strong cosigner who could or would take the liability in the event of a default.
You therefore no longer have attractive advertisements mentioning the availability of loans being offered to all and sundry. Lenders have become selective and that in a way augurs well for the overall economy and industry.

More from Financial and Loan News

---

---

---

---

---

---

---

---

---

---

---