14% increase in car loans than the early part of this year
San Francisco, CA -- (SBWIRE) -- 09/12/2012 -- US lenders are more motivated to initiate smooth borrowing for new clients of automobiles. The indexes have observed a 14% increase in demand of cars on loans than the year 2007.
The director of Experian Automotive, Malinda Zabritski, told the media that a great surge in the demand of car purchasing is noted due to the economic improvement in the country. The spokesman further said that due to the economic crises in the region, circumstances became worse for investors during the last few years.
Supporting those views, Zabritski added that, “Because the overall lending environment has improved, lenders are making loans available to a wider range of customers". The director of automotive credit for Experian Automotive also added that "This is good for manufacturers and dealers, as it allows them to sell more vehicles. That was a 14% increase from the same period a year earlier, and it actually exceeded the rate in the second quarter of 2007, before the financial crisis made lenders tighten their standards.”
Commenting on the increasing trend of loans for vehicles, the Experian Automotive director said that new vehicle purchasers have received financing for $25,714, whereas used car borrowers took loans of $17,433 from their company. Zabritski was of the view that the recent inclination of automobile loans is growing because of the soft policy of the company. The spokesman also said that the loans for both new cars and used ones had increased by a few hundred over the amount of loans granted last year.
The automobile finance experts believe that it is always good to buy a used car than a new one, especially on a loan. They are of the views that as the used vehicles are comparatively cheaper so the loans can be paid off more easily. Furthermore, people will be paying less interest while buying used cars at higher rates.
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