A new survey shows that dealers are growing more and more friendly to the subprime auto loan market while banks and other major lenders are withdrawing from it.
A new report from Equifax has shown that this year dealers are in the business of lending but banks are not quite so interested. Dealers this year have shown that they are willing to give loans to increasingly high risk customers, including customers with lower credit scores. Dealerships are more and more prepared to give new customers a second chance, and let them know that they have options with their finances.
In contrast, banks, credit unions, and other major lenders who do not specialize directly in auto loans are starting to close their doors to those with low credit scores more and more this year. Banks are looking for higher credit scores before they are willing to give out loans, and if they actually do give out a loan, Equifax is reporting that those loans have higher interest rates on average than the loans given by auto loan specific lenders.
Some speculate that this change in trends is because auto lenders are recognizing the value of the subprime market. Due to the troubled economy, so many people have moved into this category because of circumstances that were beyond their control and auto lenders are looking to help these Americans get back on their feet by lending to them when they are in need and helping to build their credit with auto loans that they can afford.
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