|
More People
Want Auto Loans
The number
of people requesting auto loans has
risen according to a recent report. This
is good news obviously as so many people
have taken to not signing auto loans for
fear of what the economy might bring
next.
However, the big auto makers and the
financial institutions that hand out the
auto loans have released some of the
qualifications for getting a car loan
that they were insisting upon just a few
months ago. They found that their
initial idea of only taking those with
the best credit was backfiring as those
people are the ones who are paying cash
or already have a car and no need for
another.
Most of the people in dire need of a car
however, are the ones that need the auto
loan and the ones that are going to have
less than perfect credit. But with
credit qualifications becoming more lax
some of these people will see the
ability to take out a car loan again.
Scotia Economics, the company that
issued the report, says that Canadian
auto loan approvals are at a high –
higher than they have been since April
of 2008.
They say that they expect that the
numbers will only go up from here, and
that with credit markets increasing all
the time, there should be no reason why
the average person cannot get a car loan
at this time. In fact, with Ottawa
purchasing up to $12 billion in
securities it will make getting an auto
loan all that much easier.
Back to
July 2009
Archives
|