Less Approvals for Auto Loans

Over the past few months we have been hearing a lot of talk about how the economy is finally starting to turn itself around. The auto loan industry has been pushing for consumers to start buying again as they say that this is the time to act. Many experts say that getting an auto loan right now is easier than it has ever been before, and that the consumer is really in a position of some great bargaining power.
 
However according to a recent study this may not be the case. It seems that there are actually fewer auto loans being approved. The trend of lenders approving more consumers for auto loans seems to have slowed down over the past month and a half. In September and October auto loan approvals have drastically dwindled.
 
Even consumers with excellent credit reports and scores have found that they were having a harder time getting approvals for their auto loans. There are three categories of credit scores and most people fall into what is considered a sub prime level of 620 to 749. There are those that have a credit score of over 750 but in this economy those people are few and far between.
 
The report says that due to the reports of it being easier to get a car loan the industry is seeing more people coming with credit scores of 620 and below thinking that they will get approved when this is simply not the case. Unfortunately a decline in auto loan approvals hurts everyone as there are those who need to buy a car and we've been getting stricter with their approvals that it's harder to do. The dealerships and manufacturers are hoping that the trend does not continue as they really do need to sales.

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