Auto Loans Site Promotes Bad Credit Loans as Economy Heals

Dec. 30, 2011 - PRLog -- AutoLoans.com, a leading online provider of estimates on independent car financing, reports experiencing a significant increase in the number of loan quotes requested by customers with below-average credit scores. The uptick was also reflected in the number of credit-challenged applicants actually approved for car loans.

“The auto loan industry is no longer as exclusive as it used to be. Before, consumers with credit challenges were discouraged from even applying for traditional financing because lenders were very tight-fisted with credit and generally inflexible with their qualification criteria. Now, however, we’re seeing our lenders move away from that model. Auto loan defaults continue to decline, and lenders are seeing that consumers with past credit problems are indeed capable of staying current on their loans,” said Mick Ronson, spokesman for Auto Loans.

The average credit score in the United States is about 650, although this may vary by source. Consequently, the site’s tracking of loan requests measured the number of quotes received by visitors with a score below 650. While a score below 650 does not necessarily place a potential borrower in the subprime region, it historically has precluded the borrower from accessing standard auto loans.

“We hope publicizing this new trend will help further encourage customers without perfect credit to at least request offers on auto loans to see what’s out there. Lenders are no longer as strict with credit requirements as they once were, and our lenders especially are willing to work with the vast majority of credit-challenged borrowers to find a loan option that works for them. The quotes on our site are always free, so there really is nothing to lose,” said Mr. Ronson.

For more information, please contact http://www.autoloans.com or call 800-609-1716.