Pricewheels.com

  • Home
  • | Contact Us |
  • New Cars
  • Used Cars
  • Auto Loans
  • What Car Can I Afford
  • Car News

Car Loans Being Approved by Smaller, Local Lenders

Research
  • See pricing and all the information you need to pick the right new car.

  • New Cars

  • Used car technical specifications, gas mileage, safety ratings, reviews and more.

  • Used Cars
Extended Warranty
  • Don't get caught off guard by expensive repair bills. Protect yourself today.

  • Get Extended Warranty on Your Vehicle
Get Auto Loan Rates
State:
Zip:
Loan Type:
Loan Amount:

Get New Car Quote
Make:
Model:

Find Car Parts
Year:
Make:
Model:

Mar 4th, 2009 by Liz Opsitnik

Who is giving out car loans these days? Ward’s Dealer Business, a magazine for auto dealer professionals, says that smaller banks and credit unions are the ones approving car shoppers for auto loans.

“We’re seeing a shift towards more localized, decentralized lenders,” says Mike Kane, senior vice president-client services for CitiFinancial Auto.

According to Ward’s, big banks are still hurting from the mortgage and credit crisis and because of this, they aren’t giving out car loans like they used to.

Smaller lending institutions doing business regionally, rather than nationally, “can provide very hands-on, high-touch personal service,” Kane says.

credit union picture

Local credit unions, like the one pictured here in San Mateo, Calif., are helping finance managers find car loans for their buyers.

While big banks and finance companies are being super-selective of whom they finance, car dealers are forced to find someone else to give their customers a car loan. Dealers also are asking local credit unions to finance auto loans.

“As they lose lenders, dealers are saying, ‘Can we sign up with you?’” says David Jacobson, a former dealer who now heads GrooveCar, an online resource for credit union auto loans.

“A year ago, some dealers wouldn’t give us the time of day. Now, they are giving us loan applications from people with (high) credit scores.”

What does this mean to you? Even though major banks and finance companies are in turmoil, smaller, local lenders are still approving buyers for car loans.

Image via smalltown.com.


Posted in Automotive, Financing | No Comments

Comments are closed.


EXTENDED WARRANTY QUOTE

Protect your vehicle with an extended warranty! Get a fast free quote on affordable extended warranties for used and new cars here!

Get an Extended Warranty !

CHECK INSURANCE RATES

Don't forget to factor insurance costs into your research. Get accurate insurance rate information on any vehicle and shop for the best deal.

See How Much You Can Save!

AUTO LOAN QUOTE

Get real price quotes from local dealerships. Don't buy a car without checking the price first! Pit dealers against each other to get the best deal possible!

Explore Your Financing Options!


{*
  • Auto Loan Center
  • Free Auto Loan Quote
  • Auto Loan Calculator
  • Car Loan Rates
  • Auto Rebates & Incentives
  • Auto Loan News
  • Brake Pad Center
  • Buy Brake Pads
  • Types of Brake Pads
  • Brake Shoes
  • Changing Your Brake Pads
  • Air Shock Center
  • Air Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs
  • Shock Center
  • Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs
*}

New Cars | Finance | Privacy Policy | News Letter | Unsubscribe | About Us | Dealer Program | Affilliate Program | Site Map | Jobs | Do Not Sell My Personal Information

© Copyright 2002 - {$smarty.now|date_format:"%Y"}. PriceWheels, LLC. All rights reserved.

{literal} {/literal}