Irving, Texas (PRWEB) June 9, 2010
myAutoloan.com, an online direct to customer auto finance company, has seen a 33.4% percent increase in applications thru May 2010 compared to 2009. Although a sizable increase in application volume was seen, approval rates throughout the credit spectrum increased only slightly with the majority of the gains in the prime category. Below prime approvals showed minor increases.
Auto finance applications for the purchase of new and used cars as well as refinance loans, rose sharply due much in part to the increase demand for the limited direct-to-consumer financing that is available through the internet and traditional bank channels. "Dealership financing options pushed the consumer to seek out and identify alternative financing Getting an auto loan or an auto refinance loan has not been easy the past 18 months. Consumers expanded their search options by using the Internet by an ever increasing rate and they are finding alternative financing solutions. This is what's driving the increases in the web traffic and the auto loan application volume we have been seeing said Greg Thibodeau, CEO at myAutoloan.com.
"As we monitor the month to month activity, the strength of demand from direct-to-consumer financing customers continues to be very strong, even in an environment where lenders have pulled back. We continue to see the overly cautious parameters some banks are using to evaluate applicants. We believe that it's just a matter of time before finance companies begin to expand and capture market share in this direct to consumer market. Although uncertainty remains as to when credit will loosen up, the industry will emerge stronger and more prepared to meet the changing needs of the auto loan customer. The overall long term outlook for our industry remains positive."
myAutoloan.com is a registered trademark of and a division of Horizon Digital Finance, L.L.C. which began operation in 2003. The company is a privately held, direct-to-consumer, internet-based financing marketplace that helps consumers take control of the research, finance and buy processes for New and Used Auto Loans, Refinance Auto Loans, Private Party Auto Loans and Lease Buyout Auto Loans. Offering a wide range of products and services to simplify the search for information and funding alternatives, consumers are provided with a secure, confidential place to obtain up to four loan offers. myAutoloan.com facilitates the matching of lenders based upon customer needs via a patented proprietary analysis and evaluation process called Preferred Placement®.
For more information please visit myAutoloan.com
Editor Note: Formal and legal name of the company is myAutoloan.com; all appearances of this name should lead with a lower-case 'm'
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