Web Auto Loan Company Sees Good Signs For the Future
May 12, 2009
Online auto loan finance company, myAutoloan.com, has taken note of substantial increases in the number of auto loan applications it has received since the beginning of first quarter of 2009. This trend has continued into the second quarter.
According to myAutoloan.com, there has been a 35% percent increase in its applications when comparing 2009 first quarter figures and those of 2008.
One of the main reasons for the increase of finance applications used to buy new and used vehicles and for refinancing has to do with the demand for available credit. The limited financing made available through normal channel at auto dealerships have led many consumers to look elsewhere for deals.
Online financers like myAutoloan.com have benefit significantly from this influx of consumers looking for alternatives to traditional financing. More are finding funding for vehicle purchases online and putting in applications for loans.
According to myAutoloan.com CEO Greg Thibodeau, this could be a very good sign of future market growth.
“We see the increased activity as good news and it clearly says that demand for direct to consumer lending for the purchase of new and used vehicles and refinance loans, is much bigger than the supply in the current market condition. With this pent up demand sitting on the sideline, waiting for lenders to increase their activity, it’s a matter of time before visionary companies will enter and capture market share. It’s pretty obvious to us that this unmet need will be identified and solved in the next several months.”
Thibodeau added that, “It is an interesting, exciting and challenging environment these last few quarters. While we feel good about myAutoloan.com’s performance in the first quarter and year-to-date, uncertainty remains regarding many of the key drivers that affect our operations, specifically, ‘When will credit loosen up?’ The Big 3, auto production and the availability of sustainable funds for the direct-to-consumer lending market continue to surprise us from what was a positive and predictable market just 9 months ago. Our overall long term outlook of our industry remains positive.”
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