Trends show that with time auto loan industry is improving. Today obtaining a car loan is much easier than it was a year back. Banks and lenders have become proactive and call you to offer you an automobile loan much before you plan for one.

However, getting approved/ authorized for an auto loan is much more difficult than applying for it. Lenders are very much keen on the consumer’s credibility. They do not want to take the risk of car repossession as they prefer avoiding it rather than finding a new buyer for the repossessed car.

Though the interest rates for auto loan is not as sensitive as home mortgage loans, still banks feel that its an issue to be worried about. Consumers generally keep this payment at a lower priority and delay or do not pay the interest amounts regularly. Thus to avoid such situation, each bank/ lender carries an in-depth research about the consumers before granting them the car loan.

Consumer’s credit score is analyzed in three categories:

  • Prime (750+)
  • Near-prime (620-749)
  • Sub-prime (620)

“Auto Loan Industry cannot be a miser till the time when auto manufacturers close down their factories. It is just due to the current slump in the economy, that lenders are careful while granting loan. Most of the consumers have the fear of losing their automobiles, in order to pay other high priority bills. Though having a personal car is very comforting, it can cost you a lot. Help yourself out of this situation by getting your car loan modified according to your terms.

“Auto loans are still readily available for you. All you have to do is maintain your credit score and plan you payments. If you already have one, ARG can play as a third party between the client and the lender and negotiate terms resulting in mutual satisfaction. You can lower your auto loan payments up to 50 %.