Obama’s administration has helped in increasing the retail sales and internal monetary rotation. The lenders have gained confidence and are somewhat freer with their money. In last 2008 –10 for many customers (even with good credit) loan was not provided.

“We are witnessing more closings. The lending environment began to turn around after almost a year. This quarter results may show it in its company report.   They give more importance to the customer’s credit history saying trust is very important in doing or continuing a business. So they are sure that they like to do business with people who can be trusted and the trust can be visible with their credit history and credit score.

“Lenders still remain strict on few counts, they will not encourage the customers with substandard credit score or a customer with a huge due or balance to be paid (on trade-ins)for his (car) automobile. If the down payment is huge then the lender may accept for the loan but still with a high interest rate, as this decreases the risk of the lender.

Generally finance companies don’t encourage or allow customers to count rebate cash as down payments. Rehashing a deal became more difficult than earlier, as the software won’t let it happen!

This is important for the customers who are thinking of going for a car loan now. Even if you think you need to plan your finance loan and other related tasks it is always better to consult an advisor or a professional consultant. This will help in long term. Not just for auto loan, but for other like mortgage, personal loans too.

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