Increased Lending Seen In Subprime Car Market

Car Finance247, a specializing online car finance broker, released its most recent car financing data on Friday. The news was good, indicating that lenders are becoming more confident, even when it comes to bad credit car finance.

It seems that the auto industry is finally recovering from the financial crisis of three years ago.

According to the figures, 26 percent of UK applicants who are not homeowners were approved for car loans in April 2011. During the same month in 2010, this figure was just 15 percent. This represents the highest approval rate since the beginning of 2010 for this category of applicants.

During each of January, February, and March, the approval rate was 16 percent.

Louis Rix serves as carfinance247 director and he commented that his company works with various loan providers to find car buyers a suitable deal, no matter their financial situation. This requires an ongoing review of products in order to provide an assortment of solutions.

The company recently negotiated new terms with one of its subprime lenders, in an effort to better assist individuals with damaged credit.

April was also the highlight of 2011 in terms of homeowner car finance applications. Of these applicants, 38 percent received approvals. Mr. Rix believes that this across the board increase in lending signals that confidence is returning within the economy.

Those who are interested in buying a new car will benefit greatly.

Operating from its central Manchester offices, carfinance247 offers vehicle financing options for individuals in all types of financial conditions. Included in its available choices are personal contract purchase pcp, contract hire, hire purchase, and other leasing options.

The company does not require a deposit and financing is open to any make or model of vehicle. Businesses like this make it easier for UK residents to get themselves into a new car.