Irving, Texas (PRWEB) July 12, 2009
myAutoloan.com, an online direct to customer auto finance company, has seen a 113.4% percent increase in applications for the second quarter 2009 compared to second quarter 2008. Just as dramatic, comparatively, the second quarter of 2009 to the first quarter 2009 has shown an increase of 77.6%. The demand for direct to consumer auto finance has jumped significantly during the first six months of 2009.
Finance applications for the purchase of new and used cars as well as refinance loans, has risen sharply due much in part to the increase demand for the limited indirect financing that is available through traditional channels at dealerships. These traditional channels have left consumers without options thereby leaving consumers to apply online in search of alternative financing. They have been driven to expand their search options and through the internet, the consumer is finding alternative financing solutions. This is clearly resulting in the large increase of auto loan application volume.
“We are absolutely delighted to be in a position to help so many people with solutions to their auto finance needs,” said Dale L. Peterson, President of myAutoloan.com “and once again, this continues to signal that demand for direct to consumer lending for the purchase of new and used autos and auto refinance loans is much bigger than the supply of financing. We experienced the same strong demand in the first quarter as we see lenders tighten credit and leave the direct market because of a lack of available ABS securitization.”
Peterson also stated that, “As we monitor the month to month activity, the strength of the demand from direct consumer financing customers continues to search for a relaxation of some of the overly cautious parameters they are evaluating applicants by. We’ve seen interest rates increase, and credit qualifications become so narrowly defined that all anyone can do is wait for lenders to increase their activity. We seriously believe that it’s a matter of time before visionary companies enter and capture market share in this direct to consumer market.
“It is still a very challenging marketplace,” Peterson said, “with all that has happened, the Big three automakers, the bailouts, the reorganizations and restructurings in just the last 90 days. However, we continue to be excited about the future and are pleased with the positive growth that we have been able to achieve. 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 consumer market. Our overall long term outlook of 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 patent pending, proprietary analysis and evaluation process called Preferred Placement