When the recession hit, the auto world was one of the industries hit the hardest. The market it had relied on was no longer spending money and they in turn were about to go belly up. With a controversial loan, the industry was able to keep going to 2015, where it manage to set a record sales year. 2015 may be the year where it finally shows the auto industry is back.
For years, people avoided buying a new or used car. They simply couldn’t afford it with due to elements of the recession. For many, it was also because lenders had cut off access to subprime loans. Those with bad credit or low credit were unable to find car loans even when they needed it. As the years went on and the auto industry slowly recovered, that policy of being harder on offering loans started to go away and the lenders were being more open to loaning.
The employment rate is at the highest it has been in years and gas is at the lowest it has been since the recession first hit. It’s no wonder that people are finally getting out to purchasing vehicle. For some, it had finally hit the breaking point. They had been holding off and hoping that the current vehicle they owned would last through the hard time. Many drivers were avoiding trading in a used vehicle being unable to afford it. They sat on their current vehicle for longer than recommended and are now at a point where they simply need to get a new or used vehicle.
If you’re one of those drivers, who has held out for as long as they could or if you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at Approved Loan Store. Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!
All through the month of June, car news and commentary was saturated with talking heads claiming that auto sales would see a downturn this month, and the soaring sales could not continue.
Every month seems to have the obligatory article about how well the auto industry is doing. There have been months of happy reporting about sales increases here and demands increasing there. It is a success story that is an easy topic. The question has always been, though, at the back of my mind how long that luck will hold out. I’ve wondered what the industry was doing to make sure that this increase in sales is the new standard and not just a moment in time. May could be the month that puts all of this progress to the test.