Sep 05, 2013 Philip Burgess
Many industries have been showcasing a solid recovery from the Great Recession, including the auto sector. America's top car manufactures and vehicle financiers have benefited from generally improving consumer credit reports which have helped consumers become more viable loan candidates in the eyes of many lenders.
In fact, the America Customer Satisfaction Index recently reported that affordable financing options are one of three main factors behind the spike in car sales during recent months.
Coupled with pent-up demand among consumers unable to purchase vehicles during the economic downturn and the increase in dealer incentive programs, low-interest rates for car loans have resulted in a booming market for domestic automakers.
A recent article from Automotive News suggested that the auto financing sector is in a solid state. Increased loan activity and low delinquent payment rates have helped boost the market outlook for vehicle lenders, the source noted.
With vehicles being purchased at a rapid rate by American consumers, auto financiers have found themselves in the midst of an incredibly lucrative period. In order to keep their business booming, they need to make sure they are providing borrowers with the best customer service possible.