Have You Applied for an Auto Loan Lately?

Many consumers who have taken the plunge and applied for an auto loan despite the recent credit crunch are getting pleasant surprises. They are getting approved for their loans and some are even getting decent interest rates, too!

According to an article in SFGate, auto lenders have loosened their credit restrictions and they are giving out more loans than they were just a few months ago. The third quarter of 2008 saw an increase of about 5.5 percent of consumers receiving auto loans from lenders while the month of December was also a good month for those looking for a great deal on financing a vehicle.

So what does this mean for you? It means if you have been putting off applying for that car loan because you didn’t think your credit was good enough, now is a great time to give it a shot and see what happens. Lending institutions have relaxed some standards and they are even giving better interest rates than they were seven or eight months ago.

Your Toyota dealers are waiting for you to come in and apply. You could be driving home in a new or certified used Toyota vehicle today!