The car industry seems to be experiencing a revival, with new car sales at an 11 percent increase in 2010. One of the major contributors to this recovery is the similar comeback of bank lenders, as more people are finding it easier to obtain auto loans.
After the economic downturn, the automobile industry wasn't the only one that suffered. Banks significantly decreased the amount of credit they were issuing to consumers, but now, things are looking up. According to the New York Times, "automakers have started to issue loans more aggressively."
Last year was great for consumers with a bad credit history, as nearly 860,000 new cars were sold to people with poor credit scores, which CNW Marketing Research says is a 60 percent jump from the previous year.
"We had people coming into our showrooms that wanted to buy, but we couldn't get them financed," AutoNation president Michael E. Maroone told the Times. "We are now getting them the financing."
"To me, it feels like it's returning to normal," Ted Yarbrough of Citigroup said to the news provider.