Auto Loan Daily
  • Auto industry misses out on 800,000 new car sales because consumers think they won't be approved for a car loan
  • More than $10 billion in vehicle sales in the first quarter of 2009 lost due to this perception, research shows
  • Consumers who thought they wouldn't get approved for an auto loan may have missed out on low interest rates
Consumer Doubt Over Car Loan Approval Results in 800,000 Lost New-Car Sales
By Liz Opsitnik
Friday, Apr 17 2009 12:36

Car shoppers who are convinced they can’t get a car loan, even though their credit history and FICO score would qualify under even stricter application constraints, have cost the auto industry more than 800,000 sales in the first quarter of 2009, according to data from CNW Research.

When adjusted for the historic level of “probable” auto loan approvals that never applied, the figure is close to 400,000 lost sales. With the average transaction price for a new vehicle of $27,500, the industry lost more than $10 billion in vehicle sales even using the lower 400,000 figure.
Nissan Rogue picture
Need an auto loan for a new Nissan Rogue but are too afraid you'll get rejected? Research shows that you have a better chance of getting approved than you think.
Car shoppers lost out too. With auto financing rates at historic lows right now, if consumers didn’t apply for a car loan, thinking they would get rejected, they may have missed out on a low interest rate on their new car.
Dealers, lenders and even the government may want to do a better job of letting Americans know that there is credit available to buy a new car. With all the negative news in the media, it’s encouraging to know that this research shows that consumers can and should be getting approved for car loans. Unless you know you have really bad credit, you should fill out the application and at least give it a try.


Your Name *
Email (For Verification & Replies) *
Submit Comment

Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.

Print PRINT E-mail EMAIL

ShareBookmark or Share This!

More Auto Loan Daily ...
Pages : << First  Prev 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Next

FREE Car Loan Quote

Fill out the form below to get a FREE, No-Obligation Car Loan Quote.

Email Address:
Zip Code:
Auto Loan 101's
New Car Price Quote
Zip Code:

CARS Program Officially Begins Monday, But Many Dealers Have Already StartedCARS Program Officially Begins Monday, But Many Dealers Have Already Started
According to, the official government Web site for the cash for clunkers program, consumers can start taking advantage of ... Read More

Ford Posts $2.8 Billion Second Quarter Profit
Ford reported a surprise second quarter profit of $2.8 billion Thursday, when just a year ago it saw its worst loss in co ... Read More

Chrysler Group Doubles Consumers' CARS RebateChrysler Group Doubles Consumers' CARS Rebate
Chrysler Group LLC announced a new incentive program Wednesday, called “Double CA$H For Your Old Car”. Ju ... Read More