Fewer Borrowers Approved for Auto Loans, Reports CNW
Reporting on how lenders are cutting back on auto loan originations, the Wall Street Journal quoted recent CNW Research statistics that both prime and subprime credit applications aren't receiving the same number of approvals as they once were.
Reporting on how lenders are cutting back on auto loan originations, the Wall Street Journal quoted recent CNW Research statistics that both prime and subprime credit applications aren’t receiving the same number of approvals as they once were.
CNW reported that in the first few months of 2008, about 90 percent of loan applications from prime borrowers were approved, a decline from the 92.5 percent approval rate from the same period last year.
Of those auto-loan applications received from subprime borrowers, 57 percent were approved, down from 68 percent in the first few months of 2007.
CNW also reported that loan applications are being sent to more lenders before being approved.
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