Analysts find spike in approval for auto loans

July 6, 2012

While banks and other lenders are issuing loans to the most financially stable of customers, analysts have found a spike in approval for auto loans.

New bank loans for vehicles totaled more than $47 billion in the first quarter of this year. That is higher than any point in the past seven years.

Another added bonus for those shopping for a vehicle: interest rates are lower than they have been in recently.

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