levels, car loan approvals are expected to continue to rise throughout the 2006/2007 year, according to a recent report from KPMG. This is despite the rise in fuel costs reported over the same period.
The August 2006 release of KPMG's Financial Institutions Performance Survey for the 2005/2006 financial year studied eight major finance companies, and showed that although companies dealing with fleet financing suffered, institutions offering new car loans prospered, following on the heels of excellent levels of new car sales in the same period.
The profile of borrowers has also changed. With the fierce competitiveness in car loan products, lenders have been forced to rethink the type of person they will consider providing a loan to. Gone are the days where only high earners or more secure borrowers are approved for car loans. These days lenders have to be willing to take on higher risk customers, offering them the same competitive products that the lower risk borrowers have always enjoyed.
Some of these changes include the introduction of:
Low or no doc loans – where limited written proof is required detailing income, savings history and other financial matters.
Increased exposure of lenders to unsecured loans.
Lower fixed interest rates.
Lower fees.
Extended loan terms.
The lowering of interest rates on both personal and car loans has made these products more affordable, also contributing to the steady rise of approvals in both. However, recent rises in the cash interest rate by the Reserve Bank have seen lender's profits fall, increasing competition even more.
Higher petrol prices have also impacted upon the car loan market with consumers now turning to smaller, more fuel efficient vehicles which, in general, have a smaller price tag. As a result the average cost of individual car loans is diminishing and the ease with which the average consumer can repay the loan has risen. This results in shorter loan terms and, consequently, less interest paid.
Car loans are expected to continue to boom as the sale of new cars continues to rise over the next 12 months, promising lenders a stable and potentially lucrative market. As a result, borrowers can also expect to see an increase in competitiveness, offering ever-increasing available products. Which is great news if you’re looking for a new car.
Although household debt is already at significant levels, car loan approvals are expected to continue to rise throughout the 2006/2007 year, according to a recent report from KPMG. This is despite the rise in fuel costs reported over the same period.
The profile of borrowers has also changed. These days lenders have to be willing to take on higher risk customers, offering them the same competitive products that the lower risk borrowers have always enjoyed.
Although household debt is already at significant levels, car loan approvals are expected to continue to rise throughout the 2006/2007 year, according to a recent report from KPMG. This is despite the rise in fuel costs reported over the same period.
.moneybuddy.com.au
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