LAS VEGAS — Many lenders agreed that loan approval rates over the past 12 months “remained basically unchanged,” according to a poll conducted at the 2017 Auto Finance Summit late last month.
Out of all attendee respondents, 53% said approval rates remain unchanged, trailed by 25% of respondents who said loan approval rates “improved somewhat” this year.
Additionally, only 6% said approvals “improved considerably” and 17% responded with “declined somewhat,” according to the responses.
That being said, 0% responded with “declined considerably.”
In a separate survey, conducted by The Center for Auto Finance Excellence, 39% of respondents said prime approval rates got higher or much higher this year, as compared to last year, while 39% said approval rates are unchanged.
Additionally, 30% of respondents said subprime approval rates are higher or much higher this year, while 15% said approvals are unchanged.