(Australia-NewsWire.Com, July 25, 2013 ) Melbourne, VIC -- Detroit, long considered the hub of America’s auto industry, is insolvent. Buildings are empty, crime is up, and the shrinking Detroit population is suffering. A lot of people related to the auto industry are talking about the fact that Detroit’s downfall is indicative of the economy as well as the changes in the auto industry at large.
Is Detroit Making it Harder for Aussies to Get Car Loans?
Finance Funding Australia, known as FFA, a Melbourne, Australia car finance company, has seen how the change in the economy as well as the auto industry has impacted people seeking car loans. When asked if Detroit’s downfall will impact the rest of the world in terms of car loans, Finance Funding CEO Justine Milankovic said,
“It already has. In recent years, the profit margin for automobiles has dropped considerably. There are smaller profit margins for car makers and car dealerships.
In the auto finance industry, we’re seeing a greater number of people driving less expensive Corollas, Camrys, and other similar small cars. Ford, GM, and other American automobile companies are taking a huge hit. And lenders are being much more selective as a result.” Ms. Milankovic says, “It’s evident that certain car companies have got to be struggling financially. A city like Detroit, built on the automotive industry, has taken the brunt of this. The auto finance industry has shifted just like the mortgages industry has shifted. While there are still ways for people with bad credit and low down payments to get a car loan in Melbourne and other area lenders try to minimise their risk with higher interest rates.”
Detroit has become the largest city in the USA to file for bankruptcy. More details at Nine MSN.
About Finance Funding Australia
Visit the Finance Funding website to compare auto finance rates and get more helpful info in the areas of equipment loan, truck finance, and more.
Finance Funding Australia has almost 2 decades of expertise in areas of car loan, finance leases, commercial hire purchases, chattel mortgages, and more. The company works with several lenders and offers free quotes and advice at http://financefunding.com.au. Contact Finance Funding for car loan information by phone on 1300 855 451 or via email at info@financefunding.com.au.