Local Lenders Remain Conservative with Auto Loans - KMOT.COM - Minot, ND - News, Weather, Sports

Local Lenders Remain Conservative with Auto Loans

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The car business is absolutely fantastic right now.

Alvin Dvorak says it's because of several reasons.

"We're in a very booming economy here in Bismarck and Mandan. Things are really good here. I think one thing that makes us unique here at Dvorak Motors is that we're not a new car franchise. We sell pre-owned, pre-loved vehicles, and people are just really taking advantage of good deals right now."

Despite the growth in sales, Bismarck and Mandan lenders have remained conservative with prospective auto-loan candidates.

"We still follow sound underwriting loans and, to be honest,we haven't compromised at all in that regard. And yet, we're seeing a lot more volume from direct and indirect dealers than we have ever before. The volume is definitely up," says Gordy Rauser, Capital Credit Union.

For those who may have sub-prime credit, it's important to know what lenders are really looking at.

"We are going to look at loan to values of the units that they're financing, ensuring that they have the right equity into it," says Rauser.

Even though local lenders are being more conservative with granting loans, it's still a good time to purchase a vehicle.

"The lenders are also being very aggressive, not just with qualifications on finance people, but with the rates as well. Interest rates have never been so low. So consequently, you can buy more car and have a lesser payment than you might have been able to three or four years ago," says Rauser.

Bob Kupper says a lot of sub-prime candidates will come to a dealership looking for a used car; however, that might not be the best option for everyone with scarred credit.

"It makes sense for them to buy a GM-certified or a Subaru-certified car, or brand new."

Across the country, lenders are being more generous with loans than they have been since the recession. And yet again, Bismarck and Mandan are breaking an economic trend.

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