Mortgage companies that also offer motor loans are making it increasingly more difficult to get financing at this time. All aspects of the motor loan industry have been hit hard by the housing crisis, especially since so many banks offer both types of loans. Homeowners have struggled to keep making payments on their motor loans and their mortgages and both are now defaulting at record rates. For banks that are bogged down with too many bad motor loans and mortgages, the news does not look good. For those seeking a new motor loan, availability is at an all time low and car dealers are definitely feeling the pinch right now as sales continue to decline and few new motor loans are approved by banks.Francis Ghiloni, mform.co.uk’s marketing and business development director, says: “Mortgage companies are making increasing use of churn management systems to retain or discard customers and have restricted the availability of deals to so-called good risks. Our service is the first to allow existing borrowers to compare their deals with the best in the market and also to enable them to assess offers from lenders intended to retain their business.”
Related reading: Motor Loans
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