Car industry calls on finance companies to ease restrictions

Finance companies are key to the recovery of new-car sales in Australia after industry experts claim they have “strangled” business during the coronavirus crisis by knocking back loan applications that should have been approved. As soon as the nation went into COVID-19 lockdown, most car finance companies introduced strict new lending measures that meant most dealers could not buy new stock to sell – unless there was a customer-paid deposit for the vehicle.

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