IRVING, Texas — With growth coming especially in upper-credit brackets and even a minor increase in non-prime approvals, executives from myAutoloan.com revealed this week they have seen moderate strengthening during the first half of 2011.

The site also is forecasting continued moderate growth through the remainder of the year.

Although a strong increase in application volume was seen, myAutoloan.com indicated approval rates throughout the credit spectrum increased slightly with the majority of the gains in the upper-middle market through prime category.

Below prime approvals showed minor increases, according to the site.

Furthermore, site officials highlighted that finance applications for the purchase of new and used vehicles and refinance loans continue to grow.

Greg Thibodeau, chief executive officer at myAutoloan.com, thinks many consumers who held on to their vehicles in 2009 and 2010 — through the roughest part of the recession — are now beginning to reenter the market.

"Dealership financing options continue to push the consumer to seek out and identify alternative financing," Thibodeau stated.

"Getting an auto loan or an auto refinance loan has been a bit easier in the past six months. Consumers continue to expand their search options by using the Internet at an ever increasing rate. They are finding alternative lending solutions online," he continued.

Thibodeau went on to mention that as his site continues to monitor Internet-based activity, the strength of demand from direct-to-consumer financing customers should be strong, even in an environment where some lenders have pulled back.

"We continue to see the overly cautious parameters some banks and finance companies are using to evaluate auto loan applicants," Thibodeau surmised.

"We are now seeing finance companies begin to expand and capture market share in this direct-to-consumer market. Although uncertainty remains with the current economy, we have seen a loosening up of the restrictive credit criteria set during the recession," he continued.

"The auto finance industry is emerging stronger and more prepared to meet the changing needs of the auto loan customer. myAutoloan.com's overall long term outlook for our industry remains positive," Thibodeau concluded.