IRVING, Texas — MyAutoloan.com, an online auto loan finance company, recently reported that it has seen a significant increase in customer auto loan applications for the first quarter of 2009 and continuing into the second quarter.

MyAutoloan.com, which is an online direct-to-customer auto finance company, said it has seen a 35-percent increase in applications for the first quarter 2009 compared to first quarter 2008. 

Finance applications for the purchase of new and used cars as well as refinance loans has risen sharply due much in part to the increase demand for the limited financing that is available through traditional channels at dealerships, officials indicated.

"We see the increased activity as good news and it clearly says that demand for direct to consumer lending for the purchase of new and used vehicles and refinance loans is much bigger than the supply in the current market condition," said Greg Thibodeau, chief executive officer of myAutoloan.com.

"With this pent up demand sitting on the side line, waiting for lenders to increase their activity, it's a matter of time before visionary companies will enter and capture market share. It's pretty obvious to us that this unmet need will be identified and solved in the next several months," he added.

Thibodeau went on to say, "It is an interesting, exciting and challenging environment these last few quarters. While we feel good about myAutoloan.com's performance in the first quarter and year-to-date, uncertainty remains regarding many of the key drivers that affect our operations, specifically, 'When will credit loosen up?' The Big 3, auto production and the availability of sustainable funds for the direct-to-consumer lending market continue to surprise us from what was a positive and predictable market just nine months ago. Our overall long term outlook of our industry remains positive."