$4 Billion Loan Given to Chrysler

After GM received the auto loan, it's Chrysler's turn. Chrysler LLC got $4 billion loan on Friday. The loan was given by federal government in order to rescue the automaker from collapse. The $4 bn loan is provided on low-interest to Chrysler. Though Chrysler had urged for at least $7 billion loan, it has been given just $4 bn of the total $ 17.4 auto loan that was approved by the Bush government. Chairman and Chief Executive of Chrysler, Robert Nardelli said,"This initial loan will allow the company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy,"

According to sources, there were few issues in Chrysler's application process that delayed the loan procedure for Chrysler. The recession in auto industry has affected the automaker badly. With the news of auto loan of Chrysler, it is hoped that Chrysler will get a little better.