Consumer Car Buying Advice Blog

Lenders are tightening their credit criteria and many have exited the lending market entirely. How does this affect applying for a bad credit car loan and are there ways you can increase the odds in your favor?

The subprime mortgage mess hasn’t helped car buyers

Here at Auto Credit Express, we’ve noticed that while the news headlines have concentrated on the fact that many buyers are staying away from car showrooms because of high gas prices and upside down loans, it’s also a fact that most banks are cutting way back on the number of loans they are issuing.

Subprime lenders are also reducing the number of loans that they make as well as cutting back on the number of dealers that they serve. For those car dealers that didn’t focus of bad credit lenders but only used these lenders occasionally in the past, it means that many of them no longer have a subprime finance department.

What this means for bad credit customers

Because the lending landscape has changed so radically in the past year, it’s difficult to determine how many car dealers are still involved with bad credit car loans. Even if a dealer is listed in the yellow pages as a bad credit dealer, that may not be the case now.

The other issue, of course, is the price of gas. Now, more than ever, it doesn’t make sense to drive around from dealer to dealer looking for a good subprime finance department. In addition to wasting time, you could also be wasting $30-$50 just in gas money.

Save your money for a down payment – apply online

Here at Auto Credit Express, we specialize in helping people with bad credit get a car loan. When you apply for a car loan using our secure application at www.autocreditexpress.com, we review your application and forward it to the closest affiliated dealer across the U.S. These dealers specialize in bad credit car customers. Our web site also has car loan calculators and a resource page to answer any questions that you might have. For those harder to answer questions, we have knowledgeable customer service representatives available during business hours at the toll free number listed at the bottom of every web page.

Remember, you can do this from the comfort and security of your home. So try us out. Here at Auto Credit Express, we’re serious about getting you back “on the road” to better credit.

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