Auto Credit Express Blog

Author Profile: Steve Cypher


Articles Posted by Steve


Auto Loan Terms Continue to Increase Auto Loan Terms Continue to Increase

The trend toward longer loans and higher payments is not a good one – especially for borrowers with problem credit – as this increases interest charges as well as the length of time a borrower is upside down in the loan. Borrowers with credit issues, in particular, should keep the loan term and amount financed as low as possible so they can trade out earlier and into another vehicle with a more manageable interest rate.

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Down Payments and Trade Ins with Problem Credit Down Payments and Trade Ins with Problem Credit

Most problem credit lenders require a down payment of either ten percent or $1,000, whichever is less. Everything else being equal, the higher the down payment amount, the better the chances for a loan approval. In addition, if a trade-in is involved, the equity in the trade can be used towards a down payment. If there is no equity of if the trade is worth less than its payoff, the entire down payment plus cash that equals the negative equity will be needed in order to meet the requirements of the loan approval.

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