Author Archive: Steve Cypher
How to Lower the Interest Charges of a Subprime Car Loan

Splitting payments can reduce the interest charges of a simple interest car loan, even for credit-challenged borrowers.

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Getting Approved with a Large Down Payment

For borrowers with bad credit, a very large down payment can often offset a number of other negatives, including income that cannot be garnished. But in addition to exceeding the down payment requirements, many subprime lenders will also look at a borrower’s stability, income and past credit habits before approving the application.

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GM Expands Military Discount Program

The expanded Military Discount Program from General Motors that runs through June 30th offers an opportunity for even more active, reserve, retired and veteran military with credit issues to save even more money on a new car while reducing the overall interest expenses of a subprime car loan. But in order to take advantage of the program, these borrowers must first qualify for a new car at a participating GM dealer that also specializes in problem credit car loans.

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Affordable High Tech Cars for Credit-Challenged Buyers

In-car connectivity is the latest thing and even consumers with less than perfect credit who are looking for these features can choose from the six entry-level models we picked out based on the latest list from Kelley Blue Book.

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Low Tech Cars for Bad Credit Buyers

In-car connectivity may be the latest thing, but there are still drivers out there who either don’t need or don’t want these features in a new car. Borrowers with less than perfect credit who feel this way can choose from the three entry-level models we picked out based on the latest list from Edmunds.com.

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Auto Financing with a Recent Repossession

In most cases, consumers who have had a vehicle repossessed will need to wait at least a year until they can expect to get approved for a car loan with a subprime lender. While there are exceptions to this rule and buyers should still give it a try, the number of lenders willing to do this is so small that most borrowers should be prepared for a high interest rate and with the large down payment BHPH dealers will require, if they need a vehicle right away.

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Affordable Used Cars Get Cheaper

If we are reading the Manheim report correctly, despite the fact that the used car market is stronger, those vehicles most appropriate to borrowers with poor credit are, at least at this point in the year, more affordable than they were last year. So if you find yourself in this position, now might be a good time to make your move.

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