Author Archive: Steve Cypher
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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The Wrong Cars for Bad Credit Borrowers

According to Consumer Reports, credit-challenged buyers would be doing themselves a favor by avoiding these six vehicles. Despite their affordable prices, their faults include noisy cabins, slow acceleration, poor ride quality and unacceptable scores on the IIHS small-overlap crash tests.

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Least Expensive New Car Deals in April 2015

Consumers with credit issues who choose one of these affordable cars with the shortest loan term possible will find that once they’ve reestablished their credit, they’ll quickly be in a better position for their next loan.

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Buying Gap Insurance with a Tax Refund

Credit-challenged car buyers, especially those on a tight budget, should seriously consider automobile gap insurance when their annual mileage is above average, the finance term is over 60 months and the total down payment is less than 20 percent.

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The Approval Amount of a Bad Credit Car Loan

Since a borrower’s income and bills as well as the lender and lending tier all have to be taken into consideration, there is no way we can know, ahead of time, what a borrower’s approval amount might be.

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Best Cars for Parents with Poor Credit

The process began with a group of 23 vehicles including three minivans, four compact SUVs, four mid-size SUVs, two full-size SUVs, two full-size sedans, three mid-size sedans and two full-size pickup trucks. There also were three compact cars which Nerad describes as “often the first choice for anyone on a budget.”

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The Interest Rates Charged by Subprime Lenders

In addition to credit scores, ability, stability and willingness to pay are taken into account when determining interest rates for borrowers with tarnished credit. Since each lender weighs these factors differently, determining the exact interest rate a particular applicant will qualify for usually can’t be done.

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