The new definition of consumer credit, as it relates to the Military Lending Act, recently proposed by the Department of Defense could go a long way toward protecting members of the U.S. military from predatory lending practices.
When offered the chance to buy a new car, we suggest credit-challenged buyers pick one that’s affordable, fuel efficient and inexpensive to insure. Consumers who follow this advice, once they’ve reestablished their credit, will be in a much better position for their next loan.
The latest credit trends are a mixed bag for problem credit borrowers. On one hand, lenders continue to work with credit-challenged borrowers.
Vehicle straw purchases are considered fraudulent and usually occur when a consumer with good credit purchases a new or used car for someone with poor credit who cannot qualify for an auto loan.
The Costco GM Holiday Sales Event represents a good deal for car buyers – but, unfortunately, it leaves out those vehicles that most shoppers with poor credit can afford.
Although no one can predict what a particular credit-challenged individual’s car loan interest rate will be before their application is reviewed by both a dealership special finance manager and lender, the information from LendingTree can serve as a rough guide as to what they might be able to expect.
Credit-challenged borrowers should stay away from used cars with poor as the odds of paying for costly repairs on top of the monthly car payment increase for these vehicles.