In addition to being nearly as affordable due to lender programs and generally having fewer miles, newer used cars are less likely to be stolen and, if they are, more likely to be recovered than older model used cars.
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.