Vehicle repossession is never a good thing and a black mark like this can linger on a credit report for seven years or longer. Multiple repossessions are even worse and, for the most part, consumers must wait until just one appears in their credit file.
If you qualify for one, a new car can be a good choice, provided you keep it well within your budget. If you plan on buying one in the next couple of months, we want you to know that the folks at NADA Used Car Guide believe that the Labor Day weekend will offer big savings to new car buyers.
Consumers should always be conscious of price when picking out a new car, especially if they’ll be financing it with a subprime auto loan. But it’s also good to know that even budget-conscious buyers now have the opportunity to finance a new car equipped with some of the latest technologies.
With the practice of title washing on the rise, consumers, especially those with credit issues, should be careful where they shop when buying a used car. In addition to requesting a Carfax or some other brand of vehicle history report, car shoppers should have any vehicle they serious about buying inspected by a certified master mechanic as well as a body and frame specialist.
The new tool introduced on the NHTSA web site should help both car buyers and owners, including those with less than perfect credit, by ensuring the vehicles they drive or plan on purchasing are as safe as possible and subject to no open recalls.
By offering certified used cars with a free vehicle history report, Honda continues to give consumers with less than perfect credit even more peace of mind – which is always a good thing.
With the increase in subprime car loan delinquencies and repossessions, subprime lenders will certainly be taking a closer look at applications and, in the long run, may be pulling back on the number of loans they approve. By following our tips, applicants will give themselves a better chance for an approval.