Here at Auto Credit Express we’ve had a chance to review the latest report from TransUnion on auto delinquencies and, in our opinion, it contains good news for consumers with poor credit that need to finance a car.
For consumers with credit issues, financing a vehicle for a longer loan term – especially if the loan has a higher interest rate – can add significantly to the finance charges. On the other hand, financing a new or used car for the shortest term possible lowers the interest expense of the loan and usually allows buyers to trade out of their vehicle sooner so they can take advantage of lower interest rates the next time around.
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But a car loan is only installment credit and if these consumers are seriously interest in credit repair, they’ll also need to reestablish at least one line of revolving credit. The easiest way to do this is to get approved for some type of credit card.
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The difficulty of dealing with a low credit score, combined with negative equity in a car can create very real problems for people. Here is our advice.