It’s a fact that most car buyers with poor credit that qualify for an auto loan will end up financing a used car because they’re typically more affordable. But among the things they should be looking for while checking one out is if it has one or more open recalls.
Borrowers with damaged credit may not realize it but by at the time they sign up for an auto loan they also start the ball rolling to save themselves money in other areas down the road.
Borrowers with deficient credit sometimes often don’t understand that checking their credit reports before applying for an auto loan could save them money.
According to Experian Automotive, consumers with damaged credit have a greater chance of financing a car with a branded title or some type of hidden damage. Since this includes vehicles with water damage it would help if these buyers learned how to spot this type of problem.
Just yesterday Mazda announced that its certified used car program has been upgraded. The changes that were made could further help consumers with problem credit during an auto loan as this move increases the warranty coverage for Mazda used cars.
It has been our experience that consumers with bruised credit often don’t understand why it can be difficult finding the right kinds of lenders when it comes time to apply for an auto loan.