For car shoppers with past problem credit or even those with absolutely no auto credit at all (that is, they’ve never had a car loan) where they decide to apply for one can often mean the difference between a loan approval and a credit denial.
Most credit-challenged buyers will end up financing a lower-mileage used car. But in some instances even these consumers are given an option – one that largely depends on factors such as income, credit history and the programs offered by their particular lender – and that is an affordable new car.
Last week during press days at the New York Auto Show Hyundai announced its latest enhancement to the program called Assurance Connected Care.
Here at Auto Credit Express we’ve found that car buyers with problem credit often don’t know what will happen once they’ve begun the process of applying for an auto loan.
From our experience here at Auto Credit Express we have come to believe that a key to successfully completing the auto loans process, particularly if the borrower has poor credit, is to set the term of the loan as short as possible while also keeping the total monthly budget outlay for vehicle expenses as low as possible.
Car shoppers looking for easy car loans for no credit typically don’t encounter many of the auto loan issues we’ll be discussing today mainly because these buyers don’t purchase vehicles through private sellers. But it’s also a big reason why we recommend purchasing and financing a vehicle through a licensed new car dealer.