Finance managers at car dealerships refer to it as “protecting a loan” and the fact is that even if you have poor credit it’s always a good idea to have an understanding of the basics of how credit life insurance works with auto loans.
People with problem credit often have issues with finding the right kind of lenders when they need a car loan because in most cases they’re unaware of how buying a car on finance with bad credit works.
Consumers with problem credit typically ask us about auto leasing because they’re either looking at more expensive vehicles or they want to keep their car loan payments as low as possible.
Auto loans to buyers with poor credit continued to increase during the fourth quarter of 2012.
Credit challenged car shoppers often have a choice when it comes to picking out which used car to finance. That’s because, in many cases, even buyers with poor credit who have received an approval for a car loan are given the choice of either a regular used car or a certified used car.
Consumers with poor credit should know that there is at least one step they can take in addition to a car loan to improve their FICO scores.
It’s a fact. According to Experian Automotive consumers with questionable credit have a higher risk of financing a car that has suffered some type of water damage. It would therefore especially benefit them if they learned how to spot these types of vehicles.