Latest move from Carfax will help many bad credit car loan buyers
Bad credit and used cars
At Auto Credit Express, we’ve spent nearly twenty years helping consumers with bad credit raise their FICO scores and reestablish their car credit by financing a vehicle with a bad credit car loan. Along the way, we’ve tried to educate consumers on the loan process, since these very same consumers begin with a distinct disadvantage due to the high interest rates charged by these loans.
We also realize that most bad credit car loan shoppers will end up purchasing a used car. But unlike back when we started in the business, this is not necessarily a bad thing. Over the past twenty or so years, used cars, as a whole, have become much more reliable. Advances made by the manufacturers in assembly techniques, quality control and reliability mean that even the average car can be expected to last at least 100,000 miles, with many vehicles capable of lasting much longer.
Cash for clunkers
But in that twenty year time span, some things have not changed. There are still unscrupulous dealers and individuals who will try anything to make a quick buck. Unfortunately, the recent “cash for clunkers” program offers these same individuals the opportunity to re-sell a vehicle that, according to federal law, must either be disassembled and parted out (except for the engine and drivetrain) or be sent to the crusher.
Carfax adds to its data
In anticipation of this move, Carfax, working with the National Highway Transportation Safety Administration (NHTSA), has added the vehicle identification number (VIN) of every car included in the program to its database.
“Carfax is committed to helping combat fraud so that our customers can buy and sell used cars with confidence,” said Larry Gamache, communications director at Carfax. “Including this information in Carfax Vehicle History Reports has been a top priority for us. With great partners like NHTSA, we’re making sure these cars that should be in scrap yards don’t wind up in someone’s driveway.”
With this information as part of their database, pulling a Carfax report can now alert vehicle buyers and sellers it that particular car was supposed to be scrapped as part of the federal CARS program.
The Bottom Line
At Auto Credit Expressc, we realize that with the high cost of bad credit car loans, bad credit car loan shoppers need to be extra careful when choosing a vehicle. By including the “cash for clunkers” information in their database, Carfax helps insure that the used vehicles customers buy are not those that should, instead, be in a junk yard.
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