The New Year brings with it, in many cases, additional requirements for subprime auto loans. This means that borrowers with credit issues should typically be prepared to furnish the previous year’s W-2 in addition to their most current pay stub.
If your new car, truck, van or SUV is stolen or totaled in an accident, your insurance company will only pay for the current market value of the vehicle. This means that you could potentially still owe thousands on a car you can no longer drive. However you might have a different story if you purchased Gap Insurance.
It’s not uncommon to have more than one vehicle in your driveway. What may be uncommon, though, is for all of those cars to be in good working order. And that is unfortunate, because there might be some situations in which having two well running cars are necessary. If all of your cars are paid off, and your finances are good, getting approved for another auto loan shouldn’t be a problem. But what can you do when you are already making payments on a financed vehicle and need a second one?
When you bought that brand new car eight months ago, everything was going great. The job was going well and, in general, things were on the up and up. But recently, things haven’t been so great and now you are struggling to keep up your payments. What do you do?
Josh had it all “figured out.” He thought he didn’t need credit, and after seeing what we had gone through a few years ago with our bank and struggling to keep our home, he had no desire to get himself into that kind of situation.
Robert had never heard of Auto Credit Express when he stumbled upon our site late one night, searching for auto financing. He knew his credit wasn’t great, so walking into any dealership and picking out any car was not an option. And he didn’t have enough saved up to purchase a car from a private seller. It’s no wonder he was starting to lose faith in his chances of getting a car, that is, until that night.
The latest forecast from TransUnion predicts more growth in the subprime car loan sector – good news for credit-challenged car buyers. At the same time, these borrowers need to be aware their credit situation, have a down payment, pick an affordable vehicle and choose the shortest loan term possible in order to give themselves the best chance of success.