Borrowers with problem credit that are thinking of applying for an auto loan should be encouraged by the latest report from Experian Automotive that shows an increase in subprime lending during the second quarter of 2013.
Here at Auto Credit Express we know that people who have experienced past problem credit need to make the right choices – some of which may be difficult – in order to successfully reestablish their car credit.
Car shoppers with poor credit that receive all or some of their income by getting paid “under the table” typically don’t realize why this practice could very well prevent them from getting approved for a car loan from a high-risk lender.
Consumers with poor credit scores often have trouble applying for car loan and locating the right new car dealer that’s willing to work with them.
For consumers with questionable credit searching for online car loans there was some good news late last year from TransUnion.
Consumers with bad credit that have applied for a regular car loan sometimes find the FICO reason codes in the “adverse action notice requirements” they receive confusing. But this is an improvement over the old system.
Despite an increase in delinquencies, auto loans to consumers with problem credit continued to rise during the first three months of 2012.