The percentage of delinquencies remains flat while the number of auto loans to car buyers with questionable credit continued to rise during the second quarter of 2013.
Having a vehicle repossessed is never a good thing. In fact, having one appear on a credit is one of the worst things that can happen to any borrower. But it is especially bad if the auto loan in question belongs to a consumer with problem credit.
Have you ever wondered about those advertisements for no credit check auto loans, easy credit car finance or no income car loans? At least in our opinion borrowers with less than perfect credit might want to consider something else before clicking on the link or picking up the phone.
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.