Consumers with a recent history of problem credit are still having difficulty finding anything other than local BHPH (buy here pay here) car lots that are willing to finance them.
Here at Auto Credit Express we’ve found that the reports from Experian Automotive, even those that don’t directly address the issues of poor credit buyers, often contain valuable information about higher-risk auto loans.
For consumers with questionable credit choosing not just the right vehicle but also the right kind of vehicle can be critical to accomplishing the goals of
completing a car loan while reestablishing their auto credit.
We frequently get questions from consumers with questionable credit about whether or not it’s possible to get a preapproved car loan.
Unlike the older cars sitting on BHPH car lots, the vehicles that subprime auto lenders generally finance are newer and require higher levels of insurance coverage. In addition to that, car buyers with problem credit should also include in their budgets all the other expenses involved before signing on the dotted line for an auto loan.
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.