It can be really hard for credit-challenged consumers to secure subprime auto financing. Thankfully, Auto Credit Express has the solution.
Many consumers want to know what interest rate they can expect on a subprime auto loan. Unfortunately, you generally won’t be able to find out this crucial tidbit of information until after you get approved for the car loan. To explain why, we must explore the more nuanced and thorough subprime auto loan process.
Due to the gray area they represent, our credit-challenged customers frequently ask us questions concerning what their interest rates will be. They want to know what it will be and how they can figure it out. The team here at Auto Credit Express will try to explain this issue and make it as clear as we can.
Auto Credit Express cannot help you secure a loan to buy a vehicle from a private seller. We can, however, connect you to a dealer who can get you financed.
The Federal Reserve, also known as the Fed, raised interest rates for the first time in nine years. What does it mean for you as a consumer and a borrower?
There is certainly nothing wrong with a lease to own vehicle if a borrower’s credit is really bad and they have no other alternative. On the other hand, if they can qualify for a subprime loan, the advantages include newer vehicles with lower miles, vehicle warranties that often cover the entire loan term and the chance to reestablish their credit and improve their credit scores.
In addition to credit scores, ability, stability and willingness to pay are taken into account when determining interest rates for borrowers with tarnished credit. Since each lender weighs these factors differently, determining the exact interest rate a particular applicant will qualify for usually can’t be done.