Although the average price of a new car is a bit more affordable, borrowers should choose a reasonable vehicle if they’re financing one with a subprime loan. Doing that as well as maximizing the down payment while keeping both the loan term and payment-to-income ratio to a minimum will go a long way towards ensuring the successful completion of a high-risk car loan.
Staying informed is an important piece of buying a car, and the following myths will show you why you shouldn’t take “expert theories” at face value.
When credit-challenged buyers are given the option of financing a new car, we suggest picking a model that’s affordable, fuel efficient and inexpensive to insure. Borrowers who do this will find themselves in a much better position down the road once they’ve reestablished their credit.
Despite its shortcomings, the new Hyundai Rewards program further solidifies Hyundai’s position as the leader in finding innovative ways to approach automotive sales and service. That’s because this newest program has the potential to help at least a few credit-challenged buyers save hundreds and perhaps thousands of dollars on a new car. We can only hope other manufacturers will see the benefit and follow Hyundai’s lead.
If you qualify for one, a new car can be a good choice, provided you keep it well within your budget. If you plan on buying one in the next couple of months, we want you to know that the folks at NADA Used Car Guide believe that the Labor Day weekend will offer big savings to new car buyers.
Consumers should always be conscious of price when picking out a new car, especially if they’ll be financing it with a subprime auto loan. But it’s also good to know that even budget-conscious buyers now have the opportunity to finance a new car equipped with some of the latest technologies.