A Michigan State Senate bill to amend the 1917 Pawnbrokers Act is set to be voted on as soon as Tuesday. The change would add a loophole to the act that would allow pawnbrokers to charge a 20% monthly “usage fee.” If passed, this will allow consumers to borrow against their cars while continuing to drive them. Here’s why it won’t pass…
Refinancing your auto loan can be an option for those who have better credit than they did when they were first approved for their auto loan.
A quarter of adult Americans don’t fully understand the topic of bad credit, which means that there are 60.5 million who are either uninformed or not informed enough about how credit works.
With the practice of title washing on the rise, consumers, especially those with credit issues, should be careful where they shop when buying a used car. In addition to requesting a Carfax or some other brand of vehicle history report, car shoppers should have any vehicle they serious about buying inspected by a certified master mechanic as well as a body and frame specialist.
The new tool introduced on the NHTSA web site should help both car buyers and owners, including those with less than perfect credit, by ensuring the vehicles they drive or plan on purchasing are as safe as possible and subject to no open recalls.
With the increase in subprime car loan delinquencies and repossessions, subprime lenders will certainly be taking a closer look at applications and, in the long run, may be pulling back on the number of loans they approve. By following our tips, applicants will give themselves a better chance for an approval.
Credit challenged consumers should be on the lookout for used cars with water damage that might soon be flooding the market