Credit challenged consumers now have another reason to finance a newer used car
Newer Used Cars
Here at Auto Credit Express we realize that many consumers who purchase a vehicle with a bad credit auto loan are very protective of their vehicles. When you have to work so hard for a vehicle, why wouldn't you want to keep it safe?
So for those looking at buying newer two to three year old used cars vs buying older used cars, or want the safety of a new car lease deal without better options for people with poor credit, here is something else to consider. Which of these cars is less likely to be stolen? Or at the very least recovered if stolen?
Recently Used Cars - Less Likely to be Stolen?
The latest report from the National Insurance Crime Bureau (NICB) shows that newer vehicles are less likely to be stolen and those that are, are more likely to be recovered.
The report analyzed theft data of 2013 models through June of this year. The total number of thefts for these vehicles, 34,610, is less than 5 percent of the nearly 724,000 total thefts for all makes and models that occurred last year. Not only that, 88 percent of those stolen 2013 models were recovered - compared to an overall recovery rate for all vehicle thefts of about 50 percent.
"That new car smell may attract thieves, but the anti-theft technology built into today's cars is a sure fire repellant for all but the most determined professionals," said NICB President and CEO Joe Wehrle.
Needless to say, this is good news for consumers who may be sitting on the fence while trying to decide if it makes sense to upgrade from an older vehicle to a newer used car.
Advantages of Newer Used cars
In addition to fewer thefts, borrowers with credit issues would do well to pick out newer used cars for the following reasons:
- Newer used cars generally have lower mileage
- Most subprime lenders offer lower interest rates on newer used cars
- The majority of high risk lenders offer longer loan terms on more recent used cars
- The combination of lower interest rates and longer loan terms often makes the monthly payments on newer used cars just as affordable as older vehicles
The Bottom Line
In addition to being nearly as affordable due to lender programs and generally having fewer miles, newer used cars are less likely to be stolen and, if they are, more likely to be recovered than older model used cars.
Something else that's good to know: Auto Credit Express helps car buyers with credit problems find dealers that can offer them their best opportunities for car loan approvals and newer used cars.
So if you're ready to re-establish installment credit, you can begin the process now by filling out our online auto loan application.