Is subprime car loan the right choice for you?
The economy may have stabilized, but the growth is at a standstill. The auto industry too has suffered adversely. Dealers and carmakers are eager to make some sales now. They are hard hit because more than forty percent of the customers are not eligible for the conventional auto loans. So, a new clientele came into being – the “subprime” borrowers. People without the ideal credit scores are considered high-risk, and subprime auto loans is specifically designed keeping them in mind.
Dealers are offering as low as 1.9 percent interest rates to the cream layer of buyers. However, there are a large number of below this line. So, subprime financing has caught on. It is an expensive option, but something is better than nothing. Banks and lenders are ready to offer new car finance to individuals with blemished credits, but at rates can go as high as 20 percent. The argument is to offset the high risk involved for the lenders. However, buyers can negotiate to avail lower rates in some clever ways. Shop around a little bit. Rates vary from 8 percent to 20 percent. Moreover, apply for a loan within your reach. Calculate your monthly expenses including the loan installments, car maintenance, fuel costs, and so on. Requesting for a “repayable” loan makes it easier to get approval.
“Same day car loan” is another way to obtain auto financing. These pre-approved loans are easier to procure because the loan is granted before going to car dealer. So, with a specific loan amount in hand, an individual can make a sound judgment about the car to be purchased. The procedure is pretty simple – just apply for a special finance auto loan with all the documents required, and get approved within hours. With a pre-approved auto loan, one can close in a car deal on the same day. Car sellers are willing to trade with such customers because they already have a loan in hand, so a car deal is assured.
The car financing market has never been so liberal to the buyers. With sub prime auto finance, each one of you can get financing for new or old cars, regardless of your bad credit history. Car loans has focused equally on imperfect credit customers. Just submit a simple application form online, and can get you a car loan “ASAP”.
