The auto industry is booming because of many factors. One of these factors is that people are finally at a point where their old vehicle is just no longer affordable to keep. It’s time to start browsing the lot of both new and used and see which best replaces the old ride. The problem that these people face is that they were pushing every mile out of their previous car due to the fact that a new vehicle seemed unobtainable due to financial reasons. Many consumers get discouraged by believe that poor credit means no good deals wait for them. There’s good news for people who need that new car but are scared to see what their credit scores means for the payments.

Fox Business is reporting that a new study from Experian Automotive shows that buyers with challenged credit are getting approved for auto financing. What’s even better about that is due to the lower scores getting approval, that brings the average scores down for everyone else. That means that lenders are making more loans. The report shows that loans to car buyers with subprime credit scores increased by 11.4%. These buyers are also getting bigger loans, with the average amount going up $589 from last year on a new car and $411 for a used vehicle.

These changes have come about because more and more consumers are paying back their loans as agreed upon. The number of payments that were 30 days delinquent dropped by 7.6% and 12.1% for 60 days. Vehicle repossession went down by 37.1%.

If you’re one of the people looking to finally find that car that you need, for work or pleasure, but are dealing with challenged credit, then give Bayside Chrysler Jeep Dodge a chance to help you. The new and pre-owned line up is available for online browsing. Like our Facebook page and follow us on Twitter to see the current news in the auto industry.

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