Sub-Prime Loans are Easier to Obtain Now Than Before

If you’re having a problem with credit but are finding yourself needing to get yourself a new or pre-owned vehicle, there’s some good news.

The Ledger has posted news that financing companies are welcoming customers from across the board and this includes those that have poor credit. The average credit score of people buying cars, either new or used, has come back to where it was before the collapse of 2008. The cherry on top of that is that the experts looking at the numbers don’t see this changing anytime soon. The interest rates that the banks need for lending are extremely low and don’t show signs of going up.

What is also helping is that consumers are finally lowering their debts. This makes sub-prime loans a much less risky with someone no longer getting behind on their payments due to the bills stacking up. The example given is that only 0.57 percent of auto loans were 60 days in delinquency in the first quarter of the year.

This positive news is good not only for the buyer, but also for the industry. With the increase of sub-prime loans, car makers are expecting to sell much more of their product this year, easily beating a 30-year low they experienced in 2009. Analysts are seeing this growth rate in buying is both healthy and sustainable. Consumers are just making much better decisions with their finances.

If you’re a car buyer who is worried about their credit, don’t let that stop you from coming into Bayside Chrysler Jeep Dodge. Stop on in and see what can be done to help put you in the car you need for getting around in life. Don’t forget to like us on Facebook as well, and follow us on Twitter, so you can stay up to date on the news coming out of the industry as it happens.


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