Tag Archives: subprime

Subprime Auto Loans Are on the Rise.

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ID-100145306The US auto market has been enjoying good news of late.  Chrysler sales are getting back to the numbers they were before the recession.  A lot of that good sales news seems to be tied into how much easier obtaining a loan is today.

Subprime auto loans are on the rise.  In fact, they’re just one percent lower than they were in 2008, right before the recession and the auto crisis.  What that means for those looking for an auto loan is good news.  It makes it easier for an approval.

The reason for it seems to be simple, a car is necessary in life.  People have work and they need a way to get to work.  Not everyone has access to solid transportation and it’s for this reason that many people cut back in other aspects of expenses, but not with their car.  People were more willing to go behind on their home mortgage, risking default, and then they were in missing out on an auto loan payment.

If you’re one of the people needing a loan, now it’s the best time to stop into the dealership to try.  Come into Bayside Chrysler Jeep Dodge and work with one of our financial experts and we’ll get you back on the road with the vehicle you need.  We love to say yes! Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of ddpavumba / FreeDigitalPhotos.net

Be Ready For an Auto Loan to Avoid Delinquency

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ID-100111229There are some things that no one ever wants to see a rise in. Experian is reporting that the rate of auto loan delinquency and repossession is going up. This is due to the first quarter seeing an increase in subprime loans.

The increase is across the board. 60 days of delinquency rose 12 percent while 30 days increased 1 percent. The numbers certainly are troubling compared to the recent reports showing those same stats slowing and lowering as the economy comes back.

This has many meanings behind it, not all of them dire. The economy has been a slow slog back to being the best for everyone. It’s come back strong enough to allow people to enter back into the subprime market. That would be an easy explanation for why delinquencies could be up. More people in the market.

What it really says to me is that people are wanting and/or needing to get a car again and may be making the leap too soon or not evaluating their finances properly before coming into the dealership. We’ve posted plenty of aids to make sure that when you get financing for a vehicle that it won’t become a burden that may lead people to missing out on payments.

A large part of buying a car is more than just finding the right vehicle. It’s also about ensuring the vehicle you need is going to work with your finances. Read up and prepare so you’re not caught off guard.

Bayside Chrysler Jeep Dodge is here to make sure you’re ready for financing for the vehicle you need.  We work every day with people that have poor credit situations and help them get the loan they need that suits their life-style.  We love to say yes! We’ll work with you to put you in the car best suited for you. Don’t forget to like and follow us on Facebook as well as Twitter.