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Great News for Bad Credit Auto Loans

If you happen to be in the 73% of Americans who require bad credit auto loans to purchase a new car, you will get some great news below. Auto Loans for Bad Credit are being Approved Again

There are hundreds of thousands of people all across the US who couldn’t get financing to buy a car during the last 4+ years and this information below confirms what we are already hearing across the country.

This new auto loan industry report applies both new and used car loans. So if you have been putting off buying a new or used car, the time is right!

 

Report Shows Auto Loan Industry Will Continue to Rise
Equifax and Moody’s Analytics joined together in a study of new U.S. consumer credit data from CreditForecast.com, and believe the auto market will continue its healthy rise throughout 2012, according to a press release. “After spending recent years in financial doldrums, U.S. consumers are poised to make a comeback in 2012,” said Equifax Chief Economist Amy Crews Cutts. “The most promise we have seen has primarily been within the consumer spending and auto financing sector.” Since the auto industry bailout, the nation’s largest car manufacturers have vastly improved. Auto loan originations have soared, and the delinquency rate is amongst the lowest when compared to other types of financing. Car loans have been demanded and been paid back with such efficiency that the average interest rate recently dropped to a four-year record low.  Equifax and Moody’s believe the 27 percent increase in demand for car loans demonstrates momentum that will yield positive results through 2012. Demand has grown because the auto industry continues to provide supply—something that’s grown more and more uncommon in the lending world. Foreclosure, default, lost jobs, and underemployment have all negatively impacted credit scores, but the auto loan industry sees those factors for what they really are: uncontrollable. As a result, they have relaxed their lending standards and ventured into the world of subprime lending, which hasn’t been seen since the real estate boom of the early 2000’s. By disregarding credit scores—or at least approving auto loans to those with lower-than-acceptable scores—the auto loan industry has successfully bolstered and propelled their market to the forefront of the lending world. 

Equifax and Moody’s are the best sources for what is really happening when it comes to auto loans. Now below you are going to find out about something that just might have you out looking for that new car tomorrow.

Auto Loan Down Payments with Bad Credit
Car buyers with less than perfect credit often view a down payment as either a stumbling block or a necessary evil. But the fact is that putting money down also has its advantages.  

Overall this is fantastic news. Not only are the banks aggressively buying but you have a lot more flexibility when it comes to down payment. Check it out below:

I personally know many people who weren’t able to buy a new car over the last 4 years so this couldn’t be better news for them. They will all be reading this new exciting information and I expect someone will be shopping for a new tomorrow.

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