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The Changing Face Of Auto Financing

Auto financing has come a long way from the early days where you were supposed to put a 50 down payment and get a loan for 12 months. Today, you can get 84 months financing with little or no down payment required. This evolution of finance programs is attributed to high cost of cars which leaves very few people qualifying for car loans which can have a negative impact on the economy.

The increasingly creative auto financing terms are leading to consumers taking care of their vehicles better and manufacturers building better quality machines. Importation of cars into the country has led to local manufacturers seeking better ways of building cars from oversees joint ventures.

Few people would be able to purchase these expensive cars without the use of auto financing. It is not easy for so many people to just walk in to a dealer and write a check in the current economic situation. In the past, you would probably be forced to purchase the car in monthly installments for up to one year but this is not possible for the general public today.

Auto financing nowadays have not only come up with longer repayment periods but have also developed creative products that can help to reduce your average monthly output. In the 80s leasing was very popular where you only had to pay for a portion of the car however it was not sustain by the end of the 19190s since lenders got burned when it can for consumers to trade the car which was worth well below the original estimates at the time of the lease agreement.

Even though sourcing for funds for cars has evolved, it is still a very important necessity for everyday life of majority of the population who cannot be able to afford a once off payment for their vehicle.

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