Car buyers in America who comes at our place often lands up with damaged credit. They often find it depressing as most of the lenders either reject their application or ignore them. As good credit can bring advantage to both lender and borrower but a bad credit cannot.
Well, it is the time to cheer those auto loan borrowers sharing the latest information from Experian Automotive. According to the findings by Experian Automotive borrowers with bad credit, rather the sub prime auto loan borrowers are going to enjoy a great market.
We found on this report that - Nonprime, subprime and deep-subprime new vehicle loans increased to 27.45 percent market share in Q2 2013, up from 25.41 percent in Q2 2012. As at car loan asap, we work with subprime borrowers we fell that this a good lift for our consumers.
Keeping the statistics in mind our consumers must look at the following tips or consider this point when they make a loan request:
- They must make a query on the credit score by checking the credit report annually
- Try to pick small or mid-size cars that will not charge more than 10% to 15% of the gross monthly income
- Lenders on the other must look for lower LTV ratios as higher down the payment the better it will look