When you go to the doctor, you have the option of going to one that specializes in anything that could possibly be wrong with you. As you watch a baseball game, you might see a host of specialty players: closer, DH, or a pinch-runner. Why does someone see a limited credit score sheet when they…… Continue Reading
Giving You a 2nd Chance on Car Loans!
Three Best Ways To Lower A Subprime Interest Rate
Image by sabeth718 via Flickr Subprime is nearly a curse word to some people. In 2009 subprime car loans accounted for about 17% of loan originations. That dropped to less than 10% in 2010 after the financial crisis was in full swing. Now, as 2011 begins to mature, subprime loans are becoming a little more…… Continue Reading
Second Chance Lenders Consider More Than Your Paycheck
Lenders who specialize in bad credit auto loans consider more than your weekly take home pay. To them, your debt to income ratio is the most important factor in determining eligibility. You can follow a formula similar to the lender’s prior to applying. All you need to do is total all of your regular monthly…… Continue Reading
2nd Chance Credit on The Rise!
Sub-prime borrowers are the first to suffer during a credit crunch. It can be difficult to obtain a loan in the best of climates with a FICO under 600, but those under 700 can face restricted lending from time to time. Fortunately, lenders are starting to loosen their death grip on second chance auto loans.…… Continue Reading
Auto Loans After Divorce
So, you thought that you were done being hosed over by your ex when the judge ordered them to pay the bad credit auto loan that you co-signed with them. Unfortunately, you are not clear yet. Lenders consider a divorce decree to be an ”outside agreement”. That means that, despite the decree, your credit score…… Continue Reading
Looser Credit Drives Increase In Auto Sales
At the height, or depth depending on your perspective, of the financial crisis, it became pretty difficult for the average consumer to get a car loan. ‘The credit markets froze up like the aluminum engine block of a ’74 Vega,’ according to James Appleton, president of the New Jersey Coalition of Automotive Retailers. Luckily, there…… Continue Reading
Bankers More Optimistic According To FICO
Risk professionals with many U.S banks have shown a great aversion to the health of the American consumer in general over the last few years. As the economy worsened, the lenders tightened their purse strings. FICO’s most recent quarterly survey shows a change in their aversion. The touch of optimism is related to an anticipated…… Continue Reading
10 Best Used Cars For Your 2nd Chance Auto Loan
Rising gas prices and a decrease in new car supply due to the Japanese earthquake disaster have turned buyers attention to fuel efficient used cars. Used cars offer a number of benefits: lower depreciation, proven reliability, lower prices. Here are the ten best used cars to buy this year according to Consumer Reports. Your best…… Continue Reading
Will Breathalyzers Become a Safety Option?
There is a proposed federal funding bill being considered that would funnel $60 million into a research project that is looking into making breathalyzers a safety option by 2020. If it is an option by then, when will it become a mandatory component for new cars? Laura Dean-Mooney, national president of Mothers Against Drunk Driving…… Continue Reading
Auto Financing During a Recovery Economy?
The first people denied credit during a shaky economy are those with lower credit scores. Bad credit car loans are usually the first portion of a bank’s portfolio to be axed. What most people are asking now, is can they get a bad credit loan as the economy recovers. According to Melinda Zabritski, director of…… Continue Reading
