Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Now is the Best Time to Get a Bad Credit Car Loan

By Alan Hendricks Subscribe to RSS | July 21st 2012 | Views:
loading
 
  



None Should Be Discriminated When Getting a Car

America is fascinated by cars and owning one gives a great amount of pleasure. To buy a car today, car loans are a pre-requirement. But, for a bad credit borrower, a car loan seems a distant dream. Do you have a poor credit score? Is getting an auto loan difficult for you? Are lenders constantly rejecting your vehicle loan application?

Well, if the answer is yes to all the questions, this article can help you get an auto loan even with bad credit. In fact, after reading this piece of writing, you will understand why this is the best time to acquire a bad credit car loan to buy your dream car.

Here’s Why Getting a Bad Credit Auto Loan Is Easier than You Think

Upswing In Vehicle Sales

7.3million- That’s the total number of vehicles sold in the first half year of 2012! There has been a 14.8 percent rise in car sales since last year. This sale can be attributed to many factors like car manufacturers are pushing for car sales. Even European auto makers consider the American market profitable. They are vying for higher sales in America because of problems in their economy. With this new development, you can get newer car models and better incentive programs. Also, easy flow of credit has played a major role.

Lowest Delinquency Rates

The delinquency rate is the percentage of auto loans that have not been paid by the borrowers. TransUnion in its first quarterly report of 2012 mentioned that auto loan delinquencies are down to 0.36 percent which is very less compared to 0.46 percent - the fourth quarter result of 2011. These figures have proved that borrowers are more serious and diligent in making regular payments.

TransUnion also mentioned that there is a rise in lending as well as leasing in the non-prime risk segment. With low delinquency rates, lenders are able to put more trust in the equation. They have now understood that people will definitely make payments. When the overall mood is positive, getting a bad credit auto loan becomes easier.

Investors’ Trust

Investors are buying securities made up of car loans as they are comparatively safe and profitable. They fare better than home loans because cars are major requirement for us. We may give our home but a car is necessary for our employment. This makes them a safe bet. The recent example of this is how companies like GM Financial, Santander Consumer USA and other lenders have issued $ 10 billion of sub-prime car loan related ABS. This is a 20% jump from last year.

This deal proves that auto lenders will now be offering more poor credit car financing options because it has become a lucrative option for them. They can easily bundle-up your loan as securities and earn from it. So, auto financing companies are now taking risks in offering sub-prime credit auto loans.

All these factors lead to one conclusion that lenders are now interested in providing you bad credit car financing. It is no longer difficult to secure a loan. It is not difficult to buy your dream car anymore!

Are You READY For A Bad Credit Auto Loan?

Before getting a car loan for people with bad credit, you must consider these important points so that you do not doubt your decision later.

1. It’s important that you choose an inexpensive yet efficient automobile. A used car is the most affordable option with you. It is a perfect choice because its depreciation rate is lower than new cars. While choosing a car, don’t forget to check its title. Get it inspected from your trusted mechanic.

2. If this is your first loan after your score nosedived, you must be ready to pay a higher interest rate.

3. Choose a shorter auto loan term so that you don’t increase any chance of an upside down auto loan.

4. Regular payments are extremely necessary to improve your credit score and to avoid it from further deterioration. If you make on-time payments, you will get better interest rates next time.

5. Most lenders have lock-in period during which you cannot refinance or trade-in your car. This is usually the first six months or the first year of the loan term. So, don’t choose any car loan that makes you uncomfortable because you will be stuck with it for some time. Take time to analyze and select a bad credit auto loan quote.

These significant cues are very crucial in reaching a good decision. You must understand that bad credit auto loans are easily available but you can make them more comfortable by remembering these points.

Now that you know how easy it is to get a bad credit car loan, do not wait anymore. Once you consider all the points mentioned in the above paragraph, you must embark on the journey of regaining your old good credit.

Alan Hendricks - About Author:
With so many changes taking place in the economy, one thing remains the same. EZautofinance.net always offered and will continue to offer bad credit auto financing options to individuals with affordable rates. Apply now and hear from our huge network of sub-prime car lenders and bad credit auto dealers. Contact us and get ready to improve your credit score.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/now-is-the-best-time-to-get-a-bad-credit-car-loan.htm

Related Loans Articles Subscribe to RSS

Military payday loans no credit check- a good financial support for your active service
Published by Jon Kohli on May 5th 2012 | Loans
With the assistance of military payday loans no credit check, it is possible for you to solve financ...
 
Loans for bad credit recuperate your icon and exist a decent livelihood with ease
Published by on April 12th 2012 | Loans
Loans for bad credit are schemes granted to folks in order to reconstruct their image in society and...
 
Student loan default might cause bad credit record
Published by Peter Paul on December 22nd 2011 | Finance
Student loan default is a very common problem that is seen globally. Student loans in default should...
 
Installment loans no credit check-Instant cash help without credit verification
Published by Ponting Sarad on November 25th 2011 | Loans
If you want to get rid of any financial crisis then you need to apply for installment loans no credi...
 
I need cash now with bad credit – take cash depending upon your requirements
Published by Alvin on May 8th 2012 | Loans
I need cash now with bad credit provide you with an opportunity to right your history mistakes where...
 
100 payday loan- Great fiscal support for US borrowers
Published by Micles Jonson on July 2nd 2012 | Loans
If you have small financial needs, you should apply for 100 payday loan. This is small cash advance ...
 
Loans for nurses with bad credit: Adjust Your Needs Easily
Published by Elvin Jon on July 16th 2012 | Loans
Loans for nurses with bad credit are the good deals to opt for when you have cash issues and you don...
 
Small loans bad credit- Useful and reliable loan deal for you
Published by Beidhi Ceeper on June 1st 2012 | Loans
By acquiring quick cash via small loans bad credit, you can easily fulfill your financial worries....
 
Wedding loan: Ideal Substitute for Your Marriage Purpose
Published by Kent Jesy on April 25th 2012 | Loans
wedding loan is a gateway where you can enter to borrow comfortable money with no hassle using onlin...
 
Short term loans for bad credit- Get cash without any credit check
Published by Janet Hatta on February 13th 2012 | Loans
Any borrower, satisfying some simple criteria, can apply for short term loans for bad credit, and ge...
 
Same day bad credit loans instant decision: Paperless Deals for Bad Creditors
Published by Balvin Bart on May 5th 2012 | Loans
Same day bad credit loans instant decision are tension-free deals where you get money in a hurry mod...
 
Send a sms and avail a loan and pay off your urgent debts
Published by Justin Henry on December 7th 2011 | Loans
Now you can apply for loan by sitting at your home via sending a sms with less paper work, no faxing...
 
Bad credit loans: New Vehicle to Move On
Published by Balvin Bart on May 13th 2012 | Loans
Bad credit loans are new vehicle for you as by which you can ride better on the road of life where y...
 
Cash Loans for Bad Credit- Easy loan for bad credit people
Published by Andrew Stomes on June 28th 2012 | Loans
By taking quick money with the aid of Cash Loans for Bad Credit, it is feasible for you to overcome ...
 
6 month loans online- No requirement of lengthy formality for taking loan
Published by Aldis Roy on June 25th 2012 | Loans
By acquiring quick cash via 6 month loans online, you can overcome fiscal worries without any delay....
 
Start up business loans poor credit: Start Business with Easy Money
Published by Kelvin Lopez on March 24th 2012 | Loans
If you have a plan to open your business, you can start your own business using start up business lo...
 
Joint loans for bad credit: No Tension in Availing Money! Get It Anytime!
Published by Dervin Elbert on May 8th 2012 | Loans
Joint loans for bad credit are paperless and credit check free deals where you don’t have to suffe...
 
Monthly loans- Financial help for bad credit people
Published by John Simen on May 16th 2012 | Loans
In order to get rid of any financial crunch, you need to avail monthly loans available widely in the...
 
Loans for bad credit no fees: Good Support for Shortcoming Demands
Published by Kert Kills on March 16th 2012 | Loans
Loans for bad credit no fees would turn your condition with ease as you would be given money for all...
 
Now feel yourself financially strong with 1 year loan
Published by Sam Thomas on December 13th 2011 | Finance
1year loan is the supportive cash method that is made to produce immediate cash to those who are ten...