Next: STEP 2: How much car can I afford?

 

If you have bad credit, auto loans may still be available to you for a new or used car. These stories focus on lenders who work only with shoppers with bad credit scores, and options available to you. You’ll find advice and news for car shoppers with bad credit here.

Subprime Auto Loans Total $8.99 Billion in 2010
The bad economy and unemployment have affected consumers’ ability to pay their mortgage and other bills. With so many foreclosures, it’s no surprise that a lot of people’s credit scores took a hit recently. While bad credit may be a new reality for some, it makes it more difficult to get approved for a car loan. In the auto finance world, lenders refer to shoppers with bad credit as subprime, whi[…] Read More.

More Subprime Car Shoppers Approved For Auto Loans in Third Quarter
Credit continues to loosen and more lenders are giving auto loans to shoppers with credit scores that are considered less than perfect. The number of new car loans that went to these shoppers in the third quarter increased by 12.7 percent compared to the third quarter of 2009, according to Experian Automotive. “Easier access to loans is a positive sign for the auto industry, as […] Read More.

Subprime Car Shoppers Having Better Luck With Used Auto Loans
Car shoppers with less than perfect credit scores still need to buy cars and want to buy cars, but continue to struggle to get approved for auto loans. Consumers with FICO scores less than 619 are having the most trouble when they go shopping for a new vehicle. Of the 997,000 new car sales in August, less than 9 percent were sold to subprime buyers, according to CNW Research. Although that is mor[…] Read More.

Dealerships Opening Subprime Auto Loan Centers
With more consumers falling into lower credit score tiers, subprime auto loans with high interest rates are their only option most times to buy a car. Some dealerships are realizing the need for more options for shoppers with bad credit, and are opening dedicated used car centers for these nonprime customers, WardsAuto.com reports. And although getting lenders to fund subprime car loans for custo[…] Read More.

Car buyers’ personal credit stories STEP 2: How much car can I afford?