According to one of the big 3 credit bureaus, now is the time for subprime credit car shoppers to go for an auto loan.
Earlier this month, Experian Automotive released statistics about auto loans written in the third quarter, and they found that 42 percent of new and used auto loans were for subprime buyers. In this report, subprime buyers are classified as buyers with credit scores below 680. Overall, average credit scores on new auto loans are down to 755 compared to 763 last year, and looking at individual automakers, the average scores could be as low as 694.
For car buyers with a troubled credit history, it is clear that this is a great time to buy. The end of 2012 is offering a perfect combination of holiday sales specials and lenders ready to grant auto loans. Besides that, car buyers looking for a used car will get the added advantage of dealerships wanting to move last year’s inventory to make room for the new models.
Are you ready to get into a new or used car today? Approved Loan Store can help you! Good credit, bad credit, no credit, we want to get you into the car you want at terms you can afford! Fill out our secure online auto loan application here.
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