Tag Archives: lender

Auto Sales in 2015 Hit Record High as Auto Loans Become Easier to Obtain


When the recession hit, the auto world was one of the industries hit the hardest.  The market it had relied on was no longer spending money and they in turn were about to go belly up.  With a controversial loan, the industry was able to keep going to 2015, where it manage to set a record sales year.  2015 may be the year where it finally shows the auto industry is back.

For years, people avoided buying a new or used car.  They simply couldn’t afford it with due to elements of the recession.  For many, it was also because lenders had cut off access to subprime loans.  Those with bad credit or low credit were unable to find car loans even when they needed it.  As the years went on and the auto industry slowly recovered, that policy of being harder on offering loans started to go away and the lenders were being more open to loaning.

The employment rate is at the highest it has been in years and gas is at the lowest it has been since the recession first hit.  It’s no wonder that people are finally getting out to purchasing vehicle.  For some, it had finally hit the breaking point.  They had been holding off and hoping that the current vehicle they owned would last through the hard time.  Many drivers were avoiding trading in a used vehicle being unable to afford it.  They sat on their current vehicle for longer than recommended and are now at a point where they simply need to get a new or used vehicle.

If you’re one of those drivers, who has held out for as long as they could or if you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at  Approved Loan Store.  Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Low Monthly Car Payments Drive Subprime Credit Auto Sales

ID-10073066Going into summer 2013, banks and lenders are offering more options to subprime credit auto buyers including lower monthly payments and longer auto loan lengths.

According to Experian, the average monthly payment on a new auto loan in 2013 is $459, and new car buyers are extending the length of their loans as long as 84 months. 19.5 percent, or nearly 1 in 5 new car buyers, are opting for 73 to 84 month auto loans.

The obvious downside to a longer auto loan is that it will cost more in interest than a higher monthly payment and a shorter loan length. It is simple math, and there is no way around that. Still, a longer auto length is often a good option for consumers who need a lower monthly payment. Plus, they can always make higher payments and pay off the loan quicker if their financial situation changes and they have more money to put towards the loan.

Are you looking to buy a new or used car with poor credit? Do you know what payment and loan options are available to you? Approved Loan Store wants to help YOU get the car you want at terms you can afford, and we are ready to help you today! Get started right now by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net