Looking Better After 23 Years – Auto Loan Delinquencies Reached It’s Lowest
Looking Better After 23 Years – Auto Loan Delinquencies Reached It’s Lowest
TransUnion’s report shows that in the first three months of 2012, after 23 years auto loan delinquencies have reached their lowest ratio to date.
Now, more than ever, seems like the best time to buy a car for those with problems with their credit statuses.
Auto Credit Express has been active in helping out credit-challenged clients with their problems in getting a car loan. They have been dedicated in finding automobile dealers who would sell to low credit customers, this program is called “bad credit car”, and their website also includes child support revenue and many other issues.
The conclusions of the data of TransUnion came from the records of about 27 million consumers that have been randomly chosen. The number of samples is a fair indication that the survey is quite accurate.
According to the survey, the number of the nation’s auto delinquency rate, those borrowers who failed to pay their loans for more than 59 days past their due dates have fallen to 0.36 percent in the first quarter of 2012 from this is 0.10 percent lower than the last survey in 2011.
According to Peter Turek, the vice president of TransUnion’s financial services business unit, the number of automobile loan delinquencies have fallen because if the increase in the demand for cars whether they are used or not.
Furthermore, this means that there are more chances for clients who apply for subprime auto lenders to have their loans approved. So if you are someone who would want to find a high-risk car loaner, here are some things you need to put in mind:
First, you should know your FICO score and all other vital information in your credit reports; second, you should have a plan to pay at least 10% of your commodities in cash; third, you should keep your loan terms short and finally, find a vehicle that is dense and do not consider replacing it unless you have reestablished your credit.
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Filed under: auto loans • car loan • Loans
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