TransUnion Reports Low Number of Credit Auto Loan Delinquencies

The latest report released by record agency TransUnion show that the number of 2012 auto delinquencies continues to be low which is spectacular news for people who have less than average credit.

Subprime auto lenders continue to have no problems in their financing for credit challenged customers.The second quarter report of TransUnion on automobile lending is based on 27 million records of customers. These records are randomly selected each quarter interim and recorded by the agency.

TransUnion says that those who have gotten a loan and missed payments for over 60 days past the due date have dropped and it is currently in its lowest rate to date since 1999. The decrease that was recorded is 25 percent from the 0.44 percent of the rate on the same period last year. The current rate is 0.33 percent.

There is also news that would make auto buyers with problems in their credit happy. The percentage of none-prime borrowers with credit scores less than 700 has risen only by 9% for new auto loans. In the past years the increases that were recorded have been over 20%.

Peter Turek, the vice president of TransUnion’s financial services business unit comments that it is very good that the number of auto loan delinquencies are still low even if the number of non-prime consumers have gotten higher.

It is advisable for consumers to always remember these things if they want to apply for high-risk loans.First, always know your FICO score and your credit reports. Second, consider contributing at least 10 percent of your money to the loan or trade equity. Third, keep the terms of the loans you will have short and finally, buy a car that is compact or medium sized and do not consider changing it unless you have fixed your credit status.

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