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Sub-Prime Credit Auto Loans
ABOUT SUBPRIME LOANS
Having a car is a necessity for the millions of Americans who don’t have alternative transportation to get to work or school. When you have bad credit, that necessity can create a catch-22: you have to have a car to get to your job, but you need a job so you can qualify for a loan to get a car. With a low credit score, getting a loan with an affordable interest rate can be a monumental challenge. You need to dig yourself out of debt without risking making the hole even deeper.
For many car buyers, the solution is a subprime auto loan. Offered by a variety of lenders, a subprime auto loan is financing provided to consumers with very low credit scores. The lender offsets their risk by charging higher interest rates.
Who Makes Subprime Auto Loans?
Many lenders do subprime auto lending. They range from large national banks with hundreds of branches to online lenders, credit unions, finance companies, and specialized auto dealerships. Different lenders have vastly different reputations in how they work with subprime borrowers. Community banks and credit unions typically offer the best balance of customer service and low rates. Large banks often have inflexible lending policies and somewhat higher than average rates. Online lenders can have comparatively low rates, but sometimes lack the one-on-one customer service many borrowers with credit issues need.Type your paragraph here.
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