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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.

Cascade Auto Finance

Low Score Auto Loans -  Rebuild your credit

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What Information is Included in Your 3 Credit Reports? You are entitled to one free copy of your credit report every year. Your Credit Report from Equifax, Experian and Transunion include the following information: Personal information. Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security number, date of birth, and current and previous employers.


Credit history- The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity.


Credit Report Inquiries- Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years. Matters of public record obtained from government sources such as courts of law – including liens, bankruptcies, and overdue child support – may appear on your credit report. Most public record information stays on your credit report for 7 years.



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