A number of consumers look to receive good interest rates on sub prime auto loans when buying a new or used vehicle. This is not always easy as the people with higher credit ratings tend to be offered the better rates. However, that ability to finance a vehicle with subprime credit at most companies makes it easy for buyers to get poor credit loans with reasonable rates.
The car buying process has gone through a great change for people who need bad credit auto loans as financial lenders and dealers have become more relaxed. Experian reports that the percentage of consumers purchasing vehicles with non-prime credit scores actually increased last year by nearly 13-percent for new car buyers, and close to 6-percent for those purchasing used vehicles.
A big reason for this uptake in the number of auto loans with sub-prime credit is attribuited to the reduced interest rates and increase of funds offered. Normally, the average percentage of a 60-month loan with nonprime credit would be 4.52% for a new vehicle, but now a person can possibly recieve 4.32% for a lender. Borrowers for pre-owned cars have the chance to qualify for a sub prime loan with rates near 8.48%, which is lowered from it's previous 8.6% from the prior years.
As great as it may be to have a reduced interest rate, it is even better when your loan amount rises in spite of a low credit score. In today's economy a buyer with a below prime credit rating can possibly recieve as much as $26,000 for a new car or close $17,000 for a used vehicle. Of course this is all dependant on on's current credit score, the type financing dealer, and whether person is looking for a no money down subprime car loan, which can adjust a person's rates.
So if you're in the market for sub prime auto financing and want to receive a better rate AutoNetFinancial.com is the ideal website to use. Our network of financing specialist and local sub prime lenders are fully capable of helping anyone aquire a more affordable loan with great ease. Simply fill out our online application, and you can be on your way towards owning the perfect car at the right price.
Here at AutoNet Financial we help people that earn over $1,500 per month, regardless of how long they have been on the job finance the best cars in their area. We also offer helpful advice on local loan companies, credit repair, and sub prime auto financing so that you can get a vehicle loan today.