Your odds are favorable.
Take a trip down memory lane with me. A few years ago, the term ""subprime"" was considered taboo. After the 2009 economic collapse, asset managers swore off ""subprime loans.""
However, the financial world is rapidly evolving. Today, subprime loans are incredibly popular. Prior to five years ago, bad credit auto loans represented only 10% of the market. Today, the percentage has risen to 33%. In addition, the Financial Times reported that 10% of today's loans are given to ""deep-subprime"" borrowers. This indicates that obtaining an auto loan despite an extremely low credit score is entirely possible.
In the first quarter of 2014, Experian Automotive reported that the market share for non-prime, sub-prime, and ""deep sub-prime"" loans for new vehicles was 34.1%. It represents an increase from 32.8% in the final three months of 2012. This indicates that the same lenders who once believed subprime to be a bad omen are now providing large numbers of bad credit auto loans.
Why are YOU the recommended option?
Several factors attract lenders, banks, and financial institutions (including """"captive"""" financing companies of Ford and Toyota, etc.) to the subprime market. Here is a listing:
The Automotive Sector Is Crucial
Since 2009, spending on motor vehicles has exceeded spending on other consumer goods. Additionally, motor vehicle expenditures account for 1% of GDP, but nearly 15% of GDP growth during the same period. This demonstrates the significance of the automotive industry to the economy. And providing easy loan access is the most effective way to assist this sector.
Extremely Low Interest
A low-interest economy enables lenders to obtain funding at reasonable rates. This allows them to offer auto loans to numerous individuals and generate enormous profits. The high interest rates on these auto loans entice lenders to offer them.
Wall Street Enthusiasm
Since interest rates are low, investors seek investments with high returns. They are captivated by asset-backed securities such as auto loans due to their superior performance compared to conventional mortgages. This fact is a major incentive for lenders to offer auto loans to individuals with poor credit.
Even though there is talk of the ""subprime bubble bursting,"" investors are unconcerned. They believe that Americans will not allow their vehicle to be repossessed because they love it so much. They are aware that it is relatively simple to make payments on auto loans. And lower rates of delinquency have validated these hypotheses.
These are the reasons why it will be simple for you to obtain guaranteed auto loan approval. Current conditions are extremely advantageous for buyers with poor credit because they provide access to simple loan programs. Don't wait any longer. Online applications are approved. Time has come!"""
