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Fri, Oct 27th - 12:27PM

How Subprime Auto Crisis is affecting Bad Credit Car Buyers?

The changing trends in the auto industry prove to be beneficial to a handful while dangerous for the rest. Bad credit is an inevitable mark on your credit report that requires work to turn it around. The subprime auto crisis is a recent scenario that brought about a wave of sad information for bad credit car buyers. Prior to plunging into the know-how of how the subprime auto crisis will hit bad credit buyers, it becomes imperative to understand the event, scrupulously.

What exactly is the Subprime Auto Crisis?

TransUnion is an esteemed credit bureau agency that publishes the ‘Industry Insights Report’ every quarter. The report talks about the shifting trends with regards to the auto industry. The Q1 Industry Insights Report indicated certain points of concern. The biggest takeaway from the report was that the volume of subprime and deep subprime auto loans has decreased since 2016. A subprime credit score is considered below average, ranging from 500 to 600. In comparison to 2016, there has been a 5 percent rapid decline of subprime auto loans in the first quarter of 2017. Higher number of auto loans is given out to creditworthy customers with a good credit score and favorable credit history. Therefore, the bad credit auto buyers have taken a hit and will require taking appropriate steps in order to buy their dream car.

Are Bad Credit Car Buyers affected? What can they do about it?

1) Competing with Better Credit Scores

The bad credit car buyers will have to compete with the good credit and average credit car buyers. The average credit score for a new car rose from 712 to 717, while the used car average credit score rose to 652 from 645. The incremental credit score will require increased efforts to fill in the gap and rise above the subprime score. A bad credit car buyer can start by paying off all the past loans and clearing his/her debt. Additionally, applying for a bad credit auto loan will help in finishing the car buying process quickly.

2) Set Realistic Goals

A used car is a realistic goal than attaining a brand new car. The subprime crisis means fewer auto loans are getting approved and credit score is the biggest deciding factor. Meeting the mark of a used car is practical as it has a lower average credit score requirement than a new car. A used car will attract lower interest rates and serve your purpose of owning a car. Ensure that you give a hefty down payment to your dealer as it will reduce your loan amount and assist you in enjoying low interest rates. Do not forget to take complete advantage of the increasing supply of the old model used cars and negotiate a price that suits your wallet.

The Bottom Line: Dealing with Subprime Auto Crisis requires Patience

An effective method to deal with any crisis is to take a small step to figure out a solution. Eventually, a few small steps turn out to be a trail of well-crafted answers that pull one out of the crisis. In the past, subprime auto crisis has taken a severe hit on the bad credit car buyers. However, with correct tactics, hard work and enough patience, a bad credit car buyer can purchase his/her car without worrying about the credit score.

Got bad credit? Do not worry. is here to help you out. Work with the subprime auto financing company to buy a car of your own. Apply now for bad credit car loans guaranteed approval and ensure easy car buying process.

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Wed, Oct 11th - 7:00AM

What is the best time to trade-in your old car?

When you think about trading your car, a million things cross your mind. The process of estimating the correct value and finding the right car to trade-in can become tedious. An old car comes with its set of repairs and expenses. Often, it becomes confusing to estimate the appropriate time to trade-in your old car. However, numerous factors are essential for optimizing its sale value. Obtaining the maximum value for your car is like hitting the iron while it is still hot. With the right set of guidelines, you can easily pre-decide the correct time to bid adieu to your old car for a new one.

Which factors are detrimental in shaping the best time to trade-in your old car?

1) Current Debt

The current debt on your car plays a significant role in deciding the correct time to trade-in your car. Its ideal time is when you have made more than half of the payments on your auto loan. Additionally, you can receive a good amount for your old car as a low debt indicates a strong sense of finance management.

2) End of the Year

Ideally, a good time to trade-in your old car would be during the end of the year. It is because most new car models are released in January. Right before the launch of a new car, dealerships wish to get rid of the previous car models. Usually, dealerships offer good discounts on unsold car models in order to create sufficient shelf space for the new models. If you trade-in your car before the launch of a new one, you will be positioned in a good place to bargain and negotiate a price that fits your budget.

3) The Age

The best way to figure out the usage of your car is to measure the total number of miles. A good time to trade-in your old car would be when your car has travelled 50,000 miles. In order to obtain the optimum value for your car, you should trade-in when the odometer reads a total of 30,000-40,000 miles. An odometer reading of up to 50,000 miles is ideal as the car would have suffered from low damages and would be in a good working condition.

4) Safety Requirements

When you face issues of safety while driving, it is a good indication to trade-in your old car. A new car serves as a reliable option as opposed to an old car that is prone to breakdown. A vehicle report prior to trade-in can heighten your chances of obtaining a better value for your old car. Make the necessary repairs and bear the damages so as to make the most of your trade-in deal.

Trading your old car is not a tedious task. Figuring out the correct time is all it takes to get the optimum value for your old car. With a few right steps, market knowledge and research about the auto industry, you can receive the best price for your trade-in.

Even if you are trading your old car to buy a new one, you need an affordable auto loan to make the purchase. Work with to obtain guaranteed auto loan approval on your next car purchase. Submit your loan requirements for special no money down car loans if you are looking to buy a car with bad credit.

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