Don’t Let Poor Credit Crush Your Dreams!
Today it is less likely for dealers to deny you an auto loan because of bad credit. Certain restrictions such as a recent repossession or unemployment may still delay approval of credit but for most cases lenders are willing to extend auto loans to candidates with poor or bad credit.
There are many second chance auto loans designed specifically for candidates with bad credit as these candidates make up a large portion of lenders annual growth. The “ideal” candidate for extension of credit are those with a FICA score of 700+, but according to Standard and Poor’s, the amount of non-ideal candidates is on a rise!
Ford, GM, and Chrysler (“big 3” American automakers) are capturing less and less of the US market share and so far in 2008 have only captured 49% of the US market share. This means that dealers are more willing to compete for auto loans with candidates with other than perfect credit scores.
If you have poor or bad credit, rest assured! Lenders are now offering second chance auto loans to wide varieties of credit applicants in order to continue growing.
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