Your Job is Your Credit Car Loans is responding quickly and effectively to retain a high placement rate for their clients' applications.
Asheville, NC (PRWEB) May 17, 2013
Your Job is Your Credit Car Loans, one of the nation's leading providers of financing services for car shoppers with subprime credit, has announced plans to counteract the decreases in credit approvals impacting many consumers. The company, which places client credit applications with dealers or lenders willing to fund their auto loan, observed a decrease in approval rates in April. Indeed, CNW Research corroborated this trend in their own findings, pointing to a decrease of nearly 4% from March in April subprime approvals, as reported by SubprimeNews.com on April 29, 2013.
Informal discussions with dealers, related companies, and industry contacts on the part of Your Job is Your Credit Car Loans pointed toward fear among lenders of new regulation and restriction from both the DOJ (Department of Justice) and CFPB (Consumer Financial Protection Bureau), both of which could hurt their ability to fund loans for consumers with subprime credit. Indeed, the very threat of these new regulations, as well as the cost of compliance initiatives to adhere to them, could be the primary factor in curbing subprime auto loan approvals in April.
Fortunately, Your Job is Your Credit Car Loans is responding quickly and effectively to retain a high placement rate for their clients' applications. They are in the process of forging new partnerships to broaden their network of lenders and dealers, thereby increasing the odds that any one application is finds funding.
Furthermore, the company is urging prospective applicants to check their credit reports for mistakes prior to application. The FTC recently released a report showing that more than 25% of consumers have at least one error on their credit report, the majority of which can lead to a decreased credit score. A low credit score, of course, translates into an increased risk of credit denial.
Lastly, the company is recommended that prospective borrowers do what they can to pay down existing non-secured debts like credit and retail cards. This leads to a reduction in one's debt-to-income ratio (DTI), which translates into a better chance of credit approval.
"These initiatives are already resulting in a significant uptick in placed and approved applications," said a company spokesperson. "We expect to see even greater results by the end of May."
About the Company: Your Job is Your Credit Car Loans has been in business since 2010, helping their clients get behind the wheel of a newly financed used vehicle, even if they have credit issues like late payments, repossession, foreclosure, or even bankruptcy.