An estimated 56% of American consumers have subprime credit scores. Many of these people now qualify for car loans when they couldn’t just a few years ago.
Richmond, VA (PRWEB) December 15, 2014
A new study by Carloan.com published on December 9 presents good news for people with bad credit who need car loans. Citing data from the Federal Reserve Bank of New York, the leader in auto financing found that nearly 25% of car loans made during 2013 were made to consumers with credit scores of 620 or below. The study also reported that total value of auto loans to people with credit scores below 660 have doubled since 2009.
Carloan.com, a company that specializes in connecting subprime borrowers to lenders throughout the U.S., offers a simple, 60-second application online at https://www.carloan.com/ApplyNow/V3.
“An estimated 56% of American consumers have subprime credit scores. Many of these people now qualify for car loans when they couldn’t just a few years ago,” said Scott Hicks of Carloan.com. “We’re glad to be able to help so many more people get behind the wheel of their dream cars.”
As recently as 2009, banks and lenders had much stricter requirements regarding credit scores and monthly income. The mortgage crisis and ensuing economic downturn left many borrowers unable to qualify for financing under stricter requirements.
An improved economy has shifted the advantage back to borrowers. Now, lenders frequently approve applicants making as little as $1,600 per month, which brings auto purchasing back into the realm of possibility for millions of people.
With a network of loan advisors and lenders across the U.S., Carloan.com offers the widest options for financing available to buyers with any type of credit. A trusted A+ rating with the better business bureau, plus 25 years of experience, have meant that more than 6 million car loan applications have been processed through the company.