Collection Agency Rapid Recovery Solution Addresses Responsible Strategies for Car Loans
Bohemia, NY (PRWEB) July 15, 2013 -- On July 15, Rapid Recovery Solution, Inc., like many commercial collection agencies, is monitoring the growing popularity of car loans that exceed the current five-year average.
According to a Los Angeles Times article from July 11 titled “Stretched car loans gain traction with buyers,” American consumers are applying for long-term car loans in high numbers. Loans of six years or more now make up 30% of all financing options for automobiles, a 23% from 2008.Extending payments across the majority of a decade grants buyers financial flexibility, holding on to more cash that would otherwise be applied to substantial down payments. Moreover, the improved durability of cars affords consumers the confidence they need to commit to such long-term payment options.
However, the article warns readers of the potential dangers inherent when incurring such extended loans. “Long loans can still get consumers in trouble, particularly those with tarnished credit who can't qualify for the best deals.”
John Monderine, CEO of Rapid Recovery Solutions, Inc., weighs in on this developing issue. “Prospective buyers of durable goods, especially cars, should always weigh the pros and cons of each buying option.” He continues with first-hand knowledge. “Our collection agency deals with this matter frequently. Low rate, long-term deals are often too good to resist, and seven years later a consumer is watching their credit score drop as their car depreciates. As always, we encourage clients to make educated purchases and attempt to forecast their financial futures as best they can.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.
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Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, 866-944-8610, [email protected]
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