Bad Credit Loans Leading to Record Number of Repos

February 14th, 2008

It is expected that there will be a 10% increase in car reposessions, this on top of a 10% increase in reposessions last year. At fault many see the super-easy to qualify for car loans that have been offered in past years.

Auction and repo lots have been growing in inventory signficantly, and lenders have started to crack down on loans to borrowers with very poor credit, no verifiable income or no downpayment.

Getting a Car Loan before a Car Auction

February 7th, 2008

Auctions are one of the smartest places to buy a used cars. You can almost always get vehicles at much lower prices than you would at a dealership or through a private sale. If you don’t have the cash to pay for the car in full at the auction, you’ll need to come prepared with a pre-approved car loan.

Often the auctions themselves will promote auto finance companies that are eager to lend money to auction buyers, but such financing on site is usually not the best deal. Smart consumers will shop for the terms of their auto loan in advance and obtain a lender preapproval, which they can take in hand to the auction.

Search RateZip to find car loans before you head out to the auction. Speak to the lender of your choice and come to the auction pre-approved!

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