Car loans for people with bad credit may seem as improbable as unicorns.
But we know there is plenty of opportunity to find car loans for people with bad credit.
“Some estimates show that 25 percent of American adults are saddled with bad credit,” says the website DMV.org, a privately owned organization that has been reporting government-related information across all states for more than a decade.
“Yet, thousands of these individuals manage to get car loans every day,” says DMV.org.
In fact, car loans for people with bad credit are part of the reason for recovery of car, truck and SUV sales – including used-car sales – through last year and into 2014.
In the spirit of that auto industry recovery, we’re providing summaries (with links) of some of our most popular posts on our blog that will help people with bad credit find the financing they need to purchase a new or used car.
How to get a bad credit car loan
It’s a challenge, but not impossible, to buy a vehicle despite bad credit.
This post provides guidance on places to look for car loans for people with bad credit, such as sub-prime lenders, dealerships and credit unions. In some cases, you can apply online and have an answer within minutes from lenders such as RoadLoans, which specializes in financing for people with bad credit.
Bad credit car loans put new, used vehicles within reach
Bad credit can get in the way of car shopping.
Sure, it’s easier to get a car loan if you have good credit, but not everyone has good credit.
Having a less-than-perfect credit record, while a hurdle when you seek financing, should not prevent you from getting a car loan to purchase the new or used vehicle you want.
Bad-credit auto loan borrowing for used cars in full swing
This blog post tells how much of an impact car loans for people with bad credit is having.
“The ability of subprime customers to obtain vehicle financing helped the used-vehicle industry finish [2013] on the upswing as December capped an overall great year for the pre-owned market and pushed the full-year sales total above 40 million units,” reported SubPrime Auto Finance News.
Recent data shows that non-prime, sub-prime and deep sub-prime loans comprised 55 percent market share for used cars and trucks and 26 percent of all new-vehicle financing. Deep subprime lending – bad-credit auto loans – includes borrowers with credit scores below 550.
So now that you know there are car loans for people with bad credit, maybe you should get your new or used car and look for that unicorn.
If you need fast-and-easy vehicle financing for a used or new car, crossover, pickup or SUV, RoadLoans empowers you to shop with confidence.
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