Auto finance, the new reality
In 2007 and really most of 2008, Auto Financing was a breeze, an abundance of first time buyer programs. There was a finance package for all credit tiers.
That was then and this is now. Auto Finance is still available to nearly everyone but, the banks have tightened their lending belts and are a bit more frugal than in the past. Rates are very good right now for top credit tiers. For those with less than perfect credit, banks are still lending, they are jus requiring a bit more information and at times that dreaded down payment.
Whether you obtain financing on your own at your financial institution or have the dealership obtain financing for you, auto loans are still available.
If you have doubts or questions about obtaining a loan for your next car, get ahold of me, I’ll help any way I can.
Got a question, don't hesiate to send me an email.
Hi Bruce,
In our area, I heard auto financing is available to nearly everyone, but interest rates may be much higher for those with less than stellar credit.
Barbra,
Very true! While top tier credit availability and rates are much the same as they were, sub prime rates for questionable credit have gone up as have rates for folks with “good” credit.