More Consumers With Bad Credit Scoring Car Loans
News from Fox Business:

In the market for a new car but worry that your iffy credit score will put the brakes on getting a good deal? Take heart: A new report shows that you might be able to snag those keys after all.

During the worst of the recession, stringent loan requirements shut out many buyers with poor credit, skewing the average credit score of car buyers very high, to a peak of 776 for new car buyers in early 2010. A credit analysis recently released by Experian Automotive, however, found that more buyers with poor scores are getting approved, and adding their lower scores to the mix has brought average scores down almost to pre-recession levels. For new car buyers, the average score was 760 in the first quarter of 2012, just a few points higher than for that time period in 2008. 

“A few years ago, it could have been much more difficult to get an auto loan,” says Melinda Zabritski, director of automotive credit at Experian Automotive. “A lot of lenders who specialize in subprime financing might not even have had the funds to lend.”  But times have changed, she says: “It’s a good time to buy a car.”

Bad credit? No problem

Car dealership slogans aside, there is good news for consumers who want a new set of wheels. A…………… continues on Fox Business

… Read the full article
.

Related News:

Home loan: Check your credit score
News from Indian Express:

Owning your own home is one of the finest feelings in the world. Nothing beats the sense of achievement and security when you first open the door to your brand new home. Purchasing your own home involves thorough planning and research and the most crucial factor which influences your decision is your financial ability. It makes sense to get all your reports and inspections completed before scouting for a house or applying for loan.

The low ticket home loans have decreased by half to 22 per cent of all loans during the last five years because of steep increase in property prices. As per the data by the Credit Information Bureau (Cibil), about 75 per cent of new accounts opened in 2011 had sanctioned amounts between R 5 lakh and R 50 lakh. This also means that the shift is clearly towards higher value loans, indicating property price rise and higher borrowing affordability. For instance, in 2011, approximately 48 per cent of the total home loans sanctioned in metro cities had a ticket size of more than R 20 lakh.

According to figures from Cibil, home loan enquiries have more than doubled from first quarter (Q1) of 2007 to third quarter (Q3) of 2011. The first three quarters of 2011 show an increase in home loan enquiries by 21 per cent over the same period last year.

The trends of acquisition of new home loans by banks show that in 2008, 23 per cent…………… continues on Indian Express

… Read the full article


Comments are closed.