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Auto Loans

In Auto Financing, subprime lending means making Loans to people who may have difficulty maintaining the repayment schedule.

Subprime Lending helps allow people with bad or poor credit also get a car loan, otherwise not have access to the credit market. Professor Harvey S. Rosen of Princeton University explained, "The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated-against, the people without a lot of money in the bank to use for a down payment."

Subprime borrowers might include:

  • limited debt experience
  • no possession of property assets that could be used as security
  • excessive debt
  • a history of late or sometimes missed payments so that the loan period had to be extended
  • failures to pay debts completely (default debt)
  • any legal judgements
  • bankruptcy 
  • poor credit
  • bad credit
  • good credit
Lenders' standards for determining risk categories may also consider the size of the proposed loan, and also take into account the way the loan and the repayment plan is structured, and the type of loan. The person applying is taken into consideration.

Questions:

When is financing right for me?
If you are unable to pay for a car in cash, but you need a car for work or school, than certainly financing is an option.
How much cash do I need to put down?
You can put down as much or as little cash as you want. We finance loans with 0 down while still giving you low monthly payments.
Other companies have rejected my application for a loan. Should I still apply?
Yes. Unlike most companies, we have access to several lenders who are willing to offer loans to people who have been previously rejected.
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