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Is Securing a Car Loan Getting Easier?
With the economy showing signs of repair and the car market on the mend, car shoppers are finding that securing a new car loan is also getting easier.
By: My Car Lender
It’s no secret that now is a great time to buy a new car, with auto giant Toyota offering 0% financing and other car companies cutting offers to compete, buyers are now privy to some unprecedented deals. And with more people getting approved for car loans, taking advantage of those new car deals is a greater reality.
If you have a FICO score of 750 or greater, you have about a 90% chance of auto loan approval, while last year it would have been about a 60% chance. While those of us with scores ranging from 650-749 are seeing about an 80% approval rate, up from last year’s 50%.
In fact, the only group of loan candidates that has seen a decrease in approval rates are those with subprime credit scores of under 650. This doesn’t mean that if you have subprime credit you won’t get approved, but you will have to fork over a much higher interest rate and come to terms with a car loan (http://www.mycarlender.com) that is less accommodating.
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My Car Lender (http://www.mycarlender.com)