Auto Loans Site Publishes Bad Credit Car Loan Guide

July 5, 2011 - PRLog -- AutoLoans.com, a leading site for the provision of free estimates on car financing, has published a list of recommended vehicles for borrowers seeking a bad credit auto loan. The vehicles on the list are used cars recommended for their affordability and reliability.

“Our customer service center gets a constant stream of inquiries from potential borrowers about what vehicles are best to buy if they seek a bad-credit, or subprime, auto loans. Our visitors frequently ask whether it’s better to buy new or used, and how to select a dependable used car if that’s the better option. We decided to address these issues by publishing our new list of top vehicles for subprime auto loans,” said Mick Ronson, spokesman for AutoLoans.com.

With regard to the new vs. used dilemma in subprime borrowing, the site’s article argues in favor of purchasing a used vehicle, although loans for used cars often have slightly higher rates than those for new vehicles. The rationale is that the car’s price will be substantially less, thereby reducing the amount the consumer must borrow and minimizing interest expenses.

“Used vehicles are an especially good choice for borrowers with credit challenges when requesting an auto loan. Properly chosen, they can be both reliable and affordable. While a bad-credit car loan for a used car may have slightly more interest expense, this cost is offset by the reduced purchase price of a used vehicle, so the borrower ends up winning in the end,” explained Mr. Ronson.

The site’s list of recommended vehicles, based on reliability and affordability, includes cars like the Honda Fit, Ford Fusion, Toyota Prius, and Honda Civic.

For more information, visit http://www.autoloans.com or call 800-609-1716.

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