Auto Loan Delinquency Rates Rising

The latest quarterly report from Experian Automotive shows an increase in thirty- and sixty-day loan delinquencies

Consumers shopping the car market – especially those with bad credit – should be aware of the latest quarterly report from Experian Automotive as its findings reflect the current lending market.

The November 19, 2014 report states that, “30-day delinquencies grew 3.7 percent from the previous year. Similarly, 60- day delinquencies jumped 8.6 percent during the same time period.” It also found that “at a state level, states in the South accounted for four of the top five highest delinquency rates in both the 30- and 60-day category. On the flip side, the states with the lowest delinquency rates in both categories primarily resided in the Midwest and Northwest regions.”

Does It Matter Where Your Income Comes from for a Car Loan?

When you apply for a loan, you should have all of your employment and income paperwork handy. The reason it is so crucial is because during the application process, you will need to provide this information to a lender. If you are unable to do so, they won’t be able to approve you.

Does It Matter Where Your Income Comes from for a Car Loan?

So, yes – it does matter how your income is generated when you are applying for an auto loan. That is why accuracy is important.

Lenders will take your reported earnings and weigh it against your monthly expenses such as rent, utilities and other debts. This is what is known as the Debt-to-Income Ratio (DTI). So if you make $4,000 per month but your rent and expenses are $3,000, that alone may prevent you from getting financed for the amount that you need.

Will I Save Money If I Buy a Cheap Car?

If you’re looking to save money, buying a lower priced car probably sounds like the most obvious option. But, before you make that choice, consider this: if you’re simply looking at price and not at quality, you’re might be throwing your money away.

Will I Save Money If I Buy a Cheap Car?

Buying a car on the cheap is merely a band aid for a much larger problem, especially if you have bad credit. You’ll save up a couple thousand dollars, buy a late model car and within a few months have it break down on you. At which point you either:

•     Pay more money for repairs.
•     Start the cycle all over again.

This process doesn’t do you any good. The team at Auto Credit Express knows how hard it is to live on a tight budget because we’ve helped so many people that were in situations similar to yours. And that’s also how we know that there is another way.

Getting Approved with a Part Time Job

Under the right circumstances borrowers with less than perfect credit can get approved for a car loan even if their job is part time

Bad Credit Auto Loans & Part Time Wages

Here at Auto Credit Express we’ve spent the past two decades helping car buyers with bad credit locate those dealers who are more than willing to work with them in obtaining financing for a new or used car.

During that time, we’ve answered thousands of questions from applicants, many of them having to do with the income requirements of a subprime car loan. One income question we frequently get asked is, “Can I get approved for a car loan if I have a part time job and my credit is lousy?”

How Car Loan Approvals Work,

Obama Says Check Your FICO Scores

During the signing of an Executive Order the President noted the importance of checking your FICO scores on a regular basis

Our Experience

Here at Auto Credit Express we continue to educate borrowers with bad credit on the importance of checking their FICO scores well before beginning the application process. That’s because even though high-risk lenders look for reasons to approve borrowers, rather than turn them down, even their loan decisions are at least partially based on credit scores.

Safeguarding Your Personal Data: POODLE

At Auto Credit Express we take protecting your information from online vulnerabilities like Heartbleed very seriously. Now, Google has recently announced another yet vulnerability people are calling POODLE. Here is what we are doing to protect your data, and some information about how you can protect yourself.

The Latest Costco Auto Program and Bad Credit Buyers

The latest auto program from Costco and General Motors looks like a good deal but most car buyers with bad credit probably will not be able to take advantage of it

Buying a Car at Costco?

The Latest Costco Auto Program and Bad Credit Buyers
The email I received in my inbox the other day from retail giant Costco sounded like a good deal, even for car buyers with bad credit. The message had this to say:
Beginning Oct. 1 through Jan. 2, 2015, the GM Holiday Sales Event gives Costco members GM Supplier Pricing combined with all publicly-available rebates on 17 eligible vehicles from Chevrolet, Cadillac, Buick and GMC making this a treat you can’t resist! Plus, complete a member satisfaction survey after purchase to receive:
$600 Costco Cash Card for Executive Members
$400 Costco Cash Card for Gold Star and Business Members