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,