The last physical quarter of 2011 saw the best car affordability since 2009’s third quarter, according to a report just released by Comerica Bank. The lowering of auto prices, along with consumers’ improved credit scores, have many in the auto industry predicting that 2012 will be a strong year for auto sales.   The average [...]

Traditionally lenders have considered an applicant’s entire credit history when it came to deciding whether or not they should approve a loan. However, this practice may be coming to an end. In fact, some new and used car auto loan providers are going so far as to actively pursue those who have fallen behind on [...]

  The subprime lender sector has be making gains, moving towards its pre-recession market share. Along with the reemergence, there has been a loosening of lending restrictions, allowing lower credit scores to be approved. Bad credit auto loans accounted for 21.9% of new car loans last quarter, up 14.8% over the same quarter last year. [...]

A recent summit of experts from the lending industry, entrepreneurs, and elected officials produced no tangible solutions, but underscored the deep divide between large banks and the credit needs of the average American. The issues being addressed were the lack of affordable credit available to Americans as well as lending practices that prevent the poor [...]

Navy Federal Credit Union has set its interest rate on 36 month new car loans for military personnel to 1.79%. ”We believe this is the lowest rate being offered by any bank or credit union in the nation today,” said Tony Gallardy, vice president, Consumer and Credit Card Lending. The credit union had seen significant [...]

When interest rates spike along with unemployment, it is nearly impossible to sell big ticket items. Cars, boats, and recreational vehicles pretty much just sit on a dealer’s lot until the economy recovers. The Fed’s decision to keep interest rates low through 2013 may provide the spark that the economy needs. Low rates often make [...]

The downgrading of America’s debt has been splashed all over the news for a few weeks now. Immediate predictions of interest rate jumps and credit turmoil have not come to fruition, but is there still a possibility of interest rate hikes in auto lending? The basic thoughts of the debt downgrade are that the U.S [...]

Individuals who have the most trouble securing a car loan after divorce are generally those whose spouses were the proverbial “bread-winners.” Without being able to rely on someone with higher income to cosign the financing agreement, they may face a harder time getting approved for a post-divorce auto loan. Still, the situation is rarely grave. [...]