Automotive companies have taken advantage of the cheap borrowing costs. their acceptance of any and all loan applications — “No Credit. Bad Credit. All Credit. 100 Percent Approval.” As a result, auto loans have increased by.
Used car sales paid for by rock-bottom loan rates are on the up, too, over the same period, rising by 7 per cent to.
Loans in many categories have now come down to a historical low of single digits, playing into businesses’ hands — and yet the demand for credit and. rate for auto loan costs 10-11 percent, which was 14-15 percent last year. “No banks.
Commission-hungry car salesmen who flog cheap loans are fuelling a vehicle-buying bonanza. Sales of both new and used cars have rocketed, partly due to knock-down.
Banks and private equity firms searching for high-yield investments have fueled a boom in subprime auto loans to buyers who can’t afford. Outside, the banner proclaimed: “No Credit. Bad Credit. All Credit. 100 percent approval.”
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As this type of loan is less of a risk to the lender, the rates for secured loans will usually be lower. With unsecured car loans, the lender doesn’t use any of your.
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