The Balance is in Your Favor
Let's go back in time a few years, when ""sub-prime"" was frowned upon following the economic collapse of 2009, when asset managers swore off ""sub-prime loans.""
Financial Times reported that 10% of today's loans are given to ""deep-sub-prime"" borrowers, which means getting your auto loan despite extremely bad credit score is totally viable. However, things change quickly in the financial world. Sub-prime loans have become extremely popular today. Fifty years ago, bad credit auto loans presented only 10% of the total car loan market. Today, that number has increased to 33%.
In the first quarter of 2014, Experian Automotive reported that the market share for non-prime, sub-prime, and ""deep sub-prime"" loans for new vehicles was 34.1%, up from 32.8% in the final three months of 2012. This indicates that the same lenders who once believed sub-prime was a bad omen are now offering bad credit auto loans in large quantities.
Why are YOU the Best Option?
The following list of factors illustrates why lenders, banks, and financial firms (such as """"captive"""" finance firms like Ford and Toyota, etc.) are drawn to the sub-prime market:
The Automotive Industry is Vital
Since 2009, consumer spending on motor vehicles has outpaced other consumer spending, and while motor vehicle spending only accounts for 1% of GDP, it has contributed to a nearly 15% increase in GDP during the same period. This data demonstrates the importance of the auto sector to the economy, and the best way to support it is by facilitating easy access to credit.
Extremely Low Interest
Due to the low interest rate environment, lenders can offer auto loans to numerous borrowers and generate significant profits. Since the interest rates on such auto loans are high, lenders are lured to them.
Because of the low interest rates, investors are attracted to asset-backed securities, such as car loans, because they perform better than other mortgages. This fact is a major driver for lenders to offer bad credit auto loans.
Investors are unconcerned despite news of the ""sub-prime bubble bust"" because they believe that Americans love their cars so much that they won't let them be repossessed, they are aware that vehicle loans are relatively simple to repay, and decreasing default rates have validated these beliefs.
These are the factors that make it simple for you to obtain a guaranteed auto loan approval. Therefore, don't wait any longer to apply online and be accepted; the moment is now. The current market is very advantageous for negative credit buyers by giving them access to simple lending programmes.""" - https://www.affordablecebu.com/