Get Low Credit Score Auto Loans

People looking for bad credit no down payment auto loans can feel better thanks to a new report from Experian Automotive, which states that their worries regarding their less than impressive credit score might end after all. When the US was hit by recession many applicants were refused loans because of strict rules and regulations that were brought about by the financial conditions of that time. At that time the average credit score of the car buyers was fairly high. In fact, the highest point was 776 during the early part of 2010 for new car buyers.

Experian’s credit analysis also says that people with poor credit scores are also getting approval for loans. When added to the mix, the lowest credit scores bring down the average to a limit that was there before recession struck. And this has made low credit score car loans possible now. During the initial quarter of 2012, the average credit score for buyers of new cars was 760. This figure was just a bit more than what was the case during 2008. Experts say that the situation was different a few years back.

They opine that earlier it would have been impossible for subprime market lenders to provide a low credit score auto loan because of lack of funds. However, they now feel that times have taken a turn for the better and now the conditions are good enough to get a new car, even with a bad credit record. As per Experian’s report, people who are buying used cars have an average credit score of 659, which shows that a high credit score is not always necessary to get a car. Students car loans are good options as well.

The report by Experian also shows that lenders are coming up with new products to suit the interests of these customers. In fact there has been a 14 percent increase in the amount of lenders who are comfortable with deep subprime and non prime credit scores like 679 to 550 and even lesser. The average loan amount has increased as well. You can further information and analysis on how to get auto loans with low credit scores at Carloansnomoneydown.Com

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