TransUnion Reports Low Number of Credit Auto Loan Delinquencies
TransUnion Reports Low Number of Credit Auto Loan Delinquencies
The latest report released by record agency TransUnion show that the number of 2012 auto delinquencies continues to be low which is spectacular news for people who have less than average credit.
Subprime auto lenders continue to have no problems in their financing for credit challenged customers.The second quarter report of TransUnion on automobile lending is based on 27 million records of customers. These records are randomly selected each quarter interim and recorded by the agency.
TransUnion says that those who have gotten a loan and missed payments for over 60 days past the due date have dropped and it is currently in its lowest rate to date since 1999. The decrease that was recorded is 25 percent from the 0.44 percent of the rate on the same period last year. The current rate is 0.33 percent.
There is also news that would make auto buyers with problems in their credit happy. The percentage of none-prime borrowers with credit scores less than 700 has risen only by 9% for new auto loans. In the past years the increases that were recorded have been over 20%.
Peter Turek, the vice president of TransUnion’s financial services business unit comments that it is very good that the number of auto loan delinquencies are still low even if the number of non-prime consumers have gotten higher.
It is advisable for consumers to always remember these things if they want to apply for high-risk loans.First, always know your FICO score and your credit reports. Second, consider contributing at least 10 percent of your money to the loan or trade equity. Third, keep the terms of the loans you will have short and finally, buy a car that is compact or medium sized and do not consider changing it unless you have fixed your credit status.
Related posts on loans for people with bad credit:
- Looking Better After 23 Years – Auto Loan Delinquencies Reached It’s Lowest Looking Better After 23 Years – Auto Loan Delinquencies Reached It’s Lowest TransUnion’s report shows that in the first three months of 2012, after 23 years auto loan delinquencies have reached their lowest ratio to date. Now, more than ever, seems like…...
- Chances of Getting an Auto Loan Become Higher Chances of Getting an Auto Loan Become Higher For those consumers who have poor credit and planning to get an auto loan, Experian Automotive’s report last May 29, 2012 will be good news for you. According to the report, average credit scores for…...
- Online Low Interest Rate Auto Loans for Poor Credit Ratings Online Low Interest Rate Auto Loans for Poor Credit Ratings At present, it is much easier to get an auto loan with low interest rates even though with poor credit ratings. There a lot of online car finance services that asks you…...
- New Auto Loan Modification Schemes New Auto Loan Modification Schemes Another scheme is surfacing the business industry today. It is about automobile loan modification companies that promise consumers that they would take care of their automobile loans for a large price. Sadly, many Americans have fallen into the…...
- Refinancing an Auto Loan Refinancing an Auto Loan Mortgages are not the only types of loans which can be refinanced, but also auto loans. Unfortunately, the majority of the public are not aware of it. The survey, conducted by CarFinance.com, emphasizes that refinancing an auto…...
Filed under: auto loans • car loan
Like this post? Subscribe to my RSS feed and get loads more!