Easier Credit For Car Loans Helping Car Sales Rebound
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DETROIT (WWJ) – New evidence that it’s a lot easier for car buyers to get their purchases financed.
WWJ AutoBeat Reporter Jeff Gilbert tells us that’s one reason for the car sales rebound.
The report from Experian Automotive says not only is it easier to get credit but fewer people are defaulting on car loans.
Michelle Krebs of Edmonds.com says some car brands are now promoting more vehicles to people with less than perfect credit.
“We’ve noticed that people … for example, the Dodge brand selling to that group – has been part of Chrysler’s history they’ve gone after that buyer so that is helping to boost their sales,” she said.
“The delinquency rates are very low,” said Krebs.”In fact, this report shows … that the 30 day and 60 day delinquencies have dropped significantly.”
The report also said since loans are covering longer terms and people with solid credit are getting better interest rates; averaging around 4.5 percent, while folks in the subprime credit rating will pay in the area of 10 percent.
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