The “Subprime” Car Loan and Its Effect on Landlords and Employers

March 15th, 2016 | admin | Tags: , ,

“No credit? Bad credit? Pulse? 100 percent approved! Sign here and drive your new car home today.” What they don’t say is that the people who have no credit or bad credit qualify as “subprime,” that is a FICO score at or below 640, and they stand a 10 percent chance of having the lender take that car back. One of five car loans is made to a subprime borrower, that’s 11.5 percent for new cars and 32.2 percent for used cars. Experian, the credit reporting company, predicts that this […]

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