
The wide world of automotive financing isn't always easy to navigate. With so many different avenues to explore, different dealerships, interest rates and credit scores to worry about, it can seem impossible to land an affordable rate. We're here to tell you that it's not! Subprime auto financing isn't as confusing as it is made out to be and is actually a straightforward, and effective way to land an auto loan if you have bad or questionable credit. Once you're done jumping for joy, we can help you understand the subprime loan market and break down the approval process.
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So...What is a Subprime Auto Loan?
A subprime auto loan is a loan that is offered above prime lending rates. In plain english, you may not have the greatest credit rating so you have to pay a higher interest rate than those who do. You're not alone in the subprime market. In fact, over 20% of car loans are held by subprime lenders. We completely understand that just because you have bad credit, doesn't mean you don't have the need for personal transportation. That's where subprime lending comes into play.