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Author: admin | Category: Car Loan Canada | Date: 11.03.2015

As recently as 2009, banks and lenders had much stricter requirements regarding credit scores and monthly income. Reach out to the author: contact and available social following information is listed in the top-right of all news releases.
Although auto sales are below highs set before the Great Recession, they have come storming back on the backs of car buyers with questionable credit profiles. The chart above shows auto loans made to those with credit scores below 620 have doubled since 2009 – outpacing growth in all other credit segments.

Face Value is a financial planning blog focused on the intersection of financial advice and retirement planning. Citing data from the Federal Reserve Bank of New York, the leader in auto financing found that nearly 25% of car loans made during 2013 were made to consumers with credit scores of 620 or below. The mortgage crisis and ensuing economic downturn left many borrowers unable to qualify for financing under stricter requirements. Now, lenders frequently approve applicants making as little as $1,600 per month, which brings auto purchasing back into the realm of possibility for millions of people.

A trusted A+ rating with the better business bureau, plus 25 years of experience, have meant that more than 6 million car loan applications have been processed through the company.
The study also reported that total value of auto loans to people with credit scores below 660 have doubled since 2009.

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