According to the Wall Street Journal, the requirements for home and business loans are still strict with most lenders, but lenders are more willing to give auto loans, even for consumers with no credit or challenged credit. They based their analysis on a survey of senior loan officers at American banks as well as foreign banks with U.S. operations.
Studies have shown that car ownership can lead to upward mobility in the workforce and higher pay since car owners are not reliant on public transportation. They won’t be late to work because of a delayed bus or train, and they have more employment options open to them. When a steadier source of income is combined with new available credit, the end result is that the consumer is put in a much stronger financial situation.
Since other forms of credit are not accessible to consumers with a sub-prime credit score, there is a whole market of people looking to re-establish their credit history who will be looking for car loans. Car dealerships that partner with Special Finance Group can tap into this market and have a brand new source of customers. In addition to tradition advertising methods, Special Finance Group has an established online presence and utilizes the latest in online marketing to target the right car shoppers.
To learn more about what Special Finance Group could do for your dealership, read the Complete Special Finance Solution here, and keep up with the latest from Special Finance Group via Facebook and Twitter.