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(EMAILWIRE.COM, October 25, 2011 ) Asheville, NC -- The news has been rosy for people with high FICO scores for some time now. The subprime market has been a little more hesitant to start letting loans flow again. That trend seems to have changed in the last few months.
Experian recently released its second quarter Automotive Credit Trends Report. According to the news, people with bad credit (scores in the 500-600 range) have been finding subprime car loans easier to come by. Actually, there was a 22.4% increase in the second quarter over the same period in 2010. That is great news for consumers since 50% of all potential car buyers are considered to have subprime or worse credit.
Borrowers can still expect high down payment requirements and exorbitant interest rates. The worst credit scores could face rates as high as 13.7%. Moving to a lower interest rate could only take a few additional points on one's FICO. Applicants should run their credit history, look for incorrect information, and not close any credit accounts or open new ones for a few months before applying for a car loan. Be prepared with at least 20% down to lower the amount financed. Throughout the process, buyers should keep in mind that one subprime auto loan could improve their score enough that they will not need a second.
About SubprimeAutoLoanLenders.com:
SubprimeAutoLoanLenders.com is a leader when it comes to helping people find lenders who finance car loans with low credit scores. If you have a credit score in the 500 to 620 range, you may be eligible for auto loan rates that are lower than you think.
Subprime Auto Loan Lenders
PR Dept
9102086761
contact@subprimeautoloanlenders.com 
Source: EmailWire.com
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