Credit Crunch hits used car buyers
Wall Street’s historically bad performance has brought front-page attention to the current credit crisis. If you follow the news, you know it’s tougher to get credit now than it was even a few months ago. The credit crunch has hit business owners too, making it more difficult to get needed capital to purchase equipment and expand facilities.
But what about used car loans for people with bad credit? It’s not getting as much press, but auto dealers are finding it tougher to put customers behind the wheel of both new and used cars. That’s because lenders have tightened credit standards across the board. In fact, even customers with relatively good credit are finding it more difficult to get auto financing. It’s even more difficult to get a used car loan.
“Buy Here, Pay Here”
“Buy here, pay here” financing is still an option for many customers who are finding difficulty obtaining a traditional used car loan. However, potential customers should look for companies that not only offer “buy here, pay here” terms but stand behind the cars they sell.
If you’re in the market for a used car loan and are focusing on “buy here, pay here” auto financing options, take a close look at J.D. Byrider. We specialize in good cars for people who need credit. Unlike many banks, we’re still in the business of providing credit to deserving customers, helping people get the cars they need.
