Auto Loan end of year in review

In what was considered to be a huge year for franchise dealerships, as auto loans were given to customers at a rapid rate in 2013. Many sources state that CPO or (certified pre-owned) autos made up about 13% of their sales for the year 2013. Leading to speculation of an increase between 20 and 25% in sales this coming year. That means people with subprime credit can get approved for a subprime auto loan to get in a auto at an even easier rate of credit. Also New Car loans went up in sales in 2013 for franchise dealerships. 2014 looks to be shaping up to be a buyer’s market. Interest rates are dropping and the chances of getting a bad credit loan are increasing. Understand that information is power. Knowledge is freedom. Til next time with news.

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