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Subprime loan explained by Auto Relief Group - PowerPoint PPT Presentation


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Subprime auto loan is a auto loan provided to borrowers with low credit scores. While providing auto loans lenders generally look for borrowers with high credit scores. sometimes loans are also provided to borrowers with low or bad credit scores.

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Subprime Auto Loans, explained by Auto Relief Group

© Auto Relief Group www.autoreliefgroup.com

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What is Subprime Loan?

A subprime auto loan is a kind of auto loan provided to borrowers with low credit scores. While providing auto loans lenders generally look for borrowers with high credit scores. But sometimes loans are also provided to borrowers with low or bad credit scores. This type of lending is called subprime auto loans.

© Auto Relief Group www.autoreliefgroup.com

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Bad Credit Report? Don’t Worry

So, it is possible for a borrower who earlier had bad record, to get approved for auto loan through subprime lending. These borrowers belong to the risk category and most of the lenders are unwilling to provide them loans.

These borrowers are termed risky because of high outstanding debt, earlier defaults in loan payments, bankruptcy or non-existent debt history. Since, the number of borrowers in the risk category has increased lenders of subprime auto loans have begun flourishing.

© Auto Relief Group www.autoreliefgroup.com

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It Works

Subprime auto loans have high annual percentage rate or APR because of the risk factor involved. This is done to offset the risk that these borrowers carry and the lender feels more confident to provide the loan.

Anyhow, subprime auto loan can be used to generate favorable credit score by making timely payments. And once borrowers have improved their credit score they can go for conventional loans with lower interest rate.

© Auto Relief Group www.autoreliefgroup.com

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Auto Loan Modification to Improve Credit Score

Auto loan modification can also be used to improve your credit score. Here, auto loan modification specialists negotiate with lenders on behalf of borrower to lower the interest rate on the existing loan and reduce the monthly car payments.

This directly helps you improve your credit score since the borrower will be able to make timely car payments on his loan.

© Auto Relief Group www.autoreliefgroup.com

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Auto Relief Group based in Florida offers car / boat / RV Loan Modification service to Americans.We assists car owners in renegotiating their car loan or lease, avoid repossession and maintain ownership of their vehicle by working directly with lenders to restructure loans, extend terms or reduce payments.We provide our clients with customized reports, expert advice and negotiation assistance when restructuring their car loans.

Website : www.autoreliefgroup.com

Blog : www.autoreliefgroup.wordpress.com

LinkedIn : www.linkedin.com/in/autoreliefgroup

Facebook : www.facebook.com/pages/Auto-Relief-Group/236140792410

Twitter : www.twitter.com/Anthony_ARG

(877) 216 - 7203

(877) 259 - 3559

(877) 842 - 7667

autoreliefgroup@gmail.com