A recent report from Kelley Blue Book suggests that buyers hoping to finance a used car with no credit auto loans should think about doing it sooner rather than later this year.
Who We Trust
Credit-challenged applicants looking to finance a bad credit car this year should be aware of the latest report from the vehicle valuation experts.
We can attest to the accuracy of Kelley Blue Book because we’ve come to depend upon it here at getaautoloan.com where we’ve been involved in bad credit car sales for two decades. We even designed our website so consumers can research such topics as Bad Credit Auto Loans and repossession as well as today’s topic, how the recent economy might influence used car prices.
Used Cars
Since most people with poor credit choose used cars because they’re generally more affordable than new cars, it’s important for them to understand the Used Car Loans market.
A recent report from Kelley Blue Book suggests that buying a used car early this year might be a smart move. According to Kelley, used car values are expected to increase from 3 to 5 percent in the first three months of 2012, with those same gains expected to increase in the second quarter as well.
Non-Luxury Cars – the most affordable ones for a problem credit auto loan – showed an increase of anywhere from $50 to $100 during the second week of January and Kelley expects this segment to continue rising in the weeks and months ahead. Additionally, credit-challenged buyers interested in used redesigned 2011 models might find these vehicles even less of a bargain than in recent years.
“Consumers eyeing one of the many highly acclaimed redesigned 2011 model-year vehicles for their next used car should be prepared to pay a significant premium,” said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book. “For example, the 2011 Chevrolet Cruze and Kia Optima currently maintain a premium higher than 40 percent versus the 2010 model-year counterpart, significantly outperforming the Honda Accord and Toyota Corolla, which weren’t redesigned for model-year 2011.”
The Bottom Line
With income tax season upon us, if you’re a car buyer with bad credit now could be the ideal time to take that income tax refund check and use it as a problem credit auto loan down payment – especially when you consider the fact that, according to Kelley Blue Book, used car prices will rise at least through the early spring.
If you are thinking of doing this, we also ask that you consider applying for a loan at getaautoloan.com where we specialize in placing customers with bad car credit with dealers that can give you your best chance at getting approved for a bad credit auto loan.
So if you really want to get your auto credit back on track, you can begin now by filling out application and get online Car Loan with Bad Credit.
