Auto loan debt edged up in the third quarter, driven by record-high loan originations, according to the Federal Reserve Bank of New York’s quarterly report on household debt. Total household debt grew $ 87 billion in the third quarter to $ 14.35 trillion, the highest figure recorded for household debt …
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If you’re planning to purchase a vehicle or refinance your current auto loan, you may be considering financial services from a company called LightStream. But is this loan provider the best option for you? LightStream offers products and services that meet a variety of consumer needs, including purchase loans …
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Auto Approve offers low-interest auto loan refinancing. If you want to save money on your monthly car payments or if your credit score has recently increased, it may be a good idea to look into refinancing your car loan. Finance companies like Auto Approve allow you to apply in …
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Generous automaker incentives and government stimulus efforts drove new- and used-vehicle sales during the onset of the coronavirus pandemic. But as these provisions fade so may consumer demand for auto loans and leases. Auto analysts are split on whether sales in the third or fourth quarter will eclipse activity in …
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Automotive loans in forbearance stayed relatively steady in June compared with record-setting growth in April and May, credit bureau TransUnion said last week. Flattening forbearance figures could be a subtle sign of improvement, but it likely represents a shuffling of impacted consumers. Auto accounts in financial hardship — defined by …
Read More »What is a hard inquiry for car loan? According to Credit.com, Equifax, Edmunds, and Bankrate, a hard inquiry occurs when you apply for financing and the potential lender pulls your credit report and checks your score. When a creditor accesses your report for this type of inquiry, your score may …
Read More »What is a hard inquiry for car loan? According to Credit.com, Equifax, Edmunds, and Bankrate, a hard inquiry occurs when you apply for financing and the potential lender pulls your credit report and checks your score. When a creditor accesses your report for this type of inquiry, your score may …
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Witthaya PrasongsinGetty Images A preapproved car loan is a loan that borrowers can get before purchasing a car. Getting preapproval for a loan shows the dealership that you’re ready to buy and can sometimes give you the upper hand in negotiating price and financing. If you are able to get …
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Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it’s seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic. As unemployment soars, borrowers are putting off payments or “reallocating resources,” Credit Acceptance said in a regulatory filing …
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