Social media has continued to attract attention among big fortune companies despite studies showing that Fortune 500 are still lagging behind in optimally utilizing the power of social network platforms like twitter and facebook. One company P&G was spending hugely in its marketing budget, but in 2012, it announced that it was focussing on social media as a cheaper option for its marketing initiative to try and cut down its staggering $10 billion spending on marketing.
Procter & Gamble, although it embraced traditional advertising channels like TV ads, it was critically considering putting more efforts on social media in order to gain advantage of the increased efficiency of reaching its consumers on the web. The announcement by P&G came at a time when it said that it planned to layoff close to 5,700 staff including marketing personnel in order to cut its spending.
However, the big question is; should P&G really end the careers of many employees at a time when the economy has badly hit many consumers who are now recovering from the global crisis that hit the world economy in 2007? Social media including twitter, facebook, YouTube, Pinterest and LinkedIn have showed that they can tap the huge clientele base found on the internet only if they are integrated in the right manner in companies’ marketing campaigns.
To add on this, companies also need not view social media as only a marketing tool but rather a consumer engagement platform where people can discuss about real life issues and how they affect their relations with businesses. Following the entry of P&G and other big companies like Coca-Cola and Heineken in social media marketing, many other big brand have fallen suit and are not using social networks to reach out to their audiences.
However, statistics still show that there is little progress in the way big companies are using or tapping the benefits of social media. According to a presentation by the University of Massachussetts on annual survey of the digital presence of Fortune 500 that was done at the end on 2012, it revealed that about 1 out of 4 fortune 500 companies were actually ignoring the use of twitter in their social media platforms.
The study showed that about 28 percent of the big (fortune 500 companies) had active blogs and 62 percent has YouTube accounts. However, the same study revealed shocking information that hinted an incredible 23 percent of the big companies actually had no facebook or twitter accounts, and this was as at end of 2012. It is surprising to notice that such big companies were still reluctant in tapping the huge potential put across by the cheap and efficient social media channels in marketing their brands.
This trend was further elaborated by the 2012 fortune 500 social CEO index report, which showed that only about 19 Chief Marketing Officers- CMOs of the big companies were using twitter.com and a vast majority of those accounts were inactive with only 9 of them being cited as the most active twitter accounts. What this means is that there is still much to be done by the big companies in integrating the use of social media to engage consumers actively.
Even as big companies like Coca Cola and P&G are set to increase their social media spending, there is more than just the figures. The community needs to be actively engaged in the most holistic manner to help create brand name awareness and record more sharing of brand features. And, this is something that can be achieved through using twitter accounts, facebook and other social channels actively.
Tuesday, November 19, 2013
What are The Risks of Borrowing a Car Title Loan?
Every credit facility has its own advantages and disadvantages and for the car title loans, there are both sides of the coin. Your credit store does not count when seeking car title loans and this is because the risk is taken away by the car you own. When you are faced with a financial need, you have options that you can take. One, you may use your credit card but this puts you in the risk of ruining your credit score.
If you happen to miss payment on your credit card, the interest rates on the balance can skyrocket to the tunes of 35 percent APR. Second, you may choose to get unsecured loans and this again could attract high interest rates that can plunge you into financial pitfalls. Third, you can get a secured loan that attracts lower interests that you can easily afford to pay.
For one, car title loans are obtained based on the value of your car. The loan is borrowed based on the equity of the car as the bench mark collateral. The equity of the car is taken to be amount that the car can sell in the market at the present or prevailing condition less the amount that you could owe on the car.
If you have an unpaid car loan balance, the equity of the vehicle is calculated as per the current market value minus that loan. When applying for a car tile loan, the process does not require a lot of paperwork and it can be processed pretty fast within a day or so. What you need to do is to prove that the car holds a value and then you apply for the loan you want and sign the car title over to the lender.
The good this with this loan is that you can continue using the car as you pay your loan as agreed upon with the lender. When you are through with your fast loan repayment, the title is handed over back to you. Although car title loans are a good option to get cash fast without having to go through a credit check or background screening, like any other loan, there are risks involved.
The main weakness witnessed in these loans is that you are likely to fall prey of lending companies that could subject you very strict and high penalties especially when you miss a payment or experience a loan delinquency. A car title loan is a short term loan, which is due for payment within a month. This means that it carries a triple-digit APR, and goes for an amount, which is less the value of your car.
It is advisable that you cautiously evaluate the reputation of the lender and read through every term of the fast cash loan contract before you sign it. Any mistake you make when repaying the loan could easily put you in trouble of losing your car. The situation can be made worse if the car sells less than the amount owed.
This means that besides losing the car, you may find yourself on the hook for paying the difference remaining for the loan balance. Because you are likely to borrow a larger amount with these car title loans, if you happen to be in a financial problem and you roll over the balance, the interest rates hike. All the same, these loans are bad credit ok meaning that you can get them even with your bad credit.
If you happen to miss payment on your credit card, the interest rates on the balance can skyrocket to the tunes of 35 percent APR. Second, you may choose to get unsecured loans and this again could attract high interest rates that can plunge you into financial pitfalls. Third, you can get a secured loan that attracts lower interests that you can easily afford to pay.
For one, car title loans are obtained based on the value of your car. The loan is borrowed based on the equity of the car as the bench mark collateral. The equity of the car is taken to be amount that the car can sell in the market at the present or prevailing condition less the amount that you could owe on the car.
If you have an unpaid car loan balance, the equity of the vehicle is calculated as per the current market value minus that loan. When applying for a car tile loan, the process does not require a lot of paperwork and it can be processed pretty fast within a day or so. What you need to do is to prove that the car holds a value and then you apply for the loan you want and sign the car title over to the lender.
The good this with this loan is that you can continue using the car as you pay your loan as agreed upon with the lender. When you are through with your fast loan repayment, the title is handed over back to you. Although car title loans are a good option to get cash fast without having to go through a credit check or background screening, like any other loan, there are risks involved.
The main weakness witnessed in these loans is that you are likely to fall prey of lending companies that could subject you very strict and high penalties especially when you miss a payment or experience a loan delinquency. A car title loan is a short term loan, which is due for payment within a month. This means that it carries a triple-digit APR, and goes for an amount, which is less the value of your car.
It is advisable that you cautiously evaluate the reputation of the lender and read through every term of the fast cash loan contract before you sign it. Any mistake you make when repaying the loan could easily put you in trouble of losing your car. The situation can be made worse if the car sells less than the amount owed.
This means that besides losing the car, you may find yourself on the hook for paying the difference remaining for the loan balance. Because you are likely to borrow a larger amount with these car title loans, if you happen to be in a financial problem and you roll over the balance, the interest rates hike. All the same, these loans are bad credit ok meaning that you can get them even with your bad credit.
What Are the Benefits of Car Title Loans
Car title loans are actually a form of fast cash loan with less risk for both the lender and the borrower. These loans are due within a month and they do not require credit check. The car title is used as security for the loan and this is why lenders are likely to impose a lower interest rate. What this means is that the loans are a less-risk credit facility. Car title loans are by far less risky than home loans.
This can give you a piece mind because you are not worried that your home may be repossessed if you default the loan payment. The loan is secured by your car, which actually you use as you repay the loan. The first benefit is that these car title loans are easy to approve and do not take long before they are processed.
This means that you can use them to solve pressing financial needs or emergencies that need cash such as paying for hospital bills, tuition fees, repairing your home, or other needs. Another car title loan benefit is that although you hand over the title of the car to the lender, you continue using it while still repaying your credit facility.
The interest rates for car title credit facilities are lower because there is collateral provided against the loan. The car is placed as security for the loan thus lenders will lower your interest rates. In addition, you can get more than what is offered by other fast cash loan facilities like payday and still get the money fast than it would in a home loan situation.
If you are seeking for no credit personal loans, the title loans are an ideal option. Moreover, you can obtain a decent amount of loan with use of your car title and this means you can resolve a financial need that requires a large amount of money. Many of the fast cash loan facilities in the market only offer small amounts, which may not be suitable for a project that needs a larger amount of dollars.
Another benefit of these loans is that your credit score is not very important when applying for the loan. Since the car offsets the risks taken by the lender, this means that those with bad credit can get the loan they desire. Compared to other personal loans, car title loans are a good option for those ailing in bad credit.
The biggest challenge many consumer are facing is to obtain a loan when they are in bad credit. Because of the bad credit, lenders are taking advantage to impose high interest rates which continue to burden the already financially crippled borrower. The car title loans can eliminate this uncertainty and enable you obtain a loan without worrying about your credit score.
None the less, credit advocacy groups have argues that the title loan lenders target the low-income consumers who may not be able to afford the steep loan agreement terms put in place. In the event that you do not pay the loan as agreement, the lender has the right to repossess your vehicle and sell it to recover the defaulted car title loan.
This can give you a piece mind because you are not worried that your home may be repossessed if you default the loan payment. The loan is secured by your car, which actually you use as you repay the loan. The first benefit is that these car title loans are easy to approve and do not take long before they are processed.
This means that you can use them to solve pressing financial needs or emergencies that need cash such as paying for hospital bills, tuition fees, repairing your home, or other needs. Another car title loan benefit is that although you hand over the title of the car to the lender, you continue using it while still repaying your credit facility.
The interest rates for car title credit facilities are lower because there is collateral provided against the loan. The car is placed as security for the loan thus lenders will lower your interest rates. In addition, you can get more than what is offered by other fast cash loan facilities like payday and still get the money fast than it would in a home loan situation.
If you are seeking for no credit personal loans, the title loans are an ideal option. Moreover, you can obtain a decent amount of loan with use of your car title and this means you can resolve a financial need that requires a large amount of money. Many of the fast cash loan facilities in the market only offer small amounts, which may not be suitable for a project that needs a larger amount of dollars.
Another benefit of these loans is that your credit score is not very important when applying for the loan. Since the car offsets the risks taken by the lender, this means that those with bad credit can get the loan they desire. Compared to other personal loans, car title loans are a good option for those ailing in bad credit.
The biggest challenge many consumer are facing is to obtain a loan when they are in bad credit. Because of the bad credit, lenders are taking advantage to impose high interest rates which continue to burden the already financially crippled borrower. The car title loans can eliminate this uncertainty and enable you obtain a loan without worrying about your credit score.
None the less, credit advocacy groups have argues that the title loan lenders target the low-income consumers who may not be able to afford the steep loan agreement terms put in place. In the event that you do not pay the loan as agreement, the lender has the right to repossess your vehicle and sell it to recover the defaulted car title loan.
PlagScan Review...PlagScan Ranked Top on the List of Plagiarism Checkers
According to the toptenreviews website, an authoritative site and independent experts for product reviews, Plagscan plagiarism checker has topped the list of ten most outstanding and accurate tools for checking copied content on the internet. With the enormous content creation being witnessed on the internet today, businesses, institutions, corporate organizations, governments departments, and individuals need to clearly understand what is plagiarism and apply their resources to ensure that they curb this practise.
To plagiarize is simply representing or copying other people’s content and using it as your own content without any legal consent to do so. It is a deliberate and reckless copying and use of other people’s content without their permission. Therefore, plagiarizing content can lead to strict penalties and even ban of websites from major search engines. This is why it is highly advocated that you thoroughly check for copied content before you use it in public as this could put you in trouble.
Whether you are a business person, marketer, student, teacher, writer, an author, blogger or any other person who uses content on the internet, you need to ensure that you make use of copyright detectors so that your content passes the copyright traps. With the proliferation of plagiarism checking tools on the internet, it is clear that some of them may be ineffective especially the free ones.
For some years, the only promising content copyright checker has been copyscape but today, it seems that new and very accurate, easy-to-use tools are being introduced in the market. Plagscan seems to be the next big thing in the world of plagiarism checking as it demonstrates the ability to produce exceptional and very precise content copying search on the internet.
According to the independent experts for products reviews- TopTenReviews, PlagScan has continued to top the list of the best plagiarism checking tools, receiving very impressive recommendations from users. This tool was found to be the most terrific professional online plagiarism detection service making it win the TopTenREVIEWS Gold Award. PlagScan has been described as highly functional copyright checking tool that has simple design, excellent features and easy user-interface.
This tool provides clear, concise, and accurate reports that you can rely on to publish your content on the internet. In addition, the tool offers flexible account options and this means that it bears in mind its different clients who have different plagiarism checking needs. When compared to other top ranking checkers like iThenticate and CheckForPlagiarism, it is clearly evident that PlagScan outperforms these tools to a large extend.
The pay-as-you-go account usage system ensures that you pay for what you use. This enables you monitor your credit points so that you can top up for the next content checking. In order to determine its accuracy, PlagScan provides free 25 credits that you can use to test your content before deciding on whether to use the plagiarism checker or not. For institutions, it can be very cost effective to use this tool when compared to individual users.
The price of checking content with PlagScan is determined by which account you have registered for. The documents transfer process is highly encrypted with a secured socket layer or SSL and this means that your content is protected and treated highly confidential. In February 2013, PlagScan presented its plagiarism checker in one of the Europe’s biggest hallmark events -The Education Trade Fair Didacta, which was held in Cologne. This clearly demonstrates how professional this tool is getting in the world of content creation and publication of written content.
To plagiarize is simply representing or copying other people’s content and using it as your own content without any legal consent to do so. It is a deliberate and reckless copying and use of other people’s content without their permission. Therefore, plagiarizing content can lead to strict penalties and even ban of websites from major search engines. This is why it is highly advocated that you thoroughly check for copied content before you use it in public as this could put you in trouble.
Whether you are a business person, marketer, student, teacher, writer, an author, blogger or any other person who uses content on the internet, you need to ensure that you make use of copyright detectors so that your content passes the copyright traps. With the proliferation of plagiarism checking tools on the internet, it is clear that some of them may be ineffective especially the free ones.
For some years, the only promising content copyright checker has been copyscape but today, it seems that new and very accurate, easy-to-use tools are being introduced in the market. Plagscan seems to be the next big thing in the world of plagiarism checking as it demonstrates the ability to produce exceptional and very precise content copying search on the internet.
According to the independent experts for products reviews- TopTenReviews, PlagScan has continued to top the list of the best plagiarism checking tools, receiving very impressive recommendations from users. This tool was found to be the most terrific professional online plagiarism detection service making it win the TopTenREVIEWS Gold Award. PlagScan has been described as highly functional copyright checking tool that has simple design, excellent features and easy user-interface.
This tool provides clear, concise, and accurate reports that you can rely on to publish your content on the internet. In addition, the tool offers flexible account options and this means that it bears in mind its different clients who have different plagiarism checking needs. When compared to other top ranking checkers like iThenticate and CheckForPlagiarism, it is clearly evident that PlagScan outperforms these tools to a large extend.
The pay-as-you-go account usage system ensures that you pay for what you use. This enables you monitor your credit points so that you can top up for the next content checking. In order to determine its accuracy, PlagScan provides free 25 credits that you can use to test your content before deciding on whether to use the plagiarism checker or not. For institutions, it can be very cost effective to use this tool when compared to individual users.
The price of checking content with PlagScan is determined by which account you have registered for. The documents transfer process is highly encrypted with a secured socket layer or SSL and this means that your content is protected and treated highly confidential. In February 2013, PlagScan presented its plagiarism checker in one of the Europe’s biggest hallmark events -The Education Trade Fair Didacta, which was held in Cologne. This clearly demonstrates how professional this tool is getting in the world of content creation and publication of written content.
How to Get A Good Deal from a Car Loan
Despite the fact that banks and other lending institutions seem to be coming back to engage the bad credit customer, there may be speculations that it will be an easy way out to obtain car loans. Certainly not! Banks do not want to make the mistake they did prior to the pre-credit crunch period.
Although things seem brighter for the borrower, it may not be as easy bridge to cross. With statistics showing that lending for customers with bad credit has increased, it may not automatically indicate that every other person with bad score rating will be approved of car loans. For the car buyers, they will need to take control of their credit score in order to get the best deals and interest in their car loans.
As one way to remain informed of the interest rates available in the market, car buyers with bad credit should examine the average rates offered in the market. There are different sites where such information may be obtained from including myFICO.com car loan chart. This chart provides reliable information on interest rates which are offered to consumers on different spectrums of FICO score.
The charts also show the payment amounts for different car loan terms such as 60, 48, and 30 months period based on the interest rates provide in each range of FICO score. It is particularly important for you to estimate where your FICO score falls and the rates offered. This gives you an insight on what you expect to get from the market. It is also important to keep watch of your credit score and analyse it to ensure it does not reflect errors.
It is not enough to rely on the credit score rating which you get for free from the major credit bureau. You can purchase your current credit score report from myFICO.com website or from the credit bureaus before you go to seek for car loan deals. Assumptions don’t always work when trying to strike deals for car loans. You need to really have confidence with your credit score. You may be surprised that you are able to get a car loan more easily than a person with a higher score than yours.
You should not assume that because your score does not meet the loan requirement, you cannot get a loan. The problem is that, even if you get a car loan, you will most probably pay more in interest rates. For buyers with lowest credit score falling below 550 points, they are likely to get higher rates on their loans.
Saving is a good option if you want to get a good deal on a car loan. With low score, you need to make a bigger down payment that will enable you lower the interest rates or term of repaying the loan. It is advisable to have at least 25 percent of the price of the vehicle before you go on the negotiation table to present your deal. If you are in bad credit, you may need to consider a used car that has covered fewer mileages.
Used cars are cheaper and this means that you may easily get a car loan that can enable you purchase the vehicle easily. However, the interest rates for used cars may be higher than those for new cars but you do not have to borrow heavily to buy a used vehicle like the case of a new car, and this is something important for a consumer ailing with bad credit score. Always have the car checked by a qualified mechanic to ensure that it is in good operating condition.
Although things seem brighter for the borrower, it may not be as easy bridge to cross. With statistics showing that lending for customers with bad credit has increased, it may not automatically indicate that every other person with bad score rating will be approved of car loans. For the car buyers, they will need to take control of their credit score in order to get the best deals and interest in their car loans.
As one way to remain informed of the interest rates available in the market, car buyers with bad credit should examine the average rates offered in the market. There are different sites where such information may be obtained from including myFICO.com car loan chart. This chart provides reliable information on interest rates which are offered to consumers on different spectrums of FICO score.
The charts also show the payment amounts for different car loan terms such as 60, 48, and 30 months period based on the interest rates provide in each range of FICO score. It is particularly important for you to estimate where your FICO score falls and the rates offered. This gives you an insight on what you expect to get from the market. It is also important to keep watch of your credit score and analyse it to ensure it does not reflect errors.
It is not enough to rely on the credit score rating which you get for free from the major credit bureau. You can purchase your current credit score report from myFICO.com website or from the credit bureaus before you go to seek for car loan deals. Assumptions don’t always work when trying to strike deals for car loans. You need to really have confidence with your credit score. You may be surprised that you are able to get a car loan more easily than a person with a higher score than yours.
You should not assume that because your score does not meet the loan requirement, you cannot get a loan. The problem is that, even if you get a car loan, you will most probably pay more in interest rates. For buyers with lowest credit score falling below 550 points, they are likely to get higher rates on their loans.
Saving is a good option if you want to get a good deal on a car loan. With low score, you need to make a bigger down payment that will enable you lower the interest rates or term of repaying the loan. It is advisable to have at least 25 percent of the price of the vehicle before you go on the negotiation table to present your deal. If you are in bad credit, you may need to consider a used car that has covered fewer mileages.
Used cars are cheaper and this means that you may easily get a car loan that can enable you purchase the vehicle easily. However, the interest rates for used cars may be higher than those for new cars but you do not have to borrow heavily to buy a used vehicle like the case of a new car, and this is something important for a consumer ailing with bad credit score. Always have the car checked by a qualified mechanic to ensure that it is in good operating condition.
A Bad Credit Will Not Just Affect Your Credit Rating ...But a Myriad of Life Aspects
If there is one thing that troubles consumers in their life is bad credit score. It seems like credit rating is a lifeline for many people because it determines how they live their day-to-day lives. Credit score determines the premium rates you pay for your insurance and the approval as well as interest rates on your personal loans. Before you lease an apartment, the landlords will scrutinize your credit score. Cell phone companies also checking your score rating to determine your reliability in payments.
Employment may be denied to you when you have bad credit rating. Essentially when your credit worthiness is bad as may be reflected by your FICO rating, it affects an array of aspects that determine the kind of life you lead. Your credit score can impact on other facets of your life. Considering that people are now rushing to secure credit cards owning to the increasing trend in offering reward perks to consumer, it is certain that consumers need to think again.
A bad credit that is below 550 points could signal a serious financial downfall. High interest rates on your credit cards and loans will be the order of the day if you do not manage your credit rating. Creditors and lenders consider bad credit applicants to have a high risk and they make you pay for this risk by attaching high interest rates to credit facilities they grant you.
A bad credit score could deny you employment because employers require you to have some good credit history especially in jobs pertaining to the upper management or the finance sector. High debt, outstanding bills or bankruptcy could deprive you a job in these high profile employment opportunities. Under the Fair Credit Reporting Act, it is within the jurisdiction for an employer to scrutinize your credit report and use the findings reasonably to award you or deprive you a job.
However, the employer should seek your permission to do that. If your credit score is bad, it may prompt the employer to closely question you and this could be a disadvantage in a highly competitive position. Credit rating is also affecting marriage relations meaning that if you contemplate having a permanent spousal relationship, you may need to examine each other’s credit score.
Personal money management as reflected by a credit rating may show how a person will manage finances when two parties decide to tie vows. Some divorce cases are resulting from inability to manage personal finances and provide for the family. If you cannot manage your finances when you are not in a relationship, it means that you may continue to face the same problem even after marrying.
According to Lisa J.B. Peterson of Lantern Financial, (a Boston financial planning group), you need to sit down and look at each other’s credit report as this is an important step if you plan to get married. One aspect that has been noted in credit score discussions before marriage is that people do not take these issues seriously before they tie their vows.
People wait too long before they discuss the personal credit score issues and probably this takes place after the marriage has been concealed. This is something that adds up to the stake of the marriage’s assets especially in divorce settlement and this is according to a New York City Matrimonial Lawyer Sheila Riesel. Bad credit rating has a long standing effect on other aspect like insurance premiums, security deposits on utilities, getting a cell phone contract, buying a car as well as starting your own business.
Employment may be denied to you when you have bad credit rating. Essentially when your credit worthiness is bad as may be reflected by your FICO rating, it affects an array of aspects that determine the kind of life you lead. Your credit score can impact on other facets of your life. Considering that people are now rushing to secure credit cards owning to the increasing trend in offering reward perks to consumer, it is certain that consumers need to think again.
A bad credit that is below 550 points could signal a serious financial downfall. High interest rates on your credit cards and loans will be the order of the day if you do not manage your credit rating. Creditors and lenders consider bad credit applicants to have a high risk and they make you pay for this risk by attaching high interest rates to credit facilities they grant you.
A bad credit score could deny you employment because employers require you to have some good credit history especially in jobs pertaining to the upper management or the finance sector. High debt, outstanding bills or bankruptcy could deprive you a job in these high profile employment opportunities. Under the Fair Credit Reporting Act, it is within the jurisdiction for an employer to scrutinize your credit report and use the findings reasonably to award you or deprive you a job.
However, the employer should seek your permission to do that. If your credit score is bad, it may prompt the employer to closely question you and this could be a disadvantage in a highly competitive position. Credit rating is also affecting marriage relations meaning that if you contemplate having a permanent spousal relationship, you may need to examine each other’s credit score.
Personal money management as reflected by a credit rating may show how a person will manage finances when two parties decide to tie vows. Some divorce cases are resulting from inability to manage personal finances and provide for the family. If you cannot manage your finances when you are not in a relationship, it means that you may continue to face the same problem even after marrying.
According to Lisa J.B. Peterson of Lantern Financial, (a Boston financial planning group), you need to sit down and look at each other’s credit report as this is an important step if you plan to get married. One aspect that has been noted in credit score discussions before marriage is that people do not take these issues seriously before they tie their vows.
People wait too long before they discuss the personal credit score issues and probably this takes place after the marriage has been concealed. This is something that adds up to the stake of the marriage’s assets especially in divorce settlement and this is according to a New York City Matrimonial Lawyer Sheila Riesel. Bad credit rating has a long standing effect on other aspect like insurance premiums, security deposits on utilities, getting a cell phone contract, buying a car as well as starting your own business.
Financial Institutions Make A Comeback in Lending Car Loans to Consumers Ailing with Bad Credit
If you are shopping for a new car and you are not in excellent credit rating, you may face a challenge in obtaining a car loan. It is not easy to save for your car considering the increase regular expenses you have to pay in your home expenses like food, electricity, insurance, and telephone bills. During the recession that hit many parts of world from 2007, the granting of loans was affected. Initially before the economic crunch, banks and financial lenders were willing to lend consumers money but when the crisis began, they became reluctant in lending.
Before the crisis, many borrowers had borrowed money and when they were faced with economic challenges many defaulted the payments of the loans. For car buyers who needed funding, they had to get through tough times as the average credit score was skewed to a level high of 776 as in early 2010. This meant that car buyers with credit rating lower than 776 were limited in obtaining car loans.
However in a credit analysis that was released by Experian Automotive in the recent times, it has shown than car buyers are now getting approval for credit facilities even with poor score. According to the analysis, as in the first quarter of 2012, the average score for car buyers to obtain vehicle loans had gone down to about 760. The director of automotive credit at Experian Automotive, Melinda Zabritski noted that a few years ago, it was very difficult for a car buyer to get a loan when in bad credit.
Melinda further said that a lot of lenders who offered subprime financing did not even have the funds to lend. Following the positive economic growths being realized after the deep credit crunch, things are not turning bright for the car buyers. Buyers with lower credit scores are today getting approved for car loans and the rates fell way below 659 points as at 2012.
Moreover, lenders seem to be offering more loans to car buyers with a notable increase of loans for car buyers with non-prime to deep prime scores i.e. 679 to 550 are below. In size, buyers are getting bigger loans for both new cars and old vehicles. The Experian automotive credit analysis also found out that lenders are now offering lower monthly payments than before for used card loans and new vehicle loans.
The low interests for new vehicles and used cars coupled with longer terms of payment make the repayment of car loans affordable. The increasing trend in lending has partly been fuelled by the increased confidence among lenders. Consumers are today paying back their loans as agreed and this has increased the lenders’ confidence.
And because car loan borrowers were paying back their credit as agreed, there was notable reduction in vehicle repossession. Melinda further said that when lenders have low losses, they are able to lend more and even at better rates and all these aspects benefit the consumers. For many years, car buyers have struggled to get vehicle loans but today it seems their cry has been heard by lender owing to the favourable lending conditions.
Before the crisis, many borrowers had borrowed money and when they were faced with economic challenges many defaulted the payments of the loans. For car buyers who needed funding, they had to get through tough times as the average credit score was skewed to a level high of 776 as in early 2010. This meant that car buyers with credit rating lower than 776 were limited in obtaining car loans.
However in a credit analysis that was released by Experian Automotive in the recent times, it has shown than car buyers are now getting approval for credit facilities even with poor score. According to the analysis, as in the first quarter of 2012, the average score for car buyers to obtain vehicle loans had gone down to about 760. The director of automotive credit at Experian Automotive, Melinda Zabritski noted that a few years ago, it was very difficult for a car buyer to get a loan when in bad credit.
Melinda further said that a lot of lenders who offered subprime financing did not even have the funds to lend. Following the positive economic growths being realized after the deep credit crunch, things are not turning bright for the car buyers. Buyers with lower credit scores are today getting approved for car loans and the rates fell way below 659 points as at 2012.
Moreover, lenders seem to be offering more loans to car buyers with a notable increase of loans for car buyers with non-prime to deep prime scores i.e. 679 to 550 are below. In size, buyers are getting bigger loans for both new cars and old vehicles. The Experian automotive credit analysis also found out that lenders are now offering lower monthly payments than before for used card loans and new vehicle loans.
The low interests for new vehicles and used cars coupled with longer terms of payment make the repayment of car loans affordable. The increasing trend in lending has partly been fuelled by the increased confidence among lenders. Consumers are today paying back their loans as agreed and this has increased the lenders’ confidence.
And because car loan borrowers were paying back their credit as agreed, there was notable reduction in vehicle repossession. Melinda further said that when lenders have low losses, they are able to lend more and even at better rates and all these aspects benefit the consumers. For many years, car buyers have struggled to get vehicle loans but today it seems their cry has been heard by lender owing to the favourable lending conditions.
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