The bad
credit auto loan industry is booming - and competition is stiff.
Not exact matches
There's a section of the
auto -
loan market — known in
industry parlance as deep subprime — where delinquency rates have ticked up to levels last seen in 2007, according to data compiled by
credit reporting bureau Equifax.
For $ 29.95 a month, you can get access to your TransUnion, Experian and Equifax FICO scores plus
industry - specific FICO scores for mortgages,
auto loans and
credit cards — up to 28 different FICO scores at once.
If you apply for an
auto loan or home mortgage, the lender is going to review your
credit history to see if you have had any similar
loans in the past and request an
industry - specific
credit score to determine the interest rate you qualify for.
Credit tracking company Experian claims that this statistic should alleviate recent concerns about the
auto loan market.Some experts have been predicting a bursting bubble for the automobile lending
industry, much like the one that -LSB-...]
As
credit scores for new
auto loans hit record highs, lenders have also tightened their standards and are lending less based on purchased vehicle values.This is good news for the
auto lending
industry because narrower
credit standards are «starting -LSB-...]
Consumer generated inquiries within the past 365 days from mortgage
loan or
auto finance related
industries are ignored for
credit scoring purposes for the 1st 30 calendar days.
Some car dealers and finance companies use another
credit score that's more specific to
auto loans, called a FICO Auto Industry Opt
auto loans, called a FICO
Auto Industry Opt
Auto Industry Option.
In the mortgage lending
industry, if you've fallen behind on your
credit cards or other
loans or your history shows a foreclosure, bankruptcy, or
auto repossession, it may be very hard to get a
loan.
Like every other
loan type,
auto loans have
credit requirements that are unique to that
industry.
FICO scores typically are the ones referred to for determining
credit eligibility in the banking and
credit card
industries, so these scores and slight variants of them are used to gauge eligibility for mortgages,
auto loans and consumer
credit.
Auto Title
Loans don't take your
credit rating into account as much as most other lenders in the
loan industry do.
Finlay said the combination of rebounding home values and competitive interest rates on
auto loans from banks and
credit unions have helped the
auto industry rebound nicely.
It might be an
industry - specific FICO score (e.g., for a
credit card or
auto loan).
It provides mortgages,
auto loans and one of the broadest selections of
credit cards in the
industry.
It is this little known
industry secret that generates all the offers for
credit lines,
auto loans, and mortgages after a bankruptcy.
QUALIFICATIONS: A proven leader with over 20 years in the Mortgage and Consumer Banking and Financial
Industry, with targeted emphasis in all areas of Risk Management, including but not limited to: * Multi-State and Federal Regulatory Compliance * Consumer
Loans / Banking -
Auto,
Credit Cards, and Personal * Operational Risk Management * Vendor Management - Assessment & Due Diligence * SOX Minimum Capital Requirements (Addres...