Subprime motor finance

Apr 17 2010 The recession has had its fall out in the manner in which lenders are treating loan disbursals. They are not as liberal as they were and getting motor finance at good rates of interest has become almost impossible for people with credit scores that are not very healthy. Moreover, some of the lenders have increased the qualifying criteria for such loans and one of them is insisting on a higher credit score.
Earlier, companies would place advertisements about offering very attractive headline rates for people with good credit scores. Now that is also becoming a rarity and lending companies have really tightened their lending norms such that there is no market such as a subprime one for motor finance. This has had its impact on other loans such as mortgages, personal loans as well.
Your credit score now is the only thing that holds respect and value with lenders and they are not willing to consider anything else while extending loans. They are in close touch with credit rating agencies and consider their feedback only when sanctioning loans. So make sure that you do everything possible to boost it up and that means starting with the basic credit report from the credit rating agencies.

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