It has been some months since the crash of Wall Street and the crisis in international credit markets shook the automobile industry is already unstable.
The bad news for consumers that, in spite of the Federal Office for banks and automobile manufacturers for the acquisition of the landscape has changed and May never return, that customers expect in the last five years.
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But if you have a new vehicle in this environment is what you expect:
1. End 100 percent of costs. The tenders for the financing of 100 percent is virtually disappeared. This is especially true for those who we pay, or what profession you are a “negative financing offers. They were in the automotive industry that the subprime mortgages were in the accommodation. Lenders are in the automotive market require a deposit of 10 percent to 15 percent of most customers, including those who are better than the average of the loan.
2. Restrictions on zero percent financing. Although the customers continue to fund ads on zero percent fewer customers will benefit from these loans. If your credit card is above average – more than 700 in most cases – do not be surprised if the dealer said that you do not, that the share of attractive financing offers and something instead of 7 percent to 10 percent.
3. Diving on the trade in values. Trading value decreased. Silver, dealers – and there are more people who are now just six months ago – are not interested to take risks, they can move to 4 years in exchange quickly. The result is that the buyer does not so much room for negotiation.
4. Reduction of inventories. Wait a few dealers have less than stocks for the buyer to choose before the crisis in international credit markets. Just as the donor, such as GMAC, the tight limits on lending to whom they speak, what is spokesman of financing – loans to dealers, which allows them to stock.
5. Dealers disappearance. The dealer that your car from May this year is not the case. Although there is always a reflux condenser and dealers from the company, we start to a great openness between the contraction of the dealer. Although May, a dealer will urgently want now is a good thing, less long-term traders, less competition, especially in small towns.
6. Creditcards stringent requirements. If your card is below 700, you pay higher interest rates May or not be able to obtain a loan. The expansion of funds to the buyer, to qualify for a new car a few months ago, again with cars that cost a lot of double-digit level of interest rates.
The good news for buyers is that it is still very good deals there, if you are good to buy – you have a good direction means a trade or pay a deposit in cash. Either You can get your best Auto Loans
