With the banks looking at 600 credit scores or more, and subprime lenders pulling back, good credit is more important than ever.
In Experian’s State Of The Automotive Finance Market, Melinda Zabritski
shares important information on the industry’s finance director. Lenders are looking for credit scores in the 700s for new, lease and new loan requirements, while preowned are looking for 600 to 680, Interest rates are up as high as nearly 13% and delinquency rates are rising. Getting drivers approved is becoming more and more difficult.
The importance of aligning your dealership with good credit repair programs make sense if the goal is to have a long-term relationship with your marketplace. Credit repair firms should not only help raise the score to minimum requirements but help your drivers maintain a better financial future. Programs on budgeting, Wills,
life insurance and planning for the future are public service programs that should come with a credit repair program. Being more than a quick fix, good repair programs provide methods to sustain a better credit score for when that driver comes back for the next vehicle. Download this Experian pdf for the full financial report, then join Richie Bello on facebook LIVE Monday, October 29th at 12:30pm Eastern and see his segment on how your dealership can benefit from helping drivers achieve better scores, better loan rates and better relationships with your dealership.