Shopping for the best car loan rates is not a foreign concept to many educated Americans. Millions of college students apply for financial help every year, so most of these individuals are familiar with the borrowing process.
According to FinAid.org, the average student debt among graduating seniors in 2008 was $28,186 per person, which is a big chunk of change for most young adults. Unfortunately, many scholars cannot keep up with their interest payments during school, which affects their credit.
Regardless of their debt, many recent graduates need a vehicle in order to get to their jobs. By applying for bad credit car loan, these consumers can receive the money they need to buy a car.
Considering that many young Americans are cash-strapped right out of college, they may want to apply for a used car loan and search for an affordable model that has some years behind it.
According to the Chicago Tribune, U.S. automakers may soon begin offering discounts of up to $1,000 to recent graduates.
"Manufacturers want to bring in new consumers, even if inventories are light for now," Alex Gutierrez, manager of Kelley Blue Book, told the media outlet.