One of the most important things for consumers with bad credit to realize is that they are not alone. The economy has taken its toll on many Americans, but it has also caused a drop in credit scores. In fact, FICO recently reported that 25 percent of consumers’ credit scores are below 600, considered to be the low end of the spectrum in terms of lending.
The lack of available jobs is causing some to stretch their finances and eroding support for the economy. The most recent reports of consumer confidence found that levels are at their lowest since February, according to the Associated Press. The job outlook declined as well, with only 14.3 percent of those polled predicting more jobs in the months ahead, down from June’s figure of 16.2.
Yet even in these troubled times, consumers should know that they can be approved for car loans regardless of credit. While confidence may be slipping across the board, its still a great time to buy a vehicle.
In fact, thanks to advances in technology, it’s now possible to apply online and be connected with dealers’ offers in a matter of days.