Bad Credit Car Loans For Hispanic BuyersPosted by Nick Niesen on October 29th, 2010 Bad credit car loans are easier to get than ever before, thanks to the growing subprime loan market. Almost half of all car loans today are bad credit loans, in that they are made to borrowers with FICO scores below 620. Bad Credit Buyers Beware This is one reason many experts recommend that car buyers use ?direct financing.? This means getting a car loan directly from the lender instead of through the dealer. Not only can they find more competitive rates on bad credit car loans, they can avoid the hassle of going through a dealer?s high-pressure finance office. The difference between the interest rate on new or used car loans does not vary that much because used vehicles don?t depreciate as quickly as newer models. This makes them better short-term collateral for lenders. The average used car costs less than half of what the average new car does. That?s why they outsell new cars three-to-one. However, choosing a new car gives the buyer more control over optional features, plus a warranty that lasts for years. Hispanic Car Buyers Hispanic buying power is growing at an annual compound rate of 8.2%, nearly twice the rate for non-Hispanics. It is projected to reach $1 trillion annually by 2010. A recent survey by The Media Audit reveals the following interesting facts when it comes to car buying: ? Of the 26.1 million Americans planning to buy a vehicle this year, 4.7 million are Hispanic. Of this number, 1.9 million are planning to buy a new car. Much of the shopping Hispanics do for cars and loans takes place online. A study conducted by eMarketer projects there will be over 16 million Hispanic Internet users in the U.S. by 2007. That equals 8.4% of all Internet users. Hispanics go online at home an average of 9.2 hours a week. Seventy percent say the Internet is the best source for comparing the prices on both cars and loans. Among the growing number of automotive sites aimed at the Hispanic market is http://www.prestamoautomotriz.com">Prestamo Automotriz. The entire site is in Spanish. It includes several helpful articles and an application for a free loan quote. While Prestamo Automotriz specializes in bad credit loans, all credit levels are welcome. Like it? Share it!More by this author |