Junk Vehicles with Bad Loans

The subprime automobile market is a high-risk option for the buyers. These loans are designed to supply vehicles to those with poor credit and feature high interest rates and often the vehicles themselves are in average to fair mechanical condition. In an article by Chris Arnade titled ‘’people are buying cars they shouldn’t be’: subprime autos are the next crisis’, my Arnade provides foreshadowing into the market. “Many people are buying those cars with the help of Wall Street banks, which are lending money to people with bad credit again – just as they did prior to the financial crisis of 2007. In the last crisis, it was houses. Obligors who do not qualify for conventional vehicle financing as a result of a lack of or adverse credit history, low income levels and/or the inability to provide adequate down payments. These are loans that charge on average 17% a year, often exceed 20%, and sometimes are as high as 30%. Using the GPS technology on the devices, the lenders can also track the cars’ location and movements. By clicking a mouse or tapping a smartphone, lenders retain the control. Borrowers must stay current with payments, or lose access to their vehicle”.

At Barberton Junk Cars we buy junk cars, offering a junk car quote 7 days a week. If asking where to sell my car for cash or where to junk cars for cash, give us a call at (330) 732-5865 today. We buy junk cars, scrap cars and wrecked vehicles throughout Akron, Barberton, Norton, Copley, Cuyahoga Falls, Ellet and Firestone Park. For a free junk car quote visit https://www.barbertonjunkcars.com or give us a call to junk cars for cash. To sell my car for cash is a simple process, requiring only the vehicle title and an ID card. To junk cars for cash in the (330) area code simply contact us and you can sell my car for cash the same-day or following day and free towing is included when we buy junk cars.