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Fewer Delinquencies Boost Sub Prime Auto Loans For Dealers
A larger number of drivers are making their auto payments on time according to Equifax and TransUnion. This will have a significant impact on auto dealers looking to secure sub-prime auto financing for customers:
TransUnion says the number of drivers late on their car payments have dropped by 25% comparing data from the second quarter (0.33%) with the same time a year ago (0.44%).
This impacts dealers significantly as this will increase the number of customers to whom they can offer financing, which in turn will increase the number of vehicles they sell.
Global Lending Services works with dealers to offer sub-prime auto loan products for customers looking to buy a car with less-than-stellar credit, providing more revenue for dealers and a second-chance for consumers that need it.
Equifax and TransUnion believe more drivers are placing a higher value on making car payments compared with mortgages and credit card bills.
“Economic growth is beginning to take hold now that auto lenders are more willing to offer sub-prime loans to car shoppers,” said Gary Lorenz, CEO of Global Lending Services. “An increasing number of car dealers are working with our team to secure financing products that help generate dealer business growth.”
About Global Lending Services
Global Lending Services LLC provides automotive financing to automobile dealerships in the United States. Formed using leading technologies and analytics, the company strives to provide products and services to help customers with basic transportation needs while creating a dealer-friendly environment for its business partners. Founder Douglas Duncan has over 25 years of experience in the automotive finance and insurance industry, and CEO Gary Lorenz previously served as President of Wells Fargo Finance. For more information visit www.glsllc.com.