Subprime loans, such as adjustable rate mortgages and payday loans, have come under the scrutiny of lawmakers and financial watchdogs in recent years. Yet the auto title loan LinkedIn; Delicious; Reddit; Stumbleupon; Email story off car loan · Create a news alert for "auto". Consumer groups criticize auto title loans for exposing the borrower to triple-digit annual interest rates and balloon payments that come due within a month. Worse, your car is on the line.
Chris Fox, president of F&B Financial Group in St. Louis, says that borrowers must have credit scores of at least 620 or 640 to qualify for most conventional loans. Fox also says, though, that this is a bit of a misleading benefit.
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A high credit score can get you more than a favorable interest rate on a car loan or mortgage. It also can result in lower home insurance premiums. Insurance companies check credit reports to gauge whether a customer is
Private mortgage insurance fees vary, depending on the size of the down payment and your credit score, from around 0.3 percent to about 1.5 percent of the original loan amount per year. Some years Source: Bankrate.com, Radian mortgage insurance calculator. Most PMI policies require the borrower to pay monthly. Borrowers also have the option of paying for mortgage insurance with a large upfront payment. Share this story .. No one pays my car insurance or health insurance.
If you find yourself in this position, there are some government programs that can help you refinance to a new mortgage that makes more sense for you or walk away with minimal credit damage. The Second Lien Modification Program also works in tandem with HAMP for homeowners struggling to make mortgage payments due to a HAMP modification, equity loan, home equity line of credit (you can learn more about HELOCs here) or some other type of lien.
Other subprime auto lenders that issue asset-backed securities are wondering whether they're next after Santander Consumer USA followed GM Financial as the subject of a subpoena from the U.S. Department of Justice. that were especially active in mortgages -- along with a recent story in The New York Times has lenders speculating that the Justice Department could be trying to apply lessons learned from the subprime mortgage crisis to subprime auto loans.
Auto retailers and lenders are trying to debunk the notion that a bubble of rapid growth in subprime auto loans will lead to a wave of defaults, tanking the U.S. financial system the way subprime mortgage defaults did before the 2008-09 recession. Wall Street analysts have been asking the auto finance industry about the rise of subprime loans since last summer when The New York Times popularized the bubble idea. Or submit an online comment below. (Terms
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