All of the major Automakers are currently experiencing record sales and profits for the year, which is shaping up to be one of the best ones ever for the auto industry. However, those who took a hit in their credit scores during the Great Recession may mistakenly feel they cannot get in on the good deals out there, but Prescott Financial is able to work with people across the credit spectrum to help them get into a vehicle that fits their needs and budget.
Automakers have recently taken note that young people, called millennials, are currently buying new cars at a pace far below that of their parents. However, despite these daunting challenges, auto manufacturers are refusing give up on these millennial drivers, reasoning that if they can get them now, brand loyalty will reap future dividends.
One of the challenges automakers are facing is having a customer base that wants to purchase their product, but find themselves unable to obtain credit through traditional channels such as banks because like many people, their credit took a hit during the recent Great Recession.
Traditionally those providing auto loans fall into two distinct groups. Banks, credit unions and other institutions are there to provide loans to those with fairly good to excellent credit, while other companies are out there that will give loans to individuals who have bad credit for a variety of reasons. Often these types of loan agencies compensate for the bad credit by charging exorbitant interest rates because of the higher risks these loans can be.
However, until recently very few loan companies attempted to cater to both of these groups, but that is changing.
Prescott Financial, founded by Arthur Hawthorne, is there to help meet this need by offering auto loans for everyone, whether they have good or bad credit with a fast and easy process that makes getting approval swift and painless.
The company does this by setting up a website that is extremely user-friendly and easy to navigate, unlike other well-known websites. Prescott Financial also wants to ensure that an auto loan does not harm a person by putting them in a situation where they have a vehicle they cannot afford.
Those visiting the site have access to several tools to help them. Among these is a monthly payment calculator where a person can enter their credit score and the price of the vehicle after the down payment to see what they can expect to pay per month and budget accordingly. A person can enter their monthly income and some basic expenses along with their credit level to see the amount of the loan they qualify for. All of this can be done without having to complete a lengthy enrollment process or have a credit score pulled.
The calculators are also highly accurate, with the company having a 98 percent approval rate, while offering low interest rates compared to other loan agencies that exist for those with bad credit. Most drivers are able to obtain their approval within 24 to 72 hours after completing their application form.
With the average age of the 247 million cars and trucks on roads in America now a record high of 11.4 years old, the need to purchase a replacement vehicle is expected to increase in the coming years. Prescott Financial is able to help drivers who find themselves needing to upgrade their aging cars, even if their credit rating is not perfect.