BBC space columnist Richard Hollingham recently reviewed a future ‘family car’ – a Dream Chaser built by the Sierra Nevada Corporation to replace the retired Space Shuttle. The designers of the future vehicle say that manoeuvring it may feel like driving a large SUV or minivan, in a cabin of similar size looking out the windows offering similar visibility. The only difference is – all the action will be happening in space…
Real Cars to Make Real Money
This may be the vehicle of the future, but current consumers are still struggling with finances. Having gone through bankruptcy in the past is tough and bad credit can affect current finances negatively. Trying to take out a loan can also be time-consuming and stressful, especially if you had to deal with refusals in the past. The good news is that if you own a car, there is definitely light at the end of the tunnel with the car loan industry booming.
Set Your Priorities Straight
Before taking out a logbook loan it’s best to do research to find the best prices from both private and public sector lenders. Going for a flexible lender, willing to loan to people with bad credit or bankruptcy histories, is your best bet. Once you take out a loan remember that if you are servicing multiple loans, prioritising car loans is the smartest money-saving move that all financial experts agree on.
All Things Automotive Are Booming
It’s interesting to know that in the USA, where lending for mortgages is still slow, the loans for buying new cars are soaring, which is good news for car owners. A crediting reporting firm, Experian, reports that the value of car loans outstanding at the end of the second quarter is $725 billion, which is 5.7% higher than last year. The trend is bound to continue, as car manufacturers are eager to push new models on buyers with attractive discounts and loan schemes.
U.S. Auto Loan Delinquencies at Record Low
Americans seem to have made car loans their first priority since the last bout of recession in the United States. According to Forbes, statistics show that the overwhelming majority of consumers are current on their car loans, even if they are late on mortgage and credit card payments.
More Sales with Attractive Finances
Car manufacturers are also taking note of the dynamic and plan to increase sales by promoting innovative finance schemes and loans for second hand vehicles. This is exemplified by a recent move of Toyota Finance, present in 34 countries and boasting assets of over $150 billion, into India with a goal to increase sales drastically by creating attractive financial schemes for car lovers.
It’s easy to predict that the financial side of car ownership will remain a decisive factor in future transactions between car dealers and owners.
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