Subprime loans are given in finance to those who do not have enough resources to make periodic payments. Relating to auto finance, there is no particular point at which a car loan is thought subprime, and likewise, there are companies that specialise in car financing “subprime”, but there are also possibilities offered by mainstream lenders.
Many factors can allow a finance company to classify a borrower as subprime. A bad credit history, considerable debts, bankruptcy, and a number of other factors may all result in a negative credit rating. These factors or a combination thereof can be used by the lender to reject credits for automobiles, allowing buyers to be directed toward subprime lenders.
Subprime Car Finance Lenders
Dominion Finance specialises in automobile financing for dealers in the United Kingdom. Give us a call or visit our contact us page to find out more.