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Just because you have bad credit don’t feel like you can’t get the car you’ve got your eye on. The market may be on your side as auto loans with bad credit become more and more common with major lenders.

Lenders these days are being forced to cast a wider net around potential auto loan applicants – meaning a granting loans to a wider credit spectrum in order to sustain growth.

The reason?

The pool of “prime” borrowers – those with 700 plus credit scores – is growing less and less. According to Standard and Poor’s, the number of subprime auto loans closed in 2005-2006 was up 108% and continued throughout 2007 and will probably continue into 2008 and beyond.

American automakers are facing big problems as the big 3 ( Ford, GM, Chrysler) captured only 49% of the US market share so far in 2008 with all indicators predicting even more loss to foreign auto makers.

What does this mean to you?

No dealers will turn down auto loans for bad credit reasons if it means losing market share. Of course there are some circumstances where you probably won’t qualify ( not employed or have had a recent repossession) – but low FICO scores shouldn’t be a problem.

There are many viable auto loans with bad credit candidates in mind, designed specifically to take on riskier borrowers. It’s proven that this spectrum of credit candidates makes up a large portion of many major lenders annual growth. Lenders are willing to compete for auto loans with bad credit candidates

So don’t let bad credit stop you from getting a decent vehicle – see the link below for a good selection of bad credit car finance providers.