Colorado Springs Auto Loans
Save with Colorado Springs Auto Loans!
Interest rates on auto loans in Colorado Springs, Colorado are currently averaging 3.89%, which makes the purchase of a car a little easier to stomach if a person's old car has decided to fall apart. For used cars in the Colorado Springs and Pikes Peak region, the interest rate is only slightly higher… and still makes for a good investment to get around an area that spreads over 194 square miles. While the city has a modern public transit system, there is still a need for a person to get where he, or she, wants, when he, or she, wants, without being dependent on bus schedules and having to keep the price of a fare in his, or her, pocket. Though it's an expensive investment, it means freedom to the average to Colorado Springs driver especially when bad weather hits the city or holiday schedules make mass transit almost useless.
The average cost, nationwide, for new cars runs about $26,000 while those of certified pre-owned cars hovers around $12,000. This puts the upfront costs, for most people, out of reach without the help of auto loans. In Colorado Springs, Colorado, there is a large number of lending institutions that make available, financing to people from all economic backgrounds. In particular, the subprime lending market, that is auto loans to people with bad credit, is very strong since there is a large demographic that includes young people starting out in the credit world, and soldiers who may not have a very strong credit background also due to their youth and the fact that they are in the military.
With this many consumers in Colorado Springs who are a part of the bad credit auto loans group, it only follows that smart lending companies would start aiming their products directly at them. For these companies there is profit in marketing directly to that unique population that, while having bad credit, may have a strong income and carry little debt in comparison to that income. For people who have been labeled as having bad credit, many actually qualify as sound risks for financing and can get better than subprime interest rates on their auto loans. This can mean a savings on an auto loan of hundreds of dollars – even thousands!
There have been more than 15,000 new cars registered in the state of Colorado, so far, this year will require almost as many new auto loans to go along with them. This figure doesn't even include the used car sales statewide and the auto loans that were probably applied for on those. As the car market grows, so does the market for auto loans, and lenders in Colorado Springs, Colorado have a wide open field for new customers adding to the potential for profit, lower costs, and better rates for anyone looking to find the best deal possible.