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Auto Loan Financing Problems

We are the area’s chief wrecked vehicle buyer, with an established track record throughout Barberton, Ravenna & Clinton, OH. The market pricing for junk cars in Ohio has declined recently with dips in the scrap steel market in Rootstown, Rolling Acres, and the Portage Lakes. Recently, the price for scrap cars has declined due to the demand within the metals markets in Norton, Brimfield, & Uniontown. What all is involved in the process of going to sell a car for scrap in Tallmadge or Peninsula.

A recent story by an NBC affiliate found here explains that 10% of the auto loans that exist within the “subprime” lending segment are delinquent by over 90 days. These auto loans are largely provided by financing companies that charge high interest rates, which are designed for those with substandard credit reports. The NY Fed says the rate of default among traditional auto loan products is roughly 4%. There are over 20 million individuals that have credit scores of less than 620, which total a volume of approximately $300 billion. In the last quarter lending to those with scores below 680 dropped over 8% while loans for those with scores above this threshold rose by 5.4%. Despite the lower unemployment numbers reported, it seems that many are still struggling to pay their bills.

As a business with best practices in place, we divert tons of materials from being tossed annually into landfills. Contact our wrecked vehicle buyer for a junk car quote is as easy as picking up the phone in Canal Fulton and Coventry Township. We buy junk cars in Ohio quickly and the towing is included in NTB locations, Chapel Hill, & Hudson. We do much more that provide a fast price for scrap cars, as junk car removal is included from Firestone Service Centers and Conrad’s locations. Sell a car for scrap today and get fast cash and a free tow in Granger Township and at Midas locations.