More people are falling behind on car loan payments.   A report issued by TransUnion indicated that on average,  81 out of 1000 people were more than 60 days late on their loan payments between July and September, up sharply from 73 out of 1000 during the 2nd quarter of the year.

As more people fall behind on their payments, banks will be forced to charge higher fees.   This action is likely to put pressure on auto sales.   The bottom line is the future for both banks and autos is looking worse.

Many people are pointing to the rallying stock market as an indication a turn around is close for the banking and loan sectors.   The truth is,  there is such a rush to hedge against the coming implosion that the commodities and metals are running to record highs again and this is making the market look strong.

I see nothing but very painful times ahead for both banks and borrowers in 2010.

Incase you haven’t noticed, there are tons of auto loan news headlines coming in on Google and other networks from a website called http://www.pr-inside.com/

It seems like Google is allowing this to take place. Perhaps the offending site has a ton of relevant valid content posted from it each day. Whoever is posting the articles about Bad Credit Loans should be removed from their service immediately!

Remember with these loans folks, the easier they are to get the more expensive they are going to be in the long run. There is no instant lending solution for all credit levels that won’t eat you alive!

GMAC announced it will be selling $2.9 billion in fixed notes to help cover the massive $3.9 billion loss form last quarter.  The notes will be FDIC insured and will earn a measly 1.75% interest maturing in 3 years.

Seems like the tables have turned on the giant lender as it’s not forced to plead for loans itself.

5 super cheap used car loan rates lenders prepare for busy market place.   As the credit crunch eases and banks are hungry to lend, used car loan rates are near a 10 year low.   This comes in perfect time for many car buyers to sweet up some extra cheap used cars from the good folks who traded in their clunker for a new car,  and now realize they could only afford a clunker.

As the used car buying frenzy gets underway over the next few months there will likely be a lot of competition for auto loans, and rates will begin to rise.    Timing your buy will be important to achieve the lowest loan rate.

You can watch the weekly trends of used car loan rates on various online loan portals.