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How Banks Going Under Affect You as a Car Buyer

by Admin - Posted 1 year ago

It’s hard to turn on the news, radio or go online without hearing more negative news about the rising inflation rate or the latest bank to close because it overextended itself. After years of government funded COVID assistance pumping cash into the economy, many banks became overly comfortable approving loans for customers. But when a few banks went too far, lending out more money than they had in reserve in case their account holders needed their deposits back, the resulting collapses had a negative effect for those looking to borrow. But unless you’re a corporate executive, or even a small business owner, this shouldn’t affect you- right? The answer might surprise you.


What does this mean for me?


If you, like so many others, are on the hunt for a new car but without cash or credit available to purchase new, you will almost certainly be affected by the ongoing financial problems in our country. It isn’t to say that car loans no longer exist, but they have become much harder to get. This is especially true if you have less than perfect credit, or no history of credit.


At Cincinnati Auto Credit, we have noticed many customers coming in over the past few months complaining that they’ve been turned down by our competitors around Greater Cincinnati for vehicle loans. After running their credit, we know that only months ago, they would’ve been accepted by the same dealerships that now turn them away. And the worst part is, our competitors will often still save the credit checks until after the customer has spent most of the day car shopping and test driving. Who has time to waste a full day, only to be turned away empty handed?


Things might’ve changed for others, but not for us


Throughout the turmoil of the last 3 years, whether it’s empty car lots, closing businesses, or bank failures, Cincinnati Auto Credit has continued to provide the same great service, day after day. We’ve remained unaffected by the worst of times. We always work with your specific situation to figure out how much car you can afford and provide you with plenty of options to shop from.


No matter what your financial and credit situation is, we hope you’ll visit us on one of our lots today and give us a chance to give you a chance!