My Own Way

The auto industry in the United States has shown impressive growth in 2024, with sales rising steadily. According to recent data, in April 2024, US sales experienced growth, increasing by 1.2% month over month to reach 15.7 million units annually. Also, the average daily selling rate was 0.6% higher than the previous year. Although Americans are slowly returning to the car market, the elevated financial costs present a significant obstacle for many potential buyers. High interest rates, persistent inflation pressures, and unemployment issues make it difficult for buyers to afford auto loans. Buyers with bad credit are particularly affected by economic issues, as they often have limited options and face higher borrowing costs than those with better credit scores. But, with determination and careful planning, individuals with bad credit can successfully navigate car buying. The Impact of Your Credit Score Before delving into specific strategies, it's crucial to understand the signif...

Although 2023 was riddled with strikes, low demand for EV cars, increasing material costs, and an impending atmosphere of recession, the turning of the calendar has brought respite for the auto industry. 2024 is promising better growth numbers than last year. America sold 3.12 million cars in 2023. And, dealers expect an even better number this year thanks to rising vehicular demand. Post the 2020 pandemic, the auto industry suffered major blows in the form of rising labor & material costs and lower consumer demand. However, the situation is improving. According to the Automotive Industry Portal, Markline, U.S. auto sales witnessed approximately 5% increase in March. A total of 1,455,030 units of vehicles were sold in March. It is a 15.5% rise from February 2024. If you look at the numbers from a year ago, there is an increase of 5.1%. What’s New with the U.S. Auto Lending Industry? There was a time before credit bureaus when the auto lending industry depended on the lenders’ expe...