Carseek.com Reaches Out to Car Buyer’s with Dented Credit
April 17, 2008 (PRLEAP.COM) Business NewsMost consumers are frankly mystified by how their credit scores effect their new car prices. For that matter, most don’t even know their credit scores. Carseek.com, based out of San Jose, California works to help car buyers understand that both lenders and insurers regard a credit score as a reasonably accurate indicator of future behavior. Insurance companies relate credit scores to the probability of claims being filed while lenders use the rating as an indicator of potential defaults. Low credit ratings, therefore, translate to tougher loan terms and higher insurance premiums. As a site with a reputation for helping consumers pick the right car and get the most out of it, Carseek sees its financial functions as a logical extension of its overall role in the online automotive community.
“A lot of us got lucky and started out our driving lives with a car Dad paid for and insured,“ said Wes Mayder, CEO and President of Carseek.com. “Then along comes the reality of buying and insuring a vehicle solo. Most folks are so swept away by the process they just let the tide carry them along without learning about what’s going on and how they can get better loan and premium rates. It all goes back to one factor: the credit score.”
Credit scores are expressed in a numerical range from 350 to 850 reflecting the reliability of the consumers bill paying habits. The score is used by lenders to measure risk. High scores mean consumers are likely to be more trustworthy. “Consumers can find out their credit scores just by enrolling with one of the three credit bureaus — Equifax, Experian, and TransUnion,“ said Mayder. “It’s nothing to be scared about. Knowledge is power, especially when it comes to the pocketbook.”
Mayder concedes that the use of credit scores in auto loans is not always fair, with socio-economic factors like location playing into negotiations. “The companies will tell you they don’t discriminate based on race, ethnicity or disability — all of which are against the law, but there are still subtle ways to discriminate,” he said. “The good news is that you can work on your credit score and improve it and we can help you find lenders that are willing to help buyers whose credit scores are shaky. This is a game where team play works best and we’re ready to step up to the plate with you.”
The first step for consumers is to find out their current credit scores and even to apply for a loan whether they’re ready to make new Chevrolet purchase or whatever model they may want. “Find out what the numbers are,” said Mayder, “and then we know what we have to work with. Things like paying bills on time and resolving existing debt can make a big difference.” Additionally, buyers need to be aware that not all financing options are equal. Rates vary widely from dealerships, banks and credit unions.
“People are busy and overwhelmed in this age of information,” said Mayder. “By starting the financing process at Carseek, you’re guaranteed a helping hand along the way. And if the best help we can give you is to say, ‘work on your credit and come back in six months,’ we will. If you really need to buy a car now, we’ll help you find the best rates available regardless of your existing credit status. There’s always a way.”
The Finance section of Carseek.com is accessed on the site’s top menu bar. Vehicle reviews are posted according to manufacturer with daily news briefs appearing in the site’s right-hand column. Additional tools like “Insure” and “Car Quotes” can also be found on the top menu with access to the site’s comprehensive library under “Articles.” The editors invite your questions, comments, and ideas. Send email to: email@example.com.
Wes Mayder, CEO and President
3031 Tisch Way, 7th Floor
San Jose, CA 95128