With income stagnant and debt on the rise, more customers are finding themselves shut out of traditional loans. This has caused a rise in services available to customers whose credit may not be good enough for a regular bank loan. Bad credit auto loans are essentially regular auto loans with some adjustments based on the borrower’s credit. Unsurprisingly, the major adjustment between a good credit auto loan and a bad credit auto loan is the interest rate, as lenders are taking bigger risks with bad-credit customers. Technology has allowed companies reach millions of customers with bad credit.
CrediReady LLC and In Market Automotive LLC recently announced they have entered into a merger agreement under which CrediReady will acquire In Market Automotive. In Market Automotive is the holding company for EpicCarFinance.com, a web site that connects consumers with poor credit to auto loans. In Market attracts about 300,000 unique consumers each month, primarily car buyers in rural areas of the United States. The site claims to have a 99 percent approval rate for loans and offers instant “e-approval” to applicants. CrediReady, which was founded last year, is an online company that helps people monitor, protect and improve their credit scores.
“In Market Automotive’s platform offers consumers a quick and easy way to find be matched with Dealerships anxious to help them, even given their current credit situation,” said Nicholas Fiorentino, CrediReady CEO, in a statement. “InMarket Automotive provides great value by connecting consumers who would normally get rejected by a big bank with lenders and dealerships that finance them the next day. We are excited to provide these consumers with the multitude of additional services and helpful content provided to CrediReady.com customers. In Market Automotive’s visionary team has a combination of deep financing experience and a focus on technology.”