If you are about to take out a subprime auto loan in San Diego, you should think long and hard about that decision. Yahoo Finance has published an excellent new article about the dangers of subprime auto loans, be they in San Diego or anywhere else in the country.
When taking out a subprime auto loan in San Diego, you could be committing yourself to a costly loan that will take much longer than usual to pay back, preventing you from purchasing another car for many years. Some San Diego subprime auto loans now stretch for 7 or even 8 years—double the typical term of an auto loan 20 years ago. And San Diego subprime borrowers have both the longest loans and the highest interest rates.
According to the credit experts at Experian, the average loan for a subprime borrower—with a credit score between 501 and 600 — comes with a 10.4% interest rate and lasts for 72 months. The average loan for a prime borrower, with a credit score between 661 and 780, comes with a mere 3.6% rate and lasts for 69 months. Super prime borrowers, with a credit score up to 850, pay an average of 2.7% for loans with a typical duration of 62 months.
One funding option that can decrease the risk of taking out a San Diego subprime auto loan is selling an unnecessary portable luxury asset, such as gold jewelry, an old diamond ring, or vintage timepiece. Many San Diego residents have jewelry boxes that include items which are no longer (or rarely) ever worn anymore. These items can be sold to reduce the amount of the San Diego subprime auto loan that you are considering. And in some cases the entire purchase price of a car can be obtained when selling your valuable antique jewelry, designer estate jewelry, or a large carat diamond engagement ring.
To learn how you can leverage your fine jewelry or expensive watch to reduce the amount of your San Diego subprime auto loan, visit Diamond Estate Jewelry Buyers in La Jolla, CA. They offer free consultations and appraisals of your fine jewelry, gemstones, and fine timepieces.