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Car Loans for Bad Credit Easier to Get

Posted on Dec 17, 2012 by Thalia Green
Dec 17

Bad credit car loansIf you have less than perfect credit and have been wanting to purchase a new or used car, this may be the ideal time to start shopping! According to an Experian Automotive report, the sales of new and used cars to customers getting subprime loans has increased.

Subprime loans to customers purchasing new cars increased during Q3. This puts these loans at 25% of loans for all new cars. Used car loans at subprime rates are on the rise, becoming over 54% of the loans made for used cars.

As the economy continues to change, consumers are becoming more willing to make large purchases. Lenders are willing to take on a little more risk by approving more subprime loans. The affect of all this is that the new and used car market is open to more consumers.

While the market is far off from where it was a few years ago, changes in lending trends are helping to get more people into new and used cars. The credit scores required for new and used car purchases are lower than this same time last year. There is also an increase in the amount of money approved for both new and used car loans.

Some of these increases are due to changes in spending habits. Late car loan payments and repossessions have both gone down. The goal of lenders is to move auto inventory and to do that they need customers. When there are reasons for lenders to be more positive about the market, they will extend the subprime loans to more people, generating more sales.

The availability of new and used cars to consumers with subprime credit is still influenced by the brand and model. For example, Lexus and Lincoln require a higher credit score to get you into a new car versus a Dodge or Chrysler product, which only require the lowest scores.

With a little research on brands and subprime lenders, this could be the time for you to show your consumer confidence by purchasing a new or used car.

Options for Bad Credit Auto Loans

Posted on Sep 27, 2012 by Thalia Green
Sep 27

If you have bad credit due to unemployment, illness or any other type of dramatic life change, you're probably thinking that you're out of luck when it comes to buying a used car. However, that is simply not the case. According to a recent report from Experian Automotive, more auto lenders are taking the plunge on offering loans to customers in the subprime risk tier, with those loans representing more than one in four new vehicle loans for the second quarter of 2012. Given these circumstances, now is perhaps the right time to look for an auto loan that not only fits your needs, but also your budget.



You Have Options


The last thing you should do is let a less-than-perfect credit history in the way of your chances of buying a solid vehicle. Keep in mind that while you might not be able to get the newest vehicle on the showroom floor for 0.9-percent APR, there are plenty of excellent options for you to utilize in order to get yourself behind the wheel of a decent vehicle.



    • Work with the Loan Specialist. Depending on who you talk to, the loan specialist may be able to work with you on a case-by-case basis, especially if you've been making efforts towards restoring your credit history.


    • Go With a Cosigner. Having your loan backed by a cosigner with an excellent credit history and stable income can increase your chances of obtaining a reasonable car loan.


    • Save Your Money. The more money you are able to put down as a down payment, the smaller your overall monthly payments become.


    • Buy Smart and Sensible. It may be easier to obtain a loan for an affordable compact or midsize sedan rather than something that is a bit more extravagant.

Finding Auto Loans for a Home Design or Staging Business

Posted on Sep 18, 2012 by Thalia Green
Sep 18

Designing a home or providing staging services as a growing company often requires the purchase of a van or similar vehicle to transport furniture, artwork and other design elements for the space. Before looking for an appropriate vehicle, finding financing solutions is a necessity for the continued growth of the company.

Obtain Credit Information

Business owners need a copy of the company credit report and a personal credit report before seeking an auto loan. According to, verifying the information in a credit report and disputing inaccurate data is important before seeking funds. If information is inaccurate, then it can lower the score and result in a denied loan.

Personal credit may or may not be necessary, depending on the auto loan and the amount of time since the company was established. Newer businesses will often need the owner’s credit information due to the limited information available on the company.

Read the Paperwork

Lenders are required to provide information relating to the loan. According to the Federal Trade Commission, the Truth in Lending Act requires full disclosure of details relating to the interest rate, terms, conditions and monthly charges on the loan.

Finding the right lender for the loan requires comparing the details. The contract will fully disclose all of the information and ensures the interest rate and payment plan is appropriate for the company budget.

Buying a van or truck to transport furniture and goods for a home staging or design company requires financing solutions. With a great credit rating and comparison shopping, it is possible to find an appropriate loan for the business.

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Choosing the Right Repayment Term for Your Auto Loan

Posted on Sep 07, 2012 by Thalia Green
Sep 07

When you go to apply for an auto loan, one of the questions your lender will ask is how long you want the repayment term to be. The repayment term affects two major factors: your monthly payment and your total interest cost. Before you visit the lender, learn the benefits of longer and shorter repayment terms.


Benefits of a Longer Repayment Term

  • Lower monthly payment because payments are stretched out over a longer time frame, which can help alleviate strain on your cash flow and live on a balanced budget
  • Making payments on the auto loan will provide you with more years of credit history, which can help you boost your score and get better rates on loans in the future


Benefits of a Shorter Repayment Term

  • Finish paying off the auto loan sooner, which makes that portion of your monthly income available for other purposes, like paying down debt or saving for a down payment
  • Pay less total money in interest because you are paying down the principal balance of your loan faster than you would be on a longer repayment term
  • Gain equity in your vehicle faster, which helps you avoid being underwater on your auto loan when you get your next vehicle


Choosing a repayment term isn't a decision you should jump into without understanding the implications of your choice. There are advantages to longer and shorter terms, so choose the length that works best for your needs.

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How to successfully get new car loans

Posted on Aug 13, 2012 by Thalia Green
Aug 13

Those interested in securing a new car loan require carrying out some research in order to get the best possible deal. It is common practice for all the dealers to claim to have the best rates of interest. However, discrepancies among the lenders exist, which makes it necessary to make comparisons before making the final decision on the specific lender to use.


It is important to point out that the auto loans that are advertized are not easily obtainable by the average kind of client. This is because; every detail must be perfect for one to meet the requirements. Some of the details considered include:
• The income to debt ratio
• Credit ratings
• Employment stability
• Residency
• Open kind of credit account
Further to this, in order to qualify for a new car loan, one has to purchase the specific model that the dealer has targeted. This is a limiting factor for most buyers who would like to have a wide choice. The reality is that it is hard to identify the best car loans by totally believing the dealer advertisements.


One’s credit union or bank can sometimes provide one with the best car loan quotation. Many lenders will allow you to apply for a car loan online with most of them responding in a very short time. It is important for one to make comparisons of different offers before making the ultimate decision. The internet is the best platform to get several quotations. There are several sites that can assist one in comparing rates.


Since not all of the lenders of new car loans are registered, one may have to visit a good number of websites and get further information on the organization and its operations. The procedure may sound tedious but it only takes a little time to view each site keenly. The best new car loan is the one that fits right in to one’s budget. 

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Buy Here Pay Here Car Loans

Posted on Jun 04, 2012 by Thalia Green
Jun 04

Being turned down for an auto loan due to having no established credit history, leaves one shaking his head. How in the world does anyone get that first loan if no lender is willing to take a chance? In many cases, a potential borrower with poor credit has a better chance at securing auto financing than the person with no credit. It doesn’t seem to make any sense. What is the key to unlocking the credit mystery and getting approved for a car loan? Buy here, pay here car loans seem to have been designed to provide a solution for the first-time car buyer.

Buy here, pay here car loans is just another way of saying “in-house financing”. It simply means that the auto dealer is also willing to finance the car loan eliminating a third party lender. Because the seller is absorbing the risk, he can take a chance on customers with bad credit history of none at all. The term “buy here pay here” was coined due to the terms of the loan. Traditionally, this type of financing required that weekly or bi-weekly payments be made in person to the dealer.

The interest rate will usually be higher than the low rates offered by third party lenders. Of course, that is quite irrelevant when third party lenders won’t extend credit to the first-time buyer anyway. The upside is the opportunity for the first-time borrower to purchase much needed transportation and build credit at the same time.

There is another advantage to shopping at car dealers who do their own financing. The cars they sell must be affordable, so they aren’t squeamish about giving satisfactory value for the trade-ins they have a ready market for. It is easy to start in a low value, inexpensive car and once a payment history is established that auto can be traded in on a better one. 

Car loan bad credit: how to get a good deal

Posted on Apr 25, 2012 by Thalia Green
Apr 25

Many assume that it is impossible to identify car loans for people with bad credit. However, times have changed with more online lenders providing auto loans for bad credit. Why most people are not able to identify bad credit card loans is because they do not know where to look. Below is vital information that can assist you know where to identify bad credit auto loans.


Where not to look:

Many people are not able to identify bad credit auto loans simply because of using wrong search strategies. Many people start the process by going through their phone book and calling few firms. This strategy is not effective because a large percentage of lenders are not available in the local phone books but rather can easily be found online. Traditional lenders are very rigid and may not even want to consider issuing loans to people who have poor credit history due to the high risk factor.


Also these kinds of lenders are usually very expensive when it comes to interest loan rates. Even after getting a quotation, it is usually still exorbitant and unaffordable to many individuals. Further to this, the quotation is usually saddled with complex terms and conditions.


People also tend to approach dealerships directly in a bid to secure a car loan. It is fruitless to approach a dealer if you have poor credit scores. This is because they simply do not consider giving a loan to anyone with bad credit.


Where to look for Car Loans :
Those with bad credit should concentrate their efforts in dealing with lenders who issue such loans. There are online lenders that specialize on issuing bad credit car loans. The beauty about using online lenders is that they are flexible, provide attractive discounts and take time to make sure that the applicants get the best manageable loan deals possible.


With this information in mind, simply use the search engine and begin the process of looking for bad credit car loans

Securing used car loans

Posted on Jan 24, 2012 by Thalia Green
Jan 24

Owning a car is very convenient. It symbolizes individualism, independence and freedom. The fact that one has the freedom to go anywhere he or she pleases is simply great. Yes, it is true that cars are vital for every person. However, most people do not have enough funds to buy used cars. Used cars are sold in plenty and they come in different models, shapes and sizes. These kinds of offers provide high affordability. Any person can qualify to buy a used car. First time car owners and students can purchase a used car through securing used car loans. Used cars come in handy with the current economic recession.


After the government’s money that aimed at ensuring that used cars are taken off the road kicked off in 2009, more cars became available in the market. This implies that this is a good time to purchase a used car.


One should not be very worried about the finance needed. This is because there are used car loans available today. Secondly, with the internet age, it becomes easy to make comparisons of the different offers available from various loan issuers.


The option to use local lenders to secure used car loans is also worth trying out. However, this can prove tedious as one has to visit different offices in order to get a quotation. It is worthwhile to make use of the web as one can get quotations right from the comfort of his or her home.


Identifying a used car loan is very simple with the use of internet. One does not have to be discouraged by the long approval procedures that are the common norm with the local lenders. The process is simple as it entails filling out an application form and waiting for approval. The whole procedure can take only two days to be completed.


Due to increased competition, lenders have become quite innovative. There are various options available for the used car loans. For some, one is not required to pay a down payment. 

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Subprime Car Loans - Two Warnings to Know Before Applying For Them

Posted on Dec 07, 2011 by Thalia Green
Dec 07

When standard auto loans are denied, subprime car loans are sought instead. Subprime creditors lend their money to those without at least a "Fair" rating for a credit score. It may seem like a generous second chance, but often this second chance comes at a steep price. Here are two reasons why someone with a bad or poor FICO score may want to reconsider getting a subprime car loan.


Massive Interest Rates

Every time a subprime lender allows subprime car loans, they take a risk of the borrower defaulting on the loan. To make up for this risk, the lender spikes the loan's interest rates. It will be quite a frustrating experience paying for deliberately elevated interest rates, especially after knowing what the normal interest rate should be. A person with a bad credit history probably won't have a choice in this matter; it's either take the subprime car loan or go without a vehicle.


A Lurking Repo Man

Vehicle repossession is another risk in accepting subprime car loans. Subprime lenders won't hesitate to get the vehicle pulled from the owner's possession. Just one late payment could mean the difference between driving and using public transportation. Some subprime car loan lenders have gotten especially furtive about how they go about repossessing vehicles. For example, they may provide a free GPS device in the purchased car. This implanted device can and will be used to hunt down the vehicle for a speedy repossession.


In October 16th, 2011, this practice got out of hand and ended with a Jacksonville car dealer facing a lawsuit by Florida's attorney general. Having a car repossessed will leave a long-lasting smear on a person's credit rating. Additionally, the harsh interest rates may make a loan seeker think twice about subprime car loans. Even with these potential problems, however, both borrower and lender know that having to deal with subprime car loans is still better than walking. If you're thinking of getting a subprime car loan, please proceed with caution.



5 Things to Know About Military Car Loans

Posted on Dec 06, 2011 by Thalia Green
Dec 06

As a military member, you may either be looking into purchasing your first car or upgrading your vehicle to something a little more attractive or eco-friendly. When looking for military car loans, though, there are a few things to keep in mind.


Check With Your Command
Before getting into any kind of auto loan, but particularly those specializing in military car loans, it is highly recommended to check with your chain of command. Many commands have lists of trusted lenders and those recommended to stay away from. If you stick to the recommended lenders on the list, you're more likely to get command support if something goes wrong.


Rank Does Matter
Your lender will take your rank into serious consideration when you apply for an auto loan. They will be able to tell how much money you make per month, and they will be better able to base your monthly payments on your pay. While this is helpful, you should do a full budget of your expenses - both bills and discretionary money - to understand what you can afford prior to going in to the dealer.


Check Your Interest Rate
Be sure that you are getting the best interest rate possible. Interest adds up exponentially and can turn a $10,000 car into a $40,000 car instantly. Read the wording of the loan paperwork to make sure that if you choose to, you can make extra payments toward the principal of the loan without any penalties.


Pay-Off Penalties
Just as you may incur fees for paying in advance, you may also incur fees when it comes to paying off your loan early. Be sure you read the loan paperwork thoroughly.


Military Discounts and Specials
Not many places will advertise, but they may offer special military car loans, so don't hesitate to ask if they provide any discounts or special arrangements.


Being in the military means you get to travel, and whether that's traveling the globe or to the grocery store, you'll need a reliable vehicle. Do your homework before getting a military car loan, and you'll be sure to get a good vehicle that you can afford. 

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