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How to purchase a car using a used car loan

Posted on Nov 10, 2011 by Thalia Green
Nov 10

Many people would like to own a car but are faced with limited finances. Those with this undying passion have the option of getting a used car loan and consequently make their dream come true. It is worth mentioning that there are a myriad of lenders available online who provide quick used car loans for their clients. However, even with the various options available, one has to have the right strategy in place in order to get a good deal on the used car loan.

 

• Where to look

In order to get a low interest used car loan, it is important to know where to look . As mentioned earlier, there are several lenders who provide used car loans. Information on these lenders can be found online. By using the search engine, one can get a list of different lenders and then request for quotations. By comparing the different offers available, it becomes easier to make an informed decision.

 

• Credit history

Lenders are always keen on the applicant’s credit history. Those with good ratings are able to qualify for low interest used car loans. Before applying for a used car loan, it is advisable to get a copy of your credit report. In case there are any issues that need to be addressed, it is advisable to do so before applying for the loan.


 
• Bad credit loans

Those with poor credit scores should not despair. This is because; there are online lenders who specialize in issuing loans for people with bad credit. By using the search engine, one can identify different lenders and request for quotations. Making comparisons is advisable in a bid to secure the best deal possible.

 

The whole concept that surrounds used car loans is very easy. One can get a car very fast without having to pay for it immediately. Instead, one can select from various repayment options such as monthly or quarterly payments. 

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Information on car loans and credit score

Posted on Nov 10, 2011 by Thalia Green
Nov 10

Those looking at acquiring a new car may probably be concerned about their credit scores. This is because; one’s credit rating is an important factor that is considered during the loan approval process. With the current economic turbulence, it is only natural for many people to lag behind in paying some of their bills. Previously, a large percentage of the lenders would only approve car loans for those with very high credit scores of six hundred points and above. However, times have changed since the lenders are also dealing with business challenges such as increased competition and the adverse effects of the economic recession.

 

The interest rates on the car loans offered in the past were quite high. In this day and age, those who have a credit score of above four hundred and eighty usually get reasonable interest rates. There are several online lenders who are ready to approve car loans very promptly as long as the applicants meet the basic requirements. It is possible for one to get more than one offer from lenders who are ready to issue out these loans. However, do not be too quick to jump in to the first boat that comes along; take time to do some research. It is also worth mentioning that loan approval for people with bad credit is also possible today. Surprisingly, the approval process for such loans is also very fast.

 

Competition in the auto industry has compelled the players and stakeholders to work together in a bid to lower the average credit score needed for approval of a bad credit low interest loan. The lenders have reduced on the credit score expectations with the aim of making car loans accessible to more people.

 

It is very simple to identify a car loan lender online. This is because there are many sites that issue this service. However, one should ensure that he or she deals with a well renown company since there are those that are out to take advantage of innocent applicants. 

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How to Lower Your Auto Loan Interest Rate

Posted on Nov 06, 2011 by Thalia Green
Nov 06

If you think your auto loan interest rate is too high, there are many options for lowering the rate. Here are some ways that you can lower the rate, whether you have already agreed to the loan terms or just received a quote.

 

If you are shopping for car loans...
If you haven't signed for a loan agreement yet, your first step is to shop around and get a number of rates. Not all lenders will offer the same rate, so it definitely makes sense to shop around. Dealers, banks, and credit unions can all offer different rates on loans. If you need help shopping for loans, you can also use an online company like Autoloan.com, which already has a network of lenders established.

 

In addition to shopping around, also consider making a very large down payment. Sometimes doing this can lower the interest rate. If you need an auto loan with bad credit, consider getting a cosigner. Having someone with good credit willing to vouch for your loan can help bring the interest rate to a more reasonable level.

 

If you have already agreed to a loan...
Even if you have already signed the papers with a lender, there are things you can do to lower the interest rate in the future. If you stay current with your payments, you can later on negotiate a lower interest rate with your lender. However, even if your lender is unwilling to lower the rate, you still have the option of shopping around and switching to a different lender. You may find that another lender is willing to offer you a lower rate in an effort to win your business.

 

A lower interest rate can save you a large amount of money. Whether you are in the process of deciding on a lender or want to lower a rate for your current loan, it is definitely possible for you to get a lower rate. 

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Important Safety and Emergency Accessories

Posted on Nov 06, 2011 by Thalia Green
Nov 06

Whether you are driving across town or across the country, there are some items you should think about keeping in your car at all times. These can help keep you safe in the event of an emergency, and also help get you back on the road faster. When figuring out the cost of car ownership, make sure you allow a little room in your budget for these items, along with your car loan payment.

 

LED Safety Lights
In years past, drivers in distress had to rely on flares to alert passing cars to their presence. However, there is now a better solution. LED safety lights are rechargable and don't emit toxic fumes the way flares sometimes can.
Safety lights are avalilable individually, or in 3-packs or 6-packs.

 

Road Atlas or GPS
While some people can't imagine navigating without a GPS, there are others who don't like the idea of relying on technology to get them where they need to go. GPS directions can sometimes be incomplete or even incorrect, but in major metropolitan areas they are generally accurate. Whether you opt for old school or new school navigation, make sure that one of these items is in your car. If you enjoy travelling over back roads, you may want to also invest in some regional maps for where you are going, to make sure that the smaller roads are also included.

 

Flat Tire Change Kit
Even if you have AAA membership, you should educate yourself on how to change a tire. This can save you time so you don't have to wait for someone to arrive to change the tire for you. While most cars are equipped with a spare, you might find it beneficial to purchase a flat tire change kit as well. This handy kit can be used to remove a nail or other road debris, permanently patch the leak, and then quickly reinflate the tire. You'll be on the road again before the service truck arrives!

Travelling is fun, but make sure that you are prepared for the emergencies as well. You'll enjoy the ride knowing that your emergency items are stowed safely in your trunk. 

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Recovering from Bankruptcy

Posted on Oct 28, 2011 by Thalia Green
Oct 28

So you've filed for bankruptcy. Now what? While it may feel like you have been ostracized, the truth is many people have filed for bankruptcy and not only recovered but also thrived. Bankruptcy definitely creates a temporary setback but it's an obstacle that can be overcome. Here are some suggestions to help you on the road to recovery from a bankruptcy.

 

If necessary, seek counseling.
It's important that you get to the root of the problem. What was the reason that you went in to bankruptcy in the first place? Do you have a shopping addiction? Was there a financial hardship such as an illness? Whatever the reason is, it's important to address it so that you can overcome it. The type of counseling needed may vary depending on the problem. Whether its emotional or financial counseling, your adviser can help you get into a mental mindset that you CAN overcome the obstacle.

 

Establish a new line of credit.
To help rebuild your credit, you should look for options to open up a new line of credit following your bankruptcy. One is a secured credit card, which is backed by a money that you put into a savings account. The limit on the card is whatever amount is in the savings account. You'll make monthly payments on the card just like a regular card, but if you miss a payment for some reason the money will be pulled out of your savings account to pay for it. If you keep current with the payments, you can begin to rebuild credit. Another option is a bad credit auto loan. By using a company such as Autoloan.com, you can locate a lender who specializes in approving car loans after bankruptcy. Making on time payments for the auto loan can also help rebuild your credit.


 
Keep an eye on your credit report.
While you are working hard to rebuild your credit, make sure that there is nothing fishy on your credit report to hold you down. After 7 or 10 years (depending on the type of bankruptcy), the bankruptcy will be removed from your report. If it is not, you can contact the credit bureau and request that it be removed.

 

Remember that recovery from a bankruptcy takes awhile but it can definitely be done. Not only that, but you may emerge stronger and more financially savvy because of it. 

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Steps to Putting a Down Payment Together

Posted on Oct 28, 2011 by Thalia Green
Oct 28

In most cases, when you are applying for an auto loan with bad credit or an auto loan with no credit, you'll need to make a down payment. If you don't have the money in savings, it may seem like an insurmountable obstacle. However there are many ways that you can put the money together that you need to get your next car.

 

Sell some stuff.
You might be surprised at what people are willing to buy! The truth is just about anything can be sold, provided that you pick the right price, and the right audience. Clothes, knick-knacks, toys, kitchenware, outdoor gear, and many other items are great possibilities for making a little extra money. If you're crafty, you could also repurpose or update older items to make them more appealing for potential buyers. Get inspiration from one of the numerous crafting blogs on the web.

 

Cut unnecessary expenses.
There might be more "fat" in your budget than you realize! If you dine out at restaurants, frequent coffee shops, or go out to the movies, you have room to trim the budget. Think about ways that you could cut your expenses temporarily to help you grow your down payment next egg.

 

Take a second job.
It will mean sacrificing your free time temporarily, but you could also take a second job on the evenings or weekends. There are a number of ways you can make money from home. Google "work at home jobs blog" to find some options. It's important to note that you should never pay someone for the privilege of working for them. Anyone who says you need to pay to get work is not a legitimate offer, with the possible exception of the occasional background check fee.

 

Remember that you'll only need to sacrifice your time and resources temporarily, and that the end will justify the means. When you get discouraged, keep your end goal in site. Imagine how great you'll feel driving in your new or new-to-you car! 

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Tires for extreme conditions

Posted on Oct 28, 2011 by Thalia Green
Oct 28

Tires are not the most glamorous part of the car, but few would argue that they are one of the most important parts. You should not only invest in a reputable brand of tires, but also the right type of tires for the climate you will be driving in. Driving on the correct tires can help improve your miles per gallon. If you are still in the process of paying off your car loan, it's important to make your dollar stretch further, and having good tires is one way to do that. Here is a brief overview of some of the specialized categories of tires.

 

Heat Resistant Tires
In extreme hot temperatures, heat resistant tires can be especially helpful. Having heat resistant tires can decrease the likelihood of a blowout. If you live in Arizona, New Mexico, or Nevada, you should look for tires with the best heat resistance rating possible.

 

Winter Tires/Snow Tires
At the opposite end of the scale are states such as Minnesota, the Dakotas, and Montana, which are known for their cold winters and heavy snowfall. If you make your home in the northern states, investing in snow tires is definitely the way to go. Snow tires will offer more grip than average tires, which is especially helpful when attempting to get your car out of a snow drift, or if you are doing highway driving in incliment weather.

 

All Season Tires
If you don't drive in heavy snowfall and don't have to worry about extreme temperatures very often, then you might be able to save some money by purchasing all-season tires. Less expensive than specialty tires, all season tires will allow you to drive in a variety of climates.

 

Not sure which one to go with? Some car owners opt to purchase once set of regular tires and one set of winter tires, storing the second set during the months when they're not needed. Just be sure that you change your tires over in advance of bad weather. The last thing you want is to be stuck in heavy snow with all-season tires! Visit your local tire shop to learn more about the different types of tires and find out which one is right for you. 

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Fun Cars, Great Bargains

Posted on Oct 21, 2011 by Thalia Green
Oct 21

Best cars for bad creditJust because you have a tight budget does not mean that you have to settle for a car without style. If you are looking to get a car loan with bad credit or no credit, you will likely be required to make a substantial down payment. Fortunately there are many options available for affordable vehicles that turn heads. Here are some suggestions to help you in your search.

 

Sports Cars
Yes, you can get a head-turning sports car for under five grand! Consider the 1997 Ford Mustang. The Mustang has long been known as the quintessential muscle car. If you have a taste for sports cars, go with a 1996 model or newer, also known as a fourth-generation Mustang. Ford made several design changes to the fourth-generation, which made the car more aesthetically appealing than its third-generation predecessors. Mustangs made after 1996 feature the powerful 4.6 liter V8 engine. If you prefer a convertible, the fun 1997 Mazda Miata is definitely the way to go. You'll enjoy driving around in your two-seater Miata, and the ride will be that much sweeter knowing that your car loan payments are affordable.

 

For the Family
If you are needing something to get you to and from school, after-care, and soccer games, you might be pleasantly surprised to find out that there are many great minivans and SUV's available for less than $5000. The 2000 Honda Odyssey is definitely within your budget, and comes with the reliable construction that Honda is famous for. Honda was a pioneer in several now-common features, including sliding doors on both sides. For those who prefer an SUV, consider a 1995 Toyota 4Runner. While SUV's are notorious for being gas guzzlers, Toyota made the 4Runner smaller than its competitors and offered a more gas friendly 4-cylinder engine. Yet the roomy cabin will allow plenty of space for your kids and their sports gear.

 

When buying an older car, it's important to get it looked over before purchasing. Have a third-party mechanic take a look under to hood to spot any possible problems. This way you'll know for sure you are getting a great deal. 

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Military Advantage Program

Posted on Oct 21, 2011 by Thalia Green
Oct 21

Military car loansServing in the military can sometimes be tumultuous as you are told to move from one base to another. This can make making larger purchases like a car difficult. Fortunately the Military Advantage Program is available to help make the car buying process as smooth as possible.

 

What is the Military Advantage Program and who qualifies?
The Military Advantage Program is designed for active servicemen and women who are serving their country outside of the United States. If you choose to take advantage of this program, you would purchase the car remotely with the help of a representative. You can customize the vehicle just as if you were buying it in person, and then have it delivered to the location of your choice, either stateside or overseas. If you need a military car loan to purchase the vehicle, you can opt for financing through the lender of your choice. The Military Advantage program is available for cars in the Chrysler family of vehicles, as well as Ford and Lincoln.

 

What kind of guarantee do I have since I won't see the car until its delivered?
Rest assured that you have a Satisfaction Guarantee...if you are not happy with the car when it is delivered, you can receive a full refund. In addition, you will also have price protection, so even if the price goes up for some reason you will locked in at the lower price. Because they understand that your orders can change in an instant, the Military Advantage Program also permits you to change the delivery location or cancel the order outright if you wish. The program also guarantees delivery on the date specified.

 

Are there any perks?
Serving in the military requires sacrifice, but there are also benefits. The Military Advantage Program allows you to take advantage of special military-only discounts. You also get a Low-Price Guarantee, which will pay the difference if you find the same car elsewhere with the same promised delivery date.

 

To take advantage of this program visit www.ENCS.com. If you need financing for your new car, be sure to also visit Carloans.com, where we can match you up with the best military car loan for you. 

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Making a Road Trip You Can Afford

Posted on Oct 21, 2011 by Thalia Green
Oct 21

One of the wonderful things about getting a car is taking vacations with your friends and family. Here are some suggestions to keep your vacation affordable so that you don't fall behind on your car loan payment.

 

Meals and Snacks
Although fast food is convenient, it's not a good value in terms of quantity for your money. Most value meals are around $7, they don't fill you up, and are nutritionally low. By comparison, family owned diners and cafe's often have blue plate specials where you get a full sized entree and sides. For the same amount of money or a little bit more, you can get satisfying meal. As for snacks, consider purchasing them at grocery stores rather than convenience stores. Discount grocery stores like Aldi can offer even deeper savings. A full sized bag of chips can be bought for less than $2.

 

Lodging
Camping overnight can be free or very low cost. Staying with friends or family is also a good option, but if you are in a city where you know no one, consider using a website like Couchsurfing.org. This website matches up travelers with people who are willing to put them up for the night. It's free, and a great way to meet people all over the country.

 

Gas
While you can't do much about the price of gas, there are things you can do to minimize the amount you use. During the summer, consider traveling before or after the heat of the day so run the A/C as little as possible. Better yet, opt to take your trip during a cooler month. If you choose to travel at night, you'll also have the added benefit of avoiding traffic.

 

Entertainment
If you will be staying in a city for a week or longer, consider picking up a coupon book for that city. There are many 2-for-1 deals in these books, which can help you to stretch your dollar further. Also visit the websites of
attractions you want to see...you might find some internet specials to take advantage of.

 

While it's very easy to drop a few thousand on a vacation, you don't necessarily have to. With some preparation you can have a vacation that is both affordable and fun. 

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