Sunday, June 18, 2017

Think Long Term before you decide on your Auto Loan Term

Life is a journey! And, buying a car will make your journey easier. Nevertheless, before you buy a car, selecting the right loan term is important. If you choose a short-term auto loan, you will have to repay the loan over a short period. The term varies between one to three years. On the other hand, a long-term auto loan has additional time for repayment. The term varies between three to nine years. It is good to know the pros and cons of the auto loan term before you sign the contract. Take time for making comparisons and make the decision process a little easier. It is essential because you have think about the big picture.

Short-Term Auto Loan - Pay more for a Short Period

Pay up Faster and Make Way for your Dream Car
Buying a new car is a costly purchase. You need an auto loan to pay for the price of the car. Short-term auto loans usually have a lower annual percentage rate. Remember, the shorter term the better it is for you. Short term guarantees you lower interest rates and higher monthly payments than a longer loan term. It means you will pay up the auto loan with a low rate of interest. There are several benefits of opting for a shorter loan term such as:
  • You can enjoy low interest rates.
  • You can get out of the auto loan debt in a short period.
  • The biggest benefit is that it helps in freeing up your money quickly!
  • It feels expensive at first, but with low interest rates, it will not hurt your financial situation.
  • The car will have a higher re-sale value when you pay off the auto loan quickly.
  • It can aid in improving your credit score.
As a car buyer, remember that a short-term auto loan offers you multiple advantages only when you make large monthly payments. In addition, you will have to do everything to reduce the loan amount. It will ensure that the monthly payments do not become a burden for you. Consider, making a large down payment to the lender. Also, remember to plan your expenses because auto loan payments will take an important chunk of your income and you will not be able to save money for the next couple of months.

Long-Term Auto Loan lets you buy an Expensive car

If you are thinking of buying a luxurious car, a long-term auto loan will be a good option for you. It is possible to afford the car expenses because monthly payments are low. The lenders will offer you affordable monthly payments in return of high interest rates. It means you can even buy a car outside your price range. Many car buyers opt for a long-term auto loan because:
  • It offers low monthly payments.
  • A car buyer with low income can afford a car easily.
  • It is ideal if you want to buy a luxurious car.
  • Regular monthly payments can increase your credit score.
However, you must remember that long-term auto loan stretches the monthly payments for a long time. In addition, you will have to cough up high interest rates to enjoy a longer loan term. Another problem is that you can be an upside down situation for a larger part of the term. It is a very risky situation because if the car breaks down, you will find it very difficult to buy a new one.

When in Great Confusion, Read the Conclusion!

There is no perfect auto loan term. As everyone has different income levels and repayment capacity, there is no one perfect loan term. When the lender offers you an auto loan term, do not be in a hurry. Determine the monthly payment that suits your household budget. Consider your future expenses. Think of major expenses such as a wedding, college fees, buying a house, etc. Pick the auto loan term accordingly. Remember, life is too short for making monthly payments for a very long time. Therefore, it is important to think hard before you make the right decision.

Saturday, June 10, 2017

Fight Bad Credit Score to Drive your Dream Car

Your car represents your quality of life. But, when you have a bad credit score, you find it difficult to buy the car. You may have to settle down for a lower model of your dream car. But, do not feel sad. Don’t wait for the right time, fight your bad credit score now and earn your dream car.
Life is way too short for a bad credit score
Let your car dreams soar!
There are smaller things in life you never really care to enquire about. And why would you? There is so much going on in the world. Especially when you want to buy a car, you are so occupied with the selection of the car’s model; your eye gives credit score a miss. Don’t ignore your credit score because it might be the only reason you still don’t own the car. Start to improve your credit score today and earn your dream car!
It is not a perfect world in which you can easily buy your dream car with cash. You need an auto loan to buy a car. Your credit score will ascertain your chances of getting an auto loan. A bad credit score may pose as a challenge but do not worry. It is a temporary issue. Don’t put your car dreams at rest. Allow it to soar.

If Not Now, When?

Your credit score is important. And you may not notice how much a bad credit score can affect your dreams until it’s too late. Don’t wait for the time to teach you the importance of credit score.
The sooner you begin fixing your credit score, the better it will be for you. So get your plan together and get to work. It will take some time and effort but having a good credit score is now possible.

Check your Credit Reports

Check your credit reports with all the major credit bureaus. It will enable you to see any errors which might prevent the lender from giving you the best interest rates. If you spot any error, dispute it and have the item removed from your credit report.

Stick to your Budget

Work out the math. You know what you make and how much it costs to keep up with your regular bills and expenses. You also need to set aside money for making regular payments towards your auto loan. Making late payments can hurt your credit score. Reduce expenses so that you do not have any problems in managing the auto loan.

Use Credit to build Credit

The best way to build a good credit score is to apply for an auto loan and pay it back on time. Purchase your next vehicle with the help of a bad credit auto loan. There are special lenders who look at factors beyond your credit score in order to approve your auto loan request. Once you buy your car, you can make timely payments to boost your credit score.
Remember that your credit score needs time to improve. So, it is better to get started now. Let today be the day to fight your bad credit score. With time, your credit score will heal and you will be the owner of your dream car.
Fast Auto Loan Approval is the perfect auto financing company for buying your dream car. Allow us to help you improve your bad credit score and get ready for quick bad credit no money down auto loans. Apply Now for low rate auto loan!

Annual Cost of Car Ownership that Car Buyers often overlook

While planning to buy a car, you must have come across the terms: ‘Cost of buying a car’ and ‘annual cost of ownership of car’. Let's understand the difference between the two terms.
Cost of Buying a Car: Buying a car means you pay a sum of money for the retail price of the car in order to purchase it. It is also called the MSRP (Manufacturer’s Suggested Retail Price) that you have to pay to the dealer after negotiations.
Annual Cost of Ownership of Car: It means the amount that you need to pay for the car during a year. The cost of owning a car includes the cost of fuel, depreciation, service, maintenance, etc.
Let’s look at some of the aspects of the annual cost of ownership of car. According to a comprehensive AAA report, the annual cost of ownership of car is more than $8,500. Do you believe it is too big a number for keeping the car running? Well, here are different aspects that contribute to it:
Service and Maintenance: The service and maintenance cost of the car depends on the manufacturer and the warranty policy. The rest depends on how you use it. On an average, the yearly service and maintenance cost sums up to $914 including the cost of tires.
Fuel: Considering that the car travels an average distance of 12000 miles in a year, the fuel price may range up to $1682 for one year.
Insurance: The insurance payments are constant and you can calculate the cost for the same easily. On an average, the insurance amount is $1115 per year.
Depreciation: The depreciation rate of a car depends on the purchase price of the car, its current age and its life span. If you use a car to travel a distance of 15000 miles, with normal wear and tear, the depreciation amount will be $3655 per year.
Other Costs: Finance charges and fees related to license, registration and taxes cost around $1334 per year. Car buyers often ignore the registration fees and charges. But, in reality, such costs contribute heavily to the cost of ownership of car.
Additional Costs: Accessories that you install after the purchase of the car contribute to the expenditure. Also, parking tickets contribute to the overhead charges. The parking tickets may cost you a lot more than you can imagine. Plus, if you live in a metropolitan such as New York City, you will have to pay an additional charge for the parking space.

The annual cost of ownership of car shows you how much you need to save for a car. Buying a car is a big responsibility. Plan well and make judicious decisions so that the car doesn’t become a burden for you.

Be Safe while Applying for Auto Loans Online

When you want to buy a car, it is not just the car in question but you also have to consider the auto loan. Getting an auto loan is the first step towards buying a new car. But, you might end up with a high interest rate on your auto loan if you choose the conventional way of shopping. When you visit a dealership as a borrower, the dealer will compel you to sign up for the loan and you may compromise because of lack of alternatives.

The Internet: A Faithful Friend

The internet has revolutionized the way we shop. People prefer online shopping over conventional shopping. Convenience is the biggest perk of online shopping. It gives you an opportunity to shop 24/7. With the help of the internet, you can shop for an auto loan in your pajamas! You will be able to enjoy astonishing choices. Also, you will get benefits such as cheap deals and better prices from different lenders all in one place.

The Convenient Way of Shopping

With new advancements to make our lives convenient, the internet has come a long way. Internet security has become strong and the process to apply for an auto loan online is safer than ever. Yet, some people are still reluctant to use the internet to apply for an auto loan. Online application form is quick and easy to complete, but always be aware of the security features of the website. Understand the safety protocols of online security and you are good to go! If you are still in doubt, the following points will help you make the leap. Consider them and applying for an auto loan online will be easy for you!

Know the Privacy Guidelines

When you are choosing to apply for an auto loan online, be sure to verify that the financing company follows the latest security and privacy guidelines. You will find the guidelines on the company’s ‘Privacy’ or the ‘FAQ’ page. The company should keep your personal information private and not sell it to any other website. If the company assures you of secrecy, go ahead with the secure auto loan application form.

Page Security Protocol

Before you make your mind to apply for an auto loan online, review the website’s security protocols. Is the website safe for making an application? You should be able to enter your personal information on a ‘secure page’. A secure page has an additional layer of security which regular web pages do not offer. It encrypts your information before sending it to another website on the internet.
You will know you are entering information on a secure page when you see the clickable image of a lock in the address bar of the web browser. If you click on the lock icon, you will be able to learn everything about the security of the web page. Other hints include the “https://” prefix to the web address. Remember the two quick checks because they will allow you to verify the company’s claims about security and privacy.

Other Measures

1. Check the online reputation of the company’s website before are applying for an auto loan. Is the website FastAutoLoanApproval.com legitimate? Does it provide fast approval? Does it reply to the grievances on time? It is important to get straight answers.
2. Read the online reviews of the borrowers to know their auto loan experience with the company. Are they satisfied with the programs available with the company? Did it charge additional fees from the borrowers? Consider the experience of different people to get a better idea of the situation.
3. Keep all access codes, passwords and PIN codes secret. Writing the numbers and codes in a book is borrowing trouble. So try really hard to protect them from unwarranted access.
Applying for an auto loan online offers you better interest rates and quick approval. So, why not take advantage of it? Do yourself a favour and give plenty of time to shop for the best auto loan online. Browse through various auto loan programs which are available to you. Apply online with the help of the safety tips and buy your favourite car easily.

Thursday, June 8, 2017

Applying for Auto Loans? Technology comes to Rescue

Do you remember the time when you had bought your first car? Deciding a car was one difficult thing while getting loan at nominal interest rates seemed even more difficult.
So what has changed in the recent years? What has made us so lazy yet so smart? The answer is technology! Global access to internet and widespread sharing of information has helped us reach the present stage of virtual awareness. You may not physically touch a car but you can know about each and every bolt of the car. You can compare them easily with the help of technology.
In the same way, obtaining auto loans has become a piece of cake. Thanks to the rising use of technology, applying for online auto loan is possible without even moving a single inch from your seat.

How can Technology serve you in applying for an Auto Loan?

According to Interactive Advertising Bureau, 58% of the population regularly researches for a product on internet before buying it. It is a true example of digital awareness among the buyers. If you are applying for an auto loan, look how technology comes to your rescue and helps you save your hard-earned money in the process.

E-Documents

Scan your certificates and identifications along with your signature and save it to an e-vault. Uploading your personal information can help you save a lot of your effort, time and money. Whenever you need them, you can log in the system and retrieve them quickly. It makes applying for auto loans easier. Whenever you want to get auto loans, you need to submit your e-documents without having to refer to your original documents.

Comparison and Calculations

Previously, you had to understand each and every term of the auto loan contract and manually check the interest rates. However, things are different now. You need not waste hours calculating the monthly payments. The internet does it for you within a couple of seconds.
Also, the traditional rule of applying for an auto loan with the dealer is out of the window. The merit of borrowing auto loan over the internet is that you can borrow it from any lender you like. Also, comparing various offers has become easy because of technology.

Flexibility

Time is valuable. In the old days, you had to fix a meeting with the lender and visit his office. Also, you had to negotiate in order to get the best interest rates for your auto loan. While technology has made it possible for you to obtain a loan, it has also made you the owner of your time. There are no time boundaries for applying with the lender. Whether it is night or day, you can apply for an auto loan and get approved.
Technology has made the once 'unimaginable' a reality. Today, car buyers are conducting thorough research before making any kind of purchase. It is the reason behind many businesses opening an online store. Technology offers you great comfort and ample choice. So why not use it to save your valuable time, effort and money? Apply for an auto loan with the help of technology and buy your new car.
Fast Auto Loan Approval is the perfect bad credit auto financing partner for Americans. Its online financing process helps you to enjoy guaranteed auto loan approval. Make a swift car purchase and bring home the car of your dreams today.

How Credit Repair Services Help to Get Guaranteed Auto Loan Approval?

If you have ever purchased a car, you know quite well the importance of a good credit score. Primarily, a credit score assists a dealer is assessing your financial strength. It is a means of knowing if you will be able to repay the amount that you wish to borrow. However, not everyone has a stellar credit score. Over time, a bad credit score can cost you additional cash in terms of high interest rates on auto loans. Fortunately, it will not weigh you down throughout your life. One of the few options to ease your burden includes seeking help of a reputable credit repair company to fix your problem.

Credit Repair Services: Are they worth your Time and Money?

Getting in touch with a credit repair company may seem far-fetched to you. But, it can aid you in getting an auto loan. The following questions will clarify the process of hiring credit repair services.

1) What are Credit Repair Services?

Typically, credit repair services help you in fixing your credit score for a fee. A credit score can go bad due to numerous reasons. The services help you to identify and dispute inaccurate, unverifiable and false errors that are damaging your score. Some unidentified errors that credit repair services fix are repetition of items in the report, false information and absolute inaccuracies.

Once the company spots the errors in your credit report, it will communicate with the credit bureaus and rectify the mistakes. After the required correction, the new credit score will help you to obtain a cheaper auto loan.

2) How can Credit Repair Services help in Obtaining an Auto Loan?

Obtaining approval on an auto loan becomes easier due to credit repair services in the following ways:

  • Correct Credit Score:
A good credit score instills a sense of credit worthiness in the dealer. Individuals with higher credit scores are considered less risky as there is a greater probability of timely payments. Therefore, a credit repair service will not only help you in identifying false information on your credit reports but also assist you in getting guaranteed approval on your auto loan

  • Quick Error Discovery:
Credit repair services work with authorized national credit bureaus. So, it helps you in correcting errors within 30 days of submitting a dispute. The short time span of rectifying a credit score can help you to bring your score back to normal before applying for an auto loan. Thus, with the help of a professional, you do not need to wait for a long time to build a good credit score in order to obtain an auto loan.

  • Appropriate Interest Rates:
Damaged credit score brings higher interest rates that cost you more than you would normally pay. Improving your score can help you in presenting a better financial picture to your dealer. A rectified credit score will help you in bargaining for the best deal.

When you are in the process of fixing your credit score, be clear and concise in the process of submitting accurate documentation. While credit repair services can help you in fixing your credit score to a great extent, you cannot correct credit mistakes. However, rectification of any genuine errors will surely increase your credit score and help you in attaining an auto loan.

Wednesday, June 7, 2017

Debt-to-Income Ratio: Play it Safe to Get Guaranteed Approval on Auto Loans

You have one life, play it safe and you won’t regret!

What is Debt-to-Income Ratio?

Many people think that their good credit score will get them approval on the auto loan. But, while a person’s credit score is important, the lender also considers the debt-to-income ratio. If you don’t like playing it safe which means your monthly expenses or debt obligations exceed the amount you earn, the lender may not approve your auto loan application.

The debt-to-income ratio, also known as DTI, refers to how much debt you have in comparison to your income. It is an important number for lenders because it helps them to determine your ability to pay back debts. The simple fact is that a good DTI also has a huge impact on getting you guaranteed auto loan approval.
How to calculate DTI?

The DTI ratio is a percentage and it is comprised of the total minimum monthly debt divided by the gross monthly income. The total minimum monthly debt is made up of minimum monthly payments for auto loans, student loans, credit card debt, mortgages, and any other recurring debt that you might have.
For example, if you pay $1,500 a month for your mortgage, $100 every month for an auto loan and $400 per month for the rest of your debts, you pay a total of $2,000 per month toward debts. If your gross monthly income is $6,000, then the DTI ratio is 33%.
Rule of Thumb

The lower the DTI, the better it is for you. The higher the DTI, the more likely you are to struggle to make your monthly auto loan payments. You’ll want to lower the DTI ratio not only to qualify for the auto loan, but also to ensure that you’re able to make the monthly payments tension-free.
What if the DTI isn’t to your liking?
You’ve got two options, both of which are easier said than done. Your first option is to increase your income so you have more money to work with. Your second option is to reduce your debts to enable your existing income to go further. For the second option, focus on paying off your current debt and avoid taking on additional debts.
Types of DTI
There are two types of debt-to-income ratios that lenders look at:
§  Front-End DTI Ratio, which shows how much of your income goes toward expenses.

§  Back-End DTI Ratio, which shows how much of your income goes toward expenses as well as your monthly debt obligations.

So, which one matters the most?

Ideally, both the DTI ratios should be as low as possible. A lower DTI will complement your credit score and allow you to get a lower interest rate on auto loan.

Consider the fact: Lenders don’t know you. They can’t determine whether you will be able to repay the auto loan amount in future. Instead, they look at the DTI and know about your ability to make monthly auto loan payments. So, play it safe and avoid messing up your DTI. 

Tuesday, October 18, 2016

Low Interest Rates on Auto Loans: It Can Make Your Life Pleasurable

Every person borrows money on credit. A loan on your name marks your progress. It also shows your appetite towards a luxurious life. Thanks to the lenders, borrowing money for a new car isn't difficult at all.

Although, what bothers people are the interest rates that the lenders charge. The interest rates are inversely proportional to your credit rating. It means the higher your credit score; lower will be the interest rate on the auto loan.

What are the Benefits of obtaining Low Interest Rates on Auto Loans?

Let’s understand how low interest rates on auto loans can leave you tension-free and make your life pleasurable.

·         You can buy Expensive Cars

You can buy expensive and luxurious cars without any worry. The reason is simple.  As you get low interest rates, you need not take tension of a large down payment in order to minimize the loan amount.

So, you need not to worry about saving up too much money for the down payment. Just pay a nominal amount and obtain an auto loan for the remaining amount.

·         You won't end up paying more Money

Let’s take an example to understand the number game easily.

For a loan of $10,000, with an interest rate of 15% for 10 years, you pay a total amount of $19,360.19. It means you pay more than $9000 in the form of interest. If the interest rate reduces to 6%, the total amount will come down to $13,322.46.

It is simple to understand how the total payable amount differs with a simple change in the interest rates. Hence, become a credible and punctual credit borrower. In return, you will be able to enjoy low interest rates on your next loan.

·         Lenders will trust you

Every company values a genuine customer. If you make payments regularly, you will never face any difficulty in getting an auto loan. Lenders will stay in touch with you and provide you with special discounts as well as cash benefits for buying a car.

Your punctuality will earn you respect and trust of lenders. They will understand your situation and provide you with other benefits such as relaxed lending terms, higher LTV ratio, etc.

·         You can apply for Multiple Loans

The best thing about low interest rates is that you can apply for multiple auto loans without any tension. Whenever you feel like buying a new car for your family member, you will have no problem in getting approval from a lender. Also, you will be able to make the purchase at affordable rates.

Nobody likes to borrow less money and pay more in the form of interest amount. So your priority should be to lower the interest rates.  And, here’s how you can achieve your goal:

1) Always keep a check on your credit score – It is a crucial measure for lenders that enables them to judge your credibility.

2) Convey your sincerity - Be confident when you face the lenders.  Also, try to convey your sincerity by explaining your plan of making regular payments.

3) Never miss payments – Making payments on time is the key to become a good credit borrower.

4) Be on the move- Your credit behavior determines your growth. So, apply for multiple loans, make payments regularly and do not let your bank account sit idle.

5) Do you have a low FICO score? – You should start by applying for an auto loan of a smaller amount. Repay it on time, build your credibility and carefully nurture your credit score. Make payments regularly and improve your credit ratings. In return you'll be able to enjoy low interest rates on your next auto loan.

Considering the interest rates is a very important aspect of the car buying process. Remember that low interest rates on auto loans can make your life pleasurable. So, strive hard to convince the lender and ensure that you he provides you with a better deal.

When it comes to obtaining low rates on auto loans, choose the reputed auto financing company of Fast Auto Loan Approval. It has a record of providing easy auto loans to people with low-income. Apply now to enjoy buying a car without down payment.

Sunday, September 25, 2016

Why choose a Dealer for a Successful Car Buying Journey?

“It’s not about the destination; it’s about the journey”

Start a Successful Car Buying Journey

When you walk out of the house to buy the car of your dreams, it is better to plan out your journey. Discover the options from where you can make the purchase. You can either buy a used car from a private seller or a new car from a dealer. You can even choose the dealer for buying a certified pre-owned car to ensure its quality. 

How can a Dealer help you in finding a Car?

Dealer can help you in finding your Dream Car

A dealer can be a pillar of strength in your quest of buying a car. You can enjoy many benefits by choosing a dealer. Let us have a look at some of the benefits provided by him: 

>>When you opt for a licensed dealer, he will do all the legwork of obtaining the title for your car. 

>>He will provide you with a statutory warranty that you cannot obtain from a private seller. In addition, he will also assist you with extended warranties. 

>> He is considered as a one-stop shop for buying a car because he not only sells cars but also helps you with the auto loan and insurance part of the deal.

>>He is a car-expert. And, he can suggest you a model that suits your needs and budget. 

>>He even offers maintenance facilities to keep your car running smoothly long after you have taken the delivery. 

Precautionary Measures
 
“Beware of little expenses. A small leak will sink a great ship.”

The famous saying by Benjamin Franklin is true when you are buying a car from a dealer. Dealers employ experienced salespeople who have a bag of tricks designed to increase the profit. If you are not aware of the tricks, you will end up paying more for the purchase. Here are a few things that you should consider before visiting a dealer’s lot: 

1. Do not be a Clueless Car Shopper

A dealer loves having a clueless car shopper. When you are not aware of what the price of the car should be, you will be unable to negotiate it with the dealer. So, it is advisable to find the average price of the car that you want to buy and then visit the dealer. 

2. Be Wise, Cost-Wise

Take a careful look at the cost. A dealer boosts his profits by selling all sorts of accessories and add-ons. Such things increase the total cost of the car. So make a wise decision of avoiding them. And, if you are interested in buying add-ons, you can get the same things for a lesser price outside the dealer’s lot. 

3. Confirm the Car

Sometimes, he advertises a car with a great price, but when you show up at the lot, he informs you that it is out of stock. Then, he tries to sell you an expensive vehicle. In such a case, call the dealer prior to visiting and confirm the availability of the car that you wish to buy. 

4. Avoid the Errors

Errors in the paperwork are very common and the irony is that they are always beneficial to the dealer. So make sure that you review the paperwork thoroughly before you sign the dotted line. 

If you want to make your car buying journey successful, you have to be cautious while buying a car. It is necessary to research and obtain facts before making a decision. But, it doesn’t mean you have to be suspicious of everything that the dealer says. Remember that when he sells a car, he is putting his reputation on the line. So, the last thing he wants is an unhappy customer. 

Have you selected a car at the dealer’s lot? Now, you can get an auto loan without down payment and make car buying process affordable. Fast Auto Loan Approval provides auto financing for low income car buyers and ensures that a car becomes a reality for everyone.

Saturday, July 23, 2016

Have you chosen the Best Financing Options for Buying a Car?

Buying a new car is not an easy decision. It is an expensive thing to buy after a house. You can buy a car with cash or consider several financing options available in the market. When you are looking for a car, one of the smartest moves you can make is to compare financing options just as you compare car models.

What Financing Options are available in the Market?

‘You may be running out of options, but running away from making a decision isn’t an option.’
If your credit score is bad or your loan application is weak, do not think that you cannot buy a car. There are many financing options available with you. You can compare the following options and choose the best option for you:

1. Car Loan

Car Loans from Banks
A car loan offers flexible terms and it is easy to obtain. A bank or a financing company pays the full price of the car. And, then you have to pay off the lender or the financing company in the form of monthly payments. Usually, the loan is approved on the basis of your credit score and income.

2. Personal Loan

If you do not want to use car as collateral, personal loan can be the right choice for you. It is an economical way of financing a car. While obtaining a personal loan, the only condition is that you should have a good credit score. You can get the loan from a local bank or a credit union.

3. Leasing

Leasing a Car
If you opt for leasing, you do not own the car until you have made the final payment. Leasing enables you to use the car, while the financier retains actual ownership of the vehicle. People opt for it as it offers fixed monthly lease rentals and affordable interest rates.

4. Dealership Financing

Dealership Financing
The only thing to remember while obtaining dealership financing is that to do research. Check your credit score and ask for quotes from several dealers before making a decision.
Dealers love lazy car buyers who do not do their homework. Keep in mind that there is no point in bargaining a good price for the new car if you are going to opt for a poor financing deal.

5. Online Auto Financing Companies

Online Auto Financing Companies
It has become easy to get approval on a loan with the help of internet. Online auto financing companies offer a second chance to bad credit borrowers and help them buy a car. When you apply for loans with an online auto financing company, you get the advantage of quicker approval with fewer documents.

Loan Shopping is as important as Car Shopping

Loan shopping is a wise decision. Sometimes, it is the only way you can find a lender who will work with you. Keep in mind the following quick reminders because they will help you to have a better loan shopping experience:
  • You should have knowledge of the different financing options that are available in the market before you choose one. It is wise to contact several lenders to find the best loan at the best price.

  • Different lenders offer diverse terms. If you want to get better terms, then do your research.

  • For a better loan shopping experience, it is important to improve your credit score.

  • Pay attention to the amount of monthly payments and be sure if you can afford the same.

  • Don’t forget to look at the Annual Percentage Rate (APR) as it takes into account the interest rate and other loan charges.

  • Before you approach a dealer, decide the financing option that you would like to opt for buying a car.
Few people can afford to buy a car with cash. Luckily, a lot of financing options are available in the market. Do not say yes to the first financing option that you come across. Instead, compare different options and find the best one that suits your needs.

Friday, May 20, 2016

Applying for Post-Bankruptcy Auto Loans: Infuriating, But Not Impossible

If you are looking to buy a car for a strictly functional purpose and not as an investment, a used car is the right choice. Why?
Applying for Post-Bankruptcy Auto Loans: Infuriating, But Not Impossible
Filing for bankruptcy is the clearest declaration of financial trouble. It fills your schedule with a tedious court process and your credit rating takes a hit. It is an ugly mark which does not go away easily. Also, it means you will have trouble getting an auto loan.

Types of Bankruptcy

You can file for either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy entails that you have little or no money, and your capacity to pay back debts has been seriously hurt. A Chapter 13 bankruptcy encourages reorganization. The court comes up with a plan for you to comfortably pay back your debt based on your current income.

Stigma of Bankruptcy

A chapter 13 bankruptcy stays on your credit report for 7 years. But, if you have filed for chapter 7 bankruptcy, it will remain on your credit report for a decade. Lenders understand that bankruptcy will leave a stain on your credit score for a very long amount of time.
They understand that even though bankruptcy means rough conditions, it does not completely erase your ability to pay back an auto loan. In fact, if you successfully battle and come out of bankruptcy, it is seen as an example of your resolve and strength.

Practical Tips

1. Have Realistic Goals

Do not expect to qualify for huge auto loans right after completing bankruptcy. The most practical way is to select a car that is not unreasonably expensive. Get a co-signer, a parent or a spouse/partner preferably, and be confident while pitching the idea to them. Present the lenders with proof of the co-signer’s financial stability and good credit score.

2. Gainful Employment

Lenders find it extremely reassuring if you have a steady job at the time of loan application. Even if you have filed for bankruptcy, knowing that you make a firm amount of money regularly and that you are gainfully employed makes it more likely for them to trust you with the auto loan amount.

3. Spending Decisions

Take an honest look at the reasons you had to file bankruptcy in the first place. If you have an uncontrolled spending problem, try to consciously spend less money and use it only on necessities. Make a budget and stick to it for your own well-being.

4. Pay Attention to the Details

If your application shows a clear sense of financial responsibility on your part, lenders will have fewer issues with the auto loan and the interest rate. Lenders charge a high rate of interest on a post bankruptcy auto loan because it has a higher risk associated with it.
All this goes to say one thing: be careful while applying for a post-bankruptcy auto loan. Be honest with the lender, plan out in advance, put forth a strong case, and consider all the conditions before agreeing to take the loan. It is infuriating but it is not impossible.
With FastAutoLoanApproval.com, getting a post-bankruptcy auto loan becomes easy and affordable. Do not worry about your credit history. The company will find you low rate fast auto loans and ensure that you buy the car of your choice quickly. Apply now.

Thursday, May 19, 2016

Certified Dealer: Why is it the Go-To Option for buying a Used Car?

If you are looking to buy a car for a strictly functional purpose and not as an investment, a used car is the right choice. Why?
Certified Dealer: Why is it the Go-To Option for buying a Used Car?
One of the reasons why more people are buying used cars is the freedom from the worry of that first parking-lot dent or the fading sheen of its doors. You simply have to drive the car you bought and not worry about its depreciation like you would have to if it was a new car. You can buy used cars from two sources primarily:
1. Certified dealers
2. Private party

Private Deal isn’t always a Good One

A private party could be anyone from a family member to a colleague to a person you ran into on the street. It means anyone who wants to sell their car. You may think of choosing to go this way to save a few bucks because buying a used car from a private party is cheaper than buying it from a certified dealer.
But, buying from a private party does not guarantee a trouble-free experience. It involves too much risk because of the following reasons:
>> You may end up with a stolen car.
>> The warranty, if you’re given any, may not really be as assuring as offered by a certified dealer.
>> The odometer may not really show the exact number of miles the car has traveled.

Trust and Safety

The least you deserve when you pay with your money is good product and peace of mind regarding the purchase.
A certified dealer, apart from being a trustworthy option to buy your car, will often give you great deals on roadside assistance and maintenance. He will also provide you with an extension in the warranty. Safety is a priority with dealers. If the car you buy from them is in need of a new part, they will help you to replace it with only genuine parts.

Smart Buy

It does not mean that you need not be cautious while walking into a certified dealer’s lot. A dealer is running a business, so to cater to as many customers as possible; he may try to rush your decision. And, he may pressure you into buying a car that you do not really want to buy. You need to remember that the buying power rests with you. And, you should only buy a car that you like.
In going to a certified dealer, the biggest risk is getting a car you did not really want. You can avoid the risk by being aware of your options and having an estimate ready in your mind. If you know exactly how much money you want to spend on a car, the purchase becomes easy.

Research

You can always refer to NADA Guides and Kelley Blue Book in order to get the right price for a used car in your area along with other information for any model that you want to buy. Researching on your own before you walk into a dealership is never a bad idea.
If you go into the dealership already aware of the expected warranty and cost of the used car model you want to buy, you cannot make a wrong decision. Choose a certified dealer, work out the specifics, and you will have a car which will last a long time in your care.

A used car is a great choice for car buyers who are looking for an affordable auto purchase. You can opt for used car dealership financing and buy a reliable used car without down payment. Apply with FastAutoLoanApproval.com to enjoy incredible loan options such as bad credit no money down auto loans.