Fast Auto Loan Approval can help you in bringing Home your Dream Car this New Year

The year is ending! Why not end your car loan woes with it? Apply with Fast Auto Loan Approval to welcome your dream car at lower rates and comfortable loan terms.

The online auto financing company is a leader of the sub-prime financing market. Don’t worry if you have bad credit history or past bankruptcy. Fast Auto Loan Approval will help you in obtaining low rates, easy approval and a better deal.

To obtain the multiple benefits offered by the company, simply submit your contact details and information about your financial background. The company will understand your car loan needs and provide you with best loan quotes. Apply now.

The 20/4/20 Rule of Car Loan Shopping

Car - The Only Eternal Love!

When it comes to cars, every American feels the same emotion of love. But, your emotion should not rule you during the car buying process. If you don’t consider your financial capacity, you may end up ruining your life. So, before starting your car loan shopping, use the 20/4/20 rule and determine how much monthly payment you can afford.

What is the 20/4/20 rule?   

The rule consists of three elements that are essential for every car loan program. The elements are listed as follows:

1st Element) 20 - Down payment should be at least 20% of the total loan cost

2nd Element) 4  - Loan term should be four years or less

3rd Element) 20 – Total Monthly car expenses (loan payment, fuel, maintenance, insurance, etc.) should be 20% or less of gross monthly income

Here’s an example to make things clear. We will assume the following things:

a) Down Payment Amount = $ 4000

b) Gross monthly income = $ 3000

c) Monthly car expenses (excluding loan payments) =$150

d) Interest Rate = 4%

The 1st element (20% down payment) tells how much you can afford to spend on a car. As you can manage down payment of $ 4000, you can afford a car of $20,000 ($4000/20%).

The 2nd element just tells you that the loan term should not be more than four years.

The 3rd element informs that your monthly car expenses should not be more than 20% of your gross monthly income. Your gross monthly income is $3000, so 20% is $600 ($3000/20%).  You will have $450 in hand after deducting the monthly car expenses of $150 (excluding loan payments). $450 is the amount that you can afford to spend every month on car loan payments.

Using auto loan rate as 4% and loan term of 48 months (or 4 years), the maximum loan amount that you can manage is $19,930.

Hence, the most that you can afford to spend on a car is $23,930 ($19,930 + $4000 of down payment).

What are the Benefits of the 20/4/20 Rule?

The benefits of the rule are as follows:

>> It will help you calculate total down payment amount beforehand giving you enough time to make arrangements for additional down payment if required.

>> It will manifest the gross monthly income and provide a clear picture of your financial condition.

>> Finally, it will show whether you can afford a loan program.

Now that you know the benefits of the rule, apply it whenever you need a car loan.  It will help you in making an affordable choice.

Fast Auto Loan Approval will help you in obtaining low rate car loan. The company provides quick bad credit auto loan quotes without any application fee. You have full freedom of choosing the loan quotes because the company follows a non-obligation clause. Apply now and obtain the loan of your choice.

Use the Rule of 3-C to obtain “Good Car Loan”

America's love-affair with the car started in 1893 when Duryea brothers built the first gas-engine vehicle. Since then, the car has been one of the fundamental needs of Americans. Sadly, with every passing day, it is becoming increasingly difficult for Americans to buy cars. And, the reason for this problem is the high cost of cars. Today, cars are more expensive than what they used to be a couple of years ago. So, people don't have any other option but, to apply for car loans.

If you are desperately looking for a car loan, don't accept unaffordable rates and obnoxious terms offered by local banks, credit unions and dealers. Instead, search for "good car loan."

What is "Good Car Loan"?

It is a loan that provides comfort to borrowers and helps in making regular payments. The features of the loan program are as follows:

>> Less Lender Scrutiny

>> Less Documentation Process

>> Quick Loan Approval

>> Low Annual Percentage Rate

>> Customized Payment Schedule

>> Low Payment Amount

>> Quick Fund Disbursement

Who can obtain "Good Car Loan"?

Traditionally, the loan program was reserved for people with excellent credit score. But, today's online auto financing companies have no problem in providing it to bad credit borrowers as well.

How to get "Good Car Loan"?

To obtain the loan program, you must follow the rule of 3-C.

The rule of 3-C includes the following things:

1. Cash

Many car buyers choose to avoid down payment but, it is necessary to obtain "good car loan." If you can make down payment of at least 10% of the total loan amount, it will put you in a favorable light.

2. Current Income

It is okay if you were troubled by credit card debt or made a few late payments in the past. Lenders are interested in your current income and not your past credit history. If you have a regular source of income and can manage the loan payment effortlessly, lenders will have no problem in approving you for the loan program.

3. Co-Signer

Co-signer ensures regular payments to the lender and easy loan approval to credit borrowers. So, if you can manage to find a co-signer, you will be able to obtain the loan program without any trouble. But, remember that not everyone is eligible to become a co-signer. A person can become a co-signer if he fulfills the following criteria:

>> Good/Excellent Credit Score

>> Regular Source of Income

>> Debt-to-Income Ratio lower than 40%

The rule of 3-C is very simple yet highly successful in helping you obtain the loan of your choice. So, remember it whenever you need "Good Car Loan."

Fast Auto Loan Approval will help you in obtaining the “Good Car Loan” program. The company will also provide you with a wide number of financing options like bad credit easy approval auto loans and auto financing without down payment at affordable rates. Apply now and buy your dream car.

The “Lender Problem” - Meaning, Reason and Ways of overcoming it

Mr. Smith was in a hurry to reach his office, but his car would not start. He checked the engine and concluded that there was no mechanical problem with the car. Suddenly, he realized that it was the "Lender Problem."

What is the "Lender Problem"?

A car is suffering from the "Lender Problem" if the lender has disabled it because of the following reasons:

>> Car driver was falling behind on payments

>> The car was leaving the pre-approved driving area

How do Lenders disable a Car?

Lenders use a GPS-based device called ignition kill switch to stop a car from running. The device is a simple starter-interrupt switch that allows the lender to immobilize a car from a distance. He can simply use a computer or a smartphone to stop the car.

How are Car Drivers reacting to the Device?

Lenders have installed the device in approximately two million vehicles. The ignition kill switch has left car drivers outraged because it raises serious privacy questions. Following are the few problems caused to car drivers because of the ignition kill switch:

>> One Texan woman's car was disabled by the lender when she left the pre-approved driving area. She was not going on a trip or a vacation but leaving to seek protection at a shelter for battered (assaulted) women.

>> Bolender family of Las Vegas faced the same problem when they had to take their daughter to the hospital. The car would not start because the lender had disabled it.

Why are Lenders installing the Device in Cars?

Lenders give the following reasons for installing the device:

>> It provides security

>> It makes repossession easy

>> It reduces the risk and enables lenders to provide loans to people with very bad credit score

>> Many investors demand it from lenders as it increases the safety of their investment

Even though car drivers are feeling insecure with the installation of ignition kill switches in their cars, lenders claim that they don't disable the car without prior warning. If a car driver doesn't make payments after repeated warnings, only then the lenders make use of the device.

What if the Lender wants to install the Device in your Car?

If you have a sub-prime credit score, your lender may insist on installing an ignition kill switch in your car. But, before you agree to the installation, check whether the use of the device is legal in your state. For example, Wisconsin has banned its use. You must also apply with other lenders to check whether you can avail an auto loan without installing any device in your car.

If you have no other option but to agree to the installation, you must discuss the following things with the lender:

>> In what circumstances will he disable your car?

>> How many warnings will be given before disabling your car?

>> Will you be permitted to take your car out of the pre-approved driving area during emergency?

How to overcome the "Lender Problem" successfully?

Even if the lender installs the ignition kill switch in your car, you can avoid the "Lender Problem" by staying on top of payments. You can make regular payments by undertaking the following pre-loan application tasks:

>> Calculate car budget and ascertain a monthly payment amount

>> Make down payment to make your payments affordable

>> Save money to make payments in rainy days

So, this is how you can overcome the "Lender Problem" and drive your car without any worry.

Fast Auto Loan Approval will help you in getting quick auto loan approval at affordable rates. The company is a leader of the sub-prime auto financing market and will make sure that you get the best bad credit no money down car loan program at lowest rates. Apply now.

Choose Fast Auto Loan Approval and celebrate the Festive Season by bringing Home your Dream Car

Holiday Season is here and it’s the perfect time to buy your dream car. Wouldn’t it be great to drive your favorite car when you visit your family and friends? Don’t you want to go on trips and picnics by traveling in your brand new car?

If you are dreaming of automobiles and want to buy one at affordable loan rates, Fast Auto Loan Approval can help you. The company will assist you in obtaining the best auto financing quotes and will ensure that you get a profitable deal despite bad credit history.

Don’t wait in line this festive season for getting loan approval. A simple online car loan application form will do all the work for you. Once you send your details, Fast Auto Loan Approval will start the work of finding you the most suitable loan quotes.

The company ensures that you complete the loan process without any burden. So, it doesn’t make down payment mandatory. Also, co-signer is not needed for quick approval.

Truly, Fast Auto Loan Approval is one company that thinks of its customers and provides them with effective car financing solutions. Apply now and take advantage of the company’s safe and affordable services.

The One Tip for Used Car Buyers that will make the Auto Loan Simpler

Longer loan term is the current trend of the auto financing market. Many people are opting for lower payment amount and higher loan term programs. Used car buyers, like you, are lured towards this alternative because their budget is over-stretched. They already have several payments to make by utilizing their low-household income. And, longer loan term seems to be the only alternative.

But, you cannot be more wrong. When you opt for a used car loan with longer loan term, you end up paying more in interest. Let’s take an example for it.

Scenario - 1

Car Loan -                $10,000

Interest Rate -          4%

Loan Term -              4 years

Monthly payment -     $225.79

Total Interest -         $837.95

Scenario - 2

Car Loan -                $10,000

Interest Rate -          4%

Loan Term -              7 years

Monthly payment -     $136.69

Total Interest -          $1 481.80

So, if you want to save a considerable amount of interest, you must opt for shorter loan terms. There is one more reason for choosing a shorter term while buying a used car. Pre-owned automobiles have a shorter life in comparison to new cars. So, if you opt for a longer loan term, you will end up with an upside down car loan. You will owe more on the car than its worth. This situation can create a problem when you try to sell or trade the automobile. It will also be a problem in a situation when the car is destroyed in an accident.

Now, when you opt for shorter loan term, you have to manage slightly higher monthly payments. To tackle higher monthly payments, you have to reduce the loan amount. Here’s how you can do it:

1. Make a smaller down payment by utilizing your savings or
2. Trade-in your old car or
3. You can choose a car with a lower value.

It is quite understandable that making higher payments can be an inconvenience but remember that a short-term inconvenience is better than a long-term loss.

Looking for an affordable used car loan? Fast Auto Loan Approval will help you in obtaining quick approval on used car loans. Higher flexibility, lower rates and easy car loan approval despite bad credit history are the many benefits of applying with the company. Apply now.

Hit the Road in your Favorite Car with Fast Auto Loan Approval

If you want to sail through the loan process quickly, Fast Auto Loan Approval is perfect for you. The online auto financing company is famous for providing quick car loan quotes. It doesn’t require you to submit a mountain of documents. All you need to do is fill a 2-minute online application form on its secure website.

Fast Auto Loan Approval has worked with many sub-prime car buyers. It doesn’t believe in giving undue importance to your bad credit history. It has faith in your current financial situation. So, don’t take tension of your credit score. If your current income is adequate for car loans, the company will leave no stone unturned in finding you the best low rate loan quotes.

Fast Auto Loan Approval makes car financing stress-free for Americans with credit issues and no down payment. Apply now and take advantage of its simple approval criteria.

3 Reasons why Americans cannot stop loving their Cars

Internet is going CARAZZYYY with lists about everything. People are listing their experiences, their likes, dislikes; everything is available in the form of list on the web. That’s when I thought; our world needs to know why cars are so important to Americans and why we love them.

1. Car boosts the Economy

Automotive sector has always contributes 3-3.5 % of the total Gross Domestic Product. It currently employs more than 3,900,000 people (including manufacturing and retail trade). Many people’s lives are dependent on the sector and so it is often the first industry to receive rescue packages and bail-out schemes.

So, feel proud when you buy a car because you are contributing to the American economy. 

National Employment (Seasonally Adjusted)

Data series		One year ago: Jul. 2013	May 2014	Jun. 2014	Jul. 2014	1-month change: Jun. 2014 - Jul. 2014	12-month change: Jul. 2013 - Jul. 2014
Employment (all employees, in thousands)
Manufacturing
Motor vehicles and parts manufacturing		818.6	854.7	(P) 864.7	(P) 879.3	(P) 14.6	(P) 60.7
Retail Trade
Motor vehicle and parts dealers		1,794.0	1,846.5	(P) 1,858.7	(P) 1,859.4	(P) 0.7	(P) 65.4
Automobile dealers		1,138.5	1,171.8	(P) 1,176.5	(P) 1,178.6	(P) 2.1	(P) 40.1
Footnotes: (P) Preliminary

(Source: Current Employment Statistics) 

2. Car improves Social Status

Alexandra Paul was true when she remarked, “The cars we drive say a lot about us.”

Cars are important to us because our social status is attached to it. They are a part of the Great American Dream. We feel like a celebrity when we own a luxurious high-end automobile. People will know that you are a man/woman of affluence by taking a look at your Maserati, Porsche or an Audi R8.

3. Car makes Life Easier

Our offices are far from our homes. Imagine travelling in the subway or a crowded bus! Sounds excruciating, isn’t it? A car guarantees comfortable ride to your destination. With a car, you can reach office smelling fresh and not like the smelly person on the bus.

Also, it is very convenient to run errands and pick your kids from the school.

 

Cars have become an integrated part of our life. We are attracted to it because it empowers our life and is directly related to our social standing. Plus, it is definitely fun to drive a car.

If you are looking to buy a car, contact Fast Auto Loan Approval. The online auto financing company will help you in obtaining the best rates on car loans. Apply now and ensure quicker car finance.