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.

Don’t become a Loan Delinquent – Use these Tips and stay on Top of your Bad Credit Auto Loan

Automakers were able to sell16.5 million automobiles in July 2014 because of auto loans, particularly bad credit auto loans. But, there is a negative side to this phenomenon. The auto loan delinquency rate is also rising with the increase in bad credit car loan approvals.

According to Experian Automotive, the 60-day loan delinquency rate has increased to 0.62% of borrowers from last year’s rate of 0.58%. It means there is an increase of $859 million in the balance of delinquent loans since Q2 of 2013.Also, there is a minor increase in 30-day delinquency rate. It grew to 2.39% from 2.38% meaning $2.8 billion increase from the previous year.

One thing is clear from this data that even though lenders are offering easy approval on bad credit auto loans, it is becoming a bit difficult for sub-prime borrowers in handling the loan. It is because people are taking advantage of the relaxed lending norms without considering their financial situation. If you are thinking of obtaining a bad credit auto loan, you must consider these tips:

Your Need or Your Desire

Do you really need a car? Is it something that is necessary to sustain and improve your life or is it just a craving? It is very important to differentiate between your needs and desires. Don’t apply for a bad credit auto financing program if you don’t need it. There is no need to assume unnecessary financial burden because it can cause harm to your credit score.

Calculate your Savings

Before searching for a car, you must sit down and calculate your savings. If you know about your total savings, you can use it for any unexpected future expenses. This way any unanticipated problem or expense won’t create any trouble in making repayments in the future.

Detoxify your Home

It may seem like a weird advice, but it is very useful. By detoxifying your home, I mean getting rid of unwanted things. Sell them on ebay or any other reputed website. You can even organize a yard sale and raise money for down payment. Trading your old car is also a good way of removing junk and reducing the car loan amount.

Planning your Financials
 

When you take a bad credit car loan, you accept the responsibility of making regular payments. So, it is important to prepare for payments beforehand. If your loan term is going to be five years, plan for the entire term. Know your expenses and increase your income if you are planning for a wedding or a vacation during the loan term. It will help you in staying on top of your payments.

Many lenders will offer you quick bad credit auto financing, but you have to repay it for getting better rates in the future. You have to make sure that you don’t fall behind on payments because it will increase the chances of repossession and pose great risk to your credit score. So, follow these tips before submitting your car loan application.

Remember to look before you leap!

Get on the Road Faster with Fast Auto Loan Approval

It’s time to forget all your worries. Apply with Fast Auto Loan Approval and get ready for quick car loan quotes. The auto financing company ensures that you don’t waste time in getting approval. Its online application form can be submitted in just 2 minutes. You don’t even have to provide any documents at the time of submission.

Bad credit borrowers should not worry about their credit history. The company believes in your present, not in your past. If you earn good income and have stable job, getting low rate car financing program won’t be difficult for you.

Truly, Fast Auto Loan Approval makes car financing pleasurable. Its easy approval criteria and no down payment alternative make it your ideal car buying partner. Apply now.

Grab the Special 4th of July Offer from Fast Auto Loan Approval now

This Independence Day nothing will be better than independence from high interest rates. Unburden yourself from the obnoxious loan rates with Fast Auto Loan Approval.

Freedom from High Rates Program - Fast Auto Loan Approval

The online auto financing company has started “Freedom from High Rates” Initiative to help car buyers in accessing affordable loan programs. The main motive behind this is to aid car shoppers in avoiding huge interest rates and high monthly payments.

Don’t worry if you are troubled by bad credit history or zero down payment amount. Getting approval is a piece of cake. Fill the 1 minute auto loan application form and your work is done. Fast Auto Loan Approval will contact you with no obligation quotes.

The company is providing really low rates on all its auto loan programs. So, don’t wait anymore. Get the finest loan program with a click of mouse. Celebrate this 4th of July with your dream car. Apply now.

This is One Funny Partnership – Car and Ketchup

Tomato sauce, tomato puree, tomato soup and now there will be tomato cars. Oh! I have not lost my mind. But, it is a reality. Ford said on Tuesday that it was going to team up with Ketchup King Heinz. Their objective will be finding out ways of using tomato fibers in car production.

The Stock Market King Buffet has always been someone who makes a profit out of things no one else expects. And this time, his company is looking at ways of using dried tomato skins, a waste product from Heinz popular red sauce, to form part of an automobile. Research is going on to use the waste product in making wiring brackets and coin holders. If it is successful, it will reduce the use of petroleum-based materials and pollution as well.

Heinz and Ford team up to make Tom-Auto

Ellen Lee, a research specialist at Ford Plastics, told Reuters that the company was looking forward in getting some renewable and recycled content in their vehicles. The material has a less-than-attractive appearance which means it will be ideal for hidden parts, such as under-hood plastics and shields in the under body. But, the researchers are aiming to make it more pleasing to the eye in the future. She added that apart from tomatoes, future cars could have materials made from coconut-based composites, recycled cotton, soy foam and rice hulls.

Heinz is not alone in helping Ford with production of plant-based plastics. There are other companies, like Coca-Cola Co, Nike Inc. and Procter and Gamble Co, who have been helping the automaker in reducing its environmental footprint.

Want to buy a Ford car or looking for a Honda, make your car buying simpler with Fast Auto Loan Approval. The online auto financing company will provide you lower rates and affordable monthly payments. Apply now and get ready to drive your favorite car today.

Dealership Financing – Don’t be an Ignorant Bad Credit Car Buyer

Car shopping is fun but waiting for car loans isn’t. Many car buyers wait for months to get car loan approval. However, there is a way to complete your car buying and car loan shopping quickly. Dealership would certainly save a lot of time and save you the trouble of rejection from traditional banks and lenders. Don’t take tension of your bad credit score because dealerships have experience of working with sub-prime borrowers.

Although dealerships are available in almost every town and city, car buyers stay away from them. There is a constant fear of deception and fraud. But, you must understand that dealers cannot continue their business if they cheat customers. And, most buyers are cheated because of their ignorance. Don’t be an ignorant bad credit buyer. Know how to tackle dealership financing and emerge successful in the car buying pursuit.

What you need
 

Know your requirements. You should determine the kind of vehicle size and performance you want. Also, don’t just select one car. Keep two or three options with you. It will help you when your most preferred car is out of stock.
 

Don’t be Ignorant
 

Ignorance about credit score is the most common cause of dealership frauds. Dealers justify higher rates by explaining you about your terribly bad credit history. But, in reality, the truth may be different. So, it is very important to know your current credit score. Your credit score may have improved over the time. If you remain unaware of your credit score, you will give dealers a chance of offering you higher rates.

It is also important to do your homework before visiting the dealer. Prepare a budget. Calculate your debt-to-income ratio and ascertain whether you will be able to manage the additional debt. It will help in choosing the best bad credit dealership financing deal for you.

Be Clear not Desperate

You need a car, but your neediness shouldn’t reflect in your communication with the dealer. If he comes to believe that you are in desperate need of a car, he will provide approval at higher rates. He may try and sell you a disastrous car. So, make sure that you visit a dealership with a practical approach and not an emotional one.

Matters of Money
 

Don’t confuse the Maximum Suggested Retail Price (MSRP) and the sticker price. MSRP is the price that the manufacturer recommends the retailer to sell. The sticker price is the amount that the dealer is looking to get on the automobile. It includes the cost of the car plus the dealer’s profit.  Often, dealers list MSRP on the car as well as the sticker price. They manifest that the sticker price is lower than the MSRP and give you a feeling that you are getting a profitable deal.

However, you can negotiate the dealer for a price below sticker price. Tell them that you know about the manufacturer incentives offered to dealers. Most car buyers don’t know about this. But, you can ask the dealer to pass on some amount of the incentive benefits to you. Also, check for customer cash/rebate programs. Such programs will reduce the price.

Don’t get lost in Numbers
 

Many dealers believe that car buyers have the memory of a goldfish. So, they try to confuse you with numbers. They ask your budget and start confusing you with discount rates, MSRP, down payment ratio, interest rates, monthly payments, etc. Don’t fear this number-dumper.

When the dealer starts his number game, ask him to give you loan rates and everything else in writing. Also, ask for incentives. Go home and study them. You can use online car loan calculators to calculate your exact monthly payments and total interest amount. Take the decision only when you have considered everything in detail.

The Coin lying around
 

If you have spare money, you can use it as down payment for securing bad credit dealership financing program. Inform the dealer that you are ready to make a down payment. Tell him that you want the advantage of reduced price against it.

Don’t worry if you do not have cash to make a down payment. If you have an old car lying around, you can sell it and use the money. Another alternative is trade-in. But, do remember to calculate the resale value and trade-in value of your old car. This way you will be able to make use of your car in the most profitable way.

The Most Crucial Thing
 

Most importantly, don’t become relaxed after you get auto loan quotes from the dealer. You must analyze them. Many dealers let you believe that you are getting the most affordable loan program. They tell you how low your monthly payments are. But, you must not concentrate on monthly payments only. Calculate APR. It will show you the annualized cost of the loan. It includes the car loan amount, rates, plus other expenses. It will give you a better idea of the loan quotes.

If you are fine with loan quotes, concentrate on the loan contract. Check that everything you negotiated is there in the contract. Don’t believe anything unless it is in writing. If you have any doubt, clear them with the dealer. Sign only when you are fine with every term of the contract.

Remember that you will get the best bad credit dealership financing program only when you are calm and cautious. So, don’t worry. Go out there and buy the car of your choice. You are ready for dealership.

4 Easy Tips 4 Instant Auto Loans Approval in Washington State

Auto financing companies and car lenders in Washington often make a pitch for "Instant Auto Loan Approval". But, you should not apply without thorough preparation. Remember that if you plunge into the auto financing world without a proper plan, you will fail in your pursuit of instant approval.

It’s not very difficult to obtain instant auto loan approval in the Evergreen State. With just few tips and strategies, you will be confident of achieving your goal. So, without wasting any time, let’s start.

1. Myths about Credit Score

Many people are scared of their credit scores. But, credit history or credit score is not the only criterion for approval. Lenders consider several aspects of your loan application e.g. your income, age, employment, financial details, etc. So, don’t worry if you have bad credit history. Simply provide your income and employment details along with your financial documents. It will help the lender in ascertaining your stable financial condition.

2. Down Payment in Cash is not compulsory

Many experts of the auto financing field suggest making a down payment. But, it is not important if you have a good credit score. Lenders analyze your financial history. And, if they find regular payments in the past and current stable financial condition, they won’t compel you for down payment.

Also, down payment becomes less crucial if you are buying a used car. It is because used cars have low price and lower depreciation rate in comparison to new cars. In such a situation, lenders don’t have to undertake higher risk and thus, they won’t worry much about putting money down.

3. Trade-ins and Car Sale can help you

Now, you know that a down payment is not compulsory for used car. But, if you are buying a new car in Washington, it can very helpful. You don’t have to spend money from your wallet. You don’t even have to break your savings for down payment. Simply use your old car as down payment. Confused? Well, it is simple. You should ascertain the trade-in value of your old car. Your local dealer will be able to tell you that. Also, ask its sale value. In this case, you must not just rely on dealers. But, you can put it up online and check the response for your car.  If you are getting good price, sell it online and use the same money as down payment.

4. Co-signer aids in Instant Approval

It doesn't matter if your credit score is good or bad, additional help is always welcomed by lenders. A co-signer will help you in getting instant approval and affordable rates. The reason is simple. Lenders view co-signer as a guarantee of regular returns. They don’t mind if the co-signer makes monthly payments as long as they receive regular payments. Co-signer ensures the lender of safety and security. So, find a person with good credit score. He should be able to assume additional debt responsibility.

So, these are things that can help you in getting instant auto loan approval in Washington state. Remember that the key for instant loan quotes lies in increasing lender’s trust in your loan application. Increase his faith in your financial stability and your chance of quick approval will increase instantly.

All the Best!