Study: Detroit Has the Country’s Most Patriotic Car Buyers

The 4^th of July has now come and gone, but CarGurus.com wanted to know which major cities were buying “patriotic” cars, or American brand cars, all year round. Read on to find out which cities fared the best and worst.

In Detroit, MI, 67.8 percent of car shoppers were looking for cars produced by General Motors, Ford, or Chrysler, a higher percentage than any other city. Coming in number 2 was Cleveland, OH, followed by Indianapolis, IN, St. Louis, MO, and Kansas City, MO.

Unfortunately, New York, NY did not perform well at all. New York came in number 4 in the Bottom 10 Cities list released by CarGurus.com. Only 39.8 percent of car shoppers were looking for American brand cars while 30.7 percent were considering Asian brands and 29.5 percent were considering European brands.

No matter what kind of car you are looking for, from Chryslers to Volkswagens, Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to find the car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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To Co-Sign or Not to Co-Sign, That is the Question

In the Coen Brothers’ film The Hudsucker Proxy, there is a scene where Noville Barnes, a fresh-faced, ambitious young lad, goes to take a look at the city’s jobs board and makes a terrible discovery. Nearly every job available requires at least five years of business executive job experience, and he has almost no job experience at all. He cannot get a job without experience, and he cannot get job experience without first holding a job.

Establishing credit is a very similar experience. In order to get approved for a credit card or an auto loan, lenders want to see a history of paying credit cards and loans on time, but it is impossible to establish that payment history without first getting a credit card or loan. Consumers with no credit are stuck in a frustrating cycle. If they do somehow get approved for a credit card or loan, they can end up saddled with high interest rates, fall behind on payments, and end up with a poor credit history which is almost as bad as no credit at all.

For these reasons, I had difficulty reading the article “Why You Should Never Co-Sign for Your Kid.” The author takes the definitive stance that parents should “never” co-sign for their children. She seems to take the stance of tough love, saying that no credit is “no big deal.” It might seem like a big deal right now, but there are many circumstances under which a teenager having credit is necessary. I hate to say it, but what if something happened to the parents? What if there was an accident or a long illness and their child had to take on more financial responsibilities for the family? An emergency situation would hardly be the time to try to establish credit.

Even if nothing that drastic occurred, I will want my teenagers to be able to obtain low interest rates by the time they are living on their own. They will already have to deal with high student loan interest rates, and while I personally plan on helping them pay for college, many families can’t afford to do so. Are they supposed to worry about establishing credit when they are already facing a mountain of student loan debt?

I am not saying that it is always a good idea to co-sign a loan with a family member. There are plenty of circumstances where co-signing for a loan is not advised, but I don’t appreciate the author issuing a blanket statement that parents should never co-sign a loan for their child.

Readers, what do you think? Would you co-sign a loan for a family member, or do you think it is a bad idea? Leave a comment below, and let us know what you think!

Is your credit keeping you from getting an auto loan? Approved Loan Store wants to help YOU get into a new or used car! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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Toyota Offers Big Discounts on America’s Best-Selling Car

As competition heats up amongst family sedans, Toyota is taking big steps to boost the Camry’s sales including discounts and incentives adding up to thousands of dollars in savings.

At the end of May, Camry buyers could receive up to $2,750 in various incentives from Toyota, more than the $2,400 discounts on the Nissan Altima or the $2,300 discounts on the Ford Fusion. Toyota is hoping that these discounts will help Camry hold onto the title of America’s Best-Selling Car for yet another year. Perhaps the low cost will also draw in young consumers who don’t have the money for a big down-payment or haven’t established a strong enough credit score to purchase a pricier vehicle.

According to Toyota’s website, the 2013 Toyota Camry has a starting retail price of $22,235 with standard on-board computer, climate control, keyless entry, and Bluetooth hands-free telephone access. The Camry has a 25 mpg city, 35 mpg highway fuel economy, and it has received a 9.3 out of 10 rating from Kelly Blue Book and a 4.9 out of 5 rating from Edmunds.

This summer, Toyota is offering competitive pricing, and here at the Approved Loan Store, we are ready to offer you competitive auto loan rates and terms, no matter what your credit situation! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Self-Employed: The Challenges of Buying a Car with Poor Credit

Getting a car loan with poor credit or no credit is tough, but when a potential buyer is also self-employed, it presents a whole new set of challenges. Fortunately, Approved Loan Store is here to help. If you are self-employed and plan on buying a new or used vehicle soon, read on ahead and learn how you can improve your chances of getting approved.

First, you need to be able to prove your income. The most effective way to prove income if you are self-employed is to bring in three years of professionally prepared tax returns. Remember that the majority of auto loan programs have a minimum monthly income requirement of $1,800, or $21,600 per year, so check to see that you meet those requirements.

Second, it might be smart to bring in documents showing approximate monthly expenses. If the lender believes that your monthly expenses are too much to take on a car payment as well, they will not approve the loan. You want to show them that you can keep up with your car payment and still maintain your current monthly bills.

Finally, going back to the first point, your income needs to be reflected in your tax returns. If you are not reporting some of your income on your tax return, then you don’t get to claim that income while applying for an auto loan. There is no guarantee that additional paperwork will help your case if the income listed on your tax return is below the minimum, even if you bring bank statements.

Are any of these requirements a problem? If so, it would be smart to either walk into the dealership with a co-signer or bring a down payment. Otherwise, you have a good chance of qualifying for an auto loan program with Approved Loan Store. Every day, we work with customers with no credit, challenged credit, and a wide range of factors keeping them from getting a car, including self-employment.

Summer time is here! Are you finally ready to get into a great new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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Low Monthly Car Payments Drive Subprime Credit Auto Sales

Going into summer 2013, banks and lenders are offering more options to subprime credit auto buyers including lower monthly payments and longer auto loan lengths.

According to Experian, the average monthly payment on a new auto loan in 2013 is $459, and new car buyers are extending the length of their loans as long as 84 months. 19.5 percent, or nearly 1 in 5 new car buyers, are opting for 73 to 84 month auto loans.

The obvious downside to a longer auto loan is that it will cost more in interest than a higher monthly payment and a shorter loan length. It is simple math, and there is no way around that. Still, a longer auto length is often a good option for consumers who need a lower monthly payment. Plus, they can always make higher payments and pay off the loan quicker if their financial situation changes and they have more money to put towards the loan.

Are you looking to buy a new or used car with poor credit? Do you know what payment and loan options are available to you? Approved Loan Store wants to help YOU get the car you want at terms you can afford, and we are ready to help you today! Get started right now by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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Getting a Car Loan with Bad Credit: The Advantage of Trade-Ins

At Approved Loan Store, many of our customers ask about trade-ins when they set up an appointment. Can they trade in their car, and if they trade it in, how much will it help in buying their new car? In today’s blog, we are going to do a quick run-down of how trade-ins work and what advantage they can give to car shoppers, especially consumers with poor credit.

First off, how does a trade-in work? Let’s say that I have a car worth $14,000, and I currently owe $7,000 on it. I’m ready to buy a new car, but my credit isn’t good enough to just get a loan outright. Typically, I have three options available to me. One, I can hold onto my old car and save up enough money to make a large down payment on the new car. Two, I can hold onto my old car and find a co-signer with good credit. Three, I can trade in the car and put the value of it towards the new car.

The trade-in value of the vehicle can be calculated by subtracting the value of the car from how much is currently owed on the vehicle. For example, if I trade in the $14,000 car, it will count as about a $7,000 down payment on my next car. Note that the value of my hypothetical car is not how much the car was worth on the day that I bought it but rather what it is worth now. My hypothetical car has almost certainly gone down in value from the day I drove it of the lot. There are resources like Kelley Blue Book which list vehicles and their approximate trade-in values, so before I go to my Approved Loan Store appointment, I can know approximately what my vehicle is worth and how much I will be putting towards my new car.

Still have questions about trade-ins? Call Approved Loan Store today at 877-217-2217 and set up an appointment with a special finance representative today!

Is poor credit or no credit keeping you from getting the car you want? Approved Loan Store wants to help YOU! We will work with you and explore every possible option to get you into the car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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Ford Announces New, Improved Regenerative Brakes

Since regenerative braking systems were introduced in the 1990s, automakers have been working to improve efficiency and transfer more braking energy back into the vehicle. Now, Ford is claiming that their new regenerative brakes can recapture twice or three-times the kinetic energy of their competitors.

A normal braking system utilizes friction between the brake pads and brake rotors, and the friction turns the kinetic energy into heat. In comparison, regenerative brakes reverse the vehicle’s electric motor, and the energy that is produced goes back into the vehicle’s battery. In the past, these brakes could recapture about 30 to 50 percent of the kinetic energy, but Dave Crombez, a technical expert at Ford, claims that Ford’s latest regenerative brakes can recapture up to 95 percent of that energy.

If the brakes can live up to these claims, Ford drivers will see a huge improvement in their vehicle’s fuel efficiency. Ford is predicting as much as 30 percent improvement, though once again it might not live up to those numbers in practice. When regenerative brakes are combined with lighter vehicle bodies, better engines, and other updates, however, they will create a much more fuel efficient vehicle together.

Are you looking for a safer car or one with better fuel efficiency? No matter what you’re looking for, Approved Loan Store wants to help you get in a car you want at terms you can afford! Good credit, bad credit, no credit, we will work with you! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

2014 Jeep Cherokee Pricing Announced: Budget Cost, Premium Features

Here at Approved Loan Store, we love searching for great affordable vehicles for our customers, and we believe that you shouldn’t have to sacrifice quality, even with a lower budget.

For all those reasons, we were excited to hear this week that the new 2014 Jeep Cherokee will have a starting price of $22,995, and considering the low price tag, the standard features are pretty impressive. Some of the standard features include a 5-inch color touch screen control panel, 60/40 split-folding reclining second-row seats, a 9-speed automatic transmission, and a 2.4L Tigershark Multiair I-3 Engine. The Jeep Cherokee can also delivery up to 31 mpg highway and 271 horsepower.

There are a number of add-on options available for additional cost as well including SiriusXM Satellite Radio, Adaptive Cruise Control Plus, heated steering wheel, and an upgrade of the color touch screen to an 8.4-inch screen among others.

For a full run-down of the 2014 Jeep Cherokee and the available features, click here, and if you are ready to get into the car you want at terms you can afford, Approved Loan Store is ready to help YOU! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

New Audi Car Service Finds Perfect Parking Spots

One of the biggest headaches for city drivers is finding a parking space, and with Mayor Bloomberg expanding bike lanes and instituting bike share programs, parking will be even scarcer for New York City drivers. Fortunately, Audi is adding a parking navigation service for all Audi connect subscribers, making it easier to find the perfect spot.

INRIX Park services checks parking space availability and compares the hours and rates for nearby parking garages using Audi’s navigational system. The service was first unveiled last week at the Telematics Detroit 2013 conference, and already, the word is that INRIX is easy to use. In the words of INRIX President and CEO Bryan Mistele, it is “easier” and more intuitive than a smartphone.

INRIX Park services is now standard for all vehicles equipped with Audi connect, so current Audi owners can access it via their Audi MMI Navigation system. For more information about the features currently offered by Audi connect, click here.

Readers, we want to hear from you! Would you want a parking navigational system in your car? Are you more likely to check out the Audi or other vehicles with parking navigational systems? Leave a comment below, and let us know what you think!

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Social Media: Major Tool for Comparison Car Buying

A new study from Digital Air Strike shows that car buyers are using social media and online car review sites before even walking into a dealership.

The study looked at 2,000 car buyers and how they researched cars and dealerships before deciding where to buy a car. Approximately one out of four stated that online review sites are helpful, and an overwhelming 81 percent stated that they look at review scores. Many of the usual car-buying websites were mentioned in the study, but surprisingly, the survey showed that car buyers are researching dealerships on Facebook, the popular social networking website.

Every car buyer ultimately wants the same thing. They want to buy the car the car they want at the best possible price, and they don’t want to get stuck with high interest rates. Most of all, they want the smoothest, easiest car buying process possible that utilizes today’s technology. Approved Loan Store has it all. Simply fill out the secure online auto loan application here, and a representative will contact you between 24 and 48 hours to schedule an appointment at the closest Approved Loan Store location. At the appointment, the special finance representative will work to get you the car and loan, all in one convenient location.

Ready to get started today? Go to ApprovedLoanStore.com to fill out the application, read our blog, and check out real customer testimonials. Also, be sure to connect with Approved Loan Store on Facebook, Twitter, and YouTube.

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