Tag Archives: 2012

Survey: Car Ownership Leads to Less Public Assistance, Welfare

A recent survey of low-income Americans showed that car ownership can be the difference between a continued struggle or getting off of public assistance altogether.

The survey was conducted from 2007 to 2010 and included 445 loan recipients who were on public assistance. Of those recipients, a shocking 82 percent got off of welfare, accounting for $18.2 million in savings. Even more shocking, the program cost less than half of what was saved in public assistance money.

For millions of Americans, a car is essential to work. Public transit is not always available, or if it is available, it has been scaled back with bus or train lines closing or running on a limited schedule. When a family goes through a financial crisis and does not have access to a car, getting back to a normal life is an uphill battle. This study shows that if more people with no credit or damaged credit can get into a car, everyone benefits. The car buyers can rebuild their credit and open themselves up to more job opportunities, and less people will need to rely on public assistance.

Approved Loan Store is here to help. Good credit or bad credit, we want to help you get into a new or used vehicle. Fill out our auto loan application here, and like us on Facebook and follow us on Twitter to keep up to date on the latest auto loan news.

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Men or Women: Who are the Better Car Shoppers?

Cars and cars culture have long been considered a man’s world. Whether or not that is a sexist viewpoint is up for debate, but the stereotype of a car nut is a rough-and-tumble man. A recent study, however, is shaking up the notion of gender and car knowledge.

According to the study, more than two-thirds of women paid to get a third-party inspection on an out-of-state lease transfer compared to only 54.5 percent of men. Women buyers were also more likely to ask the right questions about the car including safety performance, the ownership and incident history, and how the car will function under specific conditions. Their male counterparts were much more interested in the aesthetics of the car, its engine performance, the vehicle’s technology, and its driving performance as a whole.

What is really interesting about the study, though, is the implications for future women car shoppers. When the study was broken down based on age, there were significantly more women ages 21 to 30 getting a third-party inspection than men. 42.3 percent of men, less than half, got a third-party inspection while 78.2 percent of women opted to get the inspection. This means that young women are being smarter, being more careful, and overall being more practical than men their own age.

No matter what your age, gender, or credit, Approved Loan Store wants to help you get into a great new or used vehicle. Fill out our car loan application here, and like us on Facebook to see testimonials by real Approved Loan Store customers. Also, make sure to follow us on Twitter to get the latest news and updates from Approved Loan Store.

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Volvo’s Pedestrian Airbags Stun Geneva Motor Show

Car safety technology has advanced dramatically in recent years with every kind of protection put into place for the driver. In a bold new move, however, Volvo is looking beyond just the safety of the driver and passengers and creating new safety features for pedestrians.

The Volvo V40’s pedestrian airbag was unveiled this week at the Geneva Motor Show. A video of the airbag in action has gone viral, and people already want to know when pedestrian airbags will be coming to the United States. In the video demonstration, the Volvo V40 collides with a crash dummy which falls onto the hood of the car. When the airbags deploy, the hood tilts back and slows the crash dummy’s speed towards the windshield, and the U-shaped airbag cushions the crash dummy and prevents them from flying through the windshield without completely blocking the driver’s view.

Sadly, it seems that Europeans will be getting Volvo’s pedestrian airbags long before we do, though I’m sure that American-made automakers are already working on their own versions. Still, the Volvo V40 demonstration is a fun look into the future of cars, and hopefully it will inspire more inventors to dream and come up with the next big thing in car technology.

Looking for a new or used car? Approved Loan Store can help! Fill out our car loan application here, and like us on Facebook and follow us on Twitter to keep up to date on the latest auto news.

NHTSA Deciding on Rear-View Cameras by the End of Year

Rear-view cameras, a relatively new safety feature, might become standard in vehicles before the end of the year pending a decision by the National Highway Traffic Safety Administration (NHTSA).

These cameras were first introduced in luxury vehicles, but they have started popping up in mid-level cars more often in the past year. The NHTSA is considering making them mandatory in order to decrease vehicle backover accidents and deaths. According to the NHTSA, backover accidents on average cause 183 fatalities and up to 7,419 injuries every year.

The NHTSA were expected to make a decision last month, but they delayed a decision until the end of the year in order to fully explore the issue. In an official statement, they reiterated their commitment to safety and said that they would be surveying thousands of drivers who currently have rear-view cameras to discover the benefits and any potential problems with the technology.

Critics of the rear-view cameras say that the cameras are expensive and problematic. Reflection on the video screens at certain times of the day can impair the driver’s ability to see, and responsible drivers will still want to use the rear-view mirrors in addition to the camera. Still, I am holding out to see what the NHTSA discovers in the next year. Rear-view cameras cannot stop someone from being a bad driver, but maybe it can help stop a capable driver from making a deadly mistake.

No matter what you are looking for in safety features, Approved Loan Store can help you get into a dealership and get a car payment plan that is right for you. Fill out our car application here, and like us on Facebook and follow us on Twitter to stay up to date on the latest auto news!

Auto Loan Delinquency Drop Means Good News for Customers and Auto Industry

February was a great month for the American auto industry. Sales were up and surpassed most analysts’ expectations, and in another bit of good news, more people are making their car payments on time.

Near the end of last year, auto loan delinquencies dropped to 0.46 percent. During the same time in 2010, delinquencies were .59 percent. This might seem like a tiny percentage, but it is actually fairly unusual to see such a low delinquency rate near the end of the year. Transunion’s automotive vice president Peter Turek explained, “Normally there is a seasonal upswing in auto delinquency rates…auto delinquency rates have shown upward movements between third and fourth quarters averaging in excess of 5 percent. Ending the year flat is particularly interesting because the number of new auto loans coming onto the books has consistently increased since the end of the recession, a primary driver of which has been an expansion in lending to consumers in the subprime market.”

What does this all mean? Well, more people are getting car loans. More car loans at that point in the year should mean more delinquencies, but one of the reasons why so many people are getting auto loans is to rebuild their credit. People are still in recovery mode, particularly with their credit health, and auto loans are a good option for re-establishing credit. If they don’t make their payments on time, then their credit won’t get any better. All around, this is a win-win for the auto industry and customers. For the auto industry, sales are up and delinquencies are down, and for customers, their credit will continue improving.

Good credit, bad credit, or no credit, Approved Loan Store wants to help you get an auto loan. Fill out our auto loan application here, and like us on Facebook to keep up with the latest auto loan trends. You can also see video testimonials from real Approved Loan Store customers on YouTube.

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Ford SYNC’s New Texting Feature: Safety Feature or Another Driver Distraction?

As concerns about texting while driving are on the rise, Ford SYNC is heading off concerns with a new upgrade which will keep driver’s eyes on the road and off their phones.

The Ford SYNC previously let drivers make calls, play music from iPods and other music devices, and access directions through voice-activated technology. There are also emergency features built in. SYNC will call 9-11 if the car is in an accident. Now, Ford has added more voice-activated controls for tablets, including texting. If prompted, the SYNC will even read back text messages to the driver.

The issue of “distracted driving” as it has been coined in the media is a contentious one. Even with these upgrades, the MyFord Touch technology and correspondingly the Ford SYNC have been under fire from consumer groups and the press for being difficult to use and prone to glitches. Critics of the Ford SYNC would argue that these upgrades and new features could be just as distracting as calling or texting while driving, if not more so. The driver is still dividing their attentions between driving and their call or text. Hands-free or not, these features are still a distraction.

Readers, we want to hear from you! Do you currently have any hands-free phone devices in your car, and do you think the Ford SYNC is a step forward or just another driving distraction? Leave a comment below, and head over to our Facebook page to vote in this week’s fan poll. If you’re looking to get into a new car, head over to our Approved Car Loan page today!

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Top Family Cars of 2012 Revealed by Kelley Blue Book

Any family who heads into the dealership is always wanting to make sure they walk away with the best deal. To that end, Kelley Blue Book has released their top picks for family cars in 2012.

Their number 1 pick is the Volkswagen Passat. The sedan has five seats, and according to Kelley Blue Book, is the “automotive equivalent of the extra value meal at your local fast food joint.” They also make note that the aspiring family who is wanting the Passat will find the newer model is not only larger but also less expensive than last year’s model.

Second place is the Honda Odyssey minivan. The vehicle provides a large family with plenty of size and a fantastic set of safety features. The powerful V6 engine is noted along with the stylish interior and handling as to the reason that it placed so high on the list. Rounding out the rest of the five picks on the list is the Ford Flex, Subaru Outback, and the Honda CR-V.

Approved Loan Store is wanting to make sure that you leave in the car you need. They want to help get the growing family the car they need at the most affordable prices and best interest rates. Call today at 877-217-2217 or go online to apply today. Be sure to also follow on Facebook so that you can see all the latest news and offerings.

Lower Your Graduate Debt by Picking the Right School

Before looking at student loans and comparing interest rates, there is an easy step that people often miss in preventing high debt post-graduation: picking the right school.

Last week, U.S. News released their rankings of schools whose students had the most and least post-graduation debt. These rankings were determined by the percentage of students who took out loans and the average total indebtedness per student graduating in 2010. Schools that performed better typically had more opportunities for student employment, scholarships, and grants.

Topping the list of schools with the least debt was Alice Lloyd College in Kentucky where 32 percent of students took out loans and owed an average of $3,108 post-graduation. Following closely is Princeton University with 24 percent of students taking out loans with an average of $4,385 debt after graduation. The highest rate of borrowing on this list was East-West University of Illinois in ninth place with 80 percent of students taking out loans and graduating with an average of $7,000 in debt.

Now, prospective students are getting bombarded with glossy flyers and sucked in with new fitness facilities, bigger fine arts centers, or a better cafeteria. Post-graduation debt is a problem that seems far away when taking college tours, but it is something that cannot be overlooked. A degree no longer guarantees work. Jobs for graduates are harder to find, and if the economy does not improve in the next few years, future graduates might be stuck out of work with a mountain of debt.

You can view the full list of the Top Ten Schools with Least 2010 Graduate Debt here, and if you are looking for a student loan, learn more and apply for a loan here. You can also follow Approved Loan Store on Facebook here.

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Auto Loan Education: Best Fuel Efficiency Cars

Anyone who has ever owned a car knows that the true cost of a car goes beyond what is paid at the dealership. Maintaining a car and keeping it in top shape is important to avoid more expensive repairs, but one of the biggest day-to-day costs of a car is, of course, paying for gas. By getting a car that is more fuel efficient, however, drivers can save big bucks over the course of a year at the gas pump. We have compiled some of the most fuel-efficient cars according to FuelEconomy.gov, the United States government’s official online source for fuel economy information, alternative fuels, and ways to save money on the road.

2012 Honda CR-Z
Price: Starting at $19,545
Approximate Fuel Cost/Year: $1365
Miles/Gallon: 35 for city driving, 39 for highway
Reviews: Motor Trend praised the Honda CR-Z for its “bold looks, high quality, and genuine driver appeal” and emphasized that this is more than just a good hybrid car. The Honda CR-Z is a great car, period.

If you’d like to get into a pre-owned Honda CR-Z, fill out this application today.

2012 Scion iQ
Price: Starting at $15,265
Approximate Fuel Cost/Year: $1365
Miles/Gallon: 36 for city driving, 37 for highway
Reviews: Motor Trend gave the Scion iQ a glowing review after driving it around San Francisco. Its small but surprisingly not cramped layout makes it the perfect car for city driving.

If you’d like to get into a pre-owned Scion iQ, fill out this application today.

2012 Mitsubishi i-MiEV
Price: Starting at $21,625
Approximate Fuel Cost/Year: $540
kw-hrs/100 miles (for electric cars): 27 for city driving, 34 for highway
Reviews: The Mitsubishi i-MiEV did not do so well with Motor Trend as far as lengthy drives, but they called it a good investment for city commuter drivers who are looking for an environmentally-friendly car.

If you’d like to get into a pre-owned Mitsubishi i-MiEV, fill out this application today.

2012 Chevrolet Volt
Price: Starting at $33,500
Approximate Fuel Cost/Year: $1470 for gas, $648 for electricity
Miles/Gallon: 35 for city driving, 40 for highway
kw-hrs/100 miles: 36 for city driving, 37 for highway
Reviews: The folks over at Motor Trend couldn’t praise the 2011 Chevy Volt highly enough, calling it “one of the most significant automobiles to come out of Detroit in the 60-year history of [Motor Trend.]” While their “First Test” review was not available as of this article’s publication, we expect that Motor Trend will continue their love for 2011’s Car of the Year.

If you’d like to get into a pre-owned Chevy Volt, fill out this application today.

2012 Nissan Leaf
Price: Starting at $27,700
Approximate Fuel Cost/Year: $612
kw-hrs/100 miles: 32 for city driving, 37 for highway
Reviews: Motor Trend did not have their review for the 2012 Nissan Leaf yet, but The Car Connection called it a “quiet, smooth” ride and loved the car’s unique design. They also appreciated that it was an electric car with 5 seats instead of the usual 4 seats standard to most electric cars.

If you’d like to get into a pre-owned Nissan Leaf, fill out this application today.

2012 Hyundai Sonata
Price: Starting at $20,000
Approximate Fuel Cost/Year: $1805
Miles/Gallon: 24 for city driving, 35 for highway
Reviews: According to Motor Trend’s review, the Sonata’s design is not only distinctive and visually attractive but also makes sense aerodynamically. Tests showed that the 2012 design lessened the drag over the 2011 model, showing that Hyundai is constantly striving to make their cars better.

If you’d like to get into a pre-owned Hyundai Sonata, fill out this application today.

2012 Audi A3
Price: Starting at $27,270
Approximate Fuel Cost/Year: $1768
Miles/Gallon: 30 for city driving, 42 for highway
Reviews: Motor Trend hasn’t reviewed the 2012 Audi A3 yet, but U.S. News ranked it as one of their top 11 Upscale Small Cars, calling it practical but fun. Their review said it was the car “able to do it all” from winter driving to back road races.

If you’d like to get into a pre-owned Audi A3, fill out this application today.

2012 Volkswagen Jetta SportWagen
Price: Starting at $16,495
Approximate Fuel Cost/Year: $1768
Miles/Gallon: 30 for city driving, 42 for highway
Reviews: No review from Motor Trend yet, but Edmunds claims that the Volkswagen Jetta SportWagen is “in a class of its own,” praising everything from its luxurious interior to its fuel efficiency.

If you’d like to get into a pre-owned Volkswagen Jetta SportWagen, fill out this application today.

2012 Toyota Prius V
Price: Starting at $23,520
Approximate Fuel Cost/Year: $1203
Miles/Gallon: 44 for city driving, 40 for highway
Reviews: The Toyota Prius V was a contender for Motor Trend’s Car of the Year award, and even though the fuel efficiency was not as strong as the 2011 model, the 2012 model has more interior space. They said with the added space, it was a good choice for people who wanted something like an SUV but didn’t want an SUV.

If you’d like to get into a pre-owned Toyota Prius V, fill out this application today.

2012 Kia Forte
Price: Starting at $16,200
Approximate Fuel Cost/Year: $1946
Miles/Gallon: 23 for city driving, 32 for highway
Reviews: U.S. News ranked the 2012 Kia Forte in their top 10 Affordable Small Cars, and amongst reviewers, the consensus is that there is a lot to love about the Kia Forte. Besides that, it is the best deal for the dollar when compared to similar cars in its class with a roomy interior and more standard features including iPod USB port, Bluetooth, and satellite radio.

If you’d like to get into a pre-owned Kia Forte, fill out this application today.

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