Tag Archives: Approved Loan Store

Car Buying Tips for Bad Credit Shoppers

You have bad credit and need to get a car. That’s never a good place to find yourself in, but that doesn’t mean there isn’t something you can do. Here is some advice on what you can do to help yourself out when it comes to getting an auto loan with bad credit.

First, know your credit score. This one is very important for so many reasons. First, you have bad credit, but just how bad is it? Do you know your score? This is something you should always know. Get your credit report from the three credit agencies and make sure that you know just how bad the score in the reports is.

Second, consider a large down payment. When getting an auto loan, a good way to counter balance bad credit is to get more money to put down. It is a way to show the lenders that you have the ability to put together money and are showing you’ll be making sure to hit those monthly payments. If you can put together a larger down payment, make sure you do it.

Lastly, accept that with bad credit, your car choices are limited. We all want that nice new sports car that was shown on this or that movie. It would be nice to cruise down the street in our dream vehicle, but that is not the option yet. For the time being, practically outweighs desire. Understand that when auto shopping with bad credit, you’re going to want to stick with an older car that will likely be cheaper. Make sure to assess it to see if it matches your needs for size and capability. You may already realize that, but it is something that needs to be stated.

Are you ready to get into a great new or used car, truck, or minivan? Now is the time to buy, and Approved Loan Store can help you find the car you want at terms you can afford, even if you have credit problems! 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!

How to Use Your 2016 Tax Refund as a Down Payment

The deadline for filing taxes is still a ways out, but that doesn’t mean people haven’t already started to get that refund check in the mail. For those who do received a refund check, this brings up the yearly question; what do you do with that money? If you’re one of those people who is looking for ideas, have you thought about using it as a down payment on a new vehicle?

Many people, due to recent economic trends, have been sitting on cars on the verge of breaking down due to being unable to afford a new one. If you’re one of these people, and especially one that has bad credit, a larger down payment can really go a long way in helping easing the pain of a car purchase.

People with challenged credit can find that a large down payment can help with the buying process. Edmunds spoke with a sales manager at a dealership who had this to say about people using their tax refund as down payment. “A $3,000 (the average amount of a refund) down payment does a number of things to help a customer with challenged credit. First, it shows the lender how serious the buyer is about taking on a loan. It also reduces the likelihood of the buyer being upside-down during the life of the loan.” He also adds that having a smaller loan amount leads to smaller payments and leads to less of a burden on the monthly payments someone has to make.

Be mindful of using your tax refund in this method. It can really go a long way in helping to deal with the necessity of purchasing a new or used vehicle. If you have your tax refund and need help in getting an auto loan, click here to go to our application page on Approved Loan Store’s website. Fill it out and we’ll contact you so we can get the process started.

Getting an Auto Loan After a Repossession – It’s Possible!

After going through an auto repossession, is it impossible to get approved for an auto loan? The answer is that, surprisingly, it is possible, and with the current availability of auto loans, it is probable that someone could get approved.

Here are a few tips to give you the best possible chance at getting approved before even walking through the door.

Check Your Credit Report – A repossession won’t be a deal breaker if the rest of your credit history is in order. Maybe you made a few mistakes in the past or went through a job loss or medical emergency, and you missed a few payments. Maybe the repossession is one mistake in an otherwise decent credit history. It is important to get a copy of your credit report and your FICO score so you know where you stand. A repossession will put a dent in your credit score, but if you have otherwise kept up with your other loan or credit card payments, your credit score might not be as bad as you think.
Bring Money and Your Documents – If you expect to get an auto loan that day, you will need a valid driver’s license, recent pay stubs, utility bill that proves residency (electric, not cell phone), and either a W2 from the previous year or last year’s federal tax return. Also, the chances of getting approved are improved if you bring money to put down, so bring whatever you can reasonably afford.
Keep An Open Mind – Is it possible to get the car of your dreams, even if you have gone through a repossession? It is possible for some people under specific circumstances, but you might find a better deal if you go in with an open mind. Maybe instead of the new car you have been eyeing, you decide to go for a nice pre-owned vehicle and get a better rate or lower monthly payments.

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The Best Use of Your Tax Refund (Hint: It’s Not a Vacation!)

Tax season is here again, and as people across the country file their tax returns, they are already making plans for how to spend their tax refunds.

With summer quickly approaching, many families will probably use their refund towards a vacation, new warm weather outfits, or a PS4 or Xbox One to keep the kids occupied while school is out. Unfortunately, there is a great option that families don’t always consider, and it can improve job stability and overall quality of day-to-day life.

Families who have been planning to buy a new car in 2014 should consider purchasing a pre-owned vehicle from a recent model year. Owning a car can improve a family’s economic standing, the parents’ job stability, and the well-being of the family as a whole. Additionally, it can improve the credit health of the parents if they keep up with their payments, and if they use their tax refund towards a down-payment, they can certainly negotiate a lower interest rate. Also, a pre-owned vehicle from last year or only a few years ago will still have modern features like built-in navigational systems, driver/passenger climate control, or Sirius radio.

Are you ready to get into a new or used vehicle? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you into a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and connect with Approved Loan Store online on Facebook, Twitter, and YouTube!

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3 Easy Steps for Winter Weather Driving

Winter storms are hitting the country, shutting down schools from the Midwest to the East Coast and even in the South. Cities that have never had to deal with snowy roads, like Atlanta, Ga., are buying up snow tires, and drivers are learning to drive on ice for the first time.

At Approved Loan Store, we want to provide our readers with some easy ways to prepare for inclement weather. Read on, follow our tips, and stay safe on the road this winter.

1. Avoid Distractions

Cell phone usage while driving is always dangerous, but during winter weather, it is important to eliminate other distractions that aren’t typically a problem. Some drivers might want to turn off their music and avoid eating or drinking while driving. Anyone who gets behind the wheel needs to be attentive and ready to react in case something goes wrong.

2. Emergency Kit

If something happens and a driver is stranded, an emergency kit can be a life saver. An emergency kit should include everything necessary to survive freezing weather including layered warm clothes (sweatshirts, long johns, sweat pants), a sleeping bag or blankets, jumper cables, first aid supplies, a snow scraper, a flashlight, food (dried fruit, granola bars), and water. It might also be a good idea to include a cell phone charger that plugs into the lighter, in case someone needs to call for emergency services.

3. No Unnecessary Driving

This step is pretty self-explanatory and simple to follow, and yet people continue not to follow it. In the middle of winter, almost everyone gets a touch of cabin fever. It is completely understandable, but it is also important to use some common sense. If the weather is really bad and the trip unnecessary, it is okay to wait until the roads are clear and the weather has improved.

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Understanding the Language of Car Loans

Walking into a car dealership without understanding the basic terminology of an auto loan is a sure way of needlessly throwing away money. At Approved Loan Store, we believe that better informed car buyers are happier car buyers in the long run, so we have put together the most common terms used in auto finance and explained them in simple, understandable language.

Auto Loan: An auto loan is an amount of money borrowed from a lender that will be repaid by the consumer with interest.

Loan Principle: A loan principle is the amount of money that the consumer is borrowing to purchase the vehicle. For example, if someone purchases a $25,000 car and puts a down payment of $5,000, the loan principle is $20,000.

Interest Rate: Lenders make a profit on a loan’s interest rate. The lower the interest rate, the less the buyer will have to pay on the loan in addition to the loan principle.

Loan Term: The loan term is the amount of time that the car buyer has to pay off the auto loan.

Credit Score: A credit score is calculated based on a customer’s credit history including whether they made their payments on time, how much debt they are carrying compared to how much credit they have available to them, and how long they have had open credit cards, mortgages, or other loans. Credit scores are used by lenders to determine auto loan approvals. Consumers with high credit scores are more likely to get approved for a high loan principle and low interest rate. Consumers with low credit scores will have a more difficult time getting approved for a high loan principle and low interest rate.

If you have a low credit score and have been turned down for an auto loan, Approved Loan Store wants to help YOU! Good credit, bad credit, or no credit, we will work with you to get you into a great car with interest rates and a loan term you can handle! Get started today by filling out our secure online auto loan application here, and connect with Approved Loan Store on Facebook, Twitter, and YouTube!

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Approved Loan Store Announces Major Expansion, New Headquarters

2014 has barely begun, and Approved Loan Store has announced its biggest expansion to date, including a new headquarters in Ramsey, NJ.

Approved Loan Store, the tri-state area’s premiere auto loan specialist, has been helping car shoppers find vehicles and financing since 2011, specializing in subprime auto loans. Their network of dealerships serves customers in New York and New Jersey, though customers from as far away as Connecticut and Philadelphia make the drive for lower interest rates and monthly payments.

“The Ramsey office gives Approved Loan Store the space to grow as a company,” said Approved Loan Store owner Todd Campanella. “2014 promises to be a very exciting year. We plan to bring on new staff and associates while still providing fresh opportunities to our current staff and great service to our customers.”

The expansion is about more than space. Approved Loan Store’s new Ramsey office also represents a major technological upgrade for the company including an entirely new customer service phone system, improved customer tracking, and safeguards for ensuring higher quality service on all calls. One significant upgrade is manager oversight on all customer service calls. Managers can monitor calls and provide specific feedback to representatives, even as the call is happening.

Approved Loan Store’s Ramsey headquarters is located at 275 North Franklin Turnpike, next to the Interstate Shopping Center. The office can be reached toll-free at 877-217-2217, and the company’s website can be found at www.ApprovedLoanStore.com.

2013 in Review: Top Brands, Top Cars, and Lots of Growth

2013 was an exciting year for the auto industry. Repossessions and late payments were down, sales at individual franchises were up, and a third of auto loans approved are for subprime credit consumers. Dealerships are selling more cars, and more consumers can obtain an auto loan with low interest rates.

Of course, the million dollar question at the end of the year is which brand came out on top. Which models sold the most units in 2013, and which brands saw the most improvement? According to figures compiled by Autoblog.com, Ford was the best-selling brand of 2013, and General Motors was the best-selling car company of 2013. Jaguar as a brand and as a company had the biggest growth, 41.1 percent growth brand-wise and 20.2 percent growth as a company.

Unfortunately, Fiat could not hold onto the momentum from the end of 2012, where they saw a 121.4 percent volume growth. At the end of 2013, Fiat was one of the brands that ended the year below their previous year, a 1.2 percent drop in volume, though Volvo had the biggest sales volume drop of the year with a 10.1 percent dip. Overall, however, most brands performed very well, and the brands with volume sales decrease saw a relatively small drop in sales.

Readers, we want to hear from you! Did you purchase a new or used car in 2013? If the answer is yes, tell us about your new car in the comments section below! If the answer is no, tell us why in the comments section as well. With low interest rates (even for subprime credit buyers), there is no better time to buy than now!

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Holiday Car Deals 2013 – 0 Percent APR, Customer Cash, and More – Part 2

This week, we are bringing you part 2 of Holiday Car Deals 2013. In part 2, check out deals from Chrysler, Dodge, GMC, and Chevrolet, and for the best deals all year around, call Approved Loan Store at 877-217-2217!

Chrysler

$1,000 Cash Allowance on 2014 Chrysler 200 Convertible
APR Starting at 1.9% for 2013 Chrysler 200 Convertible
APR Starting at 0% for 72 Months on 2013 Chrysler 300, Chrysler 200, Town & Country

Deadline for delivery is on all deals is January 6, 2014.

Dodge

0% APR for 36 Months or $1,000 Cash Allowance on 2014 Dodge Dart, Dodge Durango
0% APR for 36 Months or $1,500 Cash Allowance on 2014 Dodge Grand Caravan
0% APR for 36 Months or $2,000 Combined Cash Allowance on 2014 Dodge Avenger
0% APR for 36 Months or $2,500 Cash Allowance on 2014 Dodge Charger
0.9% APR for 36 Months or $500 Cash Allowance and as much as $1,000 Bonus Cash on 2014 Dodge Journey
0.9% APR for 36 Months or $1,000 Cash Allowance on 2014 Dodge Challenger

Deadline for delivery on all deals is January 6, 2014.

GMC

$500 Bonus Cash and $500 Consumer Cash on 2014 GMC Terrain
$500 Bonus Cash and $1,000 Consumer Cash on 2014 GMC Sierra 1500 (Excludes Work Truck Preferred Equipment Group/SLE)
$500 Bonus Cash and $1,500 Consumer Cash on 2014 GMC Acadia
$500 Bonus Cash and $2,500 Consumer Cash on 2013 GMC Sierra 2500HD Extended
$500 Bonus Cash and $3,500 Consumer Cash on 2013 GMC Sierra 2500HD Crew, 2013 GMC Sierra 3500HD Crew
$500 Bonus Cash and $4,000 Consumer Cash on 2013 GMC Sierra 2500HD Regular
$500 Consumer Cash on 2014 GMC Savana Cargo Van, 2014 GMC Savana Cargo 2500, 2014 GMC Savana Cargo 3500, 2014 GMC Savana Passenger, 2014 GMC Savana Passenger 2500, 2014 GMC Savana Passenger 3500

$1,000 Consumer Cash on 2013 GMC Terrain
$1,500 Consumer Cash on 2014 GMC Yukon (Excludes Denali), 2014 GMC Yukon XL (Excludes Denali)
$2,000 Consumer Cash on 2013 GMC Acadia, 2013 GMC Savana Cargo Van 1500, 2013 GMC Savana Passenger 1500, 2013 GMC Savana Passenger 2500, 2013 GMC Savana Passenger 3500, 2013 GMC Savana Cargo Van 2500, 2013 GMC Savana Cargo Van 3500
$2,000 Consumer Cash and $750 Bonus Cash on 2013 GMC Yukon (Excludes 5SA)
$2,000 Bonus Cash and $1,000 Consumer Cash on 2014 Sierra 1500 Work Truck Preferred Equipment Group/SLE
$2,500 Consumer Cash and $750 Bonus Cash on 2013 GMC Yukon (Excludes Denali)
$3,000 Consumer Cash on 2014 GMC Sierra 2500HD Crew Cab/Regular Cab, 2014 GMC Sierra 3500HD
$3,500 Consumer Cash on 2013 GMC Sierra 1500 Crew Cab
$4,000 Consumer Cash on 2013 GMC Sierra Extended Cab
$4,500 Consumer Cash on 2013 GMC Sierra Regular Cab

0% APR for 60 Months and $500 Bonus Cash on 2013 GMC Sierra 2500HD, 2013 GMC Sierra 3500HD, 2014 GMC Acadia
0% APR for 60 Months and $750 Bonus Cash on 2013 GMC Yukon XL
0% APR for 48 Months on 2013 GMC Savana Cargo Van 1500, 2013 GMC Savana Cargo Van 2500, 2013 GMC Savana Cargo Van 3500, 2014 GMC Sierra 2500HD, 2014 GMC Sierra 3500HD, 2014 GMC Yukon, 2014 GMC Yukon XL, 2013 GMC Savana Passenger 1500, 2013 GMC Savana Passenger 2500, 2013 GMC Savana Passenger 3500
0% APR for 60 Months on 2013 GMC Sierra 1500, 2013 GMC Acadia, 2013 GMC Terrain, 2013 GMC Yukon

2.9% APR for 60 Months on 2014 GMC Savana Cargo Van, 2014 GMC Savana Cargo 2500, 2014 GMC Savana Cargo 3500, 2014 GMC Savana Passenger, 2014 GMC Savana Passenger 2500, 2014 GMC Savana Passenger 3500
2.9% APR for 60 Months and $500 Bonus Cash on 2014 GMC Terrain
3.9% APR for 60 Months and $500 Bonus Cash on 2014 GMC Sierra 1500 (Excludes Work Truck Preferred Equipment Group/SLE)
3.9% APR for 60 Months and $2,000 Bonus Cash on 2014 Sierra 1500 Work Truck Preferred Equipment Group/SLE

Deadline for delivery on all deals is January 2, 2014.

Chevrolet

$3,500 Customer Cash, $1,000 Trade Assistant, and $750 Option Package Discount on 2014 Silverado All Star Edition V-6 when trading in an eligible vehicle

Deadline for delivery is January 2, 2014.

Check back with Approved Loan Store in the days leading up to Christmas for the part 3 of the biggest deals automakers are offering this season! If you are tired of looking and ready to get into a great new or used car for the best rates, Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you into 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 car buying and credit tips, check us out on Facebook, Twitter, and YouTube!

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Holiday Car Deals 2013 – 0 Percent APR, Customer Cash, and More – Part 1

Christmas is less than 2 weeks away, and the holiday deals are in full swing. Sorting through all the cash-back-bonus-bucks-low-APR-for-60-months offers can be a daunting task for even the savviest deal seeker, which is why Approved Loan Store has compiled some of the best holiday deals all in one place. This is only part 1, so keep an eye on the blog in the next week for more great car deals!

Hyundai

0% APR for 72 months on the 2013 Hyundai Elantra, Elantra Coupe, and Elantra GT, No Down Payment is Required

0 percent financing actually means $13.89 per month per $1,000 financed, and not every buyer can qualify for the deal. Consumers with poor credit or no credit might not fall under the program’s parameters, but car buyers who are interested in the deal will need to move fast as the offer ends January 2, 2014.

Buick

$750 Holiday Cash and $500 Consumer Cash on the 2013 Buick Encore FWD
$500 Holiday Cash and $500 Consumer Cash on the 2014 Buick Verano
$2,500 Bonus Cash and $1,000 Consumer Cash on the 2013 Buick Regal, Regal GS, or Regal Turbo
$500 Bonus Cash and $500 Consumer Cash on the 2014 Buick LaCrosse
$1,000 Bonus Cash and $1,500 Consumer Cash on the 2013 Buick LaCrosse
$1,500 Consumer Cash on the 2014 Buick Enclave
$2,000 Consumer Cash on the 2013 Buick Enclave

There is plenty of fine print on these deals, though. The delivery must happen by January 2, 2014, and the deals are not available on finance or lease offers. Car buyers who have enough funds on hand to pay for the whole car outright can find a good deal, but everyone else will have to check out their financing deals below.

0% APR for 60 Months on 2013 Buick Verano (excludes Leather/Premium Group), 2013 Buick Enclave, and 2014 Buick Enclave
0% APR for 60 Months, Plus $500 Bonus Cash on 2013 Buick Verano Leather/Premium Group
0% APR for 60 Months, Plus $1,000 Bonus Cash on 2013 Buick LaCrosse
0% APR for 60 Months, Plus $2,500 Bonus Cash on 2013 Buick Regal, Regal GS, and Regal Turbo
1.9% APR for 60 Months, Plus $500 Bonus Cash on 2014 Buick Regal and LaCrosse
1.9% APR for 60 Months, Plus $750 Bonus Cash on 2013 Buick Encore
2.9% APR for 60 Months on 2014 Buick Encore
2.9% APR for 60 Months, Plus $500 Bonus Cash on 2014 Buick Verano

As far as the fine print, all deals are subject to approval and can vary depending on location.

Toyota

0% APR for 36 Months on 2013 Avalon, 2013 Prius c, 2013 Prius v, 2014 Prius, and 2014 Tundra
0% APR for 48 Months on 2013 RAV4
0% APR for 60 Months, Plus $500 Bonus Cash on 2014 Camry
0% APR for 60 Months, Plus $750 Bonus Cash on 2013 Venza
0% APR for 60 Months, Plus $1,000 Bonus Cash on 2014 Prius Plug-in Hybrid
0% APR for 60 Months, Plus $3,000 Bonus Cash on 2013 Prius Plug-in Hybrid
0% APR for 60 Months on 2013 and 2014 Sienna, 2013 Prius, 2013 Highlander, 2014 Venza, 2014 Camry Hybrid
1.9% APR for 60 Months on 2013 Avalon Hybrid, 2014 Toyota Avalon, 2014 Corolla
2.9% APR for 60 Months, Plus $500 Bonus Cash on 2014 Camry
5.9% APR for 60 Months, Plus $500 Bonus Cash on 2014 Camry

As it is with all of these deals, they are subject to approval and can vary by location.

Check back with Approved Loan Store in the days leading up to Christmas for more deals. If you are tired of looking and ready to get into a great new or used car for the best rates, Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you into 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 car buying and credit tips, check us out on Facebook, Twitter, and YouTube!

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