Tag Archives: Approved Loan Store

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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President Discusses Additional Financing for Green Cars

There’s some good news for the buyer who’s been looking at green cars such as the Nissan Leaf or the Chevrolet Volt. It turns out that the President is wanting to aid in special finance for such electric and hybrid cars.

President Obama, in a speech delivered at the Daimler Trucks North America manufacturing plant in Charlotte, North Carolina, made note of his goal to raise the existing tax credits on vehicles. This will pertain to vehicles from $7,500 to $10,000 in an attempt to make these new cars appealing to the average consumer. If a car buyer decides towards the hybrids, natural gas, or electric cars, they could be looking at being qualified for the credit.

“To cities and towns all across the country, what we’re going to say is, if you make a commitment to buy more advanced vehicles for your community — whether they run on electricity or biofuels or natural gas — we’ll help you cut through the red tape and build fueling stations nearby,” the President said, “And we’ll offer tax breaks to families that buy these cars, companies that buy alternative-fuel trucks like the ones that are made right here at Mount Holly. So we’re going to give communities across the country more of an incentive to make the shift to more energy-efficient cars.”

The plan that he has set forth will be investing up to $1 billion dollars in the National Community Deployment Challenge. This is being done in order to help the local communities get the infrastructure it needs to support the alternative fuel cars.

No matter what kind of car you’re looking for from a hybrid to luxury to a rough-and-tumble truck, Approved Loan Store can help. Fill out our application here, and like us on Facebook to read more auto news and watch video testimonials from Approved Loan Store customers!

Gas Prices Equal Increase in Used Car Sales

Gas prices may be on the rise, but apparently that’s not going to make an impact on used car sales according to predictions by the National Automobiles Dealers Association (NADA).

The expectation is that the average gas price will peak at $4 a gallon this May.  Normally, when gas prices are high, the average consumer didn’t like getting a car loan to buy a used car.  This year, however, seem to be an exception of the rule.

Jonathan Banks, an analyst with NADA Used Car Guide, says that the rise in gas prices won’t make that big of an impact in their decision.  “Considering consumers have become accustomed to gasoline prices that averaged more than $3.50 last year, this time around we don’t expect to see dramatic shifts in the shopping behavior of consumers for more fuel-efficient vehicles when prices approach the $4 mark.”

He continued on to say that compact cars will be seeing a raise in demand while the SUV, notorious for gas-guzzling, will see a drop.  This is highlighted by the sales in February which were at a four-year high.  Compact vehicles especially are seeing a boost by 16 percent.

New or used cars, good or bad credit, Approved Loan Store can help get you into a car. Fill out the auto loan application form today, and keep up with the latest auto news by liking us on Facebook and following us on Twitter.

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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.

Four Year Low for Interest Rates

There was good news today for car buyers. According to Bloomberg Business, interest rates are at the lowest they’ve been for four years. The low interest rates are in part to borrowers now paying their bill on time and not falling behind as well as a rise in demand for new cars. On average, the interest rate for a new car loan fell to 4.52% in the fourth quarter. This figure was founded by Experian Automotive and they also said that the rates were the lowest since they began tracking the figure in 2008.

Borrowers who have fallen behind on payments by 30 days saw a decline of $15.1 billion in the fourth quarter. That’s 8 percent down from just a year before and 28 percent lower overall of what it was at the end of 2009. Those who were delinquent on loans of 60 days decreased $3.48 billion which translates to a 14 percent drop-off from last year and 39 percent from 2009.

A positive up-swing in car sales has really lit a fire under the financial companies. They are now boosting lending in the auto industry after seeing a sales increase of $12.8 million last year, the second consecutive annual increase of at least 10 percent. Another factor in the lending trend is that the Federal Reserve has stayed committed to holding short-term rates at near zero all the way through at least 2014.

Experian’s report also noted that buyers whose credit is nonprime or even worse accounted for 23% of the new car financing market in the fourth quarter. This is a huge change considering that just the prior year, it was less than 20 percent.

Now is the best time to get the car you’ve been dreaming of. Approved Loan Store wants to help make that dream a reality. Contact us today at 877-217-2217 or log on to the website to apply for a car loan. Be sure to also follow Approved Loan Store on Facebook so that you can see all the latest news and blog tips.

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Insurance Purchasing Tips

Choosing the right auto insurance is a very important thing to keep in mind for anyone purchasing a car. The problem, however, is it’s easy to get lost when figuring out which is the best. Luckily, the Insurance Information Institute has released a guideline to make sure that people get the best insurance at the best possible rate.

Make sure to keep in mind that an insurance premium is based on a multitude of factors. It can include everything from your driving record, how much you use your car, where you keep it parked, and your credit score. This is why it is important to get educated about all your choices, and the best way to do this is by asking questions.

Depending on the company you go with, your prices and coverage can vary greatly. In order to make sure you’re getting the best, the article recommends that you get at least three different quotes. Call the insurance agents or companies directly and compile information from the internet. Don’t shop by price alone but rather look at an insurance company with a good reputation. Get advice and recommendations from family and friends. Also, there is a state insurance department website that you can peruse.

Premiums are based on the price of the vehicle. This includes the cost it takes to repair it, and factors like the safety record are taken into account. It’s worth doing some research into a car to see how these might impact the insurance cost on buying the car. Know just how likely this car is to get stolen before going in for a purchase, because the insurance premium looks at these factors.

Increasing your deductible is another recommendation. A deductible is the amount you pay before the insurance policy kicks in. If you get a high deductible for your coverage, this can have an impact on lowering the cost of your premium. Just make sure that you have the money in case you have to pay a claim before asking for an increase. You don’t want to be unprepared.

The final tip is to make sure you ask for any and all insurance discounts. The insurance companies have a large range of different discounts they can offer drivers. Make sure that you are vocal in your questions to the insurance agent. Ask them about items such as anti-theft devices, multiple policies with the same company, drivers education courses, good credit record, and higher deductibles. These are just a few options, so make sure to ask.

Some leg work is necessary, but really, when buying a car, you should always have everything ready in advance. This will help to make sure that when you do go into the dealership, you’ll be walking out with insurance that’s best for you. Go online to Approved Loan Store’s website and apply to get a car loan to drive away in your dream car today. Follow ALS on Facebook as well so you can stay up to date on every blog and deal!

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Budgeting to Afford an Auto Loan

One of the biggest question that people have when they go to get an auto loan is what can they afford with financing a car. That’s a question that Approved Loan Store is striving to answer, and Loans.org has some great first steps towards planning a car purchase.

People need to understand just where their monthly income should go to. An auto loan is something that can cause a great deal of financial stress and should be prepared for. Following the steps the article lays out, it can make a world of difference in making sure that a family can repay an auto loan without breaking the bank.

The budget plan was proposed by Liz Weston, a finance writer. It’s the 50/30/20 budgeting plan. What this breaks down to is that the person following the plan needs to divide one’s needs, wants, and savings in different allotments. Needs should take up no more than 50 percent of one’s after-tax income, wants are 30 percent, and the 20 percent that remains should be saved.

Breaking it down even further, the plan calls to make sure that needs are actual needs. Needs do not include those nice new shoes but rather things that are necessary for survival. Those items include housing and food, and, in the case of this blog, transportation. One of the items in needed that the article recommends possibly cutting back on is a cell phone plan if the basic plan can help keep costs down. Other ways to cut back on needs is to stop eating out for dinner and instead opt for home-cooked, and generally healthier, meals.

Wants include things such as movies, video games, clothing, or anything else that goes beyond the basic. In order to accomplish this, you can cut back again on a cell phone plan. You can also avoid the new season’s style and instead save money for later. That’s where the final 20 comes in, putting aside 20 percent every month in savings. This will go a long way in giving comfort of mind. The recent economic collapse put everyone on edge, creating an atmosphere of fear of sudden and long term job loss. If you’re properly prepared for such life altering events, then you can be in a better situation should the worst case arise.

Bringing it back to auto loans, this budgeting plan can go a long way in making sure that anyone is comfortable with paying back an auto loan. By breaking down just what in someone’s life is necessary versus a want and putting a set sum aside for saving, it puts the person in control of their financing. Following this budgeting can help borrowers assure themselves that they can make the loan payments and still have enough set aside in case something happens.

Set your budget and head on over to Approved Loan Store to sign up today to get a car loan. Don’t forget to also follow Approved Loan Store on Facebook in order to stay up to date on any future budgeting tips.

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Debunking Common Credit Score Myths

What’s your credit score? This is a question that defines so much in our lives. It determines loan rates, the ability to refinancing a home, credit card rates, and the list goes on. Your credit score is a magic number that’s kept in secret by the major credit score agencies because for the longest time, FICO didn’t want consumer to even know that these scores were out there. They sure weren’t even going to let people know what exactly went into giving a score. It wasn’t until early in 2000 that the curtain was pulled back a little and customers were given a chance to see their FICO scores. This was due to tremendous pressure from both politicians and consumer advocates. Now people have a better understanding of what they can do to improve their credit scores to give them a better shot at the best rates. That knowledge, however, is a double sided coin that has lead to many myths being passed along to improve scores.

One such myth is as long as you handle finance properly, then the credit score will just take care of itself. The problem with this thinking is that a credit score doesn’t simply examine your financing health. Credit scores tell lenders how likely you’ll default based on how you handle credit which is why having no credit can be just as bad as poor credit.

Another rampant myth in credit scores is that to have a good score you must carry a credit card balance. What’s being reported to the agencies is the balance from your last statement, not a leftover from when you got the statement and paid it. This myth can cause people to carry debt that is completely unnecessary under the belief that it affects a credit score in a positive manner. This is not true, and you should pay your bills in full anyway just to avoid interest.

Next myth that needs debunking is that you should never close an account if if can be helped. This falsehood exists because people are under the impression that closing unused accounts can help scores. That just isn’t true. Having unused or available credit can actually be seen as a low-risk factor viewed favorably by FICO. Closing a credit card removes available credit. Just shutting down unused accounts will not instantly improve your score.

These are just a few of many of the credit myths that have managed to weave their way into society. It’s hard to blame anyone seeing as how the credit agencies keep everything about the process so secretive. For anyone looking to finance a car, it’s important to have a grasp on your credit score. That being said, Approved Loan Store is looking to work with you, should you have excellent or bad credit. Go to the website today and check out how they can help you find the car or truck of your choice at an affordable price with the best rates. Follow on Facebook as well so you can view all future tips and news.

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Economic Improvement Spurs Auto Affordability

Everyday seems to bring with it optimistic news of the auto industry. Whether its seeing sales skyrocket in the previous year or in the month of January, or seeing more people finally able to start paying off their loans, or just people who have been hurting due to poor credit scores finally seeing financing extended to them, it seems that the bad times are really starting to go away. Hope is finally starting to break through a bleak economic climate.

To further this good news, Autofinancenews.net is reporting that Comcerica Bank has revealed the best auto affordability reading since the third quarter of 2009. According to the article, the purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in the fourth quarter of 2011. Consumers, on average, were down 4% from last year having spent $1,050 less on new cars in the fourth quarter.

“Household credit conditions are also improving, as shown by the low household financial obligations ratio, which measures total debt payments as a percentage of income. When you put those two concepts together, it means that households are increasingly willing to take on a reasonable amount of debt by purchasing an attractively priced automobile,” says Robert Dye, Chief Economist of Comerica Bank in Dallas. “Those favorable trends are allowing consumers to feel more confident about unleashing their pent-up demand for automobiles. Favorable affordability and improved job growth mean more upside potential for auto sales in early 2012.”

Good news is such a blessing these days, especially after watching the entire economy collapse and take so much with it. Things are really starting to rebound and people are really seeing that. Sales figures with the auto industry point to people finally going out to purchase a vehicle. This is the best time to take advantage of such an optimistic time. Go to Approved Loan Store’s website to see how you can sign up today! You can also follow ALS on Facebook, that way you can stay up to date on all the latest news.