Tag Archives: bad credit loans

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.

Low Income Drivers Struggling to Find Reasonable Auto Insurance

Car Insurance is something that many drivers struggle with. By law, they are required to have it for their cars. The problem is that many have issues with even affording it. Due to things, such as credit problems, many are not getting a fair chance to get reasonable insurance.

The Consumer Federation Of America recently released a study called, “Lower Income Households and the Auto Insurance Marketplace: Challenges and Opportunities.” The study shows some of the ways that low income consumer are being denied economic opportunities in the auto insurance market. A couple of the major auto insurers are even refusing to sell policies to low income customers. The ones that do sell them are often at much higher premiums and give much less coverage.

The startling number the study reveals is that a third of low income drivers don’t even have insurance. That means that low income families have an incredibly hard, almost impossible, time getting qualified for an auto loan. The Consumer Federation of America is wanting state regulators to lead a charge in getting something done. They are asking for low income families to be able to get access to insurances by lowering minimum liability coverage requirements, by creating low income purchasing programs, and starting a program that will reward safe drivers.

Buyers shouldn’t have to be concerned if the insurance deal they are getting is for the best. They should be concerned about getting the car they want. Approved Loan Store is looking to make sure that buyers get the best deal for a car loan. Check it out today on their website and be sure to follow ALS on Facebook to stay up to date on all the latest news and offerings.

Car Loan Repayment Sees Improvement

New analysis from Equifax on consumer debt has found some interesting results. What they found was that consumers were more likely in 2011 to make their payments on time on auto loans than any other year. The delinquency rates of 60 days or more fell not only for auto finance companies but for banks as well. To be exact, the auto finance companies saw a decrease in 19 percent while the auto banking sector’s drop was 23 percent. An even more remarkable figure to go with that report is that more than 30 billion dollars in new auto loans were taken out in October 2011.

Auto loans weren’t the only place in the credit industry that was seeing consumers paying back their loans. Bank credit card lending was given its greatest year over year improvement with a 29 percent decrease in 60 day plus delinquency. Retail credit cards had about a 15 percent improvement.

Michael Koukounas, senior vice president of analytics for Equifax, had this to say about the news, “The improvement in 2011 delinquency data, paired with consistent growth in loan origination in multiple sectors, provides truly positive momentum for the industry as we begin a new year.” With the recent job numbers and unemployment rate going down to 8.3 percent, there’s hope that this trend continues into 2012. Consumer debt itself is down from the 12.4 trillion in 2008 to about 11.1 trillion.

If you’re looking to get a car loan, then Approved Loan Store is the place to start. It’s easy to find the best available loans. Just click on the Approved Car Loan tab on the main website and get the process started. Don’t forget to like ALS on Facebook so you can stay up to date on all the news and deals being offered.

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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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Avoiding Student Loans: Good Financial Sense or Common Financial Pitfall?

In tough economic times, people are less willing to take on debt, even if it means a long-term gain. Case in point, student loans. The Associated Press published a story recently about a movement amongst students starting college to avoid taking out student loans. They will live at home, borrow their textbooks from the library, and take on several jobs to pay off their tuition right away.

At first glance, it sort of makes sense. Many recent graduates are having trouble finding jobs paying well enough to pay off their student loans. If a student wants to put in the time and work to pay off their tuition now and avoid debt later, then why shouldn’t they do it? Isn’t it the most responsible path available?

Well, it is actually not as simple as that. First off, Deborah Santiago of Excelencia in Education says that students who take out loans are more likely to complete their degree and argues that, “If you can go to a more selective institution that gives you more resources and support, you’re more likely to compete.” Depending on the student, it is usually a better idea to take out a loan and go to a first-rate school than get a second or third-rate education without taking out a loan.

Besides that, if a student wants to set themselves up for a strong financial future, they will want to establish a good credit history. With a student loan, they can spend more time studying and getting better grades, and they won’t have to take on as much extra outside work hours. Instead, they can focus on making their loan payments on time which will make them desirable to lenders if they want to get a car or house in the future. A lot of employers also look at job applicants’ credit reports, and they might look on them more favorably after seeing that positive payment history.

If you are exploring your options in student loans, click on Student Loans under the Approved Loans tab above, and keep an eye on our blog and Facebook page for the latest developments in student, car, home, and personal loans (and more!).

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TransUnion Study Means Good News for Car Buyers

TransUnion has a simple message for consumers on the fence about buying a car: Buy now!

According to a new study released by TransUnion, one of the “Big 3” credit bureaus, all signs are pointing to a good time to get an auto loan. Only about a half of a percent of consumers are 60 days or more past due with their auto loan payments, and at the same time, there have been 28 percent more auto loans signed during the second quarter of 2011 than the second quarter of 2009. Furthermore, the Detroit Free Press predicted this week that banks and lenders would be competing more fiercely in the new year and making sweeter offers to entice consumers who might not even be considering buying a car.

For car buyers, using Approved Loan Store makes sense now more than ever. With lenders making increasingly better deals, it only makes sense to let Approved Loan Store help you find the best deals out there. Approved Loan Store keeps it easy. To apply for a car loan, click on the Approved Car Loan tab above, fill out the application form, and you will be contacted by a representative in 24 to 48 hours.

To learn more about what Approved Loan Store can do for you, read more about us here and follow us on Facebook.

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4 Percent Rates Spur Rise in Home Purchases

Hoping to jump-start home sales, lenders have been slashing their loan interest rates to under 4 percent for many consumers.

According to facts released Thursday by Freddie Mac, 30-year fixed-rate mortgages (FRM) were averaging 3.99 percent. 15-year FRM were at an average of 3.27 percent, and adjustable rate mortgages (ARM) were staying low as well with a 5-year Treasury-indexed ARM of 2.93 percent and 1-year Treasury-indexed ARM of 2.8 percent. Lenders are hoping that these low interest rates will make people rethink home ownership, and so far, it has paid off. Home loan applications spike to a four-month high after Thanksgiving.

This is great news for people thinking about buying a home. These lower interest rates combined with the recent drop in unemployment mean that being a homeowner is attainable for more Americans, and people are taking advantage of the opportunity. 2011 was a tough year for the American people, and it is heartening that so many are giving new meaning to the phrase “home for the holidays.”

If you are looking for a new home, click on the Approved Home Loan tab above to qualify for the best available interests rates, and try out our Home Affordability Calculator here. You can also like Approved Loan Store on Facebook and follow industry trends on our blog.

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Wells Fargo Student Loan Interest Cuts: Deal or No Deal?

Recently, student loans have been all over the news. Some members of Occupy Wall Street are calling for the government to forgive student loan debt, and many young people are concerned about finding a job that will help them pay off their student loans.

In response to these growing concerns, Wells Fargo announced late last week that it will be offering lower fixed interest rates on loans for undergrads as well as lower rates for parents, community and career college students, and consolidation loans. With the new program, undergrad loan interest rates can be as low as 7.24 percent.

It may sound like a good deal, but Wells Fargo might not be the right choice for everyone even with the interest rate cut. As with all loans, consumers with better credit will get lower interest rates, and Wells Fargo’s student loans can still have interest rates up to 13.99 percent. Shopping around for the best rates is vitally important in today’s economy, whether a consumer has good credit or poor credit. Otherwise, lenders can end up spending more money than necessary.

Approved Loan Store is a great place to start looking for a student loan. They make it easy to find the best student, home, and car loans available. Click on the Student Loans tab above to learn more about finding the right student loan for your needs, and don’t forget to like Approved Loan Store on Facebook!

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Auto Loans on the Rise

Americans are feeling comfortable with credit again, particularly when it comes to car loans.

According to Bloomberg, auto loans are on the rise and heavily contributed to the year-end boost in consumer borrowing. Credit in the United States hit $2.46 trillion during the month of October, and non-revolving debt alone increased by $7.28 billion. Non-revolving debt includes student loans, mobile home loans, and auto loans.

What does it mean? Well, clearly lenders are more willing to approve consumers for a car loan, and consumers are more willing to invest in larger purchases. Recently, unemployment numbers started dropping and payroll numbers have been steadily going up in 2011. More consumers have a stronger financial standing than they did one year ago or two years ago, and many of them want or need a new car. Overall, more consumers are getting car loans now than they have since 2009, so it is an optimal time to look for an auto loan.

You might be looking to get a new car and want to shop around for the best deal. You might be concerned that you can’t get approved. No matter what your situation, Approved Loan Store can help you find the best car loan! Click on the Approved Car Loan tab above and fill out our car loan application. Also make sure to like Approved Loan Store on Facebook and keep up with our loan education blog 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.

Ready to get into a car? Apply for a car loan by clicking on the Approved Car Loan tab, and stay tuned to our blog to learn how to save more on your day-to-day car expenses! Make sure to also follow Approved Loan Store on Facebook.