Tag Archives: calculators

Auto Loans and the Road Back to Good Credit

For consumers looking to re-establish a strong credit history, auto loans are becoming the best choice, even for those with especially poor credit.

The qualifications for mortgages, business loans, and credit cards have held steady with strict income and credit requirements, and consumers whose credit took a hit during the economic downturn are having a tough time getting back in good graces with lenders. As many of these applicants have been turned down for credit cards or mortgages, though, many of them have been approved for car loans.

For many consumers with poor credit, a car loan is perfect. Car ownership has been show to correlate with job security and less reliance on public assistance, and it is a purchase that most consumers want and need. Besides that, their credit score will improve as they make their car payments on time, provided they keep up with their other payment obligations of course.

This is one of the reasons why Approved Loan Store exists and why we do what we do. We want to help more people get into the car they want and need. Just take a look through our hundreds of testimonials, and you’ll see that we are the best in the business. Give Approved Loan Store a try by filling out our secure online auto loan application here. You will hear from one of our representatives in 24 – 48 hours, and they will set up an appointment with a Special Finance Representative at a dealership closest to you.

Want to know more about Approved Loan Store? Browse our website ApprovedLoanStore.com, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube.

Image: FreeDigitalPhotos.net

Fact vs. Myth: How a Car Loan Can Improve Your Credit

One of the biggest reasons why consumers have poor credit is because of lackluster financial education and the spread of misinformation regarding how credit scores are calculated. A major misconception is about auto loans and how they can improve or hurt a person’s credit score, and we would like to clear that up today.

Auto loans are one of the best ways of rebuilding a strong credit history. First, car loans are more accessible to consumers with low credit or no credit. Many lenders have been allocating more money towards sub-prime auto loans and offering lower interest rates to make these loans more feasible. Second, car loans are common amongst American consumers, and the number of car owners in this country is growing by leaps and bounds. People needs cars where they might not need or want a credit card.

Consumers can improve their credit by paying their car loan on time over the term of the loan. So long as they are doing that, they are improving their payment history and in turn improving their credit. If a consumer wants to pay it off early, their credit will be improved the exact same as if they had paid it on time for the entire term of the loan. The consumer will not get an extra credit boost for paying off the loan early. The upside, however, is that they won’t have to pay as much in interest and will save money in the long run.

If you are having a hard time getting approved for an auto loan, Approved Loan Store can help! Fill out our secure online auto loan application here, and get the latest news from the auto and loan industries by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

Free images from FreeDigitalPhotos.net

Car Loan Lengths Increase in First Quarter

As car purchases are going up, car buyers are taking their time paying off their car loans.

According to Experian’s car loans division, the average length of a new car loan was 64 months in the first quarter of 2012, and 73 to 84-month-long auto loans have gone up 15.4 percent. On average, car loans ran about $25,995 which was $589 more than last year, and the average monthly payment was $461.

Analysts attribute these longer auto loan term lengths to an increase in auto loans for consumers with challenged credit. They want to take lower monthly payments to ensure that they will be able to afford their payments and won’t further damage their credit with a late payment. As this study makes the rounds in the news, I predict that the industry will see even more consumers with challenged credit applying for auto loans because they know that so many other consumers have been able to negotiate longer loan term lengths.

At Approved Loan Store, we want to get you into the car you want with loan terms you can afford! Fill out our secure online auto loan application here, and keep up with the latest news and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

Image(s): FreeDigitalPhotos.net

Average Price of New Cars On the Rise

Earlier this week, we showed why buying a used car is smarter than buying new. The value of a new car will depreciate very quickly only a few years after buying it, so the owner will get a better return on a used car vs. a new car if they eventually have to trade it in. As it turns out, Forbes is talking about the new vs. used car debate as well. A few days after we published our blog, Forbes published an article about the rising average price of a new car.

According to Forbes, the average cost of a new car or light truck is $30,303. The average cost has gone up $1200 from 2011, making a new car an even pricier investment with less potential return. To be fair, the cost of used cars has gone up slightly as well, but in most cases, buying a good used car is still the best choice in the long run.

The good news for car shoppers is that Approved Loan Store has access to a wide inventory of used cars with vehicles to suit your specific needs. Whether you’re buying your first car or looking for something to accommodate a growing family, Approved Loan Store’s Special Finance Representatives will help you get into a car. Challenged credit is not a problem. Fill out Approved Loan Store’s secure online auto loan application here, and keep up with the latest news and trends in the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Image: jannoon028 / FreeDigitalPhotos.net

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.

Image: M – Pics / FreeDigitalPhotos.net

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.

Image: Simon Howden / FreeDigitalPhotos.net

Approved Loan Store Features: Car Loans

In the upcoming weeks, we will be running a regular segment on the site called “Approved Loan Store Features.” We hope that this segment will help introduce our readers to all the features of ApprovedLoanStore.com and take full advantage of the website. Today, we’ll be showing off the features for consumers looking for a car loan.

Approved Loan Store is the best place for consumers to start and end their search for a car loan. The tools on our website will help you understand what you can afford, how much you should put for a down payment, and where you can find a dealership to give you the best interest rates possible.

First, you will want to test out the Car Affordability Calculator, located under the Credit Resources tab. The Car Affordability Calculator will ask you how much you have saved for a down payment, the trade-in value of your current vehicle, what rebates are available, how quickly you want to pay off your car (24 months to 60 months), how much you can afford to pay per month, what is the possible interest rate you could qualify for, and what is the sales tax for your county of residence. Based on all of this information, it will tell you the price range that you could afford without breaking the bank.

Second, the Approved Loan Store wants you to understand all the terminology behind car loan agreements. If you don’t understand the terms used by car dealerships and what it would mean if you took a deal, then check out the Approved Loan Store Glossary, once again located under the Credit Resources tab. The Glossary includes an alphabetized directory of many of the most-used terms in loan agreements, explained simply so that anyone could understand it.

Thirdly, you can stay up to date on all the latest news in loans and interest rates by reading the Approved Loan Store blog. We will keep you informed of trends in the industry, the best times to buy, and how to adjust your budget when buying a car.

Finally, the ApprovedLoanStore.com lets you apply for a car loan online. After filling out a sign-up form online, Approved Loan Store will contact you by phone within 24 to 48 hours. From there, we will verify your information and review car buying opportunities in your area. Consumers with good and bad credit can both benefit because consumers with bad credit can find dealerships willing to work with them, and consumers with good credit can find an even better deal than they might have found on their own. We have connections to dealerships all over and banks that are ready to work with you to get you the best interest rates possible.

Stay tuned to our blog in upcoming weeks to learn more about all the features offered by ApprovedLoanStore.com, and follow Approved Loan Store on Facebook here.

Image: M – Pics / FreeDigitalPhotos.net

Approved Loan Store Provides Financial Tools, Competitive Deals to Consumers


Approved Loan Store Provides Financial Tools, Competitive Deals to Consumers

New York, NY – October 28, 2011 – For people looking to purchase their first home, buy a new car, or get approved for a loan, the process can be daunting. Most consumers don’t know where to start looking to get the best deal, and with poor or challenged credit, finding a bank or dealership is even tougher.

There are online resources available, but oftentimes consumers spend more time weeding through the junk than finding good deals. With their combination of social media savvy and good old-fashioned networking, Approved Loan Store hopes to change how people shop for a loan. Approved Loan Store is a network of banks, car dealerships, mortgage bankers, and other lenders who want to give consumers, particularly ones with poor credit, the best available interest rates.

Additionally, Approved Loan Store is a resource for financial education. Approved Loan Store founder Todd Campanella recently spoke about his intent in starting ApprovedLoanStore.com, stating, “I created ApprovedLoanStore.com to offer consumers the best financial resources to accommodate their needs.”

To that end, sections of the website are dedicated to credit cards, credit repair, and other topics that consumers face on a daily basis. Consumers with challenged credit can also seek help through the website with advice on improving credit health and referrals to credit repair services. There are also calculators that consumers can use to find out if they can afford a house or how much they are spending in interest on their credit card. Approved Loan Store is also utilizing newer technologies and social media like Twitter and Facebook to bring people more financial advice and news daily.

There is a perception that tools like Approved Loan Store are for people with poor credit, and consumers with good credit won’t have to shop around for a good deal. In reality, a consumer with very good credit have the most potential for getting a great interest rate and benefit the most from shopping around. Anyone can search for a better deal using Approved Loan Store whether they have a stellar credit history or they have survived a rockier financial history.

Rachel Godfrey
New York, NY
Phone: 877-217-2217