Tag Archives: Credit Resources

Buy the Right Used Car With These Tips

If you’re looking to purchase yourself a used car, here is some advice on what you need to keep in mind as you ready to get over to the dealership.

Have a Budget

Budgeting is an important thing to do in the process of buying a car. If you’re someone who has bad credit, then this is where you also need to see what you can safely afford every month. Make sure you also take into consideration how much it’ll cost to maintain the car. While it can be difficult to really know how much you’ll need, it’s safe to start setting up a buffer in your savings as a just in case should anything happen to it. The sad truth about owning a new or used cars is that things do and will happen and that many buyers don’t consider the money they’ll need beyond the purchase price.

Have an Idea of What You’re Looking For

Do you have a family of four? How often are you driving? What is your typical commute distance? These questions are what you need to ask so you know where to narrow your car buying focus. If you need a family car, you’re not going to be looking at smaller coupes or SUVs. If you drive a longer distance, you’ll want one that has better gas mileage. This is where what you want and what you need start to conflict. We all have a dream car, but sacrifices must be made to get the best possible car for your lifestyle.

Test Drive It

Also give your car a test drive. Just because it looks nice on the lot doesn’t mean it feels good with your hands behind the wheel. It might not even be a problem with the car, but it might not suit you. The best, and really only, way to tell is to give the car a test drive. Don’t rush it, let yourself get the feel for the car and see if it is truly the one you want. If not, that’s when you go back to the second step on this list and see the other cars on your preferred list.

If you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at Approved Loan Store. 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!

Steps to Rebuild Your Credit Score

Credit is a number that makes the world go round for so many and that’s why when struggling with bad credit, it can be a tough world to deal with. So much of life is structure around credit score and that makes it important to do everything in your power to have good credit and maintain it. If you’re struggling with bad credit, it’s important to know that it is never too late to start to rebuild and get yourself back in good standing. Here is some tips on how to rebuild your credit.

First, know your credit score. That means you’ll be needing to have your credit report, which is something you can do using such tools as AnnualCreditReport.com. This gives you access to the reports by the three major bureaus: Equifax, Experian, and TransUnion. When you have the reports that is when it is time to do some homework. Examine each one and look out for errors. Highlight each one and start the process on getting those removed. Errors that appear on your credit report can be a major hassle to get resolved, but the pay-off is worth the trouble.

Second, get caught up on your payments. Your ability to pay your bills regularly and on-time has a major impact on your credit score. That is why it is important to get your payments caught up. If you’re behind, all the hard work you’re doing to rebuild your credit may be in jeopardy. The best way to do this is to speak with the creditors and let them know what is happening in your life that has caused you to be behind. Work with them in establishing a way to get caught-up.

The next step is keep making those payments on time. Once you’ve put yourself in good standing and have a plan to repay your loans, don’t fall behind. You will look good to the bureaus if you’re paying your bills on time. Payment history is an important facet of your credit score and doing anything and everything you can to show this to be in good standing will be a fast and efficient way to rebuilding credit.

Fighting Back Against Bad Credit

So you have poor credit. It may seem like a mountain and is definitely difficult thing to have, but that doesn’t mean that you will be unable to get an auto loan. Most people seem to think that having bad credit is the end, to curl up on the bed and give up. What most people don’t realize is that even with bad credit, you can get an auto loan. An auto loan that can lead you to being able to fix your credit situation.

What needs to happen is action on your own behalf. You need to start taking the steps to fixing your credit problems and an auto loan is a great way to get started. The process to get started is with your credit report.

As with all credit issues, accurate reporting on your credit report is key. You are able to get your credit report from the three major companies, Experian, Equifax, and Transunion, once a year and you should. Those documents are so vital and most people don’t realize it. Comb over it and look for any and all discrepancies and make note of them no matter how minor. Once you’ve found them all, time to get them removed.

It is easier said than done. It may take multiple letters and will take time, but it is worth it. Getting any and all errors removed may show that your credit is not as bad as it seems.

Having poor credit is not a jail sentence, it is a wake-up call. Should you need to get something like an auto loan for a car that you need, knowing you have bad credit is the first step in getting it resolved.

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.

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!

Image courtesy of winnond / FreeDigitalPhotos.net

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!

Image courtesy of Grant Cochrane / FreeDigitalPhotos.net

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.

Image courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net

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!

Image courtesy of watcharakun / FreeDigitalPhotos.net

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!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net