Tag Archives: credit score

Cedar Rapids Boy Steals Family Car, Crashes 4 Blocks Away

There is a phase that a lot of young kids go through where they threaten to run away from home. They pack up their backpacks with a couple of peanut butter and jelly sandwiches, a beloved stuffed animal, and their Nintendo DS, but usually that is as far as it goes. A 7-year-old in Cedar Rapids, Iowa, however, decided to take it a huge step forward and steal his mom’s car for a quick getaway.

Last Saturday at around 9 a.m., the unnamed boy took his mother’s car keys and drove down 33rd Street to Edgewood Parkway. On a typical day, this area of Cedar Rapids is fairly busy with a movie theater, numerous restaurants, and a mall close by. Fortunately, he only got about a block down Edgewood before he crashed the car between a bank and a Wendy’s restaurant, and despite the state of the car, he did not sustain any serious injuries.

As of publication, it is uncertain what sort of punishment the boy will receive. He has been cited for a laundry list of violations and misdemeanors including driving without a license, failure to maintain control, hit-and-run, and no insurance. Unfortunately, this is not the first time that he has tried to get the car from his mom. Police Capt. Bernie Walther told ABC affiliate KCRG, “He has grabbed her keys before and tried to do this, but this is as far as he’s ever gotten.”

At Approved Loan Store, we know that our customers aren’t always looking for a new car under the best of circumstances. Whether it is a challenging credit situation, a recent car accident, or a tot taking the family car for a joyride, we want to make the car buying process as easy as possible. If you’re looking to get into a new or used car, fill out our secure online auto loan application here, and get the latest auto and credit news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

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Survey: Negotiating Price, Financing Worst Part of Buying a Car

A new survey has confirmed what we over at Approved Loan Store already know: Car shoppers hate haggling over price.

The survey asked 2,000 respondents to list steps in the car buying process from the most pleasant part to the least pleasant part. They could choose from researching vehicles make and models, shopping and test-driving, arranging/negotiating financing, and negotiating the price of the car. Overwhelmingly, survey subjects chose negotiating the price of the car as the least pleasant step in the car buying process followed closely by negotiating financing.

At Approved Loan Store, we know that car buyers hate haggling over price and financing, and we are constantly striving to make the process more streamlined and better for our customers.

Step 1: Fill out our secure online auto loan application here.

Step 2: You will be contacted by an Approved Loan Store representative who will schedule an appointment with the Approved Loan Store dealership closest to you.

Step 3: Meet with an Approved Loan Store Special Finance Representative who will work with you and get the best possible price and financing options.

Our network of dealerships has helped customers all around the tri-state area get into great cars at affordable terms. Hundreds of customers have given written and video testimonials raving about their experience with Approved Loan Store, and we know that one of the reasons is because our process makes pricing and financing easier. At other dealerships, pricing and financing might be the stuff of nightmares, but with Approved Loan Store, financing a car is as simple as 1-2-3.

Want to connect with Approved Loan Store online? Like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube to get the latest auto news and updates from Approved Loan Store.

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Auto Loan: New FICO 8 Unnecessarily Complicates Credit Score

Maintaining a good credit score is a tough task that takes time, attention, and diligence on the part of the consumer. Most Americans don’t even know their credit score, much less what it means or how it is calculated. Consumer groups and government agencies like the Consumer Financial Protection Bureau are trying to demystify credit reports and credit scores for the general public, but unfortunately, the credit reporting industry is, perhaps intentionally, making credit scores more confusing.

FICO scores have been the credit industry standard for years, ranging from 300 up to 850. When lenders talk about your credit score, it is likely they are referring to your FICO score. Recently, the Fair Isaac Corporation, which produces the FICO score, touted that the number of consumers in the top tier of credit scores has increased, and the number in the bottom tier has decreased. This sounds like really great news until Ann Carrns of the New York Times took a closer look.

As it turns out, the numbers they were touting were not based on the FICO score but rather a new-and-improved FICO score, FICO 8. FICO 8 is a new formula used to calculate that all-important credit score which can mean the difference between getting approved for a higher amount on a car loan or getting a lower interest rate. Fair Isaac Corporation will disclose that over 76,000 creditors are using FICO 8, but they would not say how many creditors are using the older FICO score model or how a consumer can find out which model a particular creditor is using. Even more frustrating, the FICO 8 credit score is not available for purchase from Fair Isaac Corporation, so consumers are left in the dark as far as their FICO 8 score is concerned.

I’ve been writing about the credit industry and how it relates to the auto industry for a while now, and this is one of the most ridiculous stories I have ever heard. Through this blog, we are trying to simplify the car buying process and give our readers the most basic information that every consumer needs to know to improve their credit and get the best rates on an auto loan. When it comes to credit scores, we often tell people to stick with the original and the industry standard, their FICO score. Now, even that most basic tip has been complicated with the old model FICO score vs. the FICO 8 model. The Consumer Financial Protection Bureau has promised that they will be closely monitoring the credit reporting industry, and I sincerely hope that they crack down on this nonsense. One last message to FICO: Your actions are confusing consumers and making credit way too complicated. Please stop.

No matter if you have good credit, bad credit, or no credit, Approved Loan Store wants to help you get into the car you want at terms you can afford! Fill out our secure online auto loan application here, and keep up with the latest auto news and consumer alerts by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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GM Announces Major Breakthrough in Electric Car Batteries

This might be only the second full week of August, but already it is the month of hybrid and electric cars. Earlier this week, we told you about new technology out of Middle Tennessee State University that will transform normal vehicles into fuel-efficient hybrid cars.  Yesterday, GM continued the trend by making a major announcement about the future of electric cars.

GM CEO Dan Akerson announced at an employee meeting Thursday that there has been a breakthrough in the lithium-ion batteries used in electric cars. Right now, the Chevrolet Volt can go for about 35 miles per electric charge with a gas motor that kicks in if the battery power runs out. Akerson announced that the new batteries would be able to travel 100 miles per charge, nearly three times its current power, and he teased that the batteries would soon be able to travel up to 200 miles per charge. He called the increased battery power a “game changer” in the industry.

Even with this great news, though, GM is still being cautious and keeping their business in mind while exploring hybrids and electric cars. If it turns out that they can’t make 200-mile batteries, they are also working on hydrogen fuel cell vehicles and natural gas vehicles. Akerson compared focusing solely on electric cars to putting “all of our chips on one bet” and assured GM employees and the public that GM would explore all of their options.

If GM came out with electric cars that could go 200 miles on one charge, would you take one for a test drive? Leave a comment below, and tell us what you think!

GM’s new high-powered electric cars are still a ways off, but Approved Loan Store wants to help you get into a new or used car today. Good credit, bad credit, no credit, we want to help you! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Cops Catch California Craigslist Car Crook

Since the start of Craigslist, there have been horror stories of scam artists taking advantage of consumers looking for a good deal on an apartment, a stroller, or a car. It is impossible to know exactly what to expect when responding to a Craigslist ad. Sometimes, the poster is a perfectly normal human being who doesn’t want to pay to advertise their used furniture on another website. Other times, the poster is a predator looking for their next victim. Even with these warnings, though, people still use Craigslist in hopes of finding that one great deal, even when it comes to a major purchase like a car. If you needed another reason to stay away from Craigslist’s car ads, this story out of Belmont, CA will hopefully do the trick.

A family in Belmont responded to a Craigslist ad for a 2011 Nissan Altima. They wanted to be safe and make sure this ad was legitimate, so they met the seller Christopher John Prew in person to check out the car. Everything seemed to be in order, and they handed over a $500 cash deposit. From here, the deal started to seem fishy. Prew didn’t have the car title with him, and he agreed to meet the family later to hand over the title and receive the rest of the payment for the car. He left with the money, and the family called the police. As it turns out, the car didn’t belong to Prew at all. The Nissan Altima was a rental from Hertz.

Fortunately, Prew didn’t get away with it. The police set up a meeting with Prew, posing as another potential car buyer. When Prew showed up, he was taken into custody. He is being charged with one count of theft by false pretense, though the police believe that there might be other victims that have not yet come forward.

You don’t have to take a chance when car shopping. Approved Loan Store wants to help you get into a new or used vehicle, even if you have poor credit or no credit! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

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Tennessee Student Invention Changing the Future of Hybrid Cars

New green technology is becoming more of a necessity as every year goes by, and though hybrid cars are starting to become more popular, Americans have been slow to adapt to this new technology. A new invention out of the Middle Tennessee State University, though, promises hybrid car technology without having to buy a new car.

For five years, Dr. Charles Perry has been working with MTSU students to create an electric propulsion system that doubles a car’s fuel economy and can be installed for a reasonable price. He showed off a prototype of the system in a YouTube video which was posted to the MTSU YouTube channel a little less than two weeks ago. Already, they have four pending patents, and MTSU is exploring their options in commercializing this new technology.

Up until now, Americans as a whole have wanted better fuel economy, but at the same time, they have been wary of electric and hybrid cars. Maybe it was the price or technical bugs. Maybe they believed that buying a hybrid car would limit their options, or maybe they just hated the notion of trading in their powerful truck for an itty-bitty hybrid. Up until now, the idea has been to make whole new cars and make them appealing to the public, but with this new system from MTSU, drivers can have their car cake and eat it too. They can keep the car they love and upgrade its fuel economy for as little as $3,000.

It will probably be awhile yet until these systems are available for purchase, but if you are looking for a more fuel efficient vehicle now, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Two-Face Car: State Farm Builds Monster Classic Car

Last weekend, The Dark Knight Rises broke box office records and won critical acclaim as well. America has Batman on the brain, including car enthusiasts, so Jalopnik was very excited to find a classic car rebuilt to resemble one of Batman’s most famous villains.

Harvey Dent, also known as Two-Face, is an iconic villain, and even people who don’t read comic books know Two-Face. One side of his face is handsome, and the other is hideously deformed. Now, State Farm needed a new way to train classic car insurance appraisers so they could tell the difference between a good restoration and a shoddy one. They wanted something that would be memorable for the trainees, so instead of just bringing in a good classic car and a bad classic car, they build a classic car with two “faces.”

On the driver’s side, this 1968 Camaro has been meticulously refinished with an off-white paint job. On the passenger’s side, the car is a patchwork of parts covered in flashy red, white, and blue paint. The brakes, wheels, and cylinder heads don’t match, but the car does its job. Side by side, it isn’t hard to see the difference between the good restoration and the bad restoration.

Unfortunately, there is a bit of a downer for anyone thinking about getting their hands on State Farm’s Frankenstein of classic cars. The “Harvey Dent” car is not exactly built for the road. It can drive well enough to use in training or show off at an auto show, but personally, I wouldn’t feel comfortable driving it out on the road.

Approved Loan Store might not have the “Two-Face” car, but we love to get our customers into the new or used car of their dreams! Good credit, bad credit, no credit, we want to help you! Fill out our secure online auto loan application here, and connect with Approved Loan Store on Facebook, Approved Loan Store on Twitter, and Approved Loan Store on YouTube!

Image Credit: State Farm on Flickr

Auto Loan vs. Cash: When a Loan is the Better Choice

Last Friday, guest blogger Lance from “Budgets are Sexy” was featured on MSN Money and stirred up some controversy with the headline “Why a car loan can beat paying cash.” As expected, many cash-only advocates got very upset and all but called for the authors head to be served on a silver platter to Dave Ramsey. We wanted to take a quick look at why he took out a car loan instead of paying cash and then open it up to our readers for feedback.

First, he wanted to get an installment loan on his credit history. At this point, he had several credit cards which he paid off regularly and on-time, and he did not take out any student loans in college. With such a sparse credit history, he thought that an auto loan that was paid on time would make a good addition to his credit report.

Second, he got a 0.9 percent interest rate for 36 months. Some readers didn’t know why he would pay any interest rate on a purchase he could afford to pay with cash, but considering that the interest he was earning on his savings account covered the additional interest on the car loan, it was a smart choice. Under these circumstances, he built up his credit history, and it didn’t cost him anything extra.

Finally, he appreciated not depleting his funds to pay for the car outright. By taking out the loan, he could still maintain his emergency fund in case of job loss or medical emergency. Most personal finance experts recommend keeping an emergency fund with enough money to live on for six to eight months, and thanks to the loan, he could keep his six-month emergency fund.

What do you think about his decision? If you could pay for a car in cash, would you choose to take out a loan? Leave us a comment below, and tell us what you think!

Are you looking for an auto loan? Approved Loan Store can help! Fill out our secure online auto loan application here, and get connected with Approved Loan Store on Facebook, Approved Loan Store on Twitter, and Approved Loan Store on YouTube!

Image: FreeDigitalPhotos.net

Business Insider: In the Auto Industry, Subprime is Not a Dirty Word

Here at Approved Loan Store, we work with customers with all sorts of credit situations. While we help out plenty of customers with good credit scores find a better deal, our specialty has always been working with consumers who have subprime credit.

Now, the term “subprime lending” has become a loaded term because people associate it with subprime mortgages, but there are enormous differences between the subprime auto and mortgage industry as outlined this week in an article by Business Insider.

There are two main reasons why subprime auto loans are not the same risk of subprime mortgage loans. First, consumers default less on auto loans than on mortgages. Car repos happen much quicker than foreclosures, so consumers feel compelled to keep up with their payments. Besides that, a car is necessary for many people to make it into work, especially in areas of the country without public transportation options. If they don’t have a car, they have to rely on other people for a ride to work, to the grocery store, or to go out on the town. Most people will make cuts where they need to so they can maintain their car and their independence.

Second, subprime auto loans are not nearly the same risk for lenders as subprime mortgages. This is why so many of Approved Loan Store’s lender partners have been able to offer these auto loans to consumers with very low credit scores while they would deny that same consumer for a credit card, a mortgage, or a personal loan. For this reason, auto loans are a great way for consumers with challenged credit to re-establish themselves and build up a positive payment history. We call this the “Everyone Deserves a Second Chance” effect.

Are you looking to get into a new or used vehicle? Approved Loan Store wants to help, even if you have bad credit, good credit, or so-so credit! Fill out our secure online auto loan application today, and keep up with the latest in credit and auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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New vs. Used Cars War Rages On

There is a lot of debate among car and personal finance writers as far as buying new vs. used cars. Should car shoppers go with the security of a new car with no chance of a bad previous driver history, or should they go for the value with a used car?

In a recent article for Business Insider, financial planner Sophia Bera made the case for sticking with a reliable used car and not spending beyond one’s means on a luxury car. She cites Dr. Thomas Stanley’s research which found that Toyotas are the most popular car make among millionaires. By opting for a less expensive car, they had more money to save or put towards other luxuries like vacations or a nicer home.

Bera sings the praises of her 1997 Toyota Corolla which she bought used and is still running great. Her husband’s car, a 1998 Honda Civic, has also served them well, and since he paid it off in only nine months, they cut down on additional interest.

While Bera has some great points in her piece, we want to hear from our readers! Do you prefer buying new or used, and what would you choose for your next car? Leave a comment below, and tell us what you think!

If you’re looking for a new or used car, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

Image: FreeDigitalPhotos.net