Tag Archives: credit

Subprime Credit Auto Loans Up 16 Percent in United States

Across the country, auto loans have reached a six-year high with a significant increase in auto loans for consumers with sub-prime credit.

New loans for consumers with credit scores between 621 and 660 went up 16 percent in the second quarter of 2013, and auto loans origination overall went up 11 percent during that time. Auto loans for consumers with subprime credit during that time came out to a staggering $12.1 billion, and many lenders are showing more flexibility with the length of the loan.

If you have been holding off on buying a new car because you’re worried about your credit, now is the time to give Approved Loan Store a call. There are options available for people of all credit situations, and we will help you sort out what is the best option for you!

The process is simple. Fill out our secure online auto loan application, and one of our representatives will contact you in the next 48 hours. We will review your information, see if you qualify for one of our programs, and then set you up with an appointment with one of our special finance representatives at an Approved Loan Store location nearest you! The special finance representative will help you with financing terms you can afford and get you into a car, often all in the same day!

Are you finally ready to get into a great new or used car? 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 Stuart Miles / FreeDigitalPhotos.net

Auto Loan FAQ: What is Bringing Down My Credit Score?

At Approved Loan Store, we work with a wide range of customers every day. For some of them, they have gone through the car buying process before, and this is their second or third car. For others, however, we are helping them purchase their first car. Buying your first car with good credit can be intimidating, but buying your first car with poor credit or no credit can be downright frustrating. Over the next few weeks, we will answer some of our most-asked questions here on the blog, and we encourage our readers to comment below with any other questions you would like us to address!

Question: I just looked at my credit score for the first time in, well, forever! Wow, I didn’t expect it to be that low! I pulled a free copy of my credit report, but after looking over it, I realized that I don’t know what I should be looking for. What accounts on my credit report are bringing down my credit score?

Answer: First off, here is a tip for reading your credit report. Your credit report is basically a compilation of your lines of credit, both open and closed, and a detailed account of your payment history on each account. The first thing you want to do before worrying about late payments, charge-offs, etc. is to review the list of accounts and see if anything doesn’t look familiar. Identity theft is more common than you might think, and your score could be low because someone opened accounts in your name. If you don’t recognize an account, it is important to start the dispute process with the credit bureaus immediately either on your own or with a professional company like My Credit Specialist.

If all of your accounts check out, the next step is to look over your payment history. Were you 30 or 60 days late on your credit card? Also, don’t forget to look at the status of the account. Typical status descriptions include “In Good Standing,” “Open,” “Closed,” or “Charged Off.” The best possible status for an account is open and in good standing. Closing an account like a credit card can actually hurt your credit score because you have less available credit, raising your credit utilization. You can read more about credit utilization and how it affects your credit score here (http://blog.approvedloanstore.com/2013/08/auto-loan-faq-how-is-my-credit-score-calculated/).

Finally, take a look over your accounts and find the oldest open account. Part of a person’s credit score is based on the length of their credit history. If your oldest account is only a few years old, the best way to improve that score is continuing to pay it on time, apply for other types of credit like an auto loan, and have patience.

Still have questions about credit and the Approved Loan Store program? Give us a call toll-free at 877-217-2217, or visit us online at www.ApprovedLoanStore.com. You can also get more car buying and credit tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of digitalart / FreeDigitalPhotos.net

Tesla Model S Receives 5.4-Star Safety Rating, Breaks Testing Equipment

It was big news a month ago when the 2014 Chevy Impala received a 5-star safety rating from the National Highway Traffic Safety Administration (NHTSA), but apparently this is a summer that continually needs to top itself as the Tesla Model S has earned an unprecedented 5.4-star NHTSA safety rating.

Earlier this week, the NHTSA announced that the Tesla Model S had earned a 5.4-star safety rating, making it the highest rated vehicle overall including sedans, SUVs, and minivans. According to a press release from Tesla, the Model S was designed to withstand every test thrown its way from its longer crumple zone in the front impact to the deep aluminum extrusions in the side rail of the car for the side pole intrusion test. Designers also placed the battery pack in the floor pan, improving its performance in the rollover test, and if the buyer orders the optional third row seat, there is a double bumper installed in the vehicle.

What really blew our minds while reading the press release from Tesla, however, was their recap of the roof crush protection test. During the test, the testing machine broke down. This machine is built to put vehicles through their paces and help automakers make them safer, and it gave out while testing the Model S. While some people might call that just a happy coincidence for Tesla, the people monitoring the test measured that four Tesla Model S vehicles could be stacked on top of a Model S, and the roof would not cave in. When a car performs that well in all its tests, it deserves to earn a more-than-perfect 5.4-star rating.

Are you looking for a safer car or one with better fuel efficiency? No matter what you’re looking for, Approved Loan Store wants to help you get in a car you want at terms you can afford! Good credit, bad credit, no credit, we will work with you! 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!

July 2013 Marks New Light Vehicle Record

The summer of 2013 has been profitable for the auto industry with credit restrictions on auto loans loosening up and manufacturers keeping their plants open for more weeks to keep up with demand. Now that the summer is almost over, it can now be determined conclusively that July 2013 was a record-breaking month for North American auto makers.

During the month of July, 1,029,745 light vehicles were produced by North American auto makers which is the highest production ever recorded for that month. Broken down by auto maker, General Motors produced 211,946 light vehicles while Ford produced 185,774 units and Chrysler produced 151,051 units.

The auto industry will be eager to keep sales up going into the fall, so expect to see more specials and incentives in the coming months. The great news is, though, that Approved Loan Store is here every day and every month of every year to get customers the best prices and the best terms on their auto loan, even if the person has subprime or no credit. Whatever the make and model, we are here to get the car you want at rates you can afford.

Image courtesy of digitalart / FreeDigitalPhotos.net

Cadillac Escalade Announces New York City Premiere Event

New York City is host to many high-profile events, and next month, Cadillac will premiere its next-generation Escalade in the city that doesn’t sleep.

The Escalade will be the only GM SUV that will not be premiering at the Texas State Fair which runs from Friday, September 27 through Friday, October 20. Instead, Cadillac will be hosting a premiere event Monday, October 7 at the Altman Building to show off the Escalade all on its own.

Celebrities and high-profile figures from Mark Wahlberg to Snookie love the Escalade, and with a solo event in New York, Cadillac is sending a clear message about the Escalade. This is a luxury car that is anything but stuffy. As Cadillac puts it, the new Escalade is more than a car; it is a “bold, evolutionary statement.”

In 2012, Cadillac sold 12,615 Escalades in the United States, and from January through July 2013, Cadillac sold 6,782 Escalades in the United States and an additional 252 in Canada.

From Cadillacs to Nissans and VWs, Approved Loan Store wants to find you the car you want at terms you can afford! Are you finally ready to get into a great new or used car? 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 © General Motors

Dodge Announces New Features, Same Suggested Retail Price on 2014 Durango

At this time of the year, hardly a week goes by without another pricing announcement on the 2014 models. This week, it was Dodge announcing the pricing for their seven-passenger SUV, the 2014 Dodge Durango.

The 2014 Dodge Durango, which will be in showrooms around the end of the third quarter, will have a starting suggested retail price of $29,795 excluding destination costs, the same suggested retail price as the 2013 Durango. According to a press release from Dodge, standard features on the new Durango will include 8-speed automatic transmission, projector headlamps, Bluetooth, a 5-inch touch screen, Keyless Enter ‘n Go, and more. In comparison, the 2013 Durango had a 5-speed automatic transmission, automatic headlamps, and no touch screen, Bluetooth, or Keyless Enter ‘n Go in the base model.

Tim Kuniskis, President and CEO of Dodge, was confident that the upgrades to the Durango would continue the vehicle’s 9 months of consecutive growth, stating, “The new Durango offers a combination unmatched by any other SUV or Crossover in America.” Looking at the Durango’s new features and seven-passenger capacity, this could be a great vehicle for singles, couples, and families alike, giving it a wide range of appeal.

Are you looking to get into a Dodge Durango? How about a Chevy, VW, or Kia? No matter what you are looking for, Approved Loan Store wants to find you the car you want at terms you can afford! Are you finally ready to get into a great new or used car? 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!

Summer Sales Keep Chevy Cruze Factory Open

Summer 2013 is almost over, and there is no denying that it has been a great summer for the auto industry. Sales are up, payment delinquencies are down, and automakers, including GM, have added weeks of production to keep up with demand for their most popular vehicles.

This week, General Motors announced that their factory in Lordstown, Ohio would be staying open an extra week. The factory, which produces the Chevrolet Cruze, would have been closed the week of August 26, but the Cruze’s U.S. sales have gone up 24 percent from January through July 2013. At the end of the July, there was only a 50-day supply for the Cruze.

GM spokesman Annalisa Bluhm explained that due to “brisk” sales, they had every reason to keep the factory open another week. “We didn’t want to lose momentum, so we decided to abstain from taking the week off.” Brisk is an understatement with 25,477 vehicles sold in July alone.

From Chevys to Kias and Mazdas, Approved Loan Store wants to find you the car you want at terms you can afford! Are you finally ready to get into a great new or used car? 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!

Auto Loan Repos, Delinquencies Rates Down in 2013

A new report from Experian Automotive shows that Americans are maintaining and even improving on keeping up with their auto loan payments.

In the second quarter of 2013, only 0.36 percent of vehicles were repossessed for non-payment, a 14.8 percent drop from the first quarter’s rate of 0.43 percent. 30-day late payments are also steadily dropping, and in the second quarter of 2013, 30-day late payments hit their lowest number since 2006 when Experian Automotive began following delinquencies and repossessions.

Interestingly enough, over a third of open vehicle loans in the second quarter of 2013 consisted of nonprime, subprime, and deep-subprime loans. One might expect that with so many subprime lenders there would be more delinquencies and repossessions, but Experian’s statistics from the second quarter tell a completely different story. For this reason, banks and lending institutions are more willing than ever to approve auto loans for consumers with subprime and deep-subprime credit.

Whatever your credit situation, Approved Loan Store wants to help YOU get into the car you want at terms you can afford! 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 jscreationzs / FreeDigitalPhotos.net

Nissan Prices Altima Under $23,000

The Nissan Altima has gone through a major overhaul for the 2014 model, and Nissan is finally able to announce the pricing on one of their most popular vehicles.

Starting price for the Altima ranges from $22,650 for the Altima 2.5 up to $31,450 for the Altima 3.5 SL. Standard features on the Altima 2.5 include the Advanced Drive-Assist Display, Nissan Direct Ignition System, Bluetooth hands-free phone system, push button ignition, power windows and door locks, and Vehicle Dynamic Control (VDC) with Traction Control System (TCS). There are additional audio, technology, and navigation packages available for certain models and a wide range of optional features for an additional cost.

The 2014 model has a lot to live up to considering how the 2013 Nissan Altima was received. Edmunds named the 2013 Altima as their Top Recommended Sedan under $25,000, and the National Highway Traffic Safety Administration (NHTSA) gave the Altima a five-star overall rating in their New Car Assessment Program (NCAP). After glancing through the features list and the photos Nissan has released so far, it is safe to say that probably won’t be a problem.

Are you looking to get into a Nissan Altima? How about a Chevy, Chrysler, or Kia? No matter what you are looking for, Approved Loan Store wants to find you the car you want at terms you can afford! Are you finally ready to get into a great new or used car? 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!

Getting Approved: It’s Not Always About Credit

Want to hear the credit industry’s best-kept secret? It is possible to have a great credit score and still get turned down for an auto loan.

Every day at the Approved Loan Store, we work with customers who have been turned down for auto loans at other dealerships. Many of our customers have bad credit or no established credit, but there are some people who come to us with a good or great credit score and can’t get approved for an auto loan.

How is this possible? Most of the time, they have made their payments on time and maintained a low balance on their credit cards which explains their stellar credit score. Unfortunately, their credit reports lack variety and a long credit history. John Doe might have paid his credit card on time for 10 years, but if that credit card is the only account on his report, he probably won’t be approved for an auto loan. Jane Doe might have a couple of credit cards and her student loans listed on her report, but if those credit cards have only been open for a year, she isn’t likely to get approved either.

Yahoo! Contributor Jennifer Budd ran into this problem when she tried to trade in her 1997 Nissan Maxima for a new car. Despite her 737 credit score, she was denied by three different banks before finally getting an approval. She discovered that she was turned down because she only had one credit card listed on her report. While she should be commended for paying that card on time for over ten years, she needed more variety on her report.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net