Tag Archives: credit

Toyota Sells 3 Millionth Prius Worldwide

Last week, Toyota announced that 3 million Priuses have been sold worldwide.

It has been 16 years since the Prius was first launched and a whole decade since the introduction of the second generation Prius. In 2009, Toyota introduced the third and most recent generation Prius which produces only 89 g CO2 per km.

The Toyota Prius, one of the first and most popular widely-available hybrid vehicles, also has the distinction of receiving the NHTSA 5-Star Overall Safety Rating. Kelley Blue Book rated it a 9.1 out of 10, and Edmunds awarded it a 4.9 out of 5-star rating.

At the time of publication, the starting price for the 2013 Prius is $24,200. Standard features for the 2013 Prius Two include LED daytime running lights, climate control, UV reduction glass windshield, touch-screen audio player with iPod connectivity, fuel consumption history and rear spoiler with LED center high-mount stop lights.

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!

Consumer Protection Group Offers Summer Car Buying Tips

A Michigan organization dedicated to helping consumers avoid auto theft and fraudulent auto sales has released a series of tips to protect car buyers this summer.

H.E.A.T., or Help Eliminated Auto Thefts, first and foremost recommends that car buyers avoid buying a vehicle online. This doesn’t mean that car buyers shouldn’t research vehicles, browse inventories, or apply for an auto loan application, but ultimately the transaction should happen in person through an actual dealership. Craig’s List is great for buying a cheap couch or job hunting, but it is not suited for purchasing a vehicle.

H.E.A.T. also provided other recommendations like meeting at the Secretary of State and double-checking all vehicle information including the VIN, but the easiest way to avoid all of these problems is to shop for a new or used car through Approved Loan Store. Approved Loan Store offers the convenience of applying online while also providing the security of a physical store. Our finance specialists work face-to-face with our customers to make sure they get the car that they want at terms they can afford.

Are you finally ready to get into a great new or used car? Approved Loan Store wants to help 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!

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Concept Vehicle of the Year Award Go to Ford, Hyundai, and BMW

Earlier this week, the Concept Vehicle of the Year awards were presented, and the big winners were Ford, Hyundai, and BMW.

The awards, which are voted upon by automotive journalists, can go to any of the concept cars that debuted at this year’s auto shows in New York, Chicago, Detroit, and Los Angeles. Hyundai’s HCD-14 Genesis won best concept car while the Ford Atlas pickup won best concept truck and the BMW i8 Spyder won best production preview vehicle.

What made the 2013 awards different from previous years? First and foremost, it seems like automakers are pushing to make these concepts into a reality. For example, Ford’s main aim with the Atlas was proving that a pickup truck can be powerful while still being fuel efficient. According to Ford’s truck group marketing manager Doug Scott, the Atlas is a peek at the real “future” of Ford, not an idea that will never actually materialize on the showroom floor. Secondly, the Ford Atlas and Hyundai HCD-14 were both premiered in Detroit at the North American International Auto Show. Perhaps it was just a coincidence, but it could be that Detroit is the place to look for future Concept Vehicle of the Year winners.

Study: Detroit Has the Country’s Most Patriotic Car Buyers

The 4^th of July has now come and gone, but CarGurus.com wanted to know which major cities were buying “patriotic” cars, or American brand cars, all year round. Read on to find out which cities fared the best and worst.

In Detroit, MI, 67.8 percent of car shoppers were looking for cars produced by General Motors, Ford, or Chrysler, a higher percentage than any other city. Coming in number 2 was Cleveland, OH, followed by Indianapolis, IN, St. Louis, MO, and Kansas City, MO.

Unfortunately, New York, NY did not perform well at all. New York came in number 4 in the Bottom 10 Cities list released by CarGurus.com. Only 39.8 percent of car shoppers were looking for American brand cars while 30.7 percent were considering Asian brands and 29.5 percent were considering European brands.

No matter what kind of car you are looking for, from Chryslers to Volkswagens, Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to find 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!

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To Co-Sign or Not to Co-Sign, That is the Question

In the Coen Brothers’ film The Hudsucker Proxy, there is a scene where Noville Barnes, a fresh-faced, ambitious young lad, goes to take a look at the city’s jobs board and makes a terrible discovery. Nearly every job available requires at least five years of business executive job experience, and he has almost no job experience at all. He cannot get a job without experience, and he cannot get job experience without first holding a job.

Establishing credit is a very similar experience. In order to get approved for a credit card or an auto loan, lenders want to see a history of paying credit cards and loans on time, but it is impossible to establish that payment history without first getting a credit card or loan. Consumers with no credit are stuck in a frustrating cycle. If they do somehow get approved for a credit card or loan, they can end up saddled with high interest rates, fall behind on payments, and end up with a poor credit history which is almost as bad as no credit at all.

For these reasons, I had difficulty reading the article “Why You Should Never Co-Sign for Your Kid.” The author takes the definitive stance that parents should “never” co-sign for their children. She seems to take the stance of tough love, saying that no credit is “no big deal.” It might seem like a big deal right now, but there are many circumstances under which a teenager having credit is necessary. I hate to say it, but what if something happened to the parents? What if there was an accident or a long illness and their child had to take on more financial responsibilities for the family? An emergency situation would hardly be the time to try to establish credit.

Even if nothing that drastic occurred, I will want my teenagers to be able to obtain low interest rates by the time they are living on their own. They will already have to deal with high student loan interest rates, and while I personally plan on helping them pay for college, many families can’t afford to do so. Are they supposed to worry about establishing credit when they are already facing a mountain of student loan debt?

I am not saying that it is always a good idea to co-sign a loan with a family member. There are plenty of circumstances where co-signing for a loan is not advised, but I don’t appreciate the author issuing a blanket statement that parents should never co-sign a loan for their child.

Readers, what do you think? Would you co-sign a loan for a family member, or do you think it is a bad idea? Leave a comment below, and let us know what you think!

Is your credit keeping you from getting an auto loan? Approved Loan Store wants to help YOU get into a new or used car! Good credit, bad credit, no credit, we will work with you to get a 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!

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Toyota Offers Big Discounts on America’s Best-Selling Car

As competition heats up amongst family sedans, Toyota is taking big steps to boost the Camry’s sales including discounts and incentives adding up to thousands of dollars in savings.

At the end of May, Camry buyers could receive up to $2,750 in various incentives from Toyota, more than the $2,400 discounts on the Nissan Altima or the $2,300 discounts on the Ford Fusion. Toyota is hoping that these discounts will help Camry hold onto the title of America’s Best-Selling Car for yet another year. Perhaps the low cost will also draw in young consumers who don’t have the money for a big down-payment or haven’t established a strong enough credit score to purchase a pricier vehicle.

According to Toyota’s website, the 2013 Toyota Camry has a starting retail price of $22,235 with standard on-board computer, climate control, keyless entry, and Bluetooth hands-free telephone access. The Camry has a 25 mpg city, 35 mpg highway fuel economy, and it has received a 9.3 out of 10 rating from Kelly Blue Book and a 4.9 out of 5 rating from Edmunds.

This summer, Toyota is offering competitive pricing, and here at the Approved Loan Store, we are ready to offer you competitive auto loan rates and terms, no matter what your credit situation! 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!

Self-Employed: The Challenges of Buying a Car with Poor Credit

Getting a car loan with poor credit or no credit is tough, but when a potential buyer is also self-employed, it presents a whole new set of challenges. Fortunately, Approved Loan Store is here to help. If you are self-employed and plan on buying a new or used vehicle soon, read on ahead and learn how you can improve your chances of getting approved.

First, you need to be able to prove your income. The most effective way to prove income if you are self-employed is to bring in three years of professionally prepared tax returns. Remember that the majority of auto loan programs have a minimum monthly income requirement of $1,800, or $21,600 per year, so check to see that you meet those requirements.

Second, it might be smart to bring in documents showing approximate monthly expenses. If the lender believes that your monthly expenses are too much to take on a car payment as well, they will not approve the loan. You want to show them that you can keep up with your car payment and still maintain your current monthly bills.

Finally, going back to the first point, your income needs to be reflected in your tax returns. If you are not reporting some of your income on your tax return, then you don’t get to claim that income while applying for an auto loan. There is no guarantee that additional paperwork will help your case if the income listed on your tax return is below the minimum, even if you bring bank statements.

Are any of these requirements a problem? If so, it would be smart to either walk into the dealership with a co-signer or bring a down payment. Otherwise, you have a good chance of qualifying for an auto loan program with Approved Loan Store. Every day, we work with customers with no credit, challenged credit, and a wide range of factors keeping them from getting a car, including self-employment.

Summer time is here! Are you finally ready to get into a great new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a 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!

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Low Monthly Car Payments Drive Subprime Credit Auto Sales

Going into summer 2013, banks and lenders are offering more options to subprime credit auto buyers including lower monthly payments and longer auto loan lengths.

According to Experian, the average monthly payment on a new auto loan in 2013 is $459, and new car buyers are extending the length of their loans as long as 84 months. 19.5 percent, or nearly 1 in 5 new car buyers, are opting for 73 to 84 month auto loans.

The obvious downside to a longer auto loan is that it will cost more in interest than a higher monthly payment and a shorter loan length. It is simple math, and there is no way around that. Still, a longer auto length is often a good option for consumers who need a lower monthly payment. Plus, they can always make higher payments and pay off the loan quicker if their financial situation changes and they have more money to put towards the loan.

Are you looking to buy a new or used car with poor credit? Do you know what payment and loan options are available to you? Approved Loan Store wants to help YOU get the car you want at terms you can afford, and we are ready to help you today! Get started right now 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!

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Getting a Car Loan with Bad Credit: The Advantage of Trade-Ins

At Approved Loan Store, many of our customers ask about trade-ins when they set up an appointment. Can they trade in their car, and if they trade it in, how much will it help in buying their new car? In today’s blog, we are going to do a quick run-down of how trade-ins work and what advantage they can give to car shoppers, especially consumers with poor credit.

First off, how does a trade-in work? Let’s say that I have a car worth $14,000, and I currently owe $7,000 on it. I’m ready to buy a new car, but my credit isn’t good enough to just get a loan outright. Typically, I have three options available to me. One, I can hold onto my old car and save up enough money to make a large down payment on the new car. Two, I can hold onto my old car and find a co-signer with good credit. Three, I can trade in the car and put the value of it towards the new car.

The trade-in value of the vehicle can be calculated by subtracting the value of the car from how much is currently owed on the vehicle. For example, if I trade in the $14,000 car, it will count as about a $7,000 down payment on my next car. Note that the value of my hypothetical car is not how much the car was worth on the day that I bought it but rather what it is worth now. My hypothetical car has almost certainly gone down in value from the day I drove it of the lot. There are resources like Kelley Blue Book which list vehicles and their approximate trade-in values, so before I go to my Approved Loan Store appointment, I can know approximately what my vehicle is worth and how much I will be putting towards my new car.

Still have questions about trade-ins? Call Approved Loan Store today at 877-217-2217 and set up an appointment with a special finance representative today!

Is poor credit or no credit keeping you from getting the car you want? Approved Loan Store wants to help YOU! We will work with you and explore every possible option to get you 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!

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Ford Announces New, Improved Regenerative Brakes

Since regenerative braking systems were introduced in the 1990s, automakers have been working to improve efficiency and transfer more braking energy back into the vehicle. Now, Ford is claiming that their new regenerative brakes can recapture twice or three-times the kinetic energy of their competitors.

A normal braking system utilizes friction between the brake pads and brake rotors, and the friction turns the kinetic energy into heat. In comparison, regenerative brakes reverse the vehicle’s electric motor, and the energy that is produced goes back into the vehicle’s battery. In the past, these brakes could recapture about 30 to 50 percent of the kinetic energy, but Dave Crombez, a technical expert at Ford, claims that Ford’s latest regenerative brakes can recapture up to 95 percent of that energy.

If the brakes can live up to these claims, Ford drivers will see a huge improvement in their vehicle’s fuel efficiency. Ford is predicting as much as 30 percent improvement, though once again it might not live up to those numbers in practice. When regenerative brakes are combined with lighter vehicle bodies, better engines, and other updates, however, they will create a much more fuel efficient vehicle together.