Tag Archives: economy

Gas Prices Increasing Used Car Prices?

There’s been a lot of news on the rise of gas prices lately. With the increase of sales for the auto industry, it’s clear that people are looking for a car that spends more time on the road and less at the pump.

Kelly Blue Book has put out a report stating that rising gas prices might be driving the used car prices up 20 percent this year. While prices only saw a moderate growth of .4 percent in February, the prices saw a fast increase in the final week of the month. Compact cars rose 1.3 percent in that time and hybrids had an 3.6 percent increase.

Alec Gutierrez, senior market analyst of automotive insights for Kelly Blue Book, said of the increase, “Dealers have been aggressively bidding on fuel-efficient vehicles at auction as consumer demand increases in response to rising gas prices. If the past is any indication of things to come, Kelley Blue Book could see values of used fuel-efficient vehicles increase more than 20 percent during the course of the next few months.”

Now is definitely the time to get into the dealership to get the car that you’ve been wanting. There is a wide range of fuel-efficient models, new and used, to choose from. Apply online on Approved Loan Store’s website and see how we can pair you up with a local dealer. Check out our Facebook page and you can read the latest industry trends and see testimonials from our satisfied customers.

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Auto Advertising Changes For New Trend of Buyers

Car buyers have been struggling along with the auto industry and now are both seeing an upturn in their situation with the economy finally recovering.  With more money in their pocket, they are wanting to get back in the seat. The problem the industry is facing, however, is how to advertise to the interested party.

According to a report by the Foresight Research, buyers have begun to turn away from advertising that makes the car out to be “sporty” or “fun to drive.” People are looking to get quality out of their vehicle, they care more about seeing a vehicle as “competitive” and in “discounts.”

The constant rising of gas prices has also given rise to the consumer who wants to make sure that their car has good fuel economy. The report also notes that brand recognition still plays a large role in what people purchase. Due to that, it’s not really surprising that the strong sales in February were in part to the fuel efficient cars such as the Honda Civic and Ford Focus.

Go online to Approved Loan Store and apply to get driving away in the car you want, be it practical for the family or for a sporty fun ride. Be sure to check out and like our Facebook page to see all the latest on news and testimonials from our satisfied customers.

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Survey: Car Ownership Leads to Less Public Assistance, Welfare

A recent survey of low-income Americans showed that car ownership can be the difference between a continued struggle or getting off of public assistance altogether.

The survey was conducted from 2007 to 2010 and included 445 loan recipients who were on public assistance. Of those recipients, a shocking 82 percent got off of welfare, accounting for $18.2 million in savings. Even more shocking, the program cost less than half of what was saved in public assistance money.

For millions of Americans, a car is essential to work. Public transit is not always available, or if it is available, it has been scaled back with bus or train lines closing or running on a limited schedule. When a family goes through a financial crisis and does not have access to a car, getting back to a normal life is an uphill battle. This study shows that if more people with no credit or damaged credit can get into a car, everyone benefits. The car buyers can rebuild their credit and open themselves up to more job opportunities, and less people will need to rely on public assistance.

Approved Loan Store is here to help. Good credit or bad credit, we want to help you get into a new or used vehicle. Fill out our auto loan application here, and like us on Facebook and follow us on Twitter to keep up to date on the latest auto loan news.

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Auto Loan Delinquency Drop Means Good News for Customers and Auto Industry

February was a great month for the American auto industry. Sales were up and surpassed most analysts’ expectations, and in another bit of good news, more people are making their car payments on time.

Near the end of last year, auto loan delinquencies dropped to 0.46 percent. During the same time in 2010, delinquencies were .59 percent. This might seem like a tiny percentage, but it is actually fairly unusual to see such a low delinquency rate near the end of the year. Transunion’s automotive vice president Peter Turek explained, “Normally there is a seasonal upswing in auto delinquency rates…auto delinquency rates have shown upward movements between third and fourth quarters averaging in excess of 5 percent. Ending the year flat is particularly interesting because the number of new auto loans coming onto the books has consistently increased since the end of the recession, a primary driver of which has been an expansion in lending to consumers in the subprime market.”

What does this all mean? Well, more people are getting car loans. More car loans at that point in the year should mean more delinquencies, but one of the reasons why so many people are getting auto loans is to rebuild their credit. People are still in recovery mode, particularly with their credit health, and auto loans are a good option for re-establishing credit. If they don’t make their payments on time, then their credit won’t get any better. All around, this is a win-win for the auto industry and customers. For the auto industry, sales are up and delinquencies are down, and for customers, their credit will continue improving.

Good credit, bad credit, or no credit, Approved Loan Store wants to help you get an auto loan. Fill out our auto loan application here, and like us on Facebook to keep up with the latest auto loan trends. You can also see video testimonials from real Approved Loan Store customers on YouTube.

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Economic Improvement Spurs Auto Affordability

Everyday seems to bring with it optimistic news of the auto industry. Whether its seeing sales skyrocket in the previous year or in the month of January, or seeing more people finally able to start paying off their loans, or just people who have been hurting due to poor credit scores finally seeing financing extended to them, it seems that the bad times are really starting to go away. Hope is finally starting to break through a bleak economic climate.

To further this good news, Autofinancenews.net is reporting that Comcerica Bank has revealed the best auto affordability reading since the third quarter of 2009. According to the article, the purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in the fourth quarter of 2011. Consumers, on average, were down 4% from last year having spent $1,050 less on new cars in the fourth quarter.

“Household credit conditions are also improving, as shown by the low household financial obligations ratio, which measures total debt payments as a percentage of income. When you put those two concepts together, it means that households are increasingly willing to take on a reasonable amount of debt by purchasing an attractively priced automobile,” says Robert Dye, Chief Economist of Comerica Bank in Dallas. “Those favorable trends are allowing consumers to feel more confident about unleashing their pent-up demand for automobiles. Favorable affordability and improved job growth mean more upside potential for auto sales in early 2012.”

Good news is such a blessing these days, especially after watching the entire economy collapse and take so much with it. Things are really starting to rebound and people are really seeing that. Sales figures with the auto industry point to people finally going out to purchase a vehicle. This is the best time to take advantage of such an optimistic time. Go to Approved Loan Store’s website to see how you can sign up today! You can also follow ALS on Facebook, that way you can stay up to date on all the latest news.

Lower Your Graduate Debt by Picking the Right School

Before looking at student loans and comparing interest rates, there is an easy step that people often miss in preventing high debt post-graduation: picking the right school.

Last week, U.S. News released their rankings of schools whose students had the most and least post-graduation debt. These rankings were determined by the percentage of students who took out loans and the average total indebtedness per student graduating in 2010. Schools that performed better typically had more opportunities for student employment, scholarships, and grants.

Topping the list of schools with the least debt was Alice Lloyd College in Kentucky where 32 percent of students took out loans and owed an average of $3,108 post-graduation. Following closely is Princeton University with 24 percent of students taking out loans with an average of $4,385 debt after graduation. The highest rate of borrowing on this list was East-West University of Illinois in ninth place with 80 percent of students taking out loans and graduating with an average of $7,000 in debt.

Now, prospective students are getting bombarded with glossy flyers and sucked in with new fitness facilities, bigger fine arts centers, or a better cafeteria. Post-graduation debt is a problem that seems far away when taking college tours, but it is something that cannot be overlooked. A degree no longer guarantees work. Jobs for graduates are harder to find, and if the economy does not improve in the next few years, future graduates might be stuck out of work with a mountain of debt.

You can view the full list of the Top Ten Schools with Least 2010 Graduate Debt here, and if you are looking for a student loan, learn more and apply for a loan here. You can also follow Approved Loan Store on Facebook here.

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Auto Loans on the Rise

Americans are feeling comfortable with credit again, particularly when it comes to car loans.

According to Bloomberg, auto loans are on the rise and heavily contributed to the year-end boost in consumer borrowing. Credit in the United States hit $2.46 trillion during the month of October, and non-revolving debt alone increased by $7.28 billion. Non-revolving debt includes student loans, mobile home loans, and auto loans.

What does it mean? Well, clearly lenders are more willing to approve consumers for a car loan, and consumers are more willing to invest in larger purchases. Recently, unemployment numbers started dropping and payroll numbers have been steadily going up in 2011. More consumers have a stronger financial standing than they did one year ago or two years ago, and many of them want or need a new car. Overall, more consumers are getting car loans now than they have since 2009, so it is an optimal time to look for an auto loan.

You might be looking to get a new car and want to shop around for the best deal. You might be concerned that you can’t get approved. No matter what your situation, Approved Loan Store can help you find the best car loan! Click on the Approved Car Loan tab above and fill out our car loan application. Also make sure to like Approved Loan Store on Facebook and keep up with our loan education blog here!

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