Tag Archives: financing

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!

Getting an Auto Loan After a Bankruptcy

Car shopping with bad credit is a struggle but what about if you have a bankruptcy? Going through a bankruptcy can make it feel like you have nowhere else to turn and that it is the end. The key to fighting back against bankruptcy to still get the auto loan for the car you need is fighting against the idea that a bankruptcy is the end of the road.

It’s a hard thing to have to go through a bankruptcy, no one is denying that. That doesn’t mean it has to be the dark cloud that forever looms overhead though. There is a societal aspect to seeing bankruptcy as something that only happens to people who are irresponsible with their money, that they couldn’t deal with their finances and are suffering the consequences. This is the wrong mentality. Bankruptcies happen to good people who have structured finances. The problem with life is that things happen from illness to job loss and anything that dramatic can crush even the most well thought out financial planning.

What to keep in mind when you’re looking for an auto loan post-bankruptcy is what lenders look at. They will look over payment history to see how you dealt with previous loans and if you missed any payments etc. They will also look to see how an uncontrollable event like job loss impacted your finances. Your current financial situation as well as income will also be taken into account and that could lead to the lenders asking for more money down on the vehicle in order to secure a loan.

The reality is that you can still get an auto loan, but keep in mind that you’ll be having to make compromise. You may not be able to obtain the dream car you wanted, but if you can get an auto loan and keep up with the monthly payments, you never know where you’ll end up. It certainly looks great to lenders that you’re keeping up on your payments after a bankruptcy. Keep the faith and be willing to put up with limitations and you can find your financial life still possible after a bankruptcy.

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What to Know About Down Payments

A down payment is a powerful tool in getting a car loan. The question is, for many people, how much money to put down as a down payment? The conventional wisdom, according to Edmunds.com, is that a down payment should be 20%. The problem with that number is how many people struggle with circumstances today that make them unable to have that much for a car at the time of purchase. How does that effect the number people need for a down payment?

Down payments have been steadily decreasing from that 20% number. The reasoning is because car prices are increasing, but the wages the average buyer is making has stayed the same. The average family has less money to use for something like a down payment. So they don’t have the extra income to spare, hence the decrease in the amount.

That still doesn’t answer an underlying question: how much should you put as a down payment? The answer, sadly, has no number, instead it deals in one general thought process. It is up to you to figure out how much money for a down payment is available to you. How much have you saved? How much can you comfortably pay up front? These are some of the important questions to ask if you want the answer to how much cash should you put as a down payment.

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.

Pitfalls to Avoid When Car Shopping With Bad Credit

Life is already tough enough for people looking to purchase a vehicle with a bad credit. They’re options are more limited than the average buyer and it can really weigh on people when they go car shopping. It is easy for an individual suffering from bad credit to just feel the weight of the world stacked against them. There is hope for this person. There is plenty that this person can do to help make the car buying experience easier and better if only by avoid a few common pitfalls.

First, don’t just randomly buy a car. As weird as that sounds, like someone walking around a car lot with a blindfold on, what it really means is not to accept that this is the only vehicle possible. Think about the vehicles you have available for you. Research the vehicle(s) that have been made available for you and see which the best value is truly. Ask questions, take it for a test drive, do the usual business people are supposed to do when auto shopping. Just because you have bad credit doesn’t mean to ignore the process.

Look for a down payment option. Down payments are very important for people with bad credit. The more you are able to put down towards a vehicle, the better off you will be as far as options are. While it isn’t always true, it is something to be explored. Make sure you know how much money you can possibly bring with you as a down payment. Don’t put yourself in a position where it’ll hurt your ability to pay your monthly loan on time. Know your finances and see what can be sparred for a down payment.

Using these tips and will be able to help you when you’re fighting to get your credit back. There’s plenty more, but these two will help you out when it comes time to get shopping. If you need any more help, 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!

Car Buying Tips for Bad Credit Shoppers

You have bad credit and need to get a car. That’s never a good place to find yourself in, but that doesn’t mean there isn’t something you can do. Here is some advice on what you can do to help yourself out when it comes to getting an auto loan with bad credit.

First, know your credit score. This one is very important for so many reasons. First, you have bad credit, but just how bad is it? Do you know your score? This is something you should always know. Get your credit report from the three credit agencies and make sure that you know just how bad the score in the reports is.

Second, consider a large down payment. When getting an auto loan, a good way to counter balance bad credit is to get more money to put down. It is a way to show the lenders that you have the ability to put together money and are showing you’ll be making sure to hit those monthly payments. If you can put together a larger down payment, make sure you do it.

Lastly, accept that with bad credit, your car choices are limited. We all want that nice new sports car that was shown on this or that movie. It would be nice to cruise down the street in our dream vehicle, but that is not the option yet. For the time being, practically outweighs desire. Understand that when auto shopping with bad credit, you’re going to want to stick with an older car that will likely be cheaper. Make sure to assess it to see if it matches your needs for size and capability. You may already realize that, but it is something that needs to be stated.

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!

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.

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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!

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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.

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