Tag Archives: lending

New V2V Technology Changes Future of Auto Safety

There has been a lot of talk about the future of driving. Self-driving vehicles and pedestrian air bags are all changing the way we drive, and now, a stunning new technology promises to prevent crashes by letting cars “talk” to each other.

Vehicle-to-vehicle communication, also known as V2V, will allow vehicles to communicate via wireless signals with nearby cars. Cars will share information like speed, location, and other necessary stats and use that information to prevent a crash. For example, when a car is on track for a collision, the car will warn the driver. Some systems will even bypass the driver and apply the brakes if the driver does not do so quickly enough.

Obviously it will be awhile until V2V is available in vehicles. There are many bugs that will have to be worked out such as setting up a secure wireless system that will not be susceptible to hackers, and once it is available, I’m sure that auto safety regulators will need to determine if every car should have V2V technology. The device requires that vehicles be capable of communicating with all other nearby vehicles on the road, so it does little good if only a few drivers opt to use V2V. Still, it is pretty amazing how far auto technology has come in the past few years, and I can only imagine how V2V technology will change driving as we know it in the years to come.

Are you looking for a great new or used car? Approved Loan Store can help whether you have good or bad credit! Fill out our secure online auto loan application here, and keep up with the latest from Approved Loan Store by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Image courtesy of FreeDigitalPhotos.net

Top 5 Consumer Complaints of 2011

We’ve all had that moment as consumers. That one phone call that just enrages us to such a degree that we have to tell someone about it. Sometimes it’s just telling a friend or significant other and just getting it off your chest. Other times, it’s more serious than that and that threat you made to the representative to report them to the Better Business Bureau seems like something you should do. Everyone has their tipping point before they finally do make a phone call to formally report a company. In 2011, the Federal Trade Commission received more than 1.8 million complaints from consumers. This is a mark increase from 2010, a 24% increase in fact. It’s also the fifth straight year that the number of complaints increased.

Fox Business put together a list of just what people are lodging complaints about. They broke it down to the top five offenders.

#1 – Identity Theft

This complaint has been on the top of the complaint list for the 12th year in the a row. It accounts for 15% of complaints and a quarter of those were related to tax or wage related fraud. What this kind of fraud is is when your Social Security number or other personal information is stolen and used to get a job. That holds you liable for any tax obligations from the thief’s employment. They also file a tax return in the victim’s name and then walk off with the tax refund. Make sure to protect yourself against this threat by guarding your Social Security number and monitoring your bank statements and credit reports.

#2 – Debt Collection

Debt collector has been an ugly word for some time now and there’s a good reason. The daily news cycle for the past many years seems to always have a section dedicated to some caller finding new and immoral ways of harassment as a means to collect on debt. No other industry receives more complaints from people than debt collectors according to David Torok, the director of the division of panning and information at the Federal Trade Commission. 2011 saw 180,928 complaints, or 1 in ever 10 complaints made. Torok also provides some advice with dealing with the nasty kinds of debt collectors. “Collectors can’t harass. That’s the simple bottom line. Know your rights.”

#3 – Banks and Lending

Definitely not a hard one to see given the state of the economy. The bailout hasn’t left anyone news cycle, nor has the predatory mortgage loan fiasco. That and there was this whole messy business with crashing the world economy. In this regard, the banks are receiving such complaints due to problems with customer service and problems with modifying their mortgage terms.

#4 – Auto-Related

The majority of complaints that are against dealerships come from the sales of new and used cars. In fact, 2 out of 5 auto complaints were over new-car sales. The issues that were most complained about were car rentals, parts & repair, and services. The recommendations to avoid running into these problems when going into the dealership is all about research. Know the car you’re purchasing so you can go into the negotiation process armed with the proper information.

#5 – Advance-Fee Loans

44,020 complaints were filed against advance-fee loans. What happens is that the promise of a loan or a credit card is held up in front of a consumer and requires a payment up front in advance. What usually happens is that the person offering the loan takes that fee and runs away, leaving the consumer with less money and no prospect for a loan. A good red-flag of this is if the lender is looking for just personal information such as a Social Security number or bank account number and doesn’t show interest in your credit history. Also, be weary of any offer made over the phone that requires you to pay in advance. Make sure to do some homework on a business before dealing with them to help avoid this issue.

There’s certainly a lot of people out there trying to pull the wool over the eyes of consumers. I feel that the number of complaints on the rise show that people are really starting to show they understand their rights and just what to do when they feel wronged by a company.

Approved Loan Store has a great history of working with customer to make sure they drive away satisfied. Just check out our testimonial page to see over a hundred happy customers that show our commitment to being professional with all our customers. Fill out an application to start the process and find out for yourself to get that car you’ve always wanted. You’ll find us on Facebook and Twitter, make sure to like us and follow us to stay current on the news coming out of the industry.

Image courtesy of FreeDigitalPhotos.net

Craigslist Ad Offers to Trade Burial Plots for VW Bus

Jalopnik’s weird car listings from Craigslist are always good for a laugh, and yesterday’s bizarre “Found on Craigslist” segment did not disappoint.

On the Houston area Craigslist, a mysterious buyer posted that he was looking for a VW Bus, but he didn’t make a cash offer. Instead, he offered to trade the VW Bus for four “premium” burial plots in Webster, a city about 30 minutes away from Houston. According to the ad, these burial plots are worth about $3000 each or $12,000 for all four plots, but he will “entertain all offers.”

After a quick search, I found out that the burial plots are likely located at the Forest Park East Cemetery, and from the looks of their website, it is a very nice cemetery. Lots of trees and flowers and all. I don’t know how much plots usually run as far as pricing, but like the folks over at Jalopnik, I have two questions. First, why would someone pay premium for a location or view that the deceased won’t actually get to see? Second, why would anyone have four unused burial plots, and who would trade their car for burial plots?

In the strange world of Craigslist, there is usually someone for every offer, but even so, this is a bizarre offer. I am really curious if anyone takes this Craigslist poster up on this trade, and if they do, I want to know what the original poster plans to do with that VW Bus. Jalopnik thinks it is a morbid father who had a change of heart and wants to take his family on a road trip. My guess involves ghost hunters with dream of traveling cross-country and investigating America’s most famous haunted houses and asylums.

No matter what the circumstances, you don’t have to trade burial plots for your dream car. Let Approved Loan Store help you get into a new or used vehicle today! Fill out the online secure auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Image courtesy of FreeDigitalPhotos.net

Car Shoppers Ready to Buy, Willing to Spend Extra on Perks

Recent reports from Edmunds.com indicate what we have seen first-hand over at Approved Loan Store, which is that car shoppers are eager to buy in 2012.

Thanks to relaxed credit standards, more people are buying cars, but the picture is much bigger than that. Car shoppers are also buying vehicles with more perks and added features, and they are more comfortable considering trucks, SUVs, or other vehicles that go through more gas. They aren’t just looking for cars to get them where they need to go; they want to get the cars that they want.

Over at Approved Loan Store, we get people into every make and model of car every day. Whether you are looking for your first car or your dream car with all the perks, the reps over at Approved Loan Store want to help you get the car you want with the terms you can afford. If it seems too good to be true, take a minute to browse through our customer testimonials. Check out the cars that real people like you have gotten through Approved Loan Store, and hear what they had to say about our service.

“They met my needs, they worked with me and my budget, and everything. They found me the exact car I wanted, and I’m very happy!”

“Approved Loan Store helped me get this beautiful black BMW. Thank you, Jarell and Charles, you were the best!”

“Approved Loan Store helped me get a car, a Toyota 2009. Had a very, very good experience here at the car dealership. Everybody was so nice and kind. Thank you, thank you, thank you!”

“I’m driving home in my dream car, a Camaro 2011…They made it happen with no problem. I had a great experience!”

To find out what Approved Loan Store can do for you, fill out our secure online auto loan application here, and keep up with the latest from Approved Loan Store by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Image courtesy of FreeDigitalPhotos.net

Fact vs. Myth: How a Car Loan Can Improve Your Credit

One of the biggest reasons why consumers have poor credit is because of lackluster financial education and the spread of misinformation regarding how credit scores are calculated. A major misconception is about auto loans and how they can improve or hurt a person’s credit score, and we would like to clear that up today.

Auto loans are one of the best ways of rebuilding a strong credit history. First, car loans are more accessible to consumers with low credit or no credit. Many lenders have been allocating more money towards sub-prime auto loans and offering lower interest rates to make these loans more feasible. Second, car loans are common amongst American consumers, and the number of car owners in this country is growing by leaps and bounds. People needs cars where they might not need or want a credit card.

Consumers can improve their credit by paying their car loan on time over the term of the loan. So long as they are doing that, they are improving their payment history and in turn improving their credit. If a consumer wants to pay it off early, their credit will be improved the exact same as if they had paid it on time for the entire term of the loan. The consumer will not get an extra credit boost for paying off the loan early. The upside, however, is that they won’t have to pay as much in interest and will save money in the long run.

If you are having a hard time getting approved for an auto loan, Approved Loan Store can help! Fill out our secure online auto loan application here, and get the latest news from the auto and loan industries by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

Free images from FreeDigitalPhotos.net

Prices on 2011, 2010 Vehicles Projected to Drop in June

Car shoppers who have held off on buying so far this year should strongly consider buying in June.

The National Auto Dealers’ Association, or NADA, released findings today that showed the prices on used cars have consistently dropped from May to June. Depending on the vehicle, consumers can save anywhere from $300 up to $900 on 2009, 2010, and 2011 models. Even better, some of the cars that NADA examined are fuel-efficient vehicles like the 2011 Toyota Prius, and for the majority of car buyers, fuel economy is the most important factor in choosing a new car.

For people looking for a new or used car, it seems like the stars are aligning. Lower interest rates, more loans specifically for those with challenged credit, greater flexibility with the loan length, and now, the price of used cars is dropping. Car shoppers have fewer and fewer excuses for not taking the plunge and getting that new or used car.

If you are looking to get in on June’s lower prices, Approved Loan Store can help! Fill out our secure online auto loan application here, and keep up with the latest trends in the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

Free images from FreeDigitalPhotos.net

Car Repair: Avoid This Costly Pitfall

At Approved Loan Store, we are always on the look-out for ways for our readers to save money on their new or used car. Oftentimes, though, we focus too much on the initial purchase of the car and don’t consider other long-term expenses associated with that car like insurance or maintenance. We saw this tip from CBS News today and wanted to share it with our readers so they can avoid this costly car maintenance mistake.

Some car dealerships are offering dealer service contracts as part of the car loan agreement. While these agreements do vary (and there are some good service contracts available), some of these service contracts are not worth the money. The contracts are usually more than twice the cost of routine maintenance, and even if the car runs into other problems, the contract might not cover the costs.

Once again, these rules do not apply to every dealer service contract, and depending on the circumstances, it could be the right choice for some car buyers. As always, we recommend reading over the agreement carefully, and don’t be afraid to ask questions. This is a financial obligation, and you want to make sure that it is worth the cost.

To learn more about buying and maintaining your car without breaking the bank, like Approved Loan Store on Facebook and follow Approved Loan Store on Twitter. If you’re looking for a fast and easy way to get into a new or used car, Approved Loan Store can help, no matter what your credit! Fill out our secure online auto loan application here!

Free images from FreeDigitalPhotos.net

Lenders Allocate More Funds to Credit-Challenged Car Loan Applicants

As the country continues to recover economically, lenders are wooing consumers with better rates on auto loans, even for consumers with challenged credit.

According to Experian Automotive, lenders across the country have allocated more money to sub-prime auto loans while also cutting interest rates across the board and relaxing the terms of repayment. Experian Automotive called the trend “good for everyone,” and analysts hope that by relaxing the loan terms, the auto industry will continue boosting the overall economy.

Some have expressed the concern that if lenders relax their standards, unreliable people will get auto loans and won’t make their payments. The funny part about their theory, though, is that late payments are currently at their lowest rate in over a decade even as the industry is lending to consumers with challenged credit. It goes to show you that there are plenty of consumers who have run into problems in the past but are ready to rebuild their credit through an auto loan.

With interest rates down and better terms available, it has never been a better time to buy! Approved Loan Store wants to help you get into a car, no matter what your credit situation. Fill out our secure online auto loan application here, and you will hear from an Approved Loan Store representative in 24-48 hours. You can also keep up with the latest news and trends in the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Free images from FreeDigitalPhotos.net

Tips for Getting The Best Loan With Bad Credit

Approved Loan Store loves bad credit. That’s our slogan because we work specifically with people struggling due to a low credit score. There’s a common belief that because you have bad credit means that you can’t get yourself a car loan. This couldn’t be further from the truth. We aim to make sure that not only are you able to get that loan, but that you have the education necessary for making a good decision.

Fox Business has put together a list of 9 things to look into to get a car loan when you have bad credit. It’s all really solid advice and worth a full read through. Here are some of the steps that really stood out:

  • First step, don’t assume the worst. You’ve been told you have bad credit, but that might not be correct. Make sure you get the full story before jumping to a conclusion. John Van Alst, staff attorney for the National Consumer Law Center, says “Even if your score is tarnished, you may have a better chance than someone with the same score and no credit history.”
  • Shoot high. Since auto loans are less money over shorter time, a credit score that would get you into a subprime mortgage could actually put you into a prime or near prime auto loan. If you have good credit and you try to get a subprime loan, then you may actually get less favorable terms than you should have.
  • Don’t go alone. Make sure to bring someone with you, having an extra opinion by your side can really make sure that you’re getting the best deal. Having a second opinion can really go a long way in ensuring that you’re getting a great deal.
  • Shop loan terms, not monthly payments. What this means is to not get yourself into a loan where you pay small money over a long period of time. The example used is if you need an 84 month loan. If that’s the case, then Anthony Giorgianni, associate finance editor of the Consumer Reports Money Adviser newsletter says, “you can’t afford that car.” Look instead at the cheapest money with the lowest APR over the shortest period of time.
  • Look out for add-ons. Sub-prime borrowers tend to have contacts that are stuffed to the brim with unnecessary goods and services more than a prime buyer. To avoid this, do not let the loan rely on having such add-ons like extended warranties or even insurance.
  • Lastly, beware of the yo-yo. We’ve covered this before in a past blog. Dealers can play a dirty trick where they have you drive off in a car before finalizing the deal. When you return to sign the dotted line, suddenly your monthly payment have increased or they expect a larger down payment. Make sure the terms are final and everything is signed and done before taking a car off the lot to avoid falling victim to this notorious scam.

This is just some of the really solid advice customers should be aware of before heading into a dealership. Make sure you have all the information, and you’ll be able to drive out with the car you want and a deal that works to your advantage.

Approved Loan Store is looking to help put you in that car. We work with people suffering from bad credit and get them car loans. Fill out an application and get the process started, and you’ll see why we currently have over a hundred happy customer testimonials. To make sure that you’re up to date on all the latest blogs, like us on Facebook and follow us on Twitter.

Free images from FreeDigitalPhotos.net

In China, Buying a Car is Just the Beginning

Earlier this month, USA Today published the story of a Chinese couple trying to get a car. To be more accurate, the couple had purchased a car but were waiting in a lottery to get a license plate. Due to the high population and equally high demand for cars, the government only issues a set number of license plates each month. There is approximately a 1-in-32 chance of getting one of those plates, and without those plates, a driver is out of luck. Besides the restrictions on license plates, Chinese drivers also have a tougher time obtaining a driver’s license. Not only do they have to pass the typical driving and written tests, they also have to pass a physical fitness exam that tests their strength and flexibility.

As I read this article, I thought about all the reasons why Americans who want a car or need a car don’t buy a car. It isn’t the right time, I’m too busy to research the car I want, I’d rather not deal with salesmen…there are a million reasons why potential car buyers don’t get a car. In most cases, no one is standing in their way. They don’t have to pass a physical exam or win a license plate lottery. Ultimately, it is a matter of convenience, and people get overwhelmed by all the car buying advice coming from friends, family, and the media.

This is why Approved Loan Store is different. No matter what your credit situation, Approved Loan Store can make the car buying process simpler.

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

Step 2: Within 48 hours, you will hear from an Approved Loan Store Representative. They will review your information and set up an appointment with a Special Finance Representative at the nearest Approved Loan Store location.

Step 3: Meet with the Special Finance Representative, browse the inventory, and figure out a payment plan that works for you!

Check out video testimonials from real Approved Loan Store customers online here, and keep up with the latest new and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Free images from FreeDigitalPhotos.net