Tag Archives: lending

As Auto Loans Go Up, Late Payments Down

As lenders are taking a second chance on credit-challenged consumers, lenders are being rewarded with the lowest level of late payments in over a decade.

60-days and higher late payments on auto loans in the first quarter of 2012 were at .36 percent, a 22 percent drop from the last quarter of 2011. It is also the lowest rate recorded since 1999 when TransUnion started following auto loan late payments.

Analysts have been noticing a drop in auto loan delinquencies since February this year, and it is encouraging that there has been a continued drop in delinquencies even as lenders are taking a chance on consumers with less-than-perfect credit. This is exactly why Approved Loan Store exists. We know that millions of Americans have survived tough circumstances in the last few years, but if they get the opportunity, they can make their payments on time and rebuild their credit with an auto loan. All they need is the chance to prove it.

No matter what your credit situation, Approved Loan Store wants to help you get into a car! Fill out our secure online car loan application here, and keep up with the latest news and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

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Car Loan Lengths Increase in First Quarter

As car purchases are going up, car buyers are taking their time paying off their car loans.

According to Experian’s car loans division, the average length of a new car loan was 64 months in the first quarter of 2012, and 73 to 84-month-long auto loans have gone up 15.4 percent. On average, car loans ran about $25,995 which was $589 more than last year, and the average monthly payment was $461.

Analysts attribute these longer auto loan term lengths to an increase in auto loans for consumers with challenged credit. They want to take lower monthly payments to ensure that they will be able to afford their payments and won’t further damage their credit with a late payment. As this study makes the rounds in the news, I predict that the industry will see even more consumers with challenged credit applying for auto loans because they know that so many other consumers have been able to negotiate longer loan term lengths.

At Approved Loan Store, we want to get you into the car you want with loan terms you can afford! Fill out our secure online auto loan application here, and keep up with the latest news and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

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Gas Prices Still Major Factor for Potential Car Buyers

Gas has been something we’ve covered here in the past. Gas prices of late have been dropping, but for many months, it was one of the biggest topics on people’s lips. With the economy still slowly recovering, many people have taken the cost of filling up a car into consideration of purchasing a vehicle. There’s been a lot of debates over this subject, one that we covered was the idea of purchasing a hybrid over a normal car with the expectation to save money on gas. No matter which side you fall on, however, it’s no question that the average consumer thinks about the price of fueling up.

At least, that’s what Autonews is reporting on. According to a survey done by Consumer Reports, fuel economy is the leading factor that potential car buyers consider when they purchase a car. 1,702 car owners were interviewed and the numbers break down to 37 percent having fuel economy as their top concern. 17 percent put quality, 16 percent had safety, and 14 percent listed value as the top concern.

Jeff Bartlett, the deputy auto editor of Consumer Reports is quoted as saying, “These results make it clear that high prices are continuing to impact driver behavior and influencing future purchase considerations, this may be foreshadowing a market shift by folks seeking relief at the pump.”

Car sales have stay consistently high since the new year and are really benefiting since the auto bailout. It’s clear that buyers are back in the market with force. That being said, it’s also quite clear that the constant barrage of news about the high gas prices has made an impact. People are still looking to stay away from the gas stations.

Let us help you get into the car you want no matter the fuel economy. Fill out our application to speak with a representative of ours that can help get you into the right car for you. Be sure to like us on Facebook and follow us on Twitter to see the latest news in the financial world.

 

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Road Trips, Minus the iPad

Earlier this week, we told you how rising airline ticket prices were pushing families to reconsider road trips for their summer vacations. Well, apparently we aren’t the only ones who see the road trip making a come-back.

Yesterday, the Boston Globe published a story on phone and iPad apps that will keep kids entertained on long road trips. In addition to the obvious choices like Angry Birds and YouTube, staff writer Hiawatha Bray suggested games and apps that encourage creativity. He highlighted the iMovie app for the iPad 2 and the fun-but-educational Back In Time.

At the risk of sounding old-fashioned, I hope that families don’t spend their road trips completely engrossed in their iPads. I’m not against kids keeping themselves entertained during the long, boring stretches of a road trip, but road trips are full of wonderfully unique experiences that families don’t have during a flight. I view this shift from flights to drives as a potentially positive development for families taking their summer vacation, and I sincerely hope that they take advantage of it. You can get the whole family involved with road trip games courtesy of Disney Family Fun, About.com, and MomsMinivan.com.

Is your car road-ready for your family’s summer vacation? Even if you have challenged credit, you can get into a new car today with Approved Loan Store! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook and follow Approved Loan Store on Twitter.

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Buy a Car, Help the Economy!

Car shoppers looking to get a new set of wheels are doing more than upgrading their ride. They are improving the economy.

American auto makers have been posting record sales for their first quarter, and according to a report from Ward’s Automotive Group, auto purchases are exceeding a 14 million annual rate for every month so far this year. These numbers are translating into American auto makers reopening production plants, keeping their plants open during times of the year when they would be typically closed and keeping more Americans employed.

Car sales are often a good indication of how healthy the overall economy is. A decrease in car sales is an early indicator of trouble ahead since it shows that people don’t feel comfortable spending the money on a car. Let’s use an example of a consumer, John Smith. John Smith has an older car that has the occasional problem, but he doesn’t necessarily want to spend the money on a new car. Why wouldn’t he want a new car? Maybe he works a commission-based job and sales are slow, or his workplace is going through cutbacks.

Let’s say that John’s car breaks down, and it isn’t an easy fix. He has to get a new car, and in the meantime, he takes the bus to work. The bus runs late a couple of times, and John gets fired for tardiness. Now, John feels even less comfortable spending money on a car, but at the same time, he is still relying on public transportation to get to job interviews. John will be limited to jobs located close to public transportation and might miss out on higher paying opportunities because the daily commute is too difficult.

By not having access to a reliable car, John’s financial problems snowballed very quickly. On the other hand, studies have show that having access to a reliable car can lead to less dependence on public assistance and upward mobility in the work force. When all of these data and studies are added up, the conclusion is that Americans have yet another incentive to spring for a new car: They are improving the economy!

Are you looking for a new or used car? Are you worried that your credit isn’t good enough? 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.

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Average Price of New Cars On the Rise

Earlier this week, we showed why buying a used car is smarter than buying new. The value of a new car will depreciate very quickly only a few years after buying it, so the owner will get a better return on a used car vs. a new car if they eventually have to trade it in. As it turns out, Forbes is talking about the new vs. used car debate as well. A few days after we published our blog, Forbes published an article about the rising average price of a new car.

According to Forbes, the average cost of a new car or light truck is $30,303. The average cost has gone up $1200 from 2011, making a new car an even pricier investment with less potential return. To be fair, the cost of used cars has gone up slightly as well, but in most cases, buying a good used car is still the best choice in the long run.

The good news for car shoppers is that Approved Loan Store has access to a wide inventory of used cars with vehicles to suit your specific needs. Whether you’re buying your first car or looking for something to accommodate a growing family, Approved Loan Store’s Special Finance Representatives will help you get into a car. Challenged credit is not a problem. Fill out Approved Loan Store’s secure online auto loan application here, and 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.

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The Top Names in Auto Reviews, All in One Place

After years of searching Edmunds, Consumer Reports, and MSN Autos for the best cars on the market, consumers can now get the most relevant vehicle reviews all in one place.

TotalCarScore.com is being dubbed the Rotten Tomatoes of car sites, and the similarities are striking. When searching for a car on Total Car Score, readers will get the TCS review plus an average score based on reviews from some of the top review sites. Unlike Rotten Tomatoes, though, TCS users can customize the sources that TCS is using to calculate the score, so if they didn’t agree with MSN Autos’ review, they can view the average score without MSN Autos.

After browsing the site, I think that car shoppers are really going to love the features that TotalCarScore offers. Aside from reviews, there are links to the manufacturer, online forums for owners, the owner manuals, and comparison tests. We love it because Approved Loan Store has access to a wide inventory of cars, and no matter what make or model, we can find it. Once our Approved Loan Store customers have set up an appointment with their Special Finance Representative, they can go to TotalCarScore.com and figure out which makes and models could be right for them. That way, they can come into their appointment prepared, and they can get into a great car quicker!

Are you ready for Approved Loan Store to get you approved? Fill out our secure online 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.

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When It Comes to Cars, Buying Used is Buying Smart

In the first quarter of 2012, car sales are still on the rise with used car sales making up a large percentage of those sales, and according to Business Insider, the trend towards used cars is a smart choice.

Yesterday, Business Insider published their top 10 money mistakes “that everyone makes.” Most of the usual mistakes were on the list like paying a large interest rate on a credit card that gives miniscule cash rewards towards savings or buying the newest gadget on the day it goes on the market. Number 2 on the list, though, was buying a new car instead of a high-quality used car.

If I had to guess, I think consumers feel a bit safer buying a new car than a used car because a used car has history. They are afraid of buying a car that has hidden problems, or they have a certain level of pride that they don’t want to buy a used car.

Here is why Business Insider’s advice is completely right.

First of all, the value on a new car will drop very quickly. Car shoppers will pay through the nose for a new car, and if they go to trade it in even a few years later, they will get a fraction of what they initially paid. A new car is not a great investment. Second, there are so many fantastic used cars available at low prices, and car buyers can get the vehicle checked out by the dealership or a third party if they still feel unsure about buying used.

Approved Loan Store has access to a large inventory of used vehicles, and with our special financing programs, we can help car shoppers get into a great car, even those with challenged credit. Fill out Approved Loan Store’s auto loan application online here, and keep up with the latest auto news by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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Missing Air Bags, Other Hazards Face Private Car Buyers

The price might be right for cars on Craigslist, but car buyers could be putting themselves at risk for hidden problems like missing airbags.

Today, a CBS affiliate in Oregon ran a story about how used car buyers need to be wary of missing airbags, particularly with private sellers. Sometimes the airbags have been stolen, and other times they were deployed and never replaced. Car buyers can’t even trust that the airbag light on the dashboard will indicate a problem. Thieves and scam artists have found a way to trick the airbag system so that the car buyer has no idea anything is wrong until it is too late.

Doug Hansen, an airbag repair technician, was interviewed in the report, and he had a chilling story for any car buyer, especially for parents buying a car for their teenagers. Hansen recounted, “We had a gentleman buy a car for his daughter going away to college. Bought it in a parking lot from somebody he met on Craigslist, and they brought it in and it was about 29-hundred dollar repair bill to make the car whole again, safety wise. The system was a fraud. His good deal wasn’t such a good deal anymore.”

Buying a car through Craigslist or a private buyer might seem like a bargain, but these hidden problems could end up costing thousands of dollars in repairs. In an accident, they could also lead to injuries or worse, the loss of life. You don’t have to take a chance to get an affordable used car. Approved Loan Store can help, even if you have challenged credit or no credit. Fill out our secure online auto loan application here, and keep up with the latest news and consumer education by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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Reuters: Lose Weight, Improve Car’s Fuel Efficiency

If you want your car to be more fuel-efficient, Reuters has a novel idea: lose weight.

A recent statistic shows that gasoline consumption has gone up along with the needle on American’s scales. According to the study, Americans in 2012 compared to Americans in the 1960s are wasting 1 billion gallons of gas in their cars.

Where are those 1 billion gallons going? Well, Americans in 2012 on average weigh more than Americans in the 1960s, and it takes 1 billion gallons more to power their cars. Across the country, Americans could be getting a better gas mileage on their cars and spending less at the pump by getting their weight down to the average American’s weight in the 1960s.

Of course, you can’t turn a gas-guzzler into a hybrid just by dropping a dress size, and Approved Loan Store can help you find a more fuel-efficient car in your price range. Fill out an auto loan application online here, and keep up with the latest news from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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