Tag Archives: low-income

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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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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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.

Image: FreeDigitalPhotos.net

Approved Loan Store: Car Loan – Meeting with Your Special Finance Representative

At Approved Loan Store, we take the hassle out of car buying. We make the process easy, even if you have challenged credit. Still, we want our customers to understand our process and why we are the best way to get into a new or used car quickly!

The first step is filling out our convenient and secure online auto loan application here. Once you fill it out, you will hear back from one of our friendly Approved Loan Store representatives within 24 to 48 hours. They will verify the information on your application and let you know if you are picked for our loan program. If you are chosen, you will be scheduled to meet with an Approved Loan Store Special Finance Representative to look at vehicles and discuss your financing options.

Now, we get more questions about the meeting with a Special Finance Representative than any other part of the process, so we wanted to answer some of the more frequently asked questions here.

1. What do I need to bring with me to the appointment?

Bring your driver’s license, Social Security Card, a proof of residence, and proof of your income. Proof of residence can be a utility bill or bank statement that has your current address on it. For proof of income, bring two recent pay stubs or a letter from your employer stating how much you make and whether you are paid weekly or bi-weekly.

2. Do I need to buy a car if I set up an appointment?

Absolutely not! Approved Loan Store will work very hard to put together the best deal for you, but you are not obligated to purchase a vehicle if you meet with a Special Finance Representative.

3. Approved Loan Store set me up with Special Finance Representative located at a Kia/Chrysler/Mazda dealership, but I want a different brand of car. What do I do?

No worries! Your Special Finance Representative might be located at one dealership, but they can pull cars from any of Approved Loan Store’s certified locations. You are not limited by brand make or model. Tell your Special Finance Representative what car you are looking for, and they will do their best to get you that car! Remember, any make, any model!

4. Why do I need to set up an appointment?

Our Special Finance Representatives are busy folks, and they meet with lots of people like you on a daily basis. If we didn’t schedule appointments, they wouldn’t be able to work with you one-on-one and give you personal attention.

5. What if I don’t get a car?

We work hard to get our customers into a car, but in the rare scenario that we can’t get you the car you want at the financing you want, we offer complimentary gifts just for making it to your appointment. Ask your Special Finance Representative for details.

6. Why do I have to meet with a Special Finance Representative? Can’t I get approved over the phone?

Without seeing proper documentation and doing a credit check, it is impossible to get approved for a car loan. Anyone that tells you that you are approved for a car loan over the phone is not being honest. Besides that, your financing depends on your credit score, what car you want to get, and other factors that need to be discussed in person.

7. Is there anything else I need to bring to my appointment?

This appointment is as much for you as it is for us, and you will get out of it what you put into it. With Approved Loan Store, you will get great customer service, financing options, and a huge inventory of vehicles, but you will get even more out of it if you come prepared and know the right questions to ask. An inquisitive consumer is a smart consumer, so never be afraid to ask if you don’t understand how much you will be paying, the APR, or how many total payments you will be making.

Still have questions? Feel free to call and speak with one of our Approved Loan Store representatives at 877-217-2217. Are you looking for a new or used vehicle? Fill out our secure online auto loan application here, and check out testimonials from real Approved Loan Store customers here. You can also keep up to date on the latest news from Approved Loan Store by liking us on Facebook and following us on Twitter.

Image: Ambro / FreeDigitalPhotos.net

High Auto Sales Predicted for March

Will March be the best month yet this year for American automakers? U.S. auto sales have continued to surprise even the most optimistic analysts, and now, it is expected that March sales will make the beginning of 2012 the best quarter in four years.

The Fiscal Times attributes the soaring auto sales to two factors. First, the economy is improving. It might not always seem like it, but the economy is improving slowly but surely. Second, car buyers are having an easier time finding financing. Part of that is due to services like Approved Loan Store which help people with poor credit and good credit alike get into a car.

Car ownership is an important part of economic recovery. Rising car sales are not only a sign that people have money to spend, it also shows that people are taking steps to avoid future problems. Car ownership has a strong correlation with less dependance on public assistance because employees are not dependent on public transportation and are not limited to employment options close to bus lines or subways. The fact that people are choosing car ownership is very encouraging to both U.S. automakers and Americans hoping for economic recovery.

Will you be shopping for a new or used vehicle in March? Make your search easier by applying through Approved Loan Store here, and make sure to like Approved Loan Store on Facebook and following Approved Loan Store on Twitter to keep up with the latest auto news and trends.

Image: Ambro / FreeDigitalPhotos.net

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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Low Income Drivers Struggling to Find Reasonable Auto Insurance

Car Insurance is something that many drivers struggle with. By law, they are required to have it for their cars. The problem is that many have issues with even affording it. Due to things, such as credit problems, many are not getting a fair chance to get reasonable insurance.

The Consumer Federation Of America recently released a study called, “Lower Income Households and the Auto Insurance Marketplace: Challenges and Opportunities.” The study shows some of the ways that low income consumer are being denied economic opportunities in the auto insurance market. A couple of the major auto insurers are even refusing to sell policies to low income customers. The ones that do sell them are often at much higher premiums and give much less coverage.

The startling number the study reveals is that a third of low income drivers don’t even have insurance. That means that low income families have an incredibly hard, almost impossible, time getting qualified for an auto loan. The Consumer Federation of America is wanting state regulators to lead a charge in getting something done. They are asking for low income families to be able to get access to insurances by lowering minimum liability coverage requirements, by creating low income purchasing programs, and starting a program that will reward safe drivers.

Buyers shouldn’t have to be concerned if the insurance deal they are getting is for the best. They should be concerned about getting the car they want. Approved Loan Store is looking to make sure that buyers get the best deal for a car loan. Check it out today on their website and be sure to follow ALS on Facebook to stay up to date on all the latest news and offerings.