Tag Archives: new car

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.

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!

Auto Sales in 2015 Hit Record High as Auto Loans Become Easier to Obtain

When the recession hit, the auto world was one of the industries hit the hardest. The market it had relied on was no longer spending money and they in turn were about to go belly up. With a controversial loan, the industry was able to keep going to 2015, where it manage to set a record sales year. 2015 may be the year where it finally shows the auto industry is back.

For years, people avoided buying a new or used car. They simply couldn’t afford it with due to elements of the recession. For many, it was also because lenders had cut off access to subprime loans. Those with bad credit or low credit were unable to find car loans even when they needed it. As the years went on and the auto industry slowly recovered, that policy of being harder on offering loans started to go away and the lenders were being more open to loaning.

The employment rate is at the highest it has been in years and gas is at the lowest it has been since the recession first hit. It’s no wonder that people are finally getting out to purchasing vehicle. For some, it had finally hit the breaking point. They had been holding off and hoping that the current vehicle they owned would last through the hard time. Many drivers were avoiding trading in a used vehicle being unable to afford it. They sat on their current vehicle for longer than recommended and are now at a point where they simply need to get a new or used vehicle.

If you’re one of those drivers, who has held out for as long as they could or 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!

New Car Financing: 2014 Versa Note Price Under $15,000

Nissan has recently announced the pricing on the 2014 Versa Note, and car shoppers on a limited budget will be happy to hear that the base price is still very low.

According to Nissan, the 2014 Nissan Versa Note has base price of $14,780 which includes shipping. This is actually a price drop compared to the 2012 Versa hatchback which started from $15,450, shipping included. The new Versa Note will have a fuel economy of 36 mpg highway, 27 mpg city and come standard equipped with a trip computer, speed-sensitive volume control, Nissan’s Advanced Air Bag System, Vehicle Dynamic Control, and AM/FM/CD audio system with auxiliary audio input jack.

The only real downside to the new Versa Note is that it loses some power over the 2012 Versa hatchback. For an economy car, though, it is hard to complain about the list of features that come standard and the price for a new car.

Readers, we want to hear from you! What do you think of the 2014 Nissan Versa Note? Would you take it for a test drive? Leave a comment below, and let us know what you think!

Summer time is here! Are you finally ready to get into a great new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! 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!

Study: New Cars More Dependable Than Ever

The new 2013 models are here, and while conventional wisdom would suggest holding out on buying until any kinks are worked out, a new study suggests that car shoppers might want to buy now.

The study, which was conducted by J.D. Power and Associates, found that customers had fewer problems with vehicles that were either completely new or recently re-launched. In the study, they monitored the 2010 model year and compared new or re-launched cars with carryover models. Carryover models had 17 more problems per 100 vehicles than the new models.

Among the car brands, Lexus performed the best, coming out as the most dependable on average, followed by Porsche, Lincoln, Toyota, and Mercedes-Benz. Buick, Honda, Acura, Ram, Suzuki, Mazda, and Chevrolet all managed to perform better than the industry average of 126 problems per 100 vehicles.

In response to the results, J.D. Power Vice President David Sargent praised the auto industry’s improved standards and encouraged consumers to consider new models, saying, “Consumers can buy a vehicle the first year it’s out on the market fairly safe in the knowledge that it’s going to be as dependable as a vehicle that had carried over from the previous year.”

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 a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, connect with Approved Loan Store on Facebook, Twitter, and YouTube!

Image courtesy of winnond / FreeDigitalPhotos.net

Used Car Financing: ALG Announces Residual Value Award Winners

Earlier this week, ALG announced the winners of its 14^th Annual Residual Value Awards which honors vehicles that are projected to retain the highest percentage of MSRP after a three-year period. Top honors for Mainstream and Premium brands went to Honda and Acura, but the big winner of the year was Toyota with six awards.

Toyota took home six segment awards for the Toyota Prius c, Toyota FJ Cruiser, Toyota Sequoia, Toyota Tacoma, Toyota Tundra, and Toyota Land Cruiser. Interestingly enough, though, Toyota only ranked sixth on the Mainstream Brand rankings after Mazda, Subaru, Scion, Hyundai, and Honda.

Here is a complete breakdown of the awards results and the top 10 brand rankings for Mainstream and Premium Brands.

Segment Awards

Sub Compact Car – Honda Fit
Compact Car – Hyunda Elantra
Midsize Car – Honda Accord
Fullsize Car – Hyundai Azera
Sports Car – Scion FR-S
Alt-Fuel Vehicle – Toyota Prius c
Minivan – Honda Odyssey
Sub Compact Utility Vehicle – MINI Cooper Countryman
Compact Utility Vehicle – Toyota FJ Cruiser
Midsize Utility Vehicle – Hyundai Santa Fe Sport
Fullsize Utility Vehicle – Toyota Sequoia
Midsize Pickup – Toyota Tacoma
Fullsize Pickup – Toyota Tundra
Premium Compact Car – MINI Cooper
Premium Midsize Car – Mercedes-Benz C-Class
Premium Fullsize Car – Lexus GS 350
Premium Executive – Lexus LS 460
Premium Sports Car – Porsche 911 Carrera
Premium Alt-Fuel Vehicle – Mercedes-Benz ML350 BlueTEC
Premium Compact Utility Vehicle – Acura RDX
Premium Midsize Utility Vehicle – Audi Q7
Premium Fullsize Utility Vehicle – Toyota Land Cruiser

Top 10 Mainstream Brands

Honda
Hyundai
Scion
Subaru
Mazda
Toyota
Nissan
Kia
Volkswagen
Mitsubishi

Top 10 Premium Brands

Acura
Infiniti
Audi
Lexus
Mercedes-Benz
BMW
Cadillac
Porsche
Volvo
Lincoln

Readers, we want to hear from you! Are you surprised by the awards and ranking results? Which cars would you have picked for the segment awards? Leave a comment below, and tell us what you think!

Are you looking to get into a reliable new or used car? Approved Loan Store can help! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Fill out our secure online auto loan application here, and get more car news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

New Car Financing: Ferrari F12 Berlinetta Auction Raises $1.125 million

In a follow up to a story last week, Ferrari auctioned off the very first Ferrari F12 Berlinetta sold in the United States at the Formula 1 U.S. Grand Prix last weekend.

The auction, which was hosted at the U.S. Grand Prix in Austin, Texas, raised money for the American Red Cross, specifically Hurricane Sandy relief efforts. Larry Roth of Long Island, New York was the winning bidder and paid $1.125 million for the F12. Once the F12 Berlinetta officially goes on sale, it will start at the low $300,000s. Ferrari also raised an additional $345,000 in donations for the American Red Cross thanks to the generosity of dealerships and Ferrari enthusiasts.

As great as that is, I would love to see individual donors like our readers boost those donations. This storm hit close to home for us. We have dealerships throughout the New York and New Jersey area, and it hurts us to see our friends and neighbors still struggling, particularly as the weather gets colder. In our original story, we provided a link to Ferrari’s page on the American Red Cross website, and we’re linking it again here. Please donate to the American Red Cross if you can, even if it isn’t much. Every bit helps.

Looking for more auto news? Check out Approved Loan Store on Facebook, Twitter, and YouTube! Looking for a new or used car but running into credit problems? Approved Loan Store can help! Fill out our secure online auto loan application here, and read our customer testimonials here!

14-Year-Old Prodigy Builds Her First Car

It’s Friday, and we at the Approved Loan Store would like to send you into the weekend with a smile and a heartwarming story from Dearborn, Michigan.

Kathryn DiMaria has been building her first car, a 1986 Pontiac Fiero, since she was 12 years old. She is now 14 and shows no signs of slowing or losing interest. While she has received help from her father on most of the technical stuff and help from her mom on sewing the interior upholstery, the work has been her own, and along the way she has picked up many valuable skills, skills that will serve her well in future. She hopes to pursue a career in engineering.

I love reading stories about young people like Kathryn. Not only is she a great role model for young girls interested in cars, her goal of building this car from the ground-up is ambitious and a refreshing break from our me-centered culture. She didn’t just expect her parents to buy her a car when she turned 16. Instead, she made it happen herself, and currently Kathryn is on track to finish her car before her 16^th birthday. She won’t have to cross her fingers and hope for a car because she will have built one herself.

To learn more about Kathryn’s project, click here, and if you’re looking for a car but feeling a little less ambitious than Kathryn, Approved Loan Store can help! Fill out our secure online auto loan application here, and get the latest auto news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Study: Drivers Waiting Longer Between Buying New Cars

A new study from Polk, one of the foremost automotive data and marketing firms, shows that your next car purchase could be more important than you might think.

The recession has changed driver’s attitudes and buying habits, and drivers are now sticking with their cars for much longer than they used to. Dealerships used to expect drivers to buy a new car or truck every three to four years, but that number has doubled to six to eight years.

Why the change? Well, cars are built to last longer. Drivers don’t have to replace their car as often. Unfortunately, that is not the only reason. The recession has left many consumers wary of major purchases like a new car, and if they can delay that purchase for a few years, they are more likely to put it off. To make matters worse, surveys have shown that American consumers hate negotiating auto pricing and financing. No wonder drivers are delaying that trade-in.

The only way that the auto industry can change this trend is by offering more affordable car buying options, streamlining the car buying process, and working to make the car buying process pleasant and simple. At Approved Loan Store, that is exactly what we are doing. We give our customers a better car buying experience. Whether they have good credit, bad credit, or no credit, we work tirelessly to get them into a car that they want at terms they can afford.

Are you ready to try a different car buying experience? Fill out our secure online auto loan application here, and get the latest news and car buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of africa / FreeDigitalPhotos.net

CONSUMER ALERT: Counterfeit Air Bags

This morning, the NHTSA released a safety advisory to consumers regarding counterfeit air bags that were installed at repair shops not associated with a new car dealership. At Approved Loan Store, we want to keep our readers informed of any and all consumer alerts from organizations that could affect their driving safety, so we wanted to break down the advisory and give you strictly the information that you need to know.

First off, this is potentially only going to affect less than 0.1 percent of vehicles, but since they don’t have all the pertinent data, it could be more than that. Any consumer who bought their car new and never had their air bags replaced is not affected by this advisory, and consumers who had their car’s air bag installed at a repair shop associated with a new car dealership are also not affected.

If the following qualifications apply to you, then you should contact a local call center and get your car checked out at a new car dealership’s repair shop. You can get the number for your local call center at www.SaferCar.gov.

Replaced vehicle’s air bags within the past three years at a repair shop not associated with a new car dealership
Purchased a used car and are unsure of the car’s full history
Purchased a car with a title branded salvage, rebuilt, or reconstructed
Purchased a replacement air bag from a non-certified source such as eBay

If you believe that your car might be affected, take care of it right away. The NHTSA has released a frightening video of what happens when these counterfeit air bags are deployed. Jalopnik is hosting the video here. This is not something to put off for a few days or a few weeks. If your car fits any of the categories listed above, get it checked out as soon as possible.

Are you looking for a new or used car you can rely on? Approved Loan Store wants to help you get into a safe and affordable vehicle today! Fill out our secure online auto loan application here, and get the latest auto news and consumer alerts like today’s air bag advisory by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

New vs. Used Cars War Rages On

There is a lot of debate among car and personal finance writers as far as buying new vs. used cars. Should car shoppers go with the security of a new car with no chance of a bad previous driver history, or should they go for the value with a used car?

In a recent article for Business Insider, financial planner Sophia Bera made the case for sticking with a reliable used car and not spending beyond one’s means on a luxury car. She cites Dr. Thomas Stanley’s research which found that Toyotas are the most popular car make among millionaires. By opting for a less expensive car, they had more money to save or put towards other luxuries like vacations or a nicer home.

Bera sings the praises of her 1997 Toyota Corolla which she bought used and is still running great. Her husband’s car, a 1998 Honda Civic, has also served them well, and since he paid it off in only nine months, they cut down on additional interest.

While Bera has some great points in her piece, we want to hear from our readers! Do you prefer buying new or used, and what would you choose for your next car? Leave a comment below, and tell us what you think!

If you’re looking for a new or used car, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

Image: FreeDigitalPhotos.net