Tag Archives: no credit

How High Should Your Credit Score Be for a Car Loan?

Do you know your Credit Score? Even for those who are able to answer that question without looking it up have another problem. We hear all the time about ‘good’ credit and ‘bad’ credit scores but it’s never mentioned what credit score is needed to get yourself a car loan.

A major issue with determining what is the ideal score for obtaining something like a car loan is that the factors differ depending on where you go looking. Credit.com quotes a chief operating officer at Prestige Financial, “There is not a minimum score I could say. There are many lenders, many different opportunities, and there are many factors that go into an auto loan other than your credit score.”

What is these other factors that he mentioned? Besides credit score, it is also debt-to-income ration, employment history, and how well an individual has paid their loan in the past. In the case of an auto loan, have you had one in the past and if so, how on time were your payments?

Buyers with low credit scores have been in luck in the most recent years. The lending restrictions has eased up since the recession. The average score for a new car buyer in the last quarter of 2015 was 711. The same time frame in 2014, the credit score was 712. The average has been steadily decreasing since it hit a peak in 2009, right after the recession hit.

The average credit score for a used car buyer is following the same decline. Its peak during the recession was at a number of 659 and has dropped to 649 since then.

That still doesn’t do a good job of answering the question: What should your credit score be? Using the average listed for both new and used is a good metric. If you’re a ways away from the average, then it is time to start working on getting your credit score turned around. It’s worth the effort to get it fixed so you can open up opportunities for a better deal on a car loan.

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!

Image courtesy of (Stuart Miles) at FreeDigitalPhotos.net

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!

Auto Loan Amounts Hit Post-Recession Peaks

According to a new report from Equifax, consumers looking to get an auto loan could be getting a lot more than they expected.

Back in August, Equifax recorded that auto loan originations year-to-date through August 2012 came out to more than $283 billion. The last time it was that high over an eight-month period was back in 2006 at $297.5 billion or the equivalent of 14.6 million new and used vehicles. Loan amounts have also gone up with loans averaging $19,492 back in August, once again having comparable numbers to average loan amounts in 2006.

Equifax’s Chief Economist Amy Crews-Cutts claims that auto loans recovered quicker than other types of loans because the public’s demand has not waned. It makes sense because while people can put off certain purchases like a house, a car is a necessity in most parts of the country. Americans will still go for an auto loan because they need to get to around, to drive to work or pick up their kids from school. When consumers couldn’t get the loan amount they wanted, they made do with what they got. Now that loan amounts are at pre-recession levels, consumers can afford to get a car that they both need and want.

Have you been waiting for the right time to get into that new or used car? The time is now! Whether if you have good credit, bad credit, or no credit, Approved Loan Store wants to help you get into the car you want at terms you can afford. Fill out our secure online auto loan application here, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of dream designs / FreeDigitalPhotos.net

Protect Your Investment and Clean Your Car

At Approved Loan Store, we want to help you get into a great new or used vehicle, and through our blog, we like giving tips for keeping that car in top shape. Our customers, especially our New York customers, spend so much time in their car that a dirty car can get gross very quickly. Besides that, a car is an important investment, and after getting a nice new car, why wouldn’t you want to take care of it?

Today, we are bringing you some fantastic tips for keeping your car clean, courtesy of Jalopnik. We hope that our readers heed this advice for their own sake as well as their passengers because everyone knows that there is almost nothing worse than riding in a dirty car.

No Food: Stopping by that drive through and chowing down a burger in the car might sound appealing at the time, but those ketchup stains and discarded wrappers are definitely not.

Wax On, Wax Off: Waxing your car teaches you karate. Okay, maybe it won’t, but this is part of that whole “a car is an investment” mentality. You spent a good amount of money on this car, and with a little more time and money, you can keep the car looking nicer longer.

Wipe Your Feet: During bad winter weather, I’m tempted to jump in the car right away and dry off or get the heater running. Since I saw how much snow and mud I end up tracking in, though, I started taking a minute to wipe off my shoes or boots before getting into the car. It might mean an extra minute in the cold, but it is worth not having to scrub off that dried mud later.

Don’t Procrastinate: You might follow these rules 99 percent of the time, but when you break them that one time and get Dr. Pepper all over your seat, you don’t want to leave it to clean up tomorrow. Those stains set fast and will be much harder to get out later.

Use the Garage: Many people don’t have this option available, especially those living or working in the city. If you have a garage, however, take advantage of it. It will keep the exterior clean for much longer, not to mention cut down on the time spent scrubbing off bird poop.

Don’t Leave a Dirty Car: When you get out of your car, take a minute to look around and pick up whatever trash you can take with you. A McDonald’s bag, an empty water bottle, and a can of soda can easily be picked up and thrown out. This way, you can avoid a massive overhaul cleaning later.

Prioritize a Car Wash: Just like exercising or doing any chore, you will be more likely to get to it if you schedule time for it. Plus, if you stick to a schedule, you will always know when you last washed it.

Do It Once and Do It Right: It is easier to maintain a clean car than digging yourself out every couple of months. Take a day to thoroughly vacuum the interior, throw out any trash, and wash and wax the outside. You will still have to do a good cleaning periodically, but it won’t be so daunting if you maintain it in the interim.

No Kids Allowed: Now, I don’t agree with this tip from Jalopnik, mainly because it is unrealistic for most people. Still, you can keep your car cleaner if you follow these tips and get your kids to follow them too. No graham crackers in the back seat, and you can even get older kids involved in cleaning and waxing the car.

Do you have any other good tips for keeping a clean car? Tell us in the comments section below!

Are you looking for a new or used car? Approved Loan Store can help, even if you have poor or no credit! 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