Tag Archives: poor credit

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!

Image(s): FreeDigitalPhotos.net

New Car Device Signals End to Distracted Driving

As states are cracking down on texting while driving, a new hands-free system might signal the end to dangerous cell phone and driving habits.

The Nuance Dragon Drive! is not the first hands-free phone system for cars, but there is a reason why similar hands-free systems are not in every car. Consumers have found previous hands-free systems to be buggy and more of a hassle than a convenience. The reasons for these problems include companies cutting corners on production, using cheap microphones, and not making the systems user-friendly.

I haven’t had a chance to try out the Dragon Drive! yet, but I have watched the demonstration video that Nuance posted on YouTube. What I like about the Dragon Drive! is that it improves on the hands-free cell phone, but it also does so much more. Drivers can dictate text messages, choose music, listen to the news, search nearby restaurants, and get directions, all without taking their hands off the wheel. If it works in real life as well as it does in the video, I would be tempted to pick one up.

You can check out the demonstration video that Nuance released, included below:

In this week’s reader poll, we want to know what you think! Would you get Nuance’s Dragon Drive! for your car? Vote on our Facebook page here! Don’t forget that no matter what your credit situation, Approved Loan Store wants to help get you into a new or used vehicle. Fill out our secure online auto loan application here, and make sure to like Approved Loan Store on Facebook and follow Approved Loan Store on Twitter to keep up with the latest news and trends from the auto industry!

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.

Image(s): FreeDigitalPhotos.net

Road Trips Returning as Airlines Increase Prices

News for the airline companies of late hasn’t been the best. The headlines have been negative for both the airlines themselves and for their customers. It’s been bankruptcies or charging more for checking luggage or just the introduction of fees just to store your bag in the overhead. Airfares themselves are on the rise. The cost of summer flights in the US are up 3 percent on average from the past year. That’s an 18 percent increase from 2010. It’s starting to be clear that flying is no longer the go-to solution for a cheap vacation.

The Car Care Council is reporting that the family road trip is coming back into style. It’s hard not to see why, especially when purchasing a plane ticket for a family can be almost four-times as expensive to just loading up the mini-van. Gas prices have also been seeing a steady decline over the last few weeks and appear to be dropping still as vacation season starts to come around. A recent survey from Mandal Research/Solutionz shows that 74 percent of respondents would much rather drive than fly to their getaway.

“Because flying is getting more expensive and gas prices are heading lower, more travelers are finding that driving their own car is the better alternative, “said Rich White, the Executive Director of the Car Care Council. “The bottom line is that travel by vehicle costs less, is more convenient, and is not as stressful as flying.”

Summer is just starting to heat up and this is the time to think about getting out. Are you ready to travel for this vacation season? Do you really want to pay for a flight that costs in the thousand dollar range, deal with the large crowds in the security check in, the hassle of getting to the airport and paying for the parking, and paying even more to check your luggage? Wouldn’t you rather pay a fraction of the cost to load the family into the car and still leave time to check out the world’s largest ball of yarn on the way to grandma’s house? Go ahead and give us some feedback in the comments.

Approved Loan Store is here to help put you and your family in the car they need to head out for a vacation, even if you have challenged credit. Fill out an application online and see how our representatives can put you in the car you need. Be sure to like us on Facebook, and follow us on Twitter to keep yourself current on the news coming out of the auto and financial industries.

Image(s): FreeDigitalPhotos.net

With Car Costs, Don’t Forget Insurance!

When someone is a first-time car buyer, the whole car shopping experience can seem very exciting. Everything is shiny and new, and it is easy to get caught up in imaging the wind in your hair while forgetting costly details.

One of the details that people sometimes forget when car shopping is the cost of insurance. Certain types of cars will have higher insurance costs, specifically flashy sports cars, and teen drivers will automatically have significantly higher insurance rates. Smart car shoppers should be keeping insurance in mind as they browse. That way, they aren’t caught off-guard and unable to afford their car payments and insurance.

CBS News recently published some tips for getting a lower insurance rate. While some of their suggestions are not feasible for everyone, such as moving to another city with lower overall rates, there are a few useful suggestions for every driver. You can view the original article here, and we’ve included our favorite tips below.

Safe Driving: Follow the rules of the road, and avoid tickets and accidents. Most insurance companies have discounts for drivers who don’t have tickets. Progressive Insurance also has a program where drivers can prove their stellar driving habits using a computer key which monitors the car’s speed.
Driving the Right Car: Sports cars might seem sexy, but they will jack up the price for insurance. Choose a practical car that won’t break the budget on insurance.
Know Your Discounts: There are lots of car insurance discounts available. Teachers, engineers, and doctors can often get special discounts, and students can get discounts for good grades.

Looking for a new car? Approved Loan Store can help, even if you have no credit or challenged credit! Fill out our secure online car loan application here, and keep up with the latest car buying tips from Approved Loan Store by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

Image(s): FreeDigitalPhotos.net

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.

Image: supakitmod / FreeDigitalPhotos.net

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.

Image: jannoon028 / FreeDigitalPhotos.net

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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