Tag Archives: TransUnion

Auto Loans and the Road Back to Good Credit

For consumers looking to re-establish a strong credit history, auto loans are becoming the best choice, even for those with especially poor credit.

The qualifications for mortgages, business loans, and credit cards have held steady with strict income and credit requirements, and consumers whose credit took a hit during the economic downturn are having a tough time getting back in good graces with lenders. As many of these applicants have been turned down for credit cards or mortgages, though, many of them have been approved for car loans.

For many consumers with poor credit, a car loan is perfect. Car ownership has been show to correlate with job security and less reliance on public assistance, and it is a purchase that most consumers want and need. Besides that, their credit score will improve as they make their car payments on time, provided they keep up with their other payment obligations of course.

This is one of the reasons why Approved Loan Store exists and why we do what we do. We want to help more people get into the car they want and need. Just take a look through our hundreds of testimonials, and you’ll see that we are the best in the business. Give Approved Loan Store a try by filling out our secure online auto loan application here. You will hear from one of our representatives in 24 – 48 hours, and they will set up an appointment with a Special Finance Representative at a dealership closest to you.

Want to know more about Approved Loan Store? Browse our website ApprovedLoanStore.com, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube.

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Approved Loan Store: Competitive Big City Car Deals Made Easy!

For car shoppers looking for a deal on used cars, a recent study showed that the best places to look are, surprise, at dealerships near big cities.

Car Gurus conducted a market analysis comparing car dealerships located within 50 miles from a major city with those in rural areas or far removed suburbs. They discovered that the average car shopper looking at dealerships near a major city would pay $345 less for a used car, and in high population states like New York, they could save as much as $500 over rural dealerships.

Why are these New York City-area dealerships offering better deals? Well, these dealerships have more competition. Car shoppers have more options available to them, and they feel comfortable that if they can’t find a good deal at one dealership, they will try another one. This is doubly true for consumers with challenged credit or no credit. In a rural area, they might not have dealerships and lenders willing to work with them and get them the best possible auto loan terms.

The great thing about Approved Loan Store is how it makes the whole car shopping process so easy. Simply fill out our secure online auto loan application, and a representative contacts you within 24-48 hours. From there, they match you up with an associated Approved Loan Store location in your area and set an appointment with a Special Finance Representative. At the appointment, you will review all available options with your Special Finance Representative and get you into a car you want at terms you can afford. With Approved Loan Store, there’s no need to drive around to every dealership in the New York City area for the best deal on a used car. Click here to see testimonials from real Approved Loan Store customers that got into a great new or used vehicle!

Want to know more about Approved Loan Store? You can find out more by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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New York Drivers Waste 57 Hours Annually in Traffic

Living and driving in New York City, it can sometimes feel like you’re wasting your life away in traffic. Well, as it turns out, that feeling isn’t completely crazy.

In a recent study by INRIX, New York City is the second worst city in regards to time wasted in traffic. Annually, New York City drivers waste an average of 57 hours, or nearly 2.5 days, in rush-hour traffic. They calculated the time that drivers spent in traffic during rush hour and compared it to the time taken to drive that same distance during times of the day with low traffic. The study results showed that New York City beat out every other city in the United States except for Honolulu where drivers waste an average of 58 hours in traffic.

Now, there isn’t much that New Yorkers can do about rush-hour traffic, but here are a few simple tips to make the trip more comfortable.

Stay entertained: If you have an iPod plug-in, download some podcasts to pass the time. There are podcasts on every subject from entertainment news to history lessons and sports commentary. You can even learn a new language by podcast, and best of all, they are free!
Keep hydrated: Nobody wants to get caught in traffic with a full bladder, but try sipping on water periodically to keep hydrated. Studies have shown that drinking a full glass of water in the morning helps to wake up the body.
Stock up on healthy snacks: Skip the drive-thru breakfast. Instead, leave a box of granola bars in the car, and bring some fresh fruit every morning. Snack on it on the way to work, and you will arrive much more alert than you will with that greasy breakfast sandwich.

Are you looking for a new car? Approved Loan Store can help! Good credit, bad credit, we want to get you into a new or used car! Fill out our secure online auto loan application here, and check out testimonials by real Approved Loan Store customers here! Also, 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!

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Car Shoppers Ready to Buy, Willing to Spend Extra on Perks

Recent reports from Edmunds.com indicate what we have seen first-hand over at Approved Loan Store, which is that car shoppers are eager to buy in 2012.

Thanks to relaxed credit standards, more people are buying cars, but the picture is much bigger than that. Car shoppers are also buying vehicles with more perks and added features, and they are more comfortable considering trucks, SUVs, or other vehicles that go through more gas. They aren’t just looking for cars to get them where they need to go; they want to get the cars that they want.

Over at Approved Loan Store, we get people into every make and model of car every day. Whether you are looking for your first car or your dream car with all the perks, the reps over at Approved Loan Store want to help you get the car you want with the terms you can afford. If it seems too good to be true, take a minute to browse through our customer testimonials. Check out the cars that real people like you have gotten through Approved Loan Store, and hear what they had to say about our service.

“They met my needs, they worked with me and my budget, and everything. They found me the exact car I wanted, and I’m very happy!”

“Approved Loan Store helped me get this beautiful black BMW. Thank you, Jarell and Charles, you were the best!”

“Approved Loan Store helped me get a car, a Toyota 2009. Had a very, very good experience here at the car dealership. Everybody was so nice and kind. Thank you, thank you, thank you!”

“I’m driving home in my dream car, a Camaro 2011…They made it happen with no problem. I had a great experience!”

To find out what Approved Loan Store can do for you, fill out our secure online auto loan application here, and keep up with the latest from Approved Loan Store by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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Car Repair: Avoid This Costly Pitfall

At Approved Loan Store, we are always on the look-out for ways for our readers to save money on their new or used car. Oftentimes, though, we focus too much on the initial purchase of the car and don’t consider other long-term expenses associated with that car like insurance or maintenance. We saw this tip from CBS News today and wanted to share it with our readers so they can avoid this costly car maintenance mistake.

Some car dealerships are offering dealer service contracts as part of the car loan agreement. While these agreements do vary (and there are some good service contracts available), some of these service contracts are not worth the money. The contracts are usually more than twice the cost of routine maintenance, and even if the car runs into other problems, the contract might not cover the costs.

Once again, these rules do not apply to every dealer service contract, and depending on the circumstances, it could be the right choice for some car buyers. As always, we recommend reading over the agreement carefully, and don’t be afraid to ask questions. This is a financial obligation, and you want to make sure that it is worth the cost.

To learn more about buying and maintaining your car without breaking the bank, like Approved Loan Store on Facebook and follow Approved Loan Store on Twitter. If you’re looking for a fast and easy way to get into a new or used car, Approved Loan Store can help, no matter what your credit! Fill out our secure online auto loan application here!

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Lenders Allocate More Funds to Credit-Challenged Car Loan Applicants

As the country continues to recover economically, lenders are wooing consumers with better rates on auto loans, even for consumers with challenged credit.

According to Experian Automotive, lenders across the country have allocated more money to sub-prime auto loans while also cutting interest rates across the board and relaxing the terms of repayment. Experian Automotive called the trend “good for everyone,” and analysts hope that by relaxing the loan terms, the auto industry will continue boosting the overall economy.

Some have expressed the concern that if lenders relax their standards, unreliable people will get auto loans and won’t make their payments. The funny part about their theory, though, is that late payments are currently at their lowest rate in over a decade even as the industry is lending to consumers with challenged credit. It goes to show you that there are plenty of consumers who have run into problems in the past but are ready to rebuild their credit through an auto loan.

With interest rates down and better terms available, it has never been a better time to buy! Approved Loan Store wants to help you get into a car, no matter what your credit situation. Fill out our secure online auto loan application here, and you will hear from an Approved Loan Store representative in 24-48 hours. You can also 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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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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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.

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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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