Consumer Car Buying Advice Blog

There are many reasons to refinance, but the two primary reasons are to lower your payment or reduce your interest rate.

I’ve spoken with people that had to refinance a loan because they experienced an economic downturn. With the downturn, they could no longer afford their current debt load and got behind on some of their bills. As a result their credit score was lower. They refinanced their loan at a higher rate and a longer term, but they met their primary objective, which was lowering their payment so that they could meet their other obligations.

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One of the most frequently asked questions our customer service department receives is “will I qualify for a car loan if ….”. There are so many possible scenarios it would be impossible to list them all here so I will address some of the major ones.

In our database we have over 100 sub prime lenders, each has an average of 5 lending programs. With over 500 programs in total there should be a program for almost every credit situation. The major factors lenders consider when you apply for a car loan are: (more…)

When you have sub prime credit a 580 Score – there is a lot that goes into determining your rate. Based on the information you provided it is hard to estimate your rate but I will try and provide you some guidelines so you can estimate your own rate.

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The FACT Act amendment to the Fair Credit Reporting Act allows every one can get a free annual credit score once a year. You can contact the Central Source to request this free annual credit score by calling toll free (877) FACTACT. There are services that will give you a free score if you try their credit monitoring service, after the free try period ends they begin to charge you monthly for the service.

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A good car dealer is not the dealer that makes the least amount of profit on their customers, it’s the auto dealer that can provide the best deal. Good car dealers have the people, processes, inventory, lenders, and technology in place so that they can make a profit while providing a good deal to their customers.

For example, let’s say you have bad credit and are interested in a used 2006 Chevrolet Malibu for under $325.00 per month. Via the web, you find two local Chevy dealers that have some on their lots. (more…)

Most of the lenders that finance first time buyers, and report to the credit bureaus require a year on the job, and 15% to 20% down payment. If you meet these requirements you should qualify for a loan at a dealership that has a sub prime department.

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Prior to applying with a lender you should visit with your trustee / attorney and ask him or her for an “Authorization to Incur Debt”. This is a legal document that states that the new loan will not be included in the bankruptcy.

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Advice from Auto Credit Express on one way to re-build credit after bankruptcy and start living a better life.

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Some states allow people to take out car title loans; short-term, high-interest loans using their cars as collateral. But as Mark Strassmann reports, borrowers too often default and end up losing their vehicles.

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One of the more popular internet search phrases is “Zero Down Auto Loans”. I would image the meaning of this to mean that the consumer wants an auto loan but does not want to use any of their own cash as a down payment. Customer cash is not the only form of down, there are two others; trade value and rebates.

If you have bad credit there are only a few true no down auto loan programs, and most of these I would not recommend. The repayment terms for these no money down auto loan programs are less favorable than lender programs that require money down. (more…)