Bad Credit Special Finance Car Loan Documentation


Date  December 27, 2007     Time  12:39 pm      Category  Credit Repair, Auto Loans     Author  Steve Cypher        

Because Bad Credit Car Loans are viewed as higher risk loans by the banks, the customer is generally required to prove the information that is stated on a credit application. (Read More…)



Why It’s Important to Know Your Credit Score When Buying a Car


Date  December 27, 2007     Time  10:59 am      Category  Auto Loans     Author  Steve Cypher        

What’s the Big Deal?

Buying a car without knowing your credit score, sometimes called a FICO score, is a lot like going on vacation to a place you’ve never been before and not bringing along a road map. Just as the road map tells you where you are going and how to get there, your credit score can tell you how to buy a car and, in many cases, where to buy a car. (Read More…)



Car loans with instant credit approval


Date  December 26, 2007     Time  12:20 pm      Category  Auto Loans     Author  Steve Cypher        

How many times have you seen the following headlines in advertisements:
Car Loans with Instant Credit Approval
Guaranteed Credit Approval
Bad Credit, No Credit, No Problem
Car Credit Approval Instantly
Get Online Approval In Seconds
100% Bad Credit Approval Guaranteed


Car Loans with Instant Credit Approval


The fact is, you see these ads on the internet, in the classified sections of newspapers and in fliers through the mail all the time. The important thing to remember is that just because these ads appear on the internet, in your local newspapers or delivered to your mailbox does not make the companies, themselves, legitimate. How can you tell the difference between a company, such as Autocreditexpress.com, the company that I work for, and the hundreds of others out there requesting that you send them your private information? (Read More…)



Buy Here Pay Here Car Loans vs. Special Finance Car Loans


Date  December 20, 2007     Time  4:50 pm      Category  Auto Loans     Author  Steve Cypher        

For today’s topic, I would like to discuss the difference between special finance car loans and buy here pay here (sometimes called tote the note) car loans. Although both loans occur in the sub prime market, there are marked differences between the two. Here is a description of both and the advantages and disadvantages of each type of loan: (Read More…)



A New Car for Christmas?


Date  December 18, 2007     Time  6:43 pm      Category  New Cars     Author  Steve Cypher        

Why in the world would anyone buy a new or used car during the Christmas holiday season? There are so many other things on everyone’s mind – not to mention our pocket books - at this time of the year.

The Car Buying Dilemma

We need to buy Christmas presents for the kids. We need to decide on gifts for girlfriends, boyfriends, spouses, family members and whoever else is on the list. We also need to plan (Read More…)



Longer Repayment Terms and Bad Credit


Date  December 4, 2007     Time  6:36 am      Category  Car Dealers, Lender Companies, Auto Loans     Author  Dave LaLonde        

These days, if someone has bad credit, there are many choices available when it comes time to buy a car.  Most dealers now have a special finance, or sub prime auto finance department to help people with bad credit buy a new or used car.  Twelve years ago, when I was first introduced to special finance, there were only a handful of national lenders in the US that catered to people with bad credit, and none in Canada.

At that time, in house, buy here pay here financing at the car lot was more popular.  These “We Finance Car Lots” would extend credit directly to consumers so they could buy a car from their lot.  There were few finance companies that serviced the bad credit market.  The lenders that did offered only short terms and high interest rates. (Read More…)



Buying a Car with Bad Credit. Auto Finance Company Stipulations


Date  December 2, 2007     Time  6:06 am      Category  Lender Companies, Auto Loans     Author  Dave LaLonde        

If you have bad credit and plan on buying a car there are a few documents you will most likely need when you close your loan at the dealership. These documents are commonly referred to as lender STIPs (stipulations).

Auto finance companies and lenders use STIPs to verify the data on your credit application such as income, phone number, and address (if you have bad credit you will have to prove the accuracy of every item on the car loan application).

Common STIPs needed to buy a car with bad credit: (Read More…)