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Category Archives: Auto Loans

What if I am Upside Down on My Car Loan?

Being upside down – or “underwater” – on a car loan is a situation in which you owe more money on a vehicle than what it is currently worth. This means that if you attempt to sell it, you still owe your lender money. In Travis’ case, he had bought his car with no down payment and a payment plan of 60 months, and was about halfway through his loan. He owed thousands more than it was now worth. Continue reading

Posted in Auto Loans |

I Am Recently Divorced. Why Can’t I Get a Car?

According to a 2013 study by the Bureau of Labor Statistics, both parents work in 59.1% of married couples families with children. When you take that into consideration, this suggests that when couples split up, both sides are likely to take a significant financial hit to their income and credit. When you go from a two income family to one single income, there are a few things that can negatively affect your chances for getting auto loan approval. Continue reading

Posted in Auto Loans |

How Long Will it Take to Get Approved for an Auto Loan?

Sometimes your decision to buy a car is based on immediate necessity, and if this is the case, you’re going to want the process to go as quickly as possible. You’re looking for an expedited loan approval, and you may very well be able to get just that. Everything is just going to depend on the current state of your credit and how well you are prepared. Continue reading

Posted in Auto Loans |

Will Buying a Cheap Car Actually Save Me Money?

Bill purchased was a 2001 Volkswagen Golf for $1,500 from a private seller. Since he needed it fast, he made a couple of fatal mistakes when he bought it. First of all, he didn’t get it inspected by a mechanic, and he borrowed the money he needed for it from a friend. The car ran like a dream when he bought it. However, about four months later, the engine died. The remaining year for Bill, quite frankly, was hell. Continue reading

Posted in Auto Loans |

Can I Get a Car Lease?

It really comes as no surprise as to why leasing is so popular. First of all, it’s simple and convenient. Secondly, you get the newest and snazziest ride. On top of that, the maintenance you have to perform on it is extremely low. Finally, some lease offers don’t even require a down payment. These are some absolutely fantastic offers…that is, if you have excellent credit. Continue reading

Posted in Auto Loans |

Is a Longer Loan Term a Good Idea?

According to Experian Automotive, 27.6% of new car loans in the first half of 2014 ranged from 73 to 84 months. With these longer payment plans becoming a trend, people might begin to think that extended loans are a good idea since it reduces the monthly payment. But is a long loan term the best approach to getting a new car? Not really, and I’ll tell you why. Continue reading

Posted in Auto Loans |

Qualifying for a Car Loan with Tarnished Credit

The minimum qualifications for a subprime car loan include meeting some basic income, employment, repossession, bankruptcy, reference, driver license and age requirements. Continue reading

Posted in Auto Loans |

Will My Auto Loan Cover Tax, Title and License Fees?

When you are buying a car, there is more than just the loan to consider. You need to remember that there are also tax, title and license fees. So, you may be required to bring additional money to the table, depending on who you purchase the car from. Continue reading

Posted in Auto Loans |

How Will a Tax Refund Help Me Get a Car?

For those who live on a tight budget, this is the time of year where the window of opportunity opens up for larger purchases, like an automobile. And if your credit isn’t in any condition to help you get approval for a zero down financing offer, this window doesn’t stay open for very long. This is why your tax return could be just what you need. Continue reading

Posted in Auto Loans |

What are Same Day Car Loans?

You may have heard the term, “Same Day Auto Loan” before, but what does it mean? It can accurately describe two different loan scenarios, referring to simply a loan that is approved within 24 hours or a specialized loan for bad credit buyers. This distinction is important to realize as you are shopping around for the right loan to fit your situation. Continue reading

Posted in Auto Loans |
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