While much has been made of Generation Y's aversion to debt, debt is not something any generation can easily escape especially when considering a vehicle. So then what are your options when confronted with financing a car?
Continue ReadingWhile much has been made of Generation Y's aversion to debt, debt is not something any generation can easily escape especially when considering a vehicle. So then what are your options when confronted with financing a car?
Continue ReadingFinding a dealer on your own is a time consuming process, and can be risky if you are trying to locate one who will work around your bad credit. Because of this, you may be tempted to go with the first one that is simply able to approve you. But that can be dangerous.
Continue ReadingAs a first time car buyer with no credit history, the car buying process can be a little more difficult, and usually leads to the buyer needing some assistance from a family member or friend in order to get approved. However, after a certain amount of time, you might want to be able to get out of the responsibility of that particular loan contract. Can you?
Continue ReadingFor those with spotless credit, shopping around for an auto loan isn’t that big of a deal. But when you have credit that is less than perfect or in recovery, you should be more concerned about submitting a bunch of applications. When you submit a loan application, the dealership Finance and Insurance, or F&I, department will check your credit. This is known as a hard credit inquiry. When you are looking for a car, the credit agencies know that you will want to shop around, so any auto loan inquiries that take place within a 14 to 45 day window will only count as one, and typically won't negatively affect your score.
Continue ReadingA recent J.D. Power study has unveiled that three of every four car buyers in 2016 never considered purchasing an SUV. This is despite the fact that fuel has become less expensive and the availability of low interest loans have increased.
Continue ReadingOne of the most challenging things for car buyers is when a situation arises where the current car becomes either unsatisfying or unaffordable. What can you do when you need to get a new car even though you still owe money on the one you currently own? The fastest solution is to roll the negative equity (what you still owe) into the new car loan. While some dealers will allow you to do this, there are a few factors you need to consider, such as the remaining balance on the current loan, and the quality of your credit.
Continue ReadingWhen buying a car, lenders want to know that they can rely on you to maintain the monthly payments. That is why if your primary source - or only source - of income is disability, they may have a problem approving you. The problem lies in the income you are receiving. Disability, unemployment, workers compensation and retirement are just some examples of income that cannot be garnished. Lenders need to have the ability to garnish your wages in the event that you stop making your loan payments, and they cannot do this with these types of income. There are a couple ways you can improve your chances of getting approved for a car loan, even if you are receiving disability payments.
Continue ReadingWhen you are new to a country, it takes time to get established, and sometimes, in order to get everything accomplished, you need a car. As a legal permanent resident of the United States in possession of the necessary documents, you are eligible to be approved for an auto loan. But you will need to make sure you have a few things in place first.
Continue ReadingMany consumers lost their homes to foreclosure during the 2007 recession, and while things have since turned around economically, this black mark may still linger on their credit. Will it affect their ability to buy a car?
Continue ReadingMany consumers are now using multiple electronic devices on a regular basis. With this increase in technology use, car manufacturers have changed the way that vehicles are being designed.
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