car-in-college

How A Student Can Buy A Car

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Buying A Car From A Private Seller

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Getting A Good Deal On A Used Car

buying-a-car-with-cash

Benefits Of Buying A Car With Cash

What Happens If I’m Late On Payments

November 12, 2011 · Auto Loan Terms · Leave a Comment

When you opt for a three or five year auto loan there inevitably will come a time when you’re in danger of making a late payment or you miss a payment. These loans are 36 or 60 months long and it can be difficult to maintain a perfect payment history. The question is though, what happens if you miss one monthly car payment?

Credit Score

Missing just one payment can have devastating effects. If you have been working hard to improve your credit score, one missed payment will make it drop dramatically. The good news is that the score will recover in a few months. But expect a significant ding to your score in the short term.

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9 Car Insurance Discounts

October 23, 2011 · Auto Loan Resources · Leave a Comment

A good driving record goes a long way toward saving money on car insurance, but it is not the only way to earn a discount. Even with a driving history riddled with accidents, traffic violations or both, you may be able to take advantage of these discounts.

Vehicle Safety Equipment

Upgrade your vehicle’s safety gear by having airbags, automatic seat-belts, or anti-lock brakes installed. Since most of these options are standard features on many current models, you might already qualify for this discount.

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Car Loans From Peer To Peer Lending Sites

October 22, 2011 · Auto Loan Sources · Leave a Comment

Traditionally you would get a car loan from the bank you normally use. Now though you have many more options. In addition to going to your physical bank for a car loan, you can also get a loan right at the dealership. After they pull your credit you can be approved for a loan in minutes. Another popular option is to go online and use auto loan comparison sites to get auto loan quotes to find the best rates.

But there is another method you may not have heard of. You can also get a car loan at peer to peer lending sites like Lending Club and Prosper. With these micro lending sites, there is no central bank. Users (investors) loan money to other users.

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Will A Little White Lie Affect Your Application?

October 20, 2011 · Auto Loan Terms · Leave a Comment

The car you’ve dreamed of owning is almost within reach after years of wishful thinking. You have a clean credit history and an excellent credit score. You’ve calculated your income and expense and have come to the conclusion that with a little scrimping the payment is doable. Now, the only thing standing in the way of you and your dream is the loan approval. As you fill out the application that demonstrates your ability to pay, you begin to be doubtful about how your level of income looks on paper and you’re tempted to fudge the number higher. It’s such a little thing; no harm will come of it, right?

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Car Financing And Your Credit Score

October 14, 2011 · Auto Loan Rates · 1 Comment

Countless Americans have endured recent economic circumstances that have ruined their credit scores, but a poor credit history doesn’t have to keep you from obtaining car financing. You may not get the most ideal car loan on the market, but there are ways in which you can work around the stigma of bad credit.

First and foremost, never consider buying a car you know you cannot afford. This includes ignoring salespeople or finance managers who try to convince you otherwise. Getting strapped with an excessive car payment will only make matters worse, while buying a reasonably priced vehicle will actually help your credit score as you begin to make regular monthly payments.

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The New FICO 8 Credit Score

September 23, 2011 · Credit Scores · Leave a Comment

The new FICO scoring model, known as FICO 8, seems to address the issues that countless Americans have been having with trying to buy a house or secure a basic credit card. Although the update itself seems promising, it may take some time to kick in.

Millions of people have been caught between having good credit and bad credit. This state of three-digit limbo has caused heartbreak for those who thought their credit was good enough to purchase a new house but were shocked to learn they were a few points shy of qualification.

With FICO 8, consumers’ credit scores will change. Some may experience a slightly higher score while others watch their credit score go down. It all depends on the type of credit problems each consumer has endured in the past.

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