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Mystery Revealed: Role of Down Payment in getting Bad Credit Auto Loans

When you have a bad credit score, people tell you to put in a large sum of money as a down payment. They say it provides a better chance of loan approval. Experts recommend paying 10% of the total car value as a down payment. Is this true?

FACT: Larger the Down Payment, the Smaller the Lender’s Risk

People with bad credit scores hold a risk for lenders as they have a history of missing out on monthly payments. The amount of risk impacts the auto loan approval. If you pay a sizeable down payment, your loan amount will reduce.

Also, paying a large sum of money reduces the psychological risk of the lender as it proves that you will pay your loan on time. It will also positively affect your impression in front of the lender. Thus, it can improve your chances of getting a bad credit auto loan.

FACT: You can save money by making a Down Payment

Making a significant down payment helps you save money in the long run. It reduces the total loan amount and interest payable to the lender. Finally, it makes the loan affordable and reduces the chances of missing payments and repossession. Thus, you may have to pay money now but it will make your future financial condition more secure.

Does paying a large down payment guarantee Loan Approval?

Down payment is a crucial part of your auto loan application. But, it is not the only deciding factor. Even if you pay more than 50% of the car price as a down payment, the lender will still check your credit score and assess your financial condition. They will also ascertain whether you can afford the monthly payments for the loan. Additionally, the loan amount you are applying for should fit their minimum criteria, and there are many other criteria for the vehicle you want to buy. Once the lender verifies all these aspects, they will approve your loan.

No Down Payment? You still have the option to buy a Car.

Just like paying a large sum as a down payment does not ensure loan approvals, not having a down payment does not mean auto loan rejection. Having a cosigner is one way of getting car loan approvals with bad credit. Even if you have a small or no down payment, many websites will help you approve car loans. So, search for an online auto financing company with experience in serving bad credit car buyers without a down payment. Understand their auto loan approval criteria, and submit the online application.

Apply for no down payment auto loans online! Work with America’s favorite online lender to get guaranteed auto loan approval.

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Tired of constant loan rejection? No matter how bad your credit score, CarDestination will get you on the road faster. Guaranteed auto loan approval can be yours with just a click of mouse! Apply now; drive your dream car today!

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Why should People with Good Credit Scores go for Online Car Financing?

Getting car loan approvals from the comfort of your couch is very convenient. It saves your time and effort and provides you with better rates to explore. We often wonder if we should go for a traditional source of car financing or explore online portals. You should go for online car financing if you have a good credit score card.

What Are the Benefits of an Online Car Financing?

When financing their cars online, people with good credit scores have an added advantage over those with bad credit scores. A few benefits of online car financing are as explained:

Time-saving

Applying for a car loan online can save you from the trouble of physically going out to lenders and BHPH dealers and comparing the rates they offer. You can do everything with a click of your computer and still get the best deals. After entering your basic details, you will know if you are getting a pre-approved loan. The online car financing companies will also provide detailed loan terms, interest rates, and other terms and conditions.

Better Rates

If you have a good credit score, you will get many deals with low-interest rates. Online lenders offer better interest rates than traditional banks because they incur lower operational costs. Applying online will make your car loan more affordable. Also, it will allow you to go for more expensive cars.

Easy Approvals

Online car loan approvals come with fewer formalities than traditional ones. It involves less documentation, and getting approvals, is faster than going through bank procedures. Since you already have a good credit score, it is easier to get these approvals while applying for a car loan online.

Eliminate Unscrupulous Dealers

Often, dealers can manipulate the situation and put you in a tough spot when you want to apply for a car loan. They will confuse you with many options. And you will be unable to negotiate your car deal. But if you already have online approval for the car loan, you will be better positioned to negotiate your interest rates.

With a good credit score, an online lender will offer you many benefits. Due to better rates and affordable monthly payments, you can get the golden opportunity to improve your credit score even more.

Shop online for pre-approved car financing in your city. Apply for guaranteed auto loans and buy the car of your dreams.

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How to get Best Deal during Auto Loan Refinancing?

Refinancing a loan means replacing your current loan with a new loan program with modified terms and conditions. Home Loan refinancing is a common practice, but is it beneficial to refinance your auto loan? If your research and have complete market knowledge, you can lower your monthly payments and interest rates. So, it is worth it.

Auto Loan Refinancing: Scoring the Best Deal

1. Improved Credit Score

People with bad credit scores may not qualify for lower interest rates while applying for their first car loan. But later on, they have the opportunity to make their monthly payments on time and improve their credit score.

Once you improve your credit score, apply to refinance your vehicle. A higher credit rating will make you eligible for lower rates. This way, you can either reduce the loan term or monthly payments. It is one of the best ways to get a better deal while refinancing your car.

2. Refinancing from an Expert

Sometimes you have to finance your car loan from a private lender. Other times, you may rely on personal loans to buy an automobile. It is okay if you selected unconventional financial choices in the first place. When you refinance your loan, you can seek help from a reputed online auto financing company with experience in dealing with bad credit buyers.

They will provide you with better facilities and lower interest rates for your loan. They have a network of lenders who offer auto financing options to all types of credit borrowers. So, if you shift to an experienced refinancing expert while applying for a car loan the second time, you will have better chances.

3. Thorough Market Research

If you did not research or negotiate while applying for the loan, you might receive higher interest rates. However, with time, you will gain knowledge of the auto financing world. If you decide to refinance your existing loan, research the market and use negotiation techniques smartly. If you have loan quotes from multiple lenders, negotiate well and get better rates for the loan.

These three tips will help you get the best deal while refinancing your car loan. Refinancing your auto loan delivers many benefits: You get better rates, enjoy favorable loan terms, and elevate your car buying experience.

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Five Basic but Crucial Questions about Car Financing in the USA

While you are deciding to buy a new car in the USA, there will be a lot of questions running through your mind. The car buying process can be overwhelming if you are new to the country or a young car buyer still learning the ropes of the game. Fret not. Understanding the car financing process in detail will make matters simple for you.

1. How can you get car financing in the USA?

To finance a car in the USA, look at your credit score. Once your credit score is good, dealers will get you the best interest rates for your loan. You should research the available financing options, list out the auto financing companies and dealers, check the financial costs and compare all quotes. Do not skimp on research because an auto loan will be a long-term expense for you.

2. Who offers the Best Auto Financing Program?

There are a lot of lending institutions to offer you auto loans. For example, banks, credit unions, dealerships, online auto financing companies, and captive financing companies will provide car financing options depending on your requirements and application.

Online auto lenders or online auto financing companies offer an easy financing process as they have a comprehensive network of lenders and dealers who work for them. They don’t require you to send documentation for the application process. There is no application fee. The entire procedure is online, and these lenders do not shy away from offering bad credit auto loans. So, if you have a bad credit score, you can still get auto loans at competitive rates.

3. What is the Average Interest Rate for a Credit Score of 700?

A person with a credit score of 700 can get lower interest rates. As lenders consider anything above 680 an excellent credit score, they are not worried about their investment. A person with a good credit rating is a low-risk investment for lenders as they have a history of paying off their loans. Lenders are assured of regular monthly payments, and so they can offer an interest rate of 3.48-5.49% depending on whether you choose a new car or a used car.

4. What is the Average Interest Rate for Bad-Credit Buyers?

Bad credit buyers have a history of making late monthly payments. If your credit history is affected due to missed payments and unwarranted transactions on your credit report, do not worry. You can still get car financing. When your credit score is low, the average auto loan rate will range from 8.33% to 17.78%. Although the interest rate is steeper, you can reduce the number by arranging for a higher down payment and a co-signer. Do not forget to work with a subprime lender experienced in dealing with bad credit scores.

5. What is the Ideal Loan term for an Auto Loan?

The average term for a car loan in America ranges from 72 months to 84 months. But ideally, you should choose something close to 60 months to pay off the loan early and avoid an upside-down car loan situation.

Remember choosing longer loan terms will increase your financial burden. Also, the average life of a car is 79 months. So, if you choose a 72 months car loan or 84 months loan term, your vehicle will not have much resale value when you sell it after paying off your loan. Even if you decide to trade your car for a new one, it will not fetch the required value.

Are you Ready?

Now that you have answers to common car financing questions, you are ready to buy a new car. One essential tip for buying a new vehicle is to research thoroughly. Explore different options and do not stick to one car model. Consider the financial cost of each automobile and make a practical decision.

Get the best car financing in USA. Apply online to enjoy low-interest rates and guaranteed auto loan approval even with a bad credit score.

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How has the Covid-19 Pandemic changed the Used Car Buying Strategy?

Did you know why used cars are becoming costlier than ever? Gone are the days when you could walk into the dealership lot and buy a used car without any auto loan. What is the reason behind the sudden rise in the prices of used automobiles?

There is a global shortage of microchips essential for cars. And, so the manufacturing of new vehicles has suffered exponentially. The recent Covid-19 pandemic has also put innumerable roadblocks in the course of automobile production in the U.S.

It has also led to a dramatic rise in used car prices since 2019. In the recent months of May and June, experts have witnessed a sharp increase in used car pricing. However, the growth rate has tapered as of now. But, as things will return to normalcy, the prices of vehicles will continue to remain high. With the growing public preference for using personal vehicles instead of public transport, the demand for used cars will increase in the future.

Should you Wait for the Used Car Prices to Reduce?

Although the current rise in used car prices is due to manufacturing roadblocks, you should not wait to buy a vehicle. If you sit back and wait for the prices to drop, then you might have to wait for long.

a) With the improvement in automobile technology, dealers and lenders have realized that vehicles that have more than 100,000 miles on the odometer can still function optimally and deliver good results. It means you can get an auto loan even if you choose an older vehicle.

b) Until manufacturers reach full-production capacity, they will focus more on profitable car models. It means the general public will not be able to afford new cars. The demand for reliable used cars will remain high for quite some time.

c) There is another added advantage of trading in your current car to buy a used one. With the high demand for used vehicles, you will get a higher price for your existing car. It means you will enjoy a profitable trade-in, and it will help you reduce the overall cost of your auto loan.

d) You can wait to buy a used car if you can manage your work from home and do not need your vehicle to run errands. However, purchase it when you are resuming your job.

Why should you get Car Financing for Buying a Used Car in 2021?

Do you think it is difficult to get used car loans today? Do you want to buy an affordable car in 2021? Let’s find out why opting for used car financing is a wise decision.

a) Auto financing is a better decision, even if you have money on hand to pay the dealer. It will improve your credit score and establish a stable financial history. It is a good choice, especially when you do not want to take money out of your emergency funds.

b) Used car loans are better than personal loans because of their low cost. As the lender will use your vehicle as collateral, he will be sure of getting a return on his investment. So, you will enjoy a faster loan approval process, higher loan amount, and affordable interest rates.

c) Many subprime auto lenders are ready to offer bad credit auto loans for buying used vehicles. If your credit score falls below 630, you can still get an auto loan and make an affordable car purchase.

Do not make a Hasty Decision.  

The main advantage of buying a used car was its affordable cost. But the recent pandemic has increased the cost of used vehicles, thus making auto loans necessary. However, do not make a hasty decision. There are many things to consider when applying for a used car loan. Before signing the loan contract, check all the aspects in detail. Check your interest rate and compare it with other loan quotes to arrive at a profitable decision.

To ensure a quick car purchase in 2021, arrange pre-approved bad credit auto loans. It will improve your bargaining power and ensure that you get your favourite car in no time.

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5 Top Auto Loan Questions that Plague the Minds of Bad Credit Car Buyers

If you have a bad credit score and want to apply for a car loan, many questions need your attention. The questions regarding co-signer, sub-prime lenders, and down-payment keep haunting you unless you find the answers for it. Once you do it, it becomes easy to get approval for your car loan, even with a bad credit score.

Attention Bad Credit Car Buyers: Here are Answers to your Auto Financing Questions  

Here are the top five questions that often confuse bad credit car buyers. Let's find answers to them before you go to apply for your car loan:

1. Who are Sub-Prime Lenders?

Sub-prime lenders are those creditors who provide loans to people who do not qualify for loans from traditional lenders. If you have credit issues, you can benefit from applying with a sub-prime auto lender. It is because they have pretty relaxed loan approval criteria. It will help you to avoid unnecessary hits to your credit score. Remember that a few sub-prime lenders may charge higher interest rates while approving loans application of people with a bad credit score. It can increase your overall cost of owning an automobile. So, you have to be vigilant and conduct proper research before saying yes to any loan.

2. Is the Average Interest Rate Higher on Bad Credit Auto Loans?

A short answer is yes. The average interest rate on auto loans increases with the decrease in the number on your credit report. Traditional lenders charge higher interest rates on car loans if you have a bad credit score or you don't qualify the general car loan approval criteria.

Hence, before applying for a car loan, research the current interest rate options available with different lenders. Also, do not rely on banks and credit unions alone. Search for online subprime auto financing companies that help bad credit car buyers. Remember to consider the total amount of money you pay towards a new car instead of focusing on the monthly payment amount. It will ensure that you make a wise financial decision.

3. How can a Co-Signer help in getting a Bad Credit Auto Loan?

A co-signer is a person in your family or close circle who is financially capable and guarantees regular monthly payments to the lender. They will pay off your auto loan in case you do not make your monthly payments on time. This way, the lender is assured that their money is in safe hands and will get it back on time. So, getting a co-signer for securing approval on your car loan is a wise move. It is because it ensures easy loan approval and provides you with superior negotiation power.

4. Does Down Payment help a Bad Credit Borrower?

Choosing to make a down payment while buying a car is a good step towards getting approval for your bad credit car loan. Down payment will show the lender that you are financially capable of paying off the loan. Consider making at least ten percent of your car cost as a down payment, especially if you have a bad credit score. This way, you will reduce the loan amount and tackle the impact of high interest rates. Additionally, it will reduce the number of monthly payments you make and shorten the loan term, resulting in a direct decrease in your car buying costs.

5. How can I improve my Credit Score with a Bad Credit Car Loan?

Applying for a bad credit auto loan is a good move towards improving your credit score if you are willing to make your monthly payments on time. Before you apply for a loan, clear off your pending debts to improve your credit score. After applying for the loan, you need to be committed to making your monthly payments on time along with a down payment. It will increase your credibility in the eyes of the lenders and improve your credit score in the long run.

While you research bad credit car loans, you will encounter these common questions indispensable for your success. Do not let them plague your mind. Instead of worrying, use this auto loan guide to understand your situation better and get approval on a bad credit auto loan.

Did you know applying with a reliable subprime auto lender of America will help you get easy approval? Apply online to get bad credit no money down auto loans.

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Ascertaining your Car Budget: Balance the Books before you Buy a Car

The process of buying a car starts with creating a budget for it. If you are planning to buy a new automobile, estimate your financial capabilities. A car comes with additional costs such as monthly loan payments, fuel expenses, and maintenance costs. You should always calculate the budget to buy the car depending upon your financial situation, ability to spend, and requirements. Balance the books before you bring home a car.

The Essential Budgeting Advice for Every Car Buyer

Below mentioned are the few factors that will guide you while you calculate a budget for your new car:

1. Determine the Real Price of the Vehicle

The final price of your vehicle is not the sticker value because the real price involves costs such as sales tax, registration fees, and other charges such as extended warranties, dealer add-ons, etc. Decide in the initial stage whether you want to buy a new car or a used one. A new car usually costs around $35,000, whereas you can get a used one at a price as low as $10,000. Check online with car portals, visit a few dealerships, and research to get the best deal.

2. What will be your Financial Costs?

Are you planning to buy a car with cash? Do you want to use all your savings towards a new automobile? Conduct a cost vs. benefit analysis for buying a car with cash. If you are planning to apply for an auto loan, consider all the financial costs involved. The monthly payments for your auto loan will include the payment towards interest and loan amount.

If you do not want to buy the car shortly and can wait for the interest rates to change, you may be able to afford a luxurious variant of the car model of your choice. But, if you need an auto loan urgently, shop online to get the most affordable deal. Online auto financing companies have lenient loan approval criteria that enable poor credit car buyers to get an auto loan.

3. A Huge Upfront Payment will Help You

When creating a budget for your car, always give a thought to down payment. With an upfront payment to the dealer, you will reduce the loan amount and opt for a vehicle that you like. Making a down payment for your car not only reduces your total financial cost but also decreases the amount that you need to pay every month in the form of auto loan payments. It sounds like a win-win!

To make a down payment, plan your investments and savings for the next couple of months. If you have a massive future expenditure such as a house or a wedding, opt for no money down auto loans.

4. Study the Monthly Maintenance Thoroughly

While deciding on the budget for your car, take care of the car buying cost and consider the maintenance costs that come after your vehicle is on the roads. You might think that you can arrange funds for your one-time down payment and the monthly payments. But, if you forget about the monthly maintenance costs, it can become a problem.

So, apart from calculating the costs involved in bringing your car from the dealership lot to your home, you should also consider the maintenance costs such as car storage rent/garage rentals, insurance premiums, fuel prices, service costs, and regular maintenance expenses.

Follow The 20/10 Rule of Thumb for your Automobile Debt Payments

Are you worried about managing your car costs once your vehicle is home? Follow the 20/10 thumb rule for managing your financials in a better way. The 20/10 rule limits your consumer debt payments so that your debt does not exceed 20% of your gross annual income and 10% of your gross monthly income. It means you should not spend more than 10% of your monthly income on car loan payments, insurance premiums, fuel, maintenance, etc.

When you are buying a new car, your financial stability is of prime importance. Do not say yes to any lucrative deal the dealer offers you when you have not done your research and ascertained your car-buying budget. Remember to balance the books to balance your financial condition and life!

Buy a car with bad credit auto loans. Seek no down payment auto loans if you do not want to spend your savings on an upfront payment.

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NY Student Car Buying Guide: Why you need a Car for College in New York?

The New York state is the land of hustle, dreams, and a large number of colleges. A car for a college-going student has become a necessity due to the lack of public transport facilities. The main reason for a car purchase among college students is a safe mode of travel to college and to run errands without wasting any time.

The car buying experience can get intimidating for a first-time college-going student. However, you need to arm yourself with accurate information to get the best car deal when you buy a vehicle in the Empire State.

A New York Car Buying Guide for Students!  

If you are on the fence about buying a college car in New York state, do not worry. Buy a car in NY because it will help you in many ways, especially in these times of a pandemic. The following points will help you get a deeper understanding of the car buying scenario in New York for college students.

1. A Pandemic-Necessity Now; A Requirement Forever  

New York is a highly populous and 27th largest state in the United States of America. Owning a car is one of the last thoughts to cross any New Yorker. The highly used modes of transport in New York are highways, railroads, mass transit systems, waterways, etc. And, if you are living in the Big Apple, you can rely on subways, buses, and taxis for your mode of commute.

However, the pandemic has turned the thought of owning a vehicle in New York upside-down. A car for a college student in 2021 means having a private automobile instead of choosing a high-risk-driven mode of public transport. The pandemic has urged more and more college students to purchase a car in New York as it is a question about safety more than convenience. Therefore, buying a vehicle for college students is a necessity in this pandemic. Additionally, having a car at their disposal will mean they can travel easily, finish their errands instantly and reach home quickly. It shows that a vehicle is a necessity now, but it will also prove a requirement in the future.

2. The Right Car for College Students  

New York has 240 universities and colleges that make New York state a hub for college-going students. Due to the wide variety of courses offered in the different universities and colleges, many students opt for New York as their preferred college destination. A large number of universities note that the demand for cars amongst college-going students is high. However, to choose the right car, you need to understand your needs and requirements before walking into a dealership.

A few of the best-fit new cars for college-going students in New York are the 2020 Kia Forte, 2021 Honda CR-V, and the 2020 Ford Escape. You can also go for a used car by hiring a mechanic for a thorough inspection. The right vehicle is the one that fits your budget and helps you to get some trade-in value.

3. Safety Rich Features are a Necessity for Every Car

A car for a college student should have enough safety features. A few essential features to consider while buying a student-friendly car in New York are fuel economy, safety features, vehicle accident history, car size, and maneuverability.

Due to the lower-than-expected production of new cars, many car buyers in New York are looking to purchase used cars. Additionally, a hit of recession drove many buyers to explore the used car market in 2020. A surge in the used car consumption indicates that you can obtain a year or two old models of not-so-old car variants at a decent price. Therefore, after getting a vehicle report test and checking the safety features, a college student can explore the used car market of New York during their next car purchase.

Get your First Car Loan to sort your Car Buying Needs

Prepare for your next car by analyzing your needs, requirements, and budget before shopping at the local dealership. Along with the car buying tips, focus on getting a pre-approved auto loan. Most NY college students are too young to have an established credit score. So, you must apply with someone who approves no credit car loans. Additionally, seek approval on no credit no co-signer auto loans if you do not have a co-signer or do not want to take help from your parents.

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How to Get the Best Car Deal in Texas?

Texas is a blend of valor and swagger. So, naturally, the choice of car buying in Texas also contains a dash of swagger. Texas has more than 15 million licensed drivers. It means a car is an essential mode of travel for a Texan. As purchasing an automobile is an important decision, you need to think about several aspects: auto financing, taxes, insurance, and warranty. You need to ensure that you get the best car deal while car shopping in Texas. Here’s how you can make your job simpler:

1) Pick a Car that matchesyour Style

The most loved car types in Texas are trucks or sedans. You need to think about your requirements and what is it that you need in a car. Does a feature-rich car carry more importance or a fuel-efficient and utility-based car needs your attention? Texas weather is usually hot and dry. Therefore, features like a high-performing air conditioner may play a crucial role in the automobile you choose. Ask yourself the budget you are willing to spend and how much of the car amount will become a part of your auto loan? Therefore, make a careful assessment and choose a car that you feel suits your Texan style.

2) Choose between a New Car and a Used Car

Used cars and new cars have their own set of pros and cons. A new car may cost you less maintenance as compared to a used car. However, a used car will be cheaper in the long run. The sales tax on a new car in Texas is 6.25% of the total price after subtracting the trade-in and down payment amount. However, if you don't mind purchasing an old model, it will provide a better value than a new car. Thus, make sure you do the required research to pick between a used car ora new car.

3) Shop around to get the Best Rebates on the Car Model

Get all the information regarding the car that you wish to purchase and start shopping around various dealerships. Try to get a pre-approved auto loan and negotiate your way into a good auto loan deal. Make sure you understand the rebates that you can receive on the car. According to Texan law, the authorities levy all taxes on the car amount minus the rebate amount. For instance, if your car costs $15000 and you are getting a rebate of $3000, then the taxes will only be applied to $12000 of the car amount. Therefore, make sure you shop around in Texas and get the most of the rebates.

Understand all the aspects of your car buying process: your requirements, the make & model of the car, and your budget. Once you start shopping around in Texas, make sure to keep the above points in mind to avoid getting a messed-up car deal. Ensure that you make the most of the tips and get the best car deal in the Lone Star State.

Make car financing in Texas easy. Apply now to get the best auto loan rates in the Lone Star State. Special bad credit no money down auto loans available.

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Avoid Bad Credit: Four Car Buyers that are not Cut Out for an Auto Loan

Did you know one of the rites of passage that every American goes through is buying a car? Having an automobile in your name is much more than a buying decision. Emotions and feelings are attached to your first vehicle. Additionally, an automobile has the potential to make or break your future financial stability. So, you must take every step with caution and due diligence.

Car Buying Tips: Do not become one of these Buyers

If you are unable to make timely payments or you end up in an upside-down car loan situation, it will affect your credit report. To make sure you do not fall down the rabbit hole of a bad credit score and crushing debt, you must make prudent decisions. Do not be like any of the following car buyers and avoid a terrible auto loan:

1. The Show Off

You may be excited about buying a car. An expensive automobile is a big step up the social ladder. However, you should not be the Show-Off car buyer because they end up with terrible auto loans. Focus on buying a car that is within your means. Choosing a car beyond your budget puts you at risk of repossession. There is nothing good about repossession because it will stay on your credit report for years.

Having the blemish of repossession or bankruptcy on your credit score will put you at a disadvantage. It will prevent you from getting lower interest rates for a long time. So, do not be a Show-Off. Learn what kind of car you require. Find out who all be driving your vehicle, and then shortlist a few models that match your budget. Be the Prudent Guy!

2. The Payments Guy

When you are only worried about the monthly payments on an auto loan, you stop looking at the big picture. The Payments Guy is only concerned about the lowest monthly payment amount. But a small payment amount does not translate to better savings.

Lenders often attract customers by offering smaller monthly payments over extended loan terms. It means the car buyers end up paying more money in the form of interest rates. Additionally, you also run the risk of an upside-down car loan situation. For example, the total loan amount after deducting the down payment is $20,000. You opt for a loan term of 60-months with an interest rate of 8%. The monthly payment amount will come to $405.53, and you will pay an interest amount of $4,331.67%. Now, if you request the lender for a lower amount of $350, your loan term will extend to 72-months, and you will have to pay a total interest of $5247.87.

Do not focus only on the monthly payment. Instead, discuss the loan term and APR as well. Find out if there is any pre-payment penalty involved or not.

3. The Lone Warrior

The Lone Warrior is a car buyer who sets out to buy a car on his/her own. The car buying process is a complex one. It can be overwhelming, especially when you are making it on your own. Emotions can come in the way of making prudent decisions. It always best to bring a friend when shopping for a car. It helps to have a third set of eyes so that he/she can be objective in your process and ensure that you make the right financial decision.

Often, the Lone Warrior believes in taking care of the financing process of their own. However, it is a fact that having a co-signer helps in getting quick auto loan approval and better interest rates. So, convince your colleague, friend, or family to become a co-signer for your auto loan and enjoy faster pre-approval.

4. The No-Savings Buyer

The auto financing industry is built on the truth that car buyers do not have sufficient money to fund the vehicle. However, it is a wrong move to opt to buy a car with zero savings. Even if you do not have money to make a down payment of 20%, it is wise to save up money for car-related emergencies such as fuel-change, repairs, and maintenance. It will ensure that you do not seek out exorbitant personal loans to take care of your car.

When you decide to buy a new car, consider the amount of monthly payment that is comfortable for you. Set aside the payment amount of at least three months so that you can make regular payments even if your income source is affected due to any reason. When you do not have money for a down payment, you can always apply for zero down payment auto loans, but when you do not have savings to fall back on in times of emergencies, it will affect your credit score terribly.

Say No Terrible Auto Loans and Bad Credit Score

As discussed earlier, your car buying decision has the potential to build your credit score. If you make cautious and practical choices, you will enjoy the best interest rates for years to come. But, if you choose the emotional option, it may affect your financial situation severely. Say no terrible auto loans and avoid the troubles of a bad credit score by becoming a prudent car buyer.

Did you know online auto lenders offer specialized first car loans? Whether you have a bad credit score or a zero-credit history, you can apply for guaranteed auto loans and buy a car at low-interest rates. Bad credit no down payment auto loans are also available.

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2021 Car Buying Resolutions: Set the Right Goals for the New Year

The end of 2020 was one of the most awaited and anticipated part of the year. Now that we can finally bid goodbye to 2020, we welcome 2021 with new hopes and in regards that it will be a better year. With the onset of a new year, we will all set our resolutions. New Year resolutions can vary from joining a gym, spending more time with loved ones, or travel more often. However, if you want to buy a new car, setting new year resolutions related to your goal will help you in making the right choice.

Car Buying in 2021: New Year Resolutions to get the Right Deal

The following resolutions will help you pick the right car deal in no time.

1. Pick Cars over Mass Transit Options

A self-owned car has proved to be much more convenient and safer in the past year. Many regular commuters have discarded the option of riding on a subway or a train. A car is a safe mode to commute to work, school, or run errands daily. Additionally, cab-hailing services such as Uber are also not a preferred option during the pandemic. Moreover, you should road-trip in your car with loved ones instead of flying for the trip because it is the safer option. In conclusion, your resolution for 2021 should include a self-owned car for safe travels.

2. Reliable and Feature-Rich Car for Young Ones

Many countries all over the world are preparing to launch a vaccine in the year 2021. Post the release of a vaccine and the reopening of colleges and schools, look into purchasing a car for your younger one. Focus on finding a vehicle that is reliable, safe, and beginner-friendly. The Honda CR-V 2021 has gained applause for being a spacious, compact SUV with safety features such as road departure warning, collision mitigation brake system, and traffic sign recognition. You can even check other options before you make the purchase.

3. Maintain your Car & Credit Score

Just as changing the oil of your car is a necessity, so is maintaining your credit score. Regularly look at your credit reports and correct any fallacies that may have gone unnoticed in the past year.

Additionally, pay off your previous debts before you apply for an auto loan. Be consistent with your payments. Work on improving your debt-to-income ratio before you set out to purchase your next car. In the end, make it a resolution to maintain your car and credit score for a robust financial future.

Resolutions for Better Car Deals and Improved Driving Skills

Just thinking of buying a new car will not help you to achieve your goal. Research for the kind of car you want to buy; and focus on improving your credit score to enjoy a better deal.

Additionally, get working on your resolutions to improve your driving habits. Resolve to become a courteous driver and ditch road rage. Make distracted driving and using phones while driving a thing of the past. Let us enter 2021 with an evolved sense of driving!

Do you want to buy a new car in 2021? Make the right car buying decision with a reputed bad credit auto financing company in America. No cosigner car loans are available for young car buyers.

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Winter Car Buying Tips: Benefits of a Pre-Approved Car Loan in the Colder Months

Winter is right around the corner with the warm festivities of Thanksgiving and the start of great car deals. A lesser-known fact amongst car buyers is that the winter season is one of the best times to purchase a car. Early winters are the time when dealers try to clear the inventory of the current year before moving into a New Year.

With less than two months to the close of the year 2020, huge discounts and great car deals are on their way to you. However, the best way to make the most of buying a car in the cold season is to get a pre-approved auto loan.

Why get a Pre-Approved Car Loan this Winter Season?

The power of a pre-approved car loan deal at the end of the year is a road to savings. Let’s find out how:

1. Simplified Car Buying Process

A pre-approved auto loan helps you in more ways than one. You step into the dealership with clarity on the budget, the available car options you can choose from, and the payments that you will be making. Many times, you may overspend on a car when you do not have a clear picture of how much you can afford to pay. However, a pre-approved auto loan will simplify your budget, payments, car options, and your choice to shop around to see who gives you the best winter car deal.

2. Powerful Negotiation

The pre-approved auto loan is the fundamental element of car buying in the winter months. You can negotiate your way to a great interest rate and overall cost-effective car deal with the help of a pre-approved auto loan. In the cold months, when the footfall is less, dealerships are under pressure to close car deals. A pre-approved auto loan will become the offer that a dealer will have to accept if they wish that you purchase the car from their dealership.

3. Easy Approval

A pre-approved car loan means that you tick all the right boxes for car buying, and you are creditworthy. An individual who shops with a pre-approved car loan deal is going to ensure a faster buying process. Moreover, the presence of a good credit score and co-signer can make a big difference in obtaining your new car. Also, you can take the help of online auto financing companies to get the best winter car loan deal. Once you have a great offer in hand, you can negotiate with the dealer to ensure the reduced price of the car.

A Snowy Guide to Win your Next Car

The benefits of a pre-approved car loan are not just in getting a new car but managing your savings as well. Winter months are the right time to strike a great car deal as dealers will offer more incentives to you. Also, they will be eager to make a sale and earn more commission! So, make the most of the car buying process during the winter months and get your favorite car home.

Do you want to buy a car to ensure a comfortable commute during the terrible months of winter? Apply now to get pre-approved car financing. Do not worry about your bad credit score. The sub-prime lending expert will help you get approval on bad credit auto loans.

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Things to Keep in Mind While Buying A Car for Your Teenager

A car has become an absolute necessity for the commute; especially when it comes to teenagers. A personal vehicle to commute to school or college is essential when your kid reaches the right driving age. When you think about your kid driving his or her first car, the three things you think about are safety, reliability, and the cost-effectiveness of purchasing a car.

Choosing the Right Car for your Teenager!

Focus on the following points as you search for a car for your teenage kid.

1) Set Your Budget

Think about the car budget for your teenager before you dive right into the shopping process. While you set your budget into place, you will realize the cars that you can afford. Consider the amount that you are earning, the amount that you would require to pay each month, and different ways that you can cut off some of your expenses and pay them towards the auto loan.

Most teenagers struggle with no credit history and often require a co-signer. Make sure you or a relative are co-signing for your teenager to obtain attractive interest rates and a better car deal. If you do not know anyone with a good credit score, it is best to apply for no credit no co-signer auto loans in advance.

2) Used Car or New Car: Your Choice

Extensive research should be made before you decide on a used car or a new car. Before deciding on a car, ask yourself questions such as how much would your kid be traveling on an average, would another family member share the car, and what features or safety requirements are necessary for you. A new car is low-maintenance with superior fuel economy and advanced safety features whereas a used car is wallet-friendly with a lower loan amount.

Usually, for a first-time driver like your teenager, a new car such as the Toyota Corolla or the Honda Civic is a safer bet which will also provide a good resale value. You can shop around at your local dealership or take the help of online auto portals to search for cars.

3) Test Drive Till You Are Sold

Purchasing a car is a big investment. While many people may not give importance to a test drive, you should test drive your car until you are sold on purchasing it for your teenager. Be mindful of certain things while test driving such as measuring fuel efficiency by noting the odometer before and after the test drive.

You can also roll down the window to check if the car is making any unusual noises and check if the car gear is easy to drive for your teenager. You should clear all your doubts before you purchase the car and test driving is the best way to do it.

While you purchase a car for your teenager, make sure you are satisfied with the safety, reliability, and price point of the car. You can also get pre-approved for a first-time car buyer’s loan to get the best deal for your son/daughter.

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Measures to Manage Your Car Payments When You Are Unemployed

Losing your job can be heartbreaking and it may put you on a standstill. You may be worried about your credit card payments, mortgage payments, and even your car loan payments. However, this is the time to figure out the next step and a way out. Do not dwell on the misfortunes and seek for an efficient way out through this difficult time.

The Coronavirus Aid, Relief and Economic Security (CARES) Act helps you to get $600 per week as unemployment benefits in addition to other benefits provided by your state. Consider other benefits offered to unemployed individuals in your state and prepare a plan. Once you have figured out how to reassess everything, it is important to understand how to act towards your car payments and why a car is a necessity even in this difficult period.

Measures to Manage Car Payments in Difficult Financial Times

You can take help of the below pointers to keep your car payments in check.

1) Avoid Repossession

The first thing to do when you lose a job or get furloughed is to manage your finances. Think about reducing certain expenses which cause you to overspend such as online shopping or fancy brunches. However, do not stop making car payments amidst a difficult financial situation.

The last thing you would want is to get your car repossessed. The presence of a car is essential in the times of Covid-19 where public transportation can cause higher risk due to less social distancing measures. It will also help you in going for your next set of interviews. Therefore, make sure to take the correct steps so that your car does not get repossessed.

2) Negotiate with Your Auto Lender

In a situation where meeting your monthly auto loan payment seems difficult, you must contact your lender. Work on negotiating a lower interest rate on your auto loan. Explain your situation in detail. Provide information about the consistency of your past payments and convince the lender in giving you some respite.

Some auto lenders may agree to help you and some may not. So, it is essential to consider all options. You can take the help of online auto financing companies and search for lenders who are willing to refinance your auto loan in these times.

3) Make Consistent Payments

Unemployment means that you should explore every opportunity to make extra dollars. Search for other sources of income on Upwork, Fiverr, Indeed, and other online portals. Apart from online sources, you can even try looking for a job at Walmart, Target, or even Uber. The important thing is to not lose your shot at earning enough for yourself and making consistent auto loan payments.

A car will help you to commute and keep you and your family safe. You can even cycle your bill payments in a way that you pay your cable or phone bill last and save up enough money to pay for your loan payments first.

Make Auto Loan Payments: Your Car is Your Companion

At a time when you are unemployed or furloughed, losing your car is more difficult than canceling your Netflix subscription. A car will be your companion to get more groceries so that you don’t have to step out in public more often. It can also help you to avoid a subway journey that promises minimal social distancing measures. Therefore, focus on your car payments and do not let this tough time leave you will one asset less.

In these times of the Covid-19 pandemic, cars have become a necessity. Make sure you obtain a low rate auto loan so that you can make easy monthly payments during difficult financial times. If you have a bad credit score, seek the help of CarDestination.com, the bad credit auto loan company, to customize monthly payments to suit your needs.

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Preparing to Buy a Car in the Times of Covid-19

Coronavirus is spreading throughout the world. Its effects were first witnessed in China, whereas now Europe is the epicenter of the maximum cases. Cases in America are also rising every day.

The effects of the pandemic have caused a disruption in our economy, steep stock market losses and a standstill in most business sectors. In these tough times, would it be safe to purchase a car? Let’s take a look.

How to Prepare to Buy a Car during Lockdown?

1. Are Auto Dealerships Functioning?

The situation varies from state to state. Auto dealers are still open in these tough times of fighting against Coronavirus. For instance, someone may require a car to reach the hospital or healthcare workers may need a car to commute to and from their workplace. However, strict guidelines outlined by the World Health Organization are being followed at auto dealerships. Auto dealers are practicing social distancing, offering to deliver the purchased cars to your homes, maintaining hygiene and eliminating all in-showroom activities. Additionally, online auto dealers can help you with your car purchase.

It is best to avoid going to the dealership. Instead, call the dealership lot and ask them to mail you the prices online.

2. Can I Research the Cars Available?

Buying a car may not be the primary need for you right now but you can use the free time to research the best available options. You may not be able to visit a dealership to research the different cars. However, you can use auto portals to make the most of the digital tools. Research the type of car that you wish to purchase. Try to narrow down your needs and understand whether you wish to purchase an SUV, sedan, hatchback, luxury car, etc. On the basis of the make, model and type of car, you can select the car that you wish to purchase.

3. How will Auto Financing Work in these Times?

Once you have selected the car that you want to buy, the next step is auto financing. The best-case scenario for buying a car as soon as you are out of home is to get a pre-approved auto loan. Auto dealer websites will help you figure out the monthly payments you can comfortably make, your current debt-to-income ratio as well as the approximate interest rate to be charged on your auto loan. Therefore, make the most of your time and get pre-approved for your auto loan.

Prepare for buying a Car: Make the Most of Staying Home

In the current scenario of the Coronavirus outbreak, it is imperative that you stay home. However, it does not mean that you cannot work during this time. Research and find out how to purchase a car. Set your financial budget, use auto dealer websites to your advantage and get a pre-approval on your auto loan.

In these times of quarantine and lockdown, it is best to stay home and apply for a guaranteed auto loan online. Work with an online auto financing company to get pre-approved bad credit auto loans and purchase a car when things return to normal.