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Sat, Jun 17th - 1:27PM

The 4 Sís of Strategizing an Auto Loan Payment despite Low Income

Buying a car is an expensive affair. Every household requires a car or two for daily chores or commuting to work. However, buying a car and acquiring an auto loan becomes a challenge when the total income in your house is low. Purchasing a new car can put a huge dent in your already confined budget. Sourcing monthly payments for your dream car may seem like a distant dream. But if you correctly strategize your income, obtaining a low income auto loan and buying the car of your dreams can become a reality.

Which Strategies will help you to get a Low Income Auto Loan?

Conceptualize. Strategize. Improvise.

1) Show Discipline in Savings

Once you receive your monthly income, it is only a matter of time before it is all spent. Inculcating a habit of savings will ensure that you have accumulated enough funds for the long run. Financial strength proves that you are credit worthy and will be able to timely repay your auto loan. The threshold income required to provide an auto loan ranges from $1600 to $2000 monthly. Therefore, if you commit to save a certain percentage of your income, making a car payment will become an easy task.

2) Share the Liability

Obtaining a low income auto loan can become simple if you share the liability with a co-applicant. A co-applicant is a person who is taking equal ownership of the car and the payment of the loan. In case, you cannot find a co-applicant, a co-signer can always act as a guarantor for payment of the auto loan. The presence of a co-applicant or a co-signer builds trust in the mind of the lender and he/she becomes more willing to lend you the money.

3) Stability of Employment

Evidence of current employment goes a long way in building a positive perception. Presenting proof of a stable job or a consistent income will get you one step further in getting a low income auto loan. Additionally, a stable employment indicates that you will be financially sound to make future payments. If you are self-employed, you must show tax returns of last two years to establish your reputation.

4) Shed a Large Portion for a Down Payment

When the income is low, down payment becomes an important tool to prove your credit worthiness. The underlying benefit of a large down payment is a low interest rate. As the total amount of the loan decreases due to a down payment, the duration of the loan also decreases. Thus, a large down payment will help you to plan your future budget for the auto loan payments.

Surely, it takes consistent time and effort to save money to buy a car. However, patience, commitment and strategizing your income correctly will assist you in obtaining a low income auto loan.

A car is a necessity. And, low income should not trouble you in buying a necessity. EZ Auto Finance helps car buyers in getting a low income auto loan. Do not worry if you have a troubled credit history. A bad credit no down payment auto loan program ensures that everyone gets to buy their dream car easily.

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Fri, Jun 16th - 5:33AM

Yo-Yo Auto Financing: Donít end up as a Dealerís Puppet

Yo-yos are not only for kids. Sometimes, you can also get tangled up in the string!

What is Yo-Yo Auto Financing?

Buying a car is a stressful experience for those with bad credit scores. And when dealers hand the keys over, just to snatch them back again, it feels like a joke. A joke called yo-yo auto financing. It can be explained in one line: Dealers turn shoppers into buyers just to give them two options at the end: pay more for the car or give it back.

A dealer permits a bad credit car buyer to take possession of the car before the financing process is complete. Few people call it Ďspot deliveryí as the dealer sells the car to the buyer on the spot. After a short period of time, when the financing falters, he calls the buyer back to the dealership. Then, the dealer demands a high rate of interest and a high down payment.

How does the Dealer trap you?

Under yo-yo auto financing, the dealer tries to trap you. As your credit score is bad, you choose to fall prey to yo-yo auto financing. The dealer cancels the negotiated deal and offers you a worse deal. He plays different tactics which are stated as under:

>>He may threaten to repossess the car and destroy your credit score.
>>He may claim that your credit score is worse than you thought (even when you have a decent credit score).
>>He may claim that the lender has disagreed to the original terms.

The bottom line is that the dealer can change the terms of your original contract and force you into agreeing to the new terms.

Yo-yo auto financing: Donít end up as a Dealerís Puppet

Precaution is better than cure. Start saving today for your dream car. It is better to pay in cash for your car. Make payments towards your unpaid loans to improve your credit score. Buy a used car instead of a new one to ensure an affordable car purchase.

And if you still need financing remember these tips:

>>Visit the dealer and finish the auto financing process before finalizing the car.
>> Choose a reliable dealer or opt for online auto loans.
>>Shop around for the auto loan from a reputed bank or a credit union.
>>Shop for reliable and affordable used cars.
>>Donít be drawn to dealership lot signs that say ďBad Credit? No Worries!Ē

Yo-yo auto financing shows the vulnerability of bad credit car buyers. So when you visit the dealership lot, it is important to understand the contract terms. Donít make the final decision under the dealerís pressure. The dealer will try to use you as a puppet by playing different tactics. But, you can act smart and avoid getting caught in the lies. Wait until your credit score improves. Buy an affordable used car today and save money for buying your new car in the future. helps you to make stress-free bad credit auto loan purchase. Buy the car of your choice by applying with the company today. Enjoy no down payment auto loans and make your car buying process affordable.

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Fri, Jun 16th - 5:31AM

Bad Credit Myths vs. Facts: How Pre-Approved Auto Loans Break the Myths?

It takes years to build a good reputation and only a few mistakes can cause a disaster. The same ideology applies to your credit score. A few serious mistakes such as missing a payment or two on your loan could take years to repair the damage. But, a bad credit score is not the end of your world. A handful of misconceptions and myths revolve around a bad credit score. And, they discourage people from taking action to improve their credit score. With the help of pre-approved auto loans, you can break those myths.

Forget the Bad Credit Myths; Focus on the Facts

1) Myth: Taking an auto loan will worsen my already weak credit score

Fact: Applying for an auto loan with a history of damaged credit will increase your debt-to-income ratio. However, it is not an indicator that obtaining an auto loan will worsen your situation. In fact, with the help of a pre-approved auto loan, your credit score can increase over a period of time. Timely monthly payments are the key to not only stabilizing but also improving your credit score.

A bad credit score may bring the possibility of high interest rates. However, a pre-approved auto loan contains the advantage of pre-negotiating the interest rate that eliminates any last minute surprises and helps you to efficiently plan your future expenses. Therefore, a pre-approved auto loan will help you to increase your credit score.

2) Myth: A poor credit score means no lender will work with me

Fact: In the case of bad credit history, bank financing is dicey. On the other hand, there are numerous online lenders that specialize in bad credit guaranteed auto financing. Despite you having a bad credit score, these lenders wish to increase their business and will grant you an auto loan.

Credit scores vary from one individual to another. So, a lender may even willingly give you a pre-approved auto loan if your score is higher than the other applicants. As many applicants have zero credit score, you stand a greater chance at obtaining a pre-approved auto loan.

3) Myth: The first auto loan deal is the best deal

Fact: Many people fall prey to the thought that bad credit means no bargain. A damaged credit history compels people to take the first deal that the lender offers them. However, comparison shopping is the best method to get the lowest price.

You must study the current market before making a decision. Always have two or three competing offers to help you leverage the best deal. A pre-approved auto loan will help you in negotiating effectively as you will have a realistic price in mind. Moreover, researching the interest rates and the price of the car you wish to buy will assist you in getting the most out of your pre-approved auto loan.

Many myths exist when it comes to bad credit. The fear of a weakened credit score, inability to search for a lender and dismissing comparison shopping are a few myths that need reevaluation. When it comes to buying a car with bad credit, do not discard the option of pre-approved auto loans. Remember to understand your situation thoroughly and work with subprime auto lenders who do not shy away from helping people with damaged credit.

Pre-approved auto financing can help you to make a quick car purchase. When you have a bad credit score, it is wise to apply for the loan before visiting the dealership in your area. It will ensure that you have the power of negotiation in your hands. When you want to obtain guaranteed bad credit auto loan Ohio, get in touch with The online auto financing company is the best way to get a car with damaged credit.

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Fri, Jun 16th - 5:29AM

New Car vs. Old Car: Which Challenges arise Due to the Old Age of a Car?

When you set out to purchase your next car, it is a commonplace practice to pay extra attention to the condition of the car. An older model of a car requires more scrutiny as opposed to the newest car on the lot. The age of the car is an important element that numerous car buyers neglect while zeroing in on their available choices. Buying older cars raises a few challenges in the time span that it stays with the buyer.


Challenges a Car Buyer faces because of an Older Car

1) High Maintenance Cost

An old car comes with hefty maintenance charges. Regular repairs are required to ensure optimum functionality of the car. As compared to a new car that requires less maintenance, an older model is vulnerable to frequent mechanical breakage. While the purchase price of an old car is low, the regular maintenance costs increase the lifetime price of keeping such a car.

2) Expired Warranty

There is a good chance that a car model that is 9 years or older has run out of its warranty period. Any breakdown of the machinery of the car within the first few years will only add to your maintenance cost. In some cases, if the car is only a few years old, you can still benefit from a transferable warranty. However, a certified pre-owned car from a dealership is your safest bet in order to avoid an expired warranty.

3) Unavailability of Spare Parts

The older the car, the lesser the chances of availing spare parts. A new car not only comes with a warranty but also guarantees the availability of spare parts in the market. The older spare parts become obsolete as the new technology and updated features replace the older version of technology. Therefore, obtaining spare parts for older car models becomes a challenge.

4) Continuous Depreciation

Buying an old car means purchasing a car that has been depreciating ever since it was made. Purchasing an old car reduces your resale value. Previous wear and tear, new technology and major repairs are factors that reduce the resale value of an old car.

5) Limited Financing Options

An old car invites fewer financing options than a new car. Additionally, you may have to pay higher interest rates on the auto loan. A pre-approved car loan works in the scenario of purchasing an older model of the car. It helps you to purchase a car well within your budget as you have prior knowledge of the amount of the loan.

The Bottom Line

A very old car may be easy on the pocket but it becomes expensive in the long run. The solution to escape from the hassles of purchasing an old car is to buy a brand new car. An updated car with the latest features and machinery proves to be worthwhile. Therefore, purchasing a new car is the ideal decision.

Thinking of buying a car? Why not buy a brand new car and avoid the tension of buying a lemon? Work with to find the best California bad credit auto loan. Do not worry about spending money on the down payment of a new car. Apply with the bad credit auto financing company of America and get ready for no money down car loans.

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