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Tue, Feb 27th - 12:57PM

Should you Pay off your Auto Loan Early?

Being debt-free is a dream for many. It is great to use your entire paycheck the way you want to use, instead of making payments to your auto lender. If you have a lot of debt and want to get rid of a few of your liabilities, you can create a plan and start paying off your auto loan. It is a great idea to use your additional income towards improving your financial situation. But, before sending out additional payments to the lender, you must keep a few things in mind.


Does it make sense to pay off your Auto Loan Faster?

1. Not every Auto Loan Contract is Same

Your friend may have started making bi-monthly payments to pay off the loan quicker and may advise you to do the same. However, not every auto loan contract is same. What worked for your friend may not work for you. Study your auto loan contract in detail. Are you allowed to make early payments? Is there any pre-payment penalty involved for paying off the loan early? It is important to understand the terms of your contract. If the lender doesn’t allow pre-payment penalty, you may have to think of other ways such as refinancing the car loan for better rates and terms.

2. Talk to your Lender

It is not practical to make additional payments without knowing how the lender will use them. By taking a look at your auto loan contract, you will be able to know whether you are paying simple interest or compound interest. Also, check if the lender has included precomputed interest on your loan. In such a situation, the lender will not direct additional payments towards the principal amount, but he will use it for the total interest amount that he has already calculated. Only when he uses the money to reduce the principal amount, your interest amount will go down. So, talk to your lender. Understand his policy on principal-only payment.

3. Another Solution?

If there is a pre-penalty clause in the contract or the lender doesn’t offer you the option of principal-only payment, you may refinance the loan. But, refinancing option is not ideal for people with bad credit. If your credit score is not considered good by the lenders, they will not offer a favorable loan term. In such a situation, you should start by saving the money. Open a savings account and put the additional money in the bank. Once you have a considerable amount saved with you, simply pay off the loan amount and enjoy your car without any liens on it.

Paying Off the Auto Loan Early: The Final Word

With the increase in pay or a large tax refund, you may think of getting rid of your auto loan as quickly as possible. But, making a hasty decision without considering your auto loan contract, future expenses and your credit score can become a nightmare for you. So, consider all the aspects of your financial life before making any changes to the monthly payments.

When it comes to auto loan, you need a trusted and reliable auto financing partner to offer you a beneficial deal. Do not worry about your credit history. Choose a subprime lender that offers guaranteed auto loan approval. You will be able to enjoy quick approval on subprime auto loans making it easier for you to buy the car of your dreams.

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Wed, Jan 31st - 6:40AM

Is it wise to buy a Demo Car?

Buying an automobile is a long and baffling process. You walk into the nearest dealership with a certain expectation. A set budget, the make and model are the factors that define your choice. The decision between a brand-new car and the one that is easy on the wallet is often challenging. However, there is an alternative option of purchasing a demo car that saves money and provides you with a comparatively new vehicle at the same time.

What exactly is a Demo Car?

Usually, a demonstrator car or a demo car is an automobile that is used for demonstrative purposes such as test drive by the dealer or the staff members of the dealership lot. Many a times, the salespeople use it for travelling to work. It is unregistered, untitled and originates from the dealership’s own inventory. Hence, a demo car is classified as a new car in the eyes of the dealer.

How can a Demo Car be Beneficial for You?

1) New at Cheaper Price

The claim that a demo car is new stems from the fact that it is unsold. The value you get against the money you spend on a demo car is far greater as compared to a used car. Additionally, it has fewer miles on the odometer as against a used car. And, it ensures increased reliability and better performance.

2) Moderately Maintained

It is often used by potential customers to test drive. A first-hand feel of the car helps to convert the prospective client into a definitive buyer. Thus, the dealers make sure that the automobile is moderately maintained as it imprints a first impression of the car’s features in the mind of the customer.

How to ensure a Perfect Demo Car Purchase?

1) Vehicle History Report

Internal damages can be discovered with the help of a vehicle report. Make sure you ask for a vehicle report; discuss the condition of the car with the salesperson and get your demo car checked by an ASE authorized mechanic.

2) Payout & Deduction

Usually, there is no set rule for buying a demo car. However, an ideal ratio is to deduct 15 to 20 cents per mile driven. In cases of expensive demo cars, the cents deducted per mile will increase as high-end vehicles have greater depreciation costs.

3) Incentives & Rebates

As the demo car is considered to be new, it can be qualified for a rebate. Some manufacturers may pose limitations on the qualification of rebates against miles driven. However, make it a point to negotiate the price and make the most of the available incentives.

Few people are aware of the existence of demo car and even fewer of the benefits one can gains from its purchase. The next time you see the car of your dreams on the dealership lot and wonder if it is for sale, do not worry. Ask for the demo car and make sure to go through the above pointers to make the most of your purchase.

Have you chosen the car of your choice? Get guaranteed auto loan approval even if it is a demo car. Work with to buy a car immediately. Apply now to enjoy subprime auto loans at the click of mouse.

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Thu, Dec 14th - 10:26AM

Car for College: Reasons why a Car is beneficial for Students

“I want to buy a car but don’t know how to convince my parents.”

It is the story of every college student. You may have got your first set of wheels in high school. But, it is not necessary that you brought it to college. Your parents may think that buying a new car can become a burden for them. Also, they may be worried about your safety. But, buying a car as a college student has more perks than pains.

Why a Car is beneficial for every College Student?

Buying a car is a personal decision that is affected by several factors such as family income, concern for safety, number of cars in the family, additional financial burden, etc. And the importance of each factor changes drastically according to the family dynamics. However, make note of the following benefits while making the decision.

1. Finding Employment becomes easy

Anyone who is in college or has been to one will tell you that finding a job with the college is difficult. Not everyone is lucky enough to find an on-campus job quickly. Also, it is possible that you find a high-paying job in the surrounding communities. If you have found yourself an off-campus job, a car is the best way to commute. With a car, you can drive far and seek the kind of employment that you desire. You can work with a business of your interest instead of doing a job in the college library or the dining hall.

2. It makes Students responsible

A car can help a student learn the real meaning of responsibility. Handling the financial part of owning a vehicle can lead to making mature decisions in the future. It will teach you to make regular monthly payments, manage your income and plan your expenditure. Learning the importance of maintaining credit score will lead you to a life of better interest rates and better loan deals.

3. A Fuller College Experience

College is not just a place where you study, it is an experience. And, you can make the experience better with a set of car keys. You can explore the community in a better way and add more learning to your resume. You can take part in the local charity drives. Learn new skills, meet new people and widen your horizons.

4. Peace of Mind for Parents

Accidents, speeding tickets, theft are all reasons behind your parents’ concern. If you are a responsible child, you can explain the many benefits of owning a car. It makes commute easy and your parents will not have to worry about you being stuck in public transport. It will give them peace of mind knowing that your car can bring you to your dorm easily and you won’t have to walk home or ask for rides from strangers.

5. A Money-Saving Choice

You may think that a car puts additional burden on a student. But, if you plan the entire purchase, it can prove to be beneficial in the long run. Having a car means you will be able to visit your family easily and that too, without spending a lot on flight tickets. It will also make weekend getaways easier. You can always car pool with your friends and divide costs while travelling which makes owning a car a pretty good deal.

How to make a Beneficial Car Purchase as College Student?

When you are college student, you have to worry about your grades, student loan, friends, college life and more. Don’t add the stress of an unreliable car to it. Make sure that you choose a dependable used car to become your companion for the college days. Find a dealer who offers the best deal. And, seek a student car loan from a reputed lender. Today, you will find a large number of online lenders offering special financing deals for students. They offer zero credit financing to ensure every young buyer gets a fair chance at becoming a car owner.

So, next time you are confused about buying a car, remember that it adds more life to your college days. Go ahead! Make a well-thought purchase decision and truly enjoy the golden period of your life.

Make the most of your college life with a reliable car. Once you find a perfect car, choose a reliable zero credit auto financing company who can help you to make the purchase. Apply now; enjoy special no cosigner car loan program.

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Mon, Dec 11th - 5:17AM

Is there such a thing as “Good” Bad Credit Car Buyer?

The average national FICO score has reached 700 points for the very first time. It means individuals with credit score near to 700 will have an easy time in making a car purchase. But, not everyone has a stellar credit history. There are individuals with scores less than 600. Lenders have categorized them as bad credit buyers. And, such individuals may still face a hard time in getting auto loan approval.

Is it End of the Road for Bad Credit Car Buyers?

Every person’s car buying needs are different, and so is his credit situation. You may have a bad credit score just like your friend’s. But, it is possible that you may get approved for an auto loan, whereas he faces rejection. Remember that every person is different in the eyes of the lender. And, even though, two individual share same credit scores, lender look beyond the numbers.

When is having Bad Credit Okay?

When lenders are ascertaining your credit application, they do not make a decision solely on the basis of your credit score. They value the number but they also ascertain the cause leading to it. When it comes to a bad credit score, lenders categorize it into two parts: Situational bad credit and habitual bad credit.

1. Situational Bad Credit

If the reason behind your bad credit score involves an unexpected, unpleasant situation, lenders will consider the score as situational bad credit. Sometimes, loss of job, death of a close family member or a sudden illness can force to you make late payments. Lenders consider it less risky because the analysis of your credit report shows that you have been regular in making payments before the tragedy struck.

2. Habitual Bad Credit

If you have a habit of making late payments or missing out on payments, lenders will consider you a risky credit seeker. They avoid a habitual bad credit borrower with multiple bankruptcies, high debt-to-income ratio, and repossession. In such a situation, your credit history becomes a proof of your irresponsible financial behavior. So, if you fall in the category, you will have a hard time in getting a favorable auto loan deal.

Situational Bad Credit Buyer: The “Good” One

Lenders understand that maintaining a stellar credit score throughout the course of one’s life is difficult. There are situations which may lead to late payments. But, unless you make a habit of missing out on payments, they are ready to cut you slack.

Lenders consider situational bad credit buyers as “good” people because they believe that buying a new car can be your first step towards improving the score. By making regular payments, you will be able to increase it over a period of time.

Does every Situational Bad Credit Individual get a Good Deal?

Lenders will consider you in a positive light if you do not have a habit of making late payments. But, it doesn’t mean you are going to get the lowest possible rates. In order to find a good deal on your next car purchase, you must first sort your finances.

>>Have a stable job that is capable of paying off your debts.

>>If you are paid in cash, report it to the IRS so that lenders have a clear idea of your income.

>>Pay off a few debts to reduce your total debts and improve your debt-to-income ratio.

>>If you are on social security, apply for a joint loan to improve your approval chances.

>>When it comes to making payments, explain the lenders that you are not a repeat offender.

>>Choose an inexpensive car to ensure low monthly payments.

If your score is below 600, do not write it off as an end to your dream. You can still make a car purchase with bad credit. But, before applying for a car loan, go through your credit report. Understand the cause behind the decline in score. If it is due to an unforeseen situation, get ready to explain it. The lender may treat your bad credit score as “good”. If not, make a big down payment to create a favorable impression in the minds of the lender and obtain a deal.

Want to buy a car? Do not let bad credit become an obstacle. Learn the reason behind your credit score and work with a subprime auto financing company. Apply with an experienced lender to obtain no cosigner auto loan and make a quick purchase.

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Wed, Nov 22nd - 10:31AM

How to buy a Car this Christmas?

The chilly breeze, the change of leaves and the upbeat holiday music are all indicators of the upcoming festive season. With the holiday season around the corner, it becomes difficult to decide the most suitable gift for your family and loved ones. Amongst other gifts such as an iPhone X or a satellite-radio service, a car stands out as a gift of utility and usefulness. A car is ideal for most age groups who need to commute for work and home-related purposes. However, purchasing a lavish gift as a car requires you to ask the right questions and correctly assess the situation before splurging money out of your wallet.


Prominent questions to better your Christmas Car Buying Experience

1) Is this the Right Time to buy a Car?

It is rightly said that timing is everything. The holiday season brings the best deals on all cars, new and old. While you may be contemplating the timing of your purchase, it is best to understand the dealer’s side of things. Any dealer will wish to hike up sales of low demand cars during the end of the year because he will want to create shelf space for the new and upcoming stock. Therefore, the best time to get hold of your new car is before 31st December. Make the most of the holiday season deals and bargain your way to the dream car.

2) Which Car will serve my Purpose?

The common thinking pattern is to go for a new car. Ask yourself which type of car will be useful for you or the person who is receiving it as a Christmas gift. Gifting a convertible for commuting to work will be a futile purchase. Get clarity regarding usage of the car. And, assess if a used car or a new car will serve the purpose. A used car will be helpful for short distances and serve as a pocket-friendly vehicle. Do not get distracted by all the holiday attractions and end up buying a car that does not fit your requirements. Choose the car that is in line with your needs and is useful in the long run.

3) How will I manage Money?

Buying a home or car requires you to sort out your financial situation before you take plunge. Take note of all your current revenue streams and estimate your average spending every month. Opting for an auto loan is a great way to obtain a new car. Estimate the amount you can comfortably put aside for your monthly payments. Make sure your credit score is strong enough to claim your creditworthiness in the eyes of the dealer. Also, do not limit your financing options to dealerships only. Online auto financing is a credible option that will help you to shop around and choose the best alternative for getting your dream car.

A Christmas gift can be a sign to show your loved ones how much you truly care for them. Purchasing a car is a huge step but making sure you carry out the process in the correct way is essential. Be a clever car buyer and make sure you make your calculations before making a purchase. Save right and spend right during this holiday season to get maximum returns over the long term.

Do you want to gift a car to your loved ones? Do you want to take advantage of holiday discounts at the dealership? Before finalizing the car, get your financial situation in order. Work with a reputed bad credit auto financing company to obtain no cosigner auto loan. With the help of a professional, obtaining no down payment auto loan approval and making a quick car purchase will become easy for you.

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