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The Auto Loan Expert Ė The Key to buying a Car - RSS feed - Add to Google

Wed, Feb 21st - 10:35AM

How to get an Edge in Car Buying through Tax Refund?

Tax season is the time of the year when you are doing one of the two things; either filing your taxes, or applying for an extension. The pleasant surprise circling the tax season lies in obtaining a tax refund. Essentially, a tax refund is the money that you overpaid to the government, which is being returned back to you. As tax refunds are unplanned, many people view them as bonus and get ready to splurge. However, instead of spending it on extravagance, why not spend the money towards a fruitful investment? If you are looking to dump your old vehicle and buy a new car, tax refunds come in handy.

Using Tax Refunds Towards your Car

How can Tax Refunds help you in fulfilling your Car Dream?

1) Larger Down Payments help Credit Challenged Consumers

A good amount of down payment can work wonders for your auto financing. According to an Internal Revenue Service report of 2017, an average American obtains close to $3000 of tax refunds annually. An individual with a bad credit score can seek to entrust the lender by paying a hefty down payment amount. The seriousness of the deal increases in the eyes of the lender as your creditworthiness rises with a larger down payment.

2) Pay off Existing Car Loan

Tax refunds serve as great means by filling in the finance for your previous car loans. You can do two things in order to lessen the burden of your debt. One, you can make a double monthly payment or clear your balance and attract low interest rates on your next auto loan. Second, you can refinance your existing car loan at a competitive rate. A tax refund will significantly help you in reducing your principal amount and thereby, obtaining lower interest rates.

3) Upgrade or Trade-in Your Current Car

Selling your car or trading it can increase the probability of getting your hands on a high-end new car. But, you cannot get a good deal on a car that demands maintenance. So, use the tax refund money for maintenance and repairs. Upgrade the car to increase its features, efficiency and vehicle lifetime years. It will help you in getting a favorable deal.

Tax Refunds: Boons, Bonus & Bonanza

As unexpected as they may seem, tax refunds can come in handy when you need them the most. Your car purchasing and financing process can be simplified by wisely using your refund money. Be prepared while you go to a dealership and shop around a few dealerships before you settle. Tax refunds are annual so make the most of it in getting one step closer to your dream car.

Make the most of your tax refunds by spending it on your car. And, if you have not received substantial money in the form of tax refunds, do not worry. Find an auto lender who will help you in obtaining low rate auto loans. By choosing a subprime auto loan expert, you will enjoy best rates and terms on your next car.

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Thu, Jan 11th - 10:32AM

Will the Lender approve you for a higher LTV?

Are you ready to buy your dream car this year? If you have already shortlisted the model and are beginning the loan process, take a breather. It is not necessary that the lender will approve you for the total cost of the car. It is possible that you may have to lighten your wallet and pay a part of the total amount from your savings. Letís understand how will the lender decide on your LTV ratio and how much money is he willing to lend you.

Understand LTV on your Auto Loan

How does a Lender evaluate your Auto Loan Application?

For a lender, deciding the lending amount is pure math. When it comes to deciding the LTV ratio, he will consider several factors and make a practical decision. Letís understand the factors to use them to your advantage.

1. Credit score

Everyone seeking an auto loan approval knows the importance of FICO score. Lenders check your score to understand your repaying pattern. Several late payments on your report can prove to be a red flag for the lender. So, check your credit report beforehand. If you fall into the category of a high-risk borrower, your loan approval amount may not cover the entire cost of the car. In such a situation, you must work with a lender who specializes in bad credit auto loans and seek approval on a larger loan amount.

2. Loan Repayment Capacity

Once the lender analyses your credit report, the next step is evaluating your loan repayment capacity. It will give an idea of your current financial situation. The lender will use your monthly income and debts to calculate it. Experts suggest that the debt-to-income ratio should be below 40%. For example, if your monthly income is $5000, your total debt should not exclude $2000. If you have higher debt, the lender will reduce the loan amount to decrease the risk factor.

3. Value of the Car

Donít think lenders will forget the price of the car. If your credit score and income do not provide comfort to the lender, he may approve you for a smaller loan amount. Banks, traditional lenders and online auto financing companies take help of NADA, Kelley Blue Book and other online sources to determine the value of the car. When you are applying with the lender, discuss whether he will include the taxation costs, insurance premium and other miscellaneous costs to the loan amount. It will help you to calculate the amount that you will be required to pay out of your pocket.

LTV Ratio: Is the Lender approving you for a Smaller Loan Amount?

Car buyers with an impeccable credit score and good income enjoy 100%+ loan to value ratio. But, not everyone has a strong credit application. If you want to buy your dream car, you can pay the remaining amount in the form of a down payment. You can trade-in your old car to avoid paying cash to the dealer. Or else, you can discuss with the lender and request him to re-consider your application. Bringing a cosigner can help you in making a strong point. If nothing else works, buy a cheaper car.

Remember that if you have plans of buying of your favorite car, do not let it remain a dream. Understand how the lender will consider your loan application and take calculative steps to prepare for the outcome.

When you want to buy your dream car, you need to work with an experienced guaranteed auto financing company. Do not worry about your credit score or debt. Work with a bad credit auto loan expert to enjoy higher LTV on auto loans. Apply now; buy car without down payment.

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Sat, Dec 23rd - 12:45PM

Why is it better to avoid a Cosigner from Family?

Just as mixing business with pleasure is not wise, having a family member cosign your loan agreement can have immense ramifications, financially as well as personally. If you search the web for ďcosigning with family memberĒ, you will realize that several people have borne the brunt of asking a family member for help. It can lead to unresolved money issues between families. So, what should you do when the lenders compel you to search for a cosigner?

Buying a Car without a Cosigner

A Car Buyerís Guide: Tips on dealing with a Cosigner

Buying a car is no joke. You have to find a car that you love and then seek a lender that you like. Usually, lenders ask car buyers with zero credit scores, insufficient income, or new jobs to bring a cosigner. With a cosigner in picture, they are assured of timely payments. But, finding one is not easy. Learn how to deal with a cosigner and make a perfect purchase.

1. Explore options!

Family is not the only option for cosigning. You can consider your friends, spouse, colleague, etc. for the job. It is not compulsory for the cosigner to be related to you. It can be anyone who is ready to help you out.

Sometimes, it is better to take financial help from someone who will not judge you continuously or discuss your financial situation with everybody. You certainly do not want your aunt to tell everyone about your late payments during the Christmas dinner. So, find someone who wants to help you without passing any judgment.

2. What about the Future?

Your brother may agree to be your cosigner. But, you must explain him the consequences of becoming one. They will not be responsible for the loan, but it will also affect their prospects of getting a new loan. If your brother is considering opting for a student loan, helping you can make things difficult for him in the future.

When you are thinking about future, do not forget to ask the lender about the process of removing the cosigner from your loan agreement. A few lenders allow borrowers to change the contract rules once they have received a certain number of payments.

3. Whatís your Plan?

Anyone thinking of becoming your cosigner will be interested in knowing your loan repayment strategy. It is always a good idea to save for the rainy day. If you lose your job, or suffer from an illness, make sure that your payment schedule is not affected by it.

And, do not forget to prepare for the scenario of buying the car on your own. If you are buying a car for the first-time and you do not have any credit history, apply for small loans, pay them off and improve your chances of getting a car loan. Another way to get approval is by reducing the loan amount. Either bring a down payment or choose a less expensive used car for eliminating the loan burden.

What to do when there is no Cosigner?

No one wants to avoid making payments and damage their credit scores. But, a few unforeseeable events can make things difficult for you. In such a situation, you do not want your family members to suffer because of you. So, how can you buy a car without having the financial and emotional burden of damaging your loved oneís credit score? Seek a no cosigner car loan.

No cosigner car loans help young car buyers in making a car purchase on their own. With the loan, you do not need someone with a stellar credit report to help you out. It is useful when you need a car and cannot wait to manage a down payment or improve your credit score. If you are starting your new job or moving to a different town and need a car immediately, avoid spending time in convincing your family members. Simply search a lender who helps people with special needs and make buying a car easy.

Find the perfect auto financing company for making a quick purchase. Submit your loan application and get approved for a no cosigner car loan. Choose a lender who not only makes cosigning optional but also offers special financing rates on bad credit auto loans.

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Fri, Nov 24th - 10:39AM

How to buy a Car with the End-of-Year Deals?

Shopping for a car during Holidays is no joke. Many individuals quickly find themselves unprepared and confused for the task ahead. A few of them leave the pursuit of finding the best deal and head home to enjoy the festivities. But, remember that Christmas is one of the top 5 holidays for making a car purchase. According to, dealers offer 35.6% more deals during Christmas than any other time of the year.

End of Year Car Buying Tips

Buy a Car: Make the Most of End-Of-Year Deals

If you want to buy a car during the end of 2017, do not walk down to the dealership before making a detailed analysis. Hereís how you can obtain the best deal and come home with a car.

  • The Search and Research begins: What does it involve?

Buying a cheap car that doesnít meet your requirements is not a good deal. You need to find aggressive discounts on the type of car that you want. To find a vehicle of your choice, check the list of car rankings. You may find that many car related websites in the market provide detailed review of car models, enabling you to make an informed decision. Understand each car modelís performance against different cars and find your pick.

Also, one cannot stress the importance of having pre-approved auto financing during this time of the year. With a ready check in your hand, you will be able to grab the best end-of-year deals without letting them go to any other buyer. So, find your car and then make sure that you have money for buying it.

  • Whatís the Scene at the Lot?

Compare end-of-year car shopping to a clearance sale. You may not find a wide-range of inventory at the dealership lot. Color options may be few. Or, you may find that different versions of the model are unavailable. Also, there will be several other people vying for the same car as you. On the other hand, you can enjoy great monetary benefits. Auto makers offers huge discounts to push slow-selling models and dealers are ready to share their incentives with you in the hopes of clearing space for 2018 car models. It results in incredible savings for you.

  • The Kind of Deals that you can Expect

Auto makers and dealers are offering different types of deals across the nation. Kelley Blue Book and US News are a few websites that offer detailed analysis of different car deals available during the Holiday Season. For example, you can obtain $6,250 cash back on the 2017 Chrysler 300. On, Hyundai Sonata, the cash back amount is even higher. 2017 Ford Mustang is offering 0% financing for 72 months along with $1000 in cash back. On Honda Accord 2017, you can avail benefits up to $2700 in the form of discounts. And, it is expected that the pricing will become more aggressive as the year ends.

This Christmas, Gift yourself the Comfort of Car

To truly enjoy the gift of car, you must be diligent in making the purchase. Do not say yes to the sticker price that the dealer offers you. Just because you will enjoy great financing deals and end-of-year offers, it doesnít mean you cannot negotiate the price. Discuss the price of the car, involve the down payment angle in the negotiation and make an informed decision. If you feel that the salesman will overwhelm you with all the numbers and pressurize you to the close the deal, it is best to bring your support. Ask your partner or friends to join you in making the decision.

Stay smart, find the best deal and get ready for the perfect Christmas gift!

This Christmas, work with a professional lender and enjoy the gift of guaranteed auto financing. Get quick approval on no down payment auto loans and get ready to grab the best end-of-year deals. Apply now.

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Mon, Nov 20th - 9:55AM

How to avoid buying a Flooded Car in Baltimore?

Baltimore faced unseasonal storm and several flooding conditions a couple of months ago. You may think that you have dealt with all the problems associated with flooding and heavy rains. But, there is one aspect of floods that you should not ignore, especially when you are looking to buy a used car in the Charm City.

How to detect a Flooded Car in Baltimore

Rains caused severe flooding in Central parts of Maryland. And, several cars were inundated during the catastrophic act. These cars are now making their way to the used car market.

Is it okay to buy a Flooded Car?

Anyone will tell you to avoid buying a car that was caught in the middle of a flood. Even if the car is completely dry, there must be traces of dirt and debris in the carís engine. Also, water may have affected the electrical components of the car. It can be dangerous to drive such an unreliable car.

It is only okay to buy a car if it has suffered minimal flood damage during the recent rains in Baltimore. But, if the insurance company has declared it as a total loss or it has a salvaged title, it is best to avoid the purchase. You may argue that repairs are an option. But, if there is an issue of salt-water flooding, it will be difficult to fix the car. Unless you are okay with rebuilding a flooded car from scratch, avoid it.

Tips for Avoiding a Flooded Car in Baltimore

Now, if the car is damaged due to floods, you may avoid buying it. But, what if a dealer or a private seller is not upfront about the carís history? How to ascertain whether a car is flood-damaged?

1. Flood-damaged cars have a musty smell to them. If you feel that the smell is not obvious, close the doors and windows of the car and check for nasty odors.

2. Are there any water stains on the seat covers? Do the covers seem new in comparison to the car? It is often a tell-tale sign that the dealer is trying to hide something.

3. Also, inspect the undercarriage and the engine compartment for rust.

4. If the engine oil appears muddy, it is a sign that the quality of the car was compromised during rains.

5. Take the car for test-drive to ascertain any type of water damage. Are there any unpleasant odors, unpredicted sounds, or unexpected smoke?

6. Even if you find no problem after thorough inspection, it is wise to seek help from an expert. Hiring a mechanic may seem unnecessary and expensive. But, it is better to pay for inspection than end up with a lemon.

7. Learn the carís history with the help of VIN or Vehicle Identification Number. Obtain free vehicle history report by submitting the VIN on the National Insurance Crime Bureauís website.

Better be Safe than Sorry!

It is true that a car is necessity for most individuals living in Baltimore. It is a way of living. And, so you must pay extra attention to the car you choose. Check signs for flood damage, obtain the vehicle history report and find a trusted mechanic to understand the real deal.

Remember a successful purchase is always a cautious and well-thought one!

Have you found your perfect car after thorough research? If you want to seal the deal, work with a reputed lender. Trust a bad credit Maryland auto loan expert to solve your credit issues. Once you are sure of your financing partner, nothing will stop you from getting guaranteed auto loan in Baltimore.

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