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Thu, Feb 8th - 11:57AM

Down the Payment Lane: How a Down Payment plays an Important Role in Auto Loans?

The first thing to cross any car buyer’s mind is to set the correct numbers in place. When you are in the market to purchase a car, one of the biggest questions you will seek to answer is whether you should put your money in savings while paying a higher monthly expense or pay a considerable down payment and score a comfortable monthly payment? The answer depends on various different factors. In order to understand the importance of a down payment, consider the following factors before you make your decision.


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Is Down Payment the Right Solution for you?

1) Lender Inclination towards Low-Risk

Financing a car means big numbers. When lenders receive large down payments, the subsequent financial risk associated with long-term loans reduces. According to a Forbes report, TransUnion, a credit reporting agency, predicted that 2018 will see a shift in the trend where lenders will focus on low-risk auto loans. It means it will be beneficial for customers willing to opt for high down payments. Therefore, putting money down while purchasing your next dream car is advantageous in the long run.

2) Beyond Subprime Credit

According to Bloomberg, 9.7% of subprime auto loans cater to delinquency of more than 90 days. Most non-bank lenders are opting for high-risk lending which is increasing the number on a regular basis. But, it won’t remain the same. If you want to obtain an auto loan with subprime credit, you will have to diligent than before. Lenders see an upfront payment as financial stability. Once a high down payment is combined with job stability, the overall credibility of an individual increases. The ideal ratio of a down payment is 20% of the total car loan amount. However, the higher the money you put down, the higher your chances of gaining creditworthiness in the eyes of the lender.

3) Savings Mechanism

As against putting less money down, a larger down payment helps you save in the long run. The money you save by paying an initial large amount turns out to be helpful for you in the long run. As high down payments are associated with increased credibility, you can negotiate your way into lower interest rates and gain high equity on your car. Kelly Blue Book notes that the average price of a light vehicle was $36,270 in January 2018. It is up by 3.9 percent from last year. As cars are becoming expensive, it is a wise decision to make purchases that pay off in the future. So, low interest rates become cost-efficient. Thus, down payments help you save the money that you can then invest elsewhere.

The Down Payment Decision: The Final Word

Putting money down is considered as a wise decision when you are purchasing a car. While you may have come across “Zero Money Down” offers, you should be aware of your personal finances and the additional costs that are added to the auto loan. Therefore, a down payment serves to be in your best car buying interests as it cushions your financial strength for the coming years.

Down payment is important while making a purchase. But, sometimes, you need to buy a car immediately and cannot wait to save money. Find a bad credit auto financing company who understands your urgency of buying a car and offers you zero money down auto loans. It will help you make a quick car purchase without down payment.


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Tue, Jan 16th - 8:38AM

Is your New Year Resolution a New Car?

With the New Year, comes new resolutions and new ways of making one’s life better. However, a majority of resolutions end with January. But, if you have made a resolution about buying your dream car in 2018, you need to start working on several different goals. Once you improve your financial health, only then you will be able to buy your dream car without any burden.


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Be Financially Healthy to buy your Dream Car

Thanks to multiple online auto financing companies in the market, you can buy a car any time you want. But, if you want to buy an expensive car at low interest rates in 2018, you must focus on being financial healthy in the present. It will ensure that you get the best deal from an online lender.

1. Regular Credit Monitoring

The advice of paying off debt and adding more points to your score is nothing new. Every buyer who wants to make a car purchase knows the importance of improving the credit score. You can make use of AnnualCreditReport.com to order free credit reports from all the three bureaus once a year. Sadly, several car buyers check their credit scores for free on auto financing websites and do not focus on monitoring it regularly. Go online, you will find several credit monitoring apps and websites such as CreditKarma.com and CreditSesame.com who provide the service for free. Keep a close watch on your credit score and report any unwarranted transactions immediately.

2. Start a Savings Account

It doesn’t make sense to live from one pay check to another. It is a dangerous habit because illness, loss of job, death of a family member, or any another tragic event can render you jobless and penniless in no time. So, start a savings account and save at least 30 percent of your income. You can use the savings for making a down payment on your expensive car. And, if you have obtained a no money down car loan, the money will help you to make regular payments in case of an emergency. Also, you can manage car maintenance with the money.

3. Lookout for the Best Deals

Car buyers rely on their previous lender or bank to obtain a new car loan. But, why not check the market rates before signing on the dotted line? Look for financing options online. Online auto financing companies have opened up the market for everyone. Now, you can obtain a bad credit auto loan after repossession. Getting a no cosigner car loan is no longer a big deal. So, scout for the best deals online and ensure low interest rates.

While you are at it, look for cars online. Once you have sorted out your financials, there is no harm in looking for car prices on the web. You may get a better deal than what your local dealer is offering you. So, never settle for the price without visiting other dealerships. And, do not forget to browse online to make an informed decision.

Make Changes to buy the Car of your Dreams!

Change is never easy. It is difficult to come out of the comfort zone and do things that are new to you. But, if you have resolved to buy your favorite car in 2018, it is time to do things that you have never done before. Work on your financial health, make small adjustments to your spending pattern, monitor your credit report and spend time in finding the best deal. Only then you will achieve your New Year resolution.

Got bad credit? When you need the best auto loan deal at low rates, shop with the bad credit guaranteed auto loan expert. Find someone who can help you in buying the car of your dreams. This New Year, say yes to affordable monthly payments by choosing your lender wisely. Apply now; enjoy no money down car loans.


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Wed, Jan 3rd - 11:05AM

Auction Action: How Worthy is a Car Bought from An Auction?

Car auctions serve as the platform that can race the pulse of any car enthusiast. Think about it: Hundreds of cars of various makes and models, brought together under one roof soon to become the property of the highest car bidder. Auto purchase at an auction is an economically sound decision that will pay off in the long run. Delving a little further into the buying process and the financial terms will be useful in assisting in purchasing your next car from the auction. Asking a few questions can help you deepen your knowledge on the auction process and make you understand the worthy of auction shopping.

What are the Prerequisites for an Car Auction?

The basic function of a car auction is to present a common platform for buying and selling used cars. Every qualified bidder needs to have a registered bidding number prior to the initiation of the bidding process in order to ensure that he has a certain financial backing. Additionally, a preview day is also arranged for the buyers to ascertain the current condition of the car. Ensure that you move ahead with an estimation of the budget and the market price of the used car you wish to buy.

Which Factors should you consider during purchasing a Car at an Auction?

Car auctions can pose as tricky business. Make the most of the preview day and check the condition of the car for any rust, leaks or damage. The vehicle report becomes a reliable document to measure the current condition and the probable future functioning of the automobile. Choose a car with easily available auto parts. And, establish your base and ceiling price that you would like to pay for it. You can also research on few auto forums such as NADA guides for figuring out the book value of various automobile models.

Do Lenders give out Auto Loans on Auction Cars?

Many a times arranging the finance for a car is not easy. Auto loans are often a ready option for people wishing to purchase an automobile. The best auto financing option for an auction automobile is applying for a pre approved auto loan. A pre-approved loan sets the ceiling limit of buying a car and narrows down the suitable car options for you. A good down payment, the presence of a cosigner and a strong credit score will invite good number of lenders willing to back your purchase.

An auction is advantageous as it provides two things: a wide variety of cars to shop from and used cars that go easy on the pocket. Remembering few things while going auction shopping will make your purchase fruitful. For instance, a Buyer Protection Plan protects you against any damage after the purchase. Usually, the protection plan allows you to return the car in 7 to 14 days in case of a defect or a serious issue. Additionally, make sure you go to two to three auctions prior to your purchase so that you can get an idea of the entire process.

Whether it is buying a car from a dealership or anywhere else, choose a trusted auto financing partner. Work with a reputed lender to enjoy pre-approved financing on your next purchase. Apply now; get approved for a used car loan with bad credit.


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Thu, Dec 28th - 11:30AM

How to use Social Media for buying a Car?

We live in a world dominated by technology and social media. Whether they are your shared posts, status or your connections, social media platforms play a key role in carving your virtual personality. A well-known fact is that technology is an inevitable yet an integral part of our lives. When it comes to financing your car, social media is building its way and becoming a relevant medium of profiling. For instance, John walked into a dealership to purchase and obtain financing for a car. The quickest and easiest way to search for a tentative background of John would be to get a grasp of his personality on the basis of his behavior on Facebook and Twitter account, respectively. Currently, a small percentage of lenders use social media for judging an individual’s creditworthiness. However, the developing presence of social media is gaining mind share of the lenders.

Can Social Media help in ascertaining the Creditworthiness of an individual?

1) Facebook can build your Credit Circle

The very essence of Facebook lies in networking. A creditworthy profile does not require millions of posts or many friends. However, if you have a genuine profile and do not pose any abnormal social behavior, your profile is likely to get approved for an auto loan. Additionally, the presence of certain contacts in your friend list with a clean history and a strong credit score further add to your creditworthiness. Lenders can look for mutual contacts that have been previous customers. The payment history of the mutual contact can then be used as a basis to judge your creditworthiness. In order to get the most out of your circle, seek a person with a good credit score and make him a cosigner and your auto loan process will become smooth.

2) With LinkedIn, lenders can check your Employment Stability

A stable employment speaks volumes about your personality and trustworthiness. LinkedIn can serve as the best source of obtaining information regarding your job history, duration, professional position and interests. The documentation of an auto loan requires you to display evidence of a source of income through pay stubs. However, there is less proof one can gather regarding the stability of employment. Social media can become a tool to ascertain not only if there is job-hopping, but also the financial strength of the individual. A person with a 500+ connections, long duration of employment history and a considerable profile activity can become a favorable applicant in the eyes of the lender.

Buying a Car: Making the Most of your Social Media Profile

Social media has made its way into the minds of auto buyers as well as lenders. As primary sources of guides, nothing comes above your credit score, current income status and payment history. However, virtual platforms such as Facebook and LinkedIn are starting to occupy mind share in terms of creditworthiness. Once the primary sources of information seem insufficient, lenders may turn to social media to get an idea of your personality. A few helpful ways to make sure your social media positively adds to your credit score is to be careful with your online posts, invite only genuine friends into your virtual circle and to always keep your professional profiles updated.

Lenders may use social media in the future for ascertaining your creditworthiness. But, credit score seems to be the most preferred choice for now. When you have bad credit, you need an expert subprime lender to help you out. Get the best bad credit guaranteed auto loan deal with a reputed loan expert and enjoy low interest rates for the loan term. Apply now to enjoy no money down car loans.


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Wed, Nov 29th - 11:31AM

Going Beyond Monthly Payments: Learn about Hidden Car Costs

The celebrations of Thanksgiving and the upcoming preparation of Christmas can leave you with little or no time for sorting your shopping list. When you start with car shopping, it can be easy to get excited by the new models in the dealership lot. A sunroof and plush leather seats are great features that make a car luxurious. However, if you are realistic, you would focus on greater fuel efficiency and a car big enough to encompass your whole family. Always remember the direct relation that your automobile choice will have on your monthly payments. Many of the online cars selling websites suggest that you should spend only 20% of your take-home income on monthly payments.

Car Related Costs that increases your Expenses!

  • Maintenance Woes: Is a Used Car Worth it?

The lingering question in any car buyer’s mind is whether to go for a used car or a new car. You should consider the maintenance costs, which are usually higher for a used car than a new car. The elements that make up maintenance costs are largely dependent on the availability of the car parts and the type of automobile. Internet portals can help you in calculating the approximate maintenance charges based on the make, model and year of production. Moreover, a used car is comfortable on your pocket but is costly to maintain in the long run.

  • Registrations & Taxes: Is there a way to estimate?

Although registration and title fees are not hidden costs but they may be unknown to a first-time car buyer. Also, registration fees appear to be minimal but they occupy a significant share in the total car expenditure. Every state levies different sales taxes on the purchase of a car. Additionally, the price of the car also plays a role in deciding the payable tax amount. For instance, the sales tax in Connecticut is 6.35%. It is 7.75% for vehicles costing above $50,000. Taxes on out-of-state vehicles are adjusted according to the state in which you purchase the car. Keeping check of the registration fees and sales tax will go a long way in correctly estimating your costs.

  • Fuel & Parking Spots: Insignificant or Worthy?

Many people overlook the recurring charges of fuel and parking that increase your costs. Finding a safe spot to park your vehicle in New York can be as costly as the amount of rent in Florida. You should decide your vehicle by looking for the estimated miles per gallon and ascertaining the estimated annual fuel cost. Some vehicles may burn fuel more quickly than other fuel-efficient cars. Your cost is also affected by the state you live in. One gallon of gas in California will cost you more than one gallon of gas in Texas. Thus, in your calculation of budgeted payments, do not miss out on garage and fuel costs.

See the Bigger Picture: Consider All Car Related Costs in Advance

Various costs are included in a car purchase apart from the regular interest rates, down payment and price of the car. Looking beyond the micro expenses will help you to correctly understand the money that will go out of your pocket over the long run. Be aware of the different attached costs and better your experience of buying your dream car.

When you buy a car with bad credit, you need the right auto financing partner who provides you with accurate information. Trust RapidCarLoans.net to obtain low interest rates, affordable loan terms and bad credit California auto loan approval without any hidden cost. Apply now to obtain guaranteed auto loan on your next car purchase.


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