Second Chance Auto Loans

Qualifying for an auto loan isn`t easy when you`ve hit a few bumps in the road. Individuals who have defaulted on payments, filed for bankruptcy, had previous repossessions or simply just have bad credit may benefit from a second chance auto loan.

There are plenty of lenders willing to offer loans to people with poor credit, but this doesn`t mean that you should buy the biggest and best brand new car. A second chance auto loan is considered high risk, so inevitably the interest rates are going to be much higher than regular loans. This means that you`ll actually end up paying more for the car than someone with good credit taking out a traditional loan. This is an unavoidable situation for those with poor credit. Regardless of your credit history, don`t take on a loan you cannot afford to pay back, even if this means buying a used car rather than a new one.

One way to avoid paying higher interest rates is to have a co-signer with good credit co-sign the application. This may put you in a better position to get a loan with better terms, but remember that you are still responsible for making those monthly payments. If you miss a payment, your co-signer`s credit score may take a hit.

Those that don`t have co-signers can find second chance car loans. These are often available through dealerships. They`re also available online, so it`s easy to locate a loan and apply for it. Many times, approval is instant and you receive the funds rather quickly, which is a plus if you`re desperately in need of a car. The downside is there are plenty of lenders out to take advantage of people.

Compare your options carefully and do your own research before going with an online lender. Established dealerships are reputable and you can read customer reviews to be sure of the quality of service. Look over the lender`s policies carefully before signing. To save money, ask if add-ons like car insurance can be combined with the loan. Keep in mind that you won`t exactly have your pick of the cars on the lot. A major disadvantage of second chance auto loans is that you won`t have the wide selection of vehicles to choose from. Companies only offer predetermined vehicles to be sold under bad credit loans, which will limit your choices drastically.

If time isn`t of the essence, consider waiting a while to purchase a car so you can get your credit score back on track. Improving your credit history will help you stand a better chance at qualifying for a regular loan, which means lower interest rates and fewer restrictions.

As with any financial product, shop wisely and don`t rush into anything. Holding off even a few months could mean the difference between getting a bad credit loan and being able to qualify for a better one. Weigh the pros and cons carefully before deciding and check out automotive blogs

Car Loan Refinancing: The What, How, When, Why Of Car Loan Refinancing

What is car loan refinancing?

The word ‘refinancing’ usually brings to mind mortgage repayments. Car loan refinancing is less common, but works on some of the same principles. Lenders do not often discuss refinancing options, but in some cases an auto refinance could save you a significant amount of money over the lifetime of your loan. In essence, refinancing transfers your current, outstanding loan into another debt obligation – one with different terms that are more favorable for you, the customer. Engaging the services of another provider to help you pay off your loan enables you to negotiate terms and rates that could see your monthly repayments lowered and hence have you pay back less overall.

How do I do it?

In many cases, to qualify for car loan refinancing, the amount of the current loan cannot be greater than the car’s overall value, and the car must be under five years old. You should not approach your current lender for a deal; instead, compare the deals offered by a range of refinancing lenders. Compare the APRs and get a free quote. Ensure that you read the terms and conditions of every deal carefully, and be sure to factor in the length of the loan when deciding to refinance – look for deals that will enable you to shorten your repayment time as well as deals with lower interest rates. However, if you are in danger of defaulting on your loan, you should opt for a longer repayment time, which will greatly reduce your monthly repayments.

When should I refinance?

If you feel that your repayments are too high, it is worth investigating refinancing car loans as an option – many people are surprised by the amount they can save on loan repayments with some simple comparison work. If the market rate of interest has been falling, it is likely that you will be able to get a better deal than the one taken out with your purchase. However, if you only have a year remaining on your repayments, the value of reducing your loan will be limited. To qualify, you may need to make extra repayments until the value of your loan is less than the value of the car before you can apply.

Why should I refinance?

If you have had a bad credit rating in the past, you may have been offered a higher interest rate, based on this history. If you have made all of your previous loan repayments for the past 12 months promptly and on time, your credit score will likely have improved, and you would be in a position to get a loan with a lower rate of interest. The benefits refinancing car loans are that it will help to free up your money, lower the repayments required each month, and shorten the term of your repayment. Savings of $20-50 per month will add up over time – investigate today and see how much you could save.

The Importance Of Shopping Around For Car Finance

When it comes to purchasing a vehicle there are different ways that you can pay. When it comes to car loans you never want to settle for the first opportunity you come across. Financing a vehicle means that you will be making payments for an extended amount of time. Just like any other financial decision, you want to shop around until you find the best deal.

Some deals come to you right away. If you make a purchase at a dealership the salesperson will want you to go with their recommendation for financing. There may be an incentive offered that includes a lower interest rate or even a zero percent interest rate for the first year. Some companies don’t ask for the first payment for several months.

While this type of offer is appealing, it isn’t necessarily the best available. Be sure to find out as much as you can about the offer. Look to see what the exact payment amounts would be in the first few months as well as the next few years. You can use these details to compare other car financing opportunities and see which one is right for you.

Credit unions are another great place to search for vehicle financing. If you are a member there may be incentives for applying for a car loan. Check with your personal banker today to find out what the interest rate will be, what the monthly payment will be and what financial benefits can come from working with the credit union. Don’t be afraid to just ask about your personal benefits. More information means better decision making capabilities.

Online loans are another great way to finance a vehicle. In most cases the application process is simple and you can have your answer in less time than it may take at other locations. You can enter your information as well as the information about the car to get a detailed quote for the loan.

If you are in the early stages of car shopping, there is no better time to add finance shopping to your list of things to do. Before you have a specific car in mind you can look around and find out the best way to pay for this investment. Check with the dealerships and sales lots. Check with your local banks and credit unions. Check with online banks as well. You are going to be paying on this loan for a while and there is no reason to pay any more than you need to.

As you shop around for a car you may already have an idea of how you want to finance the purchase. Even if you are completely sure about which opportunity you want to take advantage of, remember that it can only save you money to research all of the options. While it may take up a little more time, it will all be worth it if you find just the right loan at just the right price with just the right incentives.

Get Cash For Junk Cars And Use As Down Payment For A Reliable Used Vehicle

Are you planning to purchase a used car but need money as a down payment? You can used that junk car as a down payment on a reliable used vehicle.

Have an old junk car. Do you need to remove it from your yard as well? You can have a “cash for junk cars” dealer come to your home, remove it from you back yard, take it to the junk yard and pay you cash. About 13 million cars are recycled every year and yours will not be an exception. The only difference is that you can get cash for your junk car.

By allowing you car to be taken to the junk yard and disposed in an environmentally safe method you are doing a lot a favor to the environment. The process of recycling an automobile is pretty simple. The cash for junk car company comes to your home or place of business, haul the old car out of your premises and pays you cash. The clunker is take to recyclers where it is striped and the metal is taken be be recycled to produce future vehicles.

When selling a junk car it is advisable to ask about any stipulations in agreement. For instance, many junk car sellers may not be able to local a title. Will the company junking the car pay you if you do not have a title? This is a question that should be ask. You may be able to keep the wheels on the car, so you can ask if you can take the wheels.

Are the re-usable engine parts salvaged and sold as individual parts or are they all recycled. For a junk car you can get around $200 to $2000 in cash depending on the year and make of the car. This is a not bad for a down payment which will help you keep the interest rate of you car loan lower.

Getting rid of you junk car can give you a quick opportunity to have a little extra cash to pay bills or place a down payment on the car you need.

If you are looking for used auto parts or sell junk cars Ford, Dodge, GM, Toyota, BMW, Chrysler or any foreign or domestic car or truck visit Alabama Junk Yards the auto parts locator of the South

15 Websites You Must Visit Before Purchasing A Car

The amount of information you simply couldn’t get before Google is staggering. It’s not that the research wasn’t being done, or even that consumers weren’t allowed to have it. It was just that hard to dig up all the relevant info, and downright impossible to round up as many user reviews and personal anecdotes as we can now. This makes shopping online a more interesting but nuanced experience, especially if you’re using the web to do research on major purchases like appliances or a car. Where you used to be able to get by with checking a few cursory sources, now it’s a matter of doing some pretty serious investigation. It’s all worth it, though, to make sure you get a good deal on a great product. If you find yourself in the market for a car, visit these sites first.

1. Edmunds: Edmunds has been around as a car-shopping resource and review guide since the 1960s, and over the years they’ve transitioned from catalogs to CD-ROMs and now a comprehensive website. In the mid-1990s, they went totally digital and made the site their main focus, and it’s become one of the best consumer tools available for researching cars. One of their most helpful features is the “True Cost to Own” calculator, which indexes everything from market price on new and used vehicles to the amount you can expect to pay in repairs over the life of the car. It’s a great way to get a handle on the long-term investment.
2. Consumer Reports: Consumer Reports isn’t free, but the subscription costs are totally worth it considering what you get. It’s currently $6 a month or an even cheaper $26 for a year of access to the site, which is packed with reviews and performance charts on every make and model you can think of. They’ve also got rankings of models over time with detailed breakdowns of redesigns and changes at key moments (e.g., if a car was retooled in 2007, they’ll tell you what happened and why). Some users might initially bristle at the idea of paying for a subscription, but that’s a hang-up of the digital age that needs to go away. If you want great information, you often have to buy it, just like always.
3. AutoTrader: AutoTrader is a great way to get a handle on what kinds of prices you can expect to see when you start doing some serious shopping. Most people probably have a rough idea of how much cars cost, or at least how much they might expect to pay for the one they want, but there are so many price fluctuations out there that the only way to understand the market is to dive in head-first. AutoTrader lists new and used vehicles from dealers and private sellers, and you can search within a limited area or expand your network to cover entire regions of the country. It’s an awesome cross-section of what’s out there.


Get Advice Before Purchasing a Car

4. Kelley Blue Book: Everyone should know about Kelley Blue Book. Bookmark the site, buy the actual book, do whatever you need to do to get this info into your life if you’re remotely interested in buying a car. The company’s little blue book of car values was first published in 1926, meaning they’ve been doing this pretty much as long as there have been cars to drive. The site and book now cover values for new and used cars based on location, use, condition, and any other factor you could want. A car’s Blue Book value is a vital negotiating tool and a good number to know if you want to avoid getting worked over by a greedy dealer.
5. Recalls.gov: The National Highway Traffic Safety Administration keeps records of vehicle and part recalls for the benefit of American drivers. Unfortunately, most American drivers don’t even know this service exists. If you’re a vehicle’s first owner, then you’ll likely be notified by the dealer when there’s a recall. However, if you bought your car used, you’re probably out of luck. The only way to know if something’s wrong with your car — something that will be replaced or repaired for free because of a recall — is to check the stats on this site.
6. CarFax: CarFax has exploded in the Internet era, but it’s actually been around since 1984, when it was founded as a simple database serving dealers. (The records were transferred via fax, which seems almost quaint now.) Now, the company covers all 50 states and has a comprehensive website that lets users check on the damage and repair history of any used vehicles they’re interested in buying. This is a wonderful way to get straight information on repairs free of dealer spin.
7. Car Talk: Tom and Ray Magliozzi — aka Click and Clack — host this fantastic NPR show that riffs on auto repair with equal amounts of knowledge and humor. It’s an entertaining hour for anyone thanks to the skills of the hosts, but the show also boasts an indispensable website that acts as a support network for people who might not know a bunch about cars (read: most people) but who still want to get the best deal they can. The Car Talk site has an impressive buying guide that details everything from common consumer mistakes to tricks used by salesmen, and there’s an equally helpful section devoted to maintenance after your purchase.
8. How Stuff Works: Every make and model you wind up shopping for will have its own bells and whistles, but at the end of the day, all cars are basically the same. How Stuff Works offers guides about the ins and outs of cars that are easy to read but never insulting, making them equally great for gearheads or those whose idea of auto repair means calling a tow truck and taking a nap. They’ve also got great looks at safety and fuel efficiency tips that will help you narrow your selections at the lot.
9. Motor Trend: Motor Trend has been around as a magazine since the late 1940s, and its renowned for the depth and breadth of its auto coverage. The magazine also puts out guides to new vehicles every fall. As a result, their site is fully stocked: videos, reviews, news, calculators, road tests, blogs. You name it, they’ve got it. They’ve also got detailed write-ups on their annual award winners, and the brand is so respected that you know those vehicles are worth checking out. Definitely one of the best resources out there.
10. SaferCar.gov: Another site to NHTSA, SaferCar.gov offers valuable safety rating information on available vehicles, as well as informative guides about how those safety ratings are determined in the first place. The site has tips on child safety, tires, and graphical breakdowns of what to look for in auto design. Safety’s obviously a concern for every driver, but it’s a different guide for every shopper: Some people want the safest vehicle in their price range, period, while others have already settled on a few models and might use the safety ratings as a tie-breaker. Whatever your approach, SaferCar.gov has the answer.
11. AutoMedia: The site design’s a little too busy, but the information is worth it. They’ve got a solid selection of news and reviews, but what sets the site apart is the forums where users can trade firsthand reviews and tips on everything from maintenance to shopping and more. It’s tough sometimes to cut through the propaganda when you’re looking for information on cars, and there’s often no better resource than your fellow drivers.
12. AutoCheck: AutoCheck, a subset of credit info company Experian, is a simple but fantastic tool that lets you check a car’s history and status via its VIN. It’s a cost-based service, but one worth considering as an investment given the benefits of learning everything you can about a potential dream car. If a seller or dealer isn’t willing to disclose the VIN, you’ve got bigger issues.
13. Car and Driver: Car and Driver got its start as a magazing in 1955, just a few years after Motor Trend hit the scene, and since then it’s become one of the most respected brands in the auto journalism business. Their test drives and comparison pieces make great tools for anyone getting ready to kick the tires themselves, but it’s their Buyer’s Guide that really stands out. Articles let drivers figure out what car best fits their needs, style, and budget, and the search function lets you compare vehicles across classes.
14. Cars.com: As its broad name would suggest, Cars.com is a comprehensive aggregator of everything from auto prices to Blue Book specs to reviews on the latest models. The news and opinion pieces are always informative and insightful, and they also have special spin-off sites designed to cater to different niches, like moms. Aside from a home, a car is the biggest purchase you can make, so it’s important to gather as many smart opinions as you can. Cars.com lets you cast a wide net.
15. Bankrate.com Loan Calculator: Are you paying cash for your vehicle? Congratulations, you’re officially in the very small minority (about 10%) of Americans who can pull this off. Chances are, you’re going to finance the purchase, and that means knowing how much you can spend before you ever get to the dealer. Gather as many quotes as you can when you talk to your lending agent, and then head to Bankrate.com’s loan calculator to figure out how much you’ll actually be paying based on the amount you borrow and the terms of the loan. Forewarned is forearmed.

Purchasing a car and finding the right insurance company can be extremely time consuming. This article was created by the IQ insurance quotes research team. Best of luck on your new purchase!