First Financial

Which Auto Finance Companies Offer The Best Car Loans?

There are many different auto finance companies you can choose to apply for a car loan with. Getting approved for a car loan is a “must” for most car buyers today, as many car buyers do not have the financial means necessary to pay cash to buy a new or used car. Even those that do have the financial means to pay cash often don’t want to hand over such a large amount of cash and would prefer to finance their purchase. Before you apply for a car loan online, however, you do want to make sure that you find the best loan possible.

How your credit score affects LTV

In most cases, the higher your credit score, the higher the maximum Loan to Value amount will be.  These amounts will vary from lender to lender, but here are some guesstimates based on a vehicles wholesale for invoice value:

 

Credit Score LTV Ratio
720 1.50
700 1.45
680 1.40
650 1.35
620 1.30
600 1.25
580 1.20
550 1.15
525 1.10
500 1.05
475 1.00
450 .90
Below 450 .80

 

 

 

 

 

 

 

 

 

 

 

What is LTV and How Does it Affect Car Loans?

What is LTV and how does is affect car loans
The acronym LTV stands for Loan to Value and is defined as follows.

LTV The ratio of the Loan Amount divided by the Collateral Value

When it comes to getting approved for a car loan this value is extremely important.  Here at FundingWay.com we witness several times where car buyer was pre-approved online, but was unable to buy the car they wanted due to LTV restrictions set by the car loan lender.  When you get pre-approved online the lender sets two conditions on the loan, a Maximum LTV amount, and a Maximum monthly payment amount.

First Financial gets a website makeover.

Firstfinancial.com has launched it new website. We have gotten a very positive response from users. The website was long anticipated and we are extremely happy with the new look.

The new age of mobile banking

According to a survey of 2,001 adults released in August 2012, 49 percent of consumers own a smartphone or tablet. Of those mobile device owners, 64 percent use their device to manage their finances.

Not surprising that the survey found a majority of younger consumers (ages 18 to 34) who own mobile devices are using them for banking, it did reveal that roughly half of Americans over 50 are as well.

 

What are current credit card rates?

Credit Cards

  • 13.81% (all fixed)
  • 14.52% (all variable)

Credit card rates remained unchanged this week, according to Bankrate’s latest survey of interest rates. The average annual percentage rate, or APR, for variable-rate credit cards stayed steady at 14.52 percent for the sixth week in a row. The fixed APR was 13.81 percent, where it has remained since the beginning of March.

AAA, the largest travel organization in the U.S., joined the chip card revolution this week. On Monday, the organization said it is offering its co-branded Bank of America credit cards with EMV chip technology — named for the developers of the technology standard Europay, MasterCard and Visa. It is widely used around the world and better defends against counterfeit fraud. Current cardholders simply need to request a new chip card to get one.

First Financial

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