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First Financial Auto Loans

Buying a Car when 72- and 84-Month Auto Loans Are the New Normal

Happy embracing couple planning their home kitchen furnishing renovation. Sketch kitchen drawing.

“The market is now comfortable in the 75-month terms.”

– Melinda Zabritski,  senior product director of automotive finance at Experian Automotive

 If you haven’t bought a car in a while, you may be surprised when the car dealer explains that you can buy more car than you thought possible. It’s not a scam and a wishful-thinking salesperson. The changing nature of both cars and car buyers has prompted auto lenders to extend loan terms, bringing monthly payments down.

Those of us of a certain age will remember that in the 1970s and 1980s, a car with 100,000 miles was destined for the junk yard, a hazard no one dared to drive. While the 100,000 mile end-life of a car has been a tough perception to shake, attitudes are changing rapidly.

The Proof Is in the Power Train

Vigorous global competition among auto manufacturers has pushed automobile quality higher over the past 20 years. Today, the classified ads are full of Volvo’s, Honda and more with 200,000 miles and cab drivers brag of getting their Toyota Prius to 600,000 miles . . . with their original batteries, no less!

Not only are cars being designed for longer life, advances in science and engineering have helped created more durable materials. Carbon finishes on parts now approach the strength of diamonds, ensuring that each part remains intact far longer. Hyundai and Kia now include 100,000-mile/10-year warranties on all of their cars’ powertrains.

Increased longevity means that a car’s value as an asset has increased. It only follows then that banks feel more comfortable lending for a longer term. The average car on the road in 1977 was 5.5. By 2014, it was 11.4, a change that indicates not only improved car quality, but a shift in the American mindset.

Pride in Long-Term Ownership

Where once, buying or leasing a new car every two years indicated success and wealth, now it just seems foolish. Conspicuous consumption has been replaced by an ethic of value and sustainability, and car buyers are looking to stretch their dollars by keeping their cars for as long as they can. Banks, therefore, not only have more confidence in the long-term value of the car, but in the trustworthiness of the buyer. Millennials are far more willing to buy a used car than their parents were.

84-month auto loan for red car with cash

Longer Auto Loan Terms Can Mean More Car for the Money

With longer loan terms, buyers are making bigger, better purchases.  The car buyer with a $300 monthly budget may be able to buy new rather than used. He or she may also choose the certified pre-owned car rather than the questionable auto obtained through private sale. While the loan will last longer, the ability to buy a better car provides more value to the buyer. Down the line, as a trade-in or sale, the car will win the buyer more cash. The average subprime loan amount as of August 2016 was $29,359 for a new car and $16,120 for a used car.These figures are up 3% and 1.3% respectively from the same time last year.

If it’s time for a new or new, used car for you, make sure to check out our loans for all credit types, even bad credit!  Those with bankruptcy still on their credit reports still can get a car loan for a used or even new car. It takes just three minutes to apply here for a new or used car loan at the lowest rates!

 

Will a Solar Car Finally Hit U.S. Streets in 2016?

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Most solar cars only have room for one . . .

 With our country’s growing awareness of our environment’s sensitivity, it’s no wonder that solar energy has been skyrocketing in popularity. Harnessing solar power makes sense, as our sun is a constant source of energy, unlike our other natural resources that risk depletion, such as fossil fuels. With this mindset, it would seem as solar cars would become a popular trend here in the U.S. Unfortunately, no manufacturer has yet to create a viable solar family car.

Solar technology is challenging. The number of solar panels required to power a solar car inevitably creates a top-heavy vehicle that won’t pass even a basic crash test. In addition, the interior of these solar powered cars can become hot enough to endanger to the driver. Cloudy days make storage batteries unavoidable, but so far these batteries have caused the average solar car to weight too much for solar power to move it.

These setbacks haven’t stopped auto manufacturers from trying to develop the perfect solar powered car, however. In Australia, there has been a World Solar Challenge competition held every year since 1987. There, engineering schools and private companies enter their versions of the solar cars. Generally, the cars entered only have room for a driver, and no passengers, because the solar panels inevitably take up so much room.

Can “The Immortus” Be the First Widely Available Solar Car?
Picture sola
The tide may be turning, though. At the 2015 SEMA Auto Show, the largest auto show in the world, Australian manufacturer EVX, debuted its solar sedan, called “Immortus” for its ability to run forever. The sportscar not only allows two persons to ride comfortably (along with two, small carry-on bags) it provides solar energy storage. In order to avoid the tough regulations of the crash-test requirements in most countries, the Immortus won’t be mass-produced, but rather, built per order in 2016.

Up until now, the only other commercial vehicle that has been running on solar power is one produced by Organic Transit, called “ELF” (Electric, Light and Fun). This 3-wheeled bicycle/auto hybrid combines solar power with human pedaling, and can reach speeds of about 30 mph. So far, around 500 of these models have already been purchased, and although they are not safe enough for highway use, they are still legal anywhere else that bicycles can be used.

It will be interesting to see where the future of solar powered cars will take us. With our country’s ingenuity and creativeness, it’s only a matter of time before solar powered cars will soon become the norm. Maybe 2016 will be the year it finally happens … we’ll just wait and see.

No matter what your dream car is, First Financial can finance it.
Even if you have low credit scores, bad credit, poor credit, no credit or even bankruptcy, First Financial can help you finance your dream car. We are the leading American provider of bad credit auto loans, and we approve 93% of all applicants through our easy, confidential application and quick email response. We can do this with the same level security and protection as the big banks provide. So apply today! You’ll know in a day whether you qualify for up to $45,000.

3 American Trends to Consider Before Buying a New Car

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  Cars are synonymous with our nation’s coolness factor. Who can picture James Dean without his fancy driving skills in Rebel Without a Cause? And who can forget Vin Diesel showing off his motoring abilities in the Fast & the Furious franchise?

Many car owners have so much pride in their beloved vehicle that they even belong to fancy car clubs. The San Diego Mazda Miata Club started with just 11 members and has now grown to over 300 members.

Yes, Americans have always had deep affection for their cars … or at least they did. Recent auto industry research now indicates that only half of the millennials even bother to get their driver’s license by age 18. This is due to rapidly changing trends that have pervaded our culture recently, affecting our automobile purchasing choices.

So while the general population still longs for their dream car, these three popular American trends have changed its shape:

1.Cell Phone Dependence: With the overwhelming popularity of cell phones taking over just about every facet of our everyday life, it makes sense that today’s savvy car shoppers want an automobile that can fully utilize this device. As of 2015, many automobile makers, such as Volkswagen, Chevrolet, and Hyundai, are building their new models with Apple’s new connected-car application, called “CarPlay” (for Android cell phone owners, it’s called “Android Auto.”). This software on the dashboard makes it easier to safely interact hands-free with all of the features on your cell phone, eliminating the need for a blue tooth device. Many more car manufacturers are expected to utilize this technology in the coming years.

2. Safety Concerns: With the Internet and social media informing us of every tragic, scary, life-threatening event the moment it happens, Americans have become preoccupied with their own safety, and trying to protect it above everything else. Because of this mentality, cars have also come under pressure to provide ample safety features. Therefore, automobiles with excellent safety ratings and even driver assistance technology are essential to today’s car buyer. Whether it’s a blind spot monitoring system, a backup camera, or even a self-parking assist feature, all of these provide an added level of comfort and security to today’s cautious driver.

3. Caring for the Environment: Our culture is now preoccupied with taking care of our environment. Even Barak Obama has put his climate change action plan at the forefront of his presidential legacy. This trend means that when the next generation buys a car, they want to factor in its total carbon footprint. Big gas guzzler cars are waning in popularity in favor of smaller, economical cars that get excellent gas mileage. Electric cars are also on the forefront of this trend, as the Tesla and Prius brands’ skyrocketing car sales have proven.

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First Financial Provides Auto Loans, Whether You Have Good Credit or Bad Credit.
When you’re shopping for a car loan, remember that First Financial has been in business long enough to recognize the subtleties in each borrower’s financial situation. We also know that more than 50% of Americans fall into the subprime category, with credit ratings ranging from “fair” to “poor” to “bad.” Thankfully our lending partners accept auto loan applications and approve these types of borrowers every day, so apply for an auto loan here today. You can also follow us on Facebook to get frequent financial planning tips and research.

5 Ways to Avoid Going Upside Down in an Auto Loan

Upside down car loan

“Upside down” is only fun for kids.

 Adults know too well it’s all about owing more money on a large asset than it’s worth. More, they are responsible for that debt. Many homeowners were upside down in their home loans from 2008 to 2012.

Some don’t realize that a car buyer, particularly a new car buyer, can spend several months to two years upside down in their car loan. You may ask: what’s the big deal about owing more than the car’s worth if you’re going to keep the car for several years? Problems arise when the car gets stolen or crashed. More serious problems arise when buyers realize they bought too much car and can’t afford it anymore. Unexpected medical expenses, job changes, new babies and even floods and fires have a way of tightening budgets very quickly. Sell the car, and you end up paying the bank an additional $1,000 – $5,000 to fulfill loan requirements.

Car buyers who are smart with their finances take a long-term view. Just a few adjustments to the car-buying plan ensures you won’t go upside down on your car loan.

Buy Used and Make a Good Deal
It’s common knowledge that a brand new car loses 11% of its value the minute the car buyer drives it off the lot. After one year, this new car loses 20% of its value and by five years, many cars have lost half their value. These average numbers don’t reflect the wide variety of car depreciation rates. Depreciation rates are faster for unpopular cars, slow for the popular models. But who knows what will be popular in 5 years?

The bottom line is to let the original owner to pay the first few years’ depreciation costs (one of the highest costs of vehicle ownership). Buy a car that holds its value. Financial planning and organization website Bankrate.com lists the makes and models of autos that hold their value most tenaciously. For 2014, these are the Hyundai Accent, Mazda 3, Chevy Corvette, Toyota Avalon, Kia Soul and Chevy Camaro. Any of these tickle your fancy?

The other advantage of buying a used car with a low depreciation rate is that you’re less likely to have a hangover loan amount into a new loan when you buy a new car.

Put Down a 20% Down Payment
This move will take care of the annoying taxes and fees outright. Paying interest on these taxes bumps these abstract fees even higher. Since car buyers get nothing for these charges, it’s best to dismiss them ASAP. Also, putting down 20% jumps you ahead of depreciation so that you leave the lot with a vehicle worth as much as or more than your loan. Also, manufacturers’ cash-back rebates can go right to that 20% down.

Consider A Loan Term That Is No Longer Than How Long You Plan To Keep The Car.
Some people are in the habit of buying a new car every two years. Others have just as much pride driving a 20-year-old “beater.” While, typically, car loan terms extend to just 5 years, recently, six and even 10-year loans have come into the market. If it’s your nature to keep a car until it dies, a 10-year loan makes sense. If you’re family is changing either by adding or removing members (kids born; kids off to college), you may be trading up or down when those events occur.

Get the Best Interest Rate You Qualify For
Online, and other alternative banks can offer lower auto loan rates because they labor under a fraction of the marketing and operating costs that saddle the large, bricks and mortar banks. More, online banks typically don’t have shareholders demanding higher profits every year. While the difference in the loan rate may be one-half of one percent, these charges add up to thousands of dollars saved over five years.
ALWAYS Comparison Shop to Get the Lowest Price for the Model You Want
Aside from homes (and maybe shoes?), cars evoke more emotion than most other large purchases. Cars reflect our identities. They are accessories we live with from two to 20 years. If you’ve found the perfect pumpkin-spice-colored Kia Soul, rest assured there will be another one across town or in another month. Go into the car dealership with your emotions fully under control. This experience must be ruled by the mind, rather than the heart. Remembering that you’re not just saving another $2,000, but $2,000 plus six to nine percent yearly interest keeps you sober and PICKY.

First Financial Provides Auto Loans, Bad Credit, Good Credit and More!
First Financial has been in business long enough to recognize the subtleties in each borrower’s financial situation. We also know that more than 50% of Americans fall into the subprime category. Their credit ratings range from “fair” to “poor” to “bad.” Our lending partners accept auto loan applications and approve these borrowers every day. Apply for an auto loan here today! Follow us on Facebook to get frequent financial planning tips and research.

The Feasibility of Bad Credit Auto Loans: 5 Facts that Reassure Spouses and Parents

skeptical woman

 If you’ve just heard you can only qualify for a “bad credit” auto loan, know that you are far from alone. More than 50% of Americans today DO NOT fall into the “prime” or “excellent” credit category that wins the best interest rates. Many gasp upon hearing the word “bad” in the description of their only possible auto loan, but rest assured, the bad credit auto loan is simply another category of frequently approved loans.

In fact, in the first quarter of 2014, U.S. banks approved 44% more bad credit auto loans than they did in the same period the previous year. With the economy improving, banks are more willing to take on customers with less cash at hand. (First Financial’s bad credit auto loan has a 93% approval rate.)

With the negative power taken out of the term “bad credit auto loan,” the next step in getting a reliable, attractive car is convincing the spouse or parent who may be co-signing, helping with down payments or monthly payments. We’ve made sure to add all the statistics and links so you can back up your case.

Bad Credit Auto Loan Interest Rates Are Higher But Not Outrageous

. . . and definitely NOT unheard of

Financial talking heads on television or radio can sour your significant other or another important family member on the bad credit auto loans. Sure . . . . those in the prime or “excellent” credit category get the lowest auto loan rates, but paying 7% to 10% or more for an auto loan still keeps reliable, attractive cars affordable.

Further, during some periods of the past 50 years, even those with excellent credit were paying over 10%. Ask a parent or grandparent what they paid for an auto loan at various times. Show them that you have proof that interest rates peaked in 1981 at 16% and only dropped under 10% as recently as 1997.[2]

Getting a Bad Credit Auto Loan Helps You Get to Better Credit

That you make payments on time monthly gets reported to the credit bureau, slowly raising your score over the next months and years. Once your credit inches up into the “fair” category and then even the “good” category, you can consider refinancing at a lower rate.  And all that time you had a reliable car.

More, having reliable transportation to a job is a sure way to get the money needed to be a better bill payer. Many jobs even insist you have your own car. Stress to loved ones that you consider the higher interest bad credit auto loan a temporary fix while you work your way out of a negative credit picture. Maybe landing in the bad credit category taught you some important lessons, mistakes you don’t want to repeat.

Find Out How Much You’re Approved for Fast with First Financial

Banks are now more willing to lend to those whose credit scores dropped below “prime” or excellent . . . 700 or higher at this writing.

Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to get tips on finding the  lowest cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook today!

93% Approved Bad Credit Auto Loans: 2-Minute Smart-Phone Application

happy woman pointing to mobile phone

Explore your bad credit auto loan options and apply SAFELY while waiting for meetings, watching television or in the doctor’s office!

We’re excited here at First Financial to offer you top-of-the-line mobile bad credit auto loans you can apply for completely through your iPhone or android device. Our “bank-level” 128-bit encryption is just as safe if not safer than going into your local branch, filling out forms and handing them to a teller. In fact, it’s highest level of security currently allowed by U.S. law.

Don’t let one or two banks ruin your excitement about trading in or buying a car.  It’s more than likely that they WILL turn you down. . .  along with over 50% of your American neighbors who also  have “subprime” credit.[i] Most banks are not specialists in bad credit auto loans. We’ve closed 1 million bad credit auto loans in the past 15 years!  

 A Bad Credit Auto Loan’s Limited Limitations

You may be surprised to learn that you need to verify just $1500 in monthly income, that you are a U.S. or Canadian resident and have had no repossessions in the past 12 months.  Those with bankruptcies that have been discharged or are in possession of Authorization to Incur Debt from the bankruptcy trustee still qualify.

Find Out How Much You’re Approved for Fast with First Financial

Our mobile bad credit auto loans mobile application gives you all the information you need in easy-to-read, smart phone format. You can:

  • estimate your loan approval amount
  • read car loan F.A.Q. so you can make the right choices
  • scan testimonials from happy customers
  • APPLY for the auto loan!

Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to keep an eye on lots of low cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook!

 

 

 


[i] http://www.bankrate.com/finance/auto/bad-credit-car-loans-easier-to-find.aspx

Getting Fair, Poor & Bad Auto Loans in 2014 Just Got Easier . . .

car dealership lot

Recently, credit tracking giant Experian broadcast some great news for those needing fair, poor and bad credit auto loans. Its Automotive Credit Trends Report[1] reveals that during the second-quarter of 2014 U.S. banks:

  • Approved 44% more bad credit auto loans than they did in the same period in 2013
  • Approved 22.4% more good, fair and poor credit auto loans than in in 2013

Banks are now more willing to lend to those whose credit scores dropped below “prime” or excellent . . . 700 or higher at this writing.

Before you start feeling thankful to the banks, however, keep in mind that this move is in their best interest as over 50% of all American consumers today fall into the “subprime” categories . . . namely good, fair, poor, and bad. To stay in business, the banks need to be more open-minded and “open the purse strings” more frequently. More, with unemployment still at historic highs, loan and car sales have been increasing but not at the rate a more robust recovery would create. Auto dealers and loan officers need customers! They need YOU, even if you have poor or bad credit.

 Tips for Getting Fair, Poor or Bad Credit Auto Loans

  • put at least 20% down, more if you can
  • consider a used car, even a one-year-old car. (Cars depreciate at least 20% in the first year alone. After that, depreciation slows.)
  • search the financial institutions that offer auto loans online. Internet banks have far lower marketing and overhead costs, and pass the savings on to the consumer. Their automated processes also help them keep fair, poor or bad credit auto loans interest rates affordable.

First Financial Has Fair, Poor and Bad Auto Loans that Make You Mobile!

While of course those in the prime or “excellent” credit category get the lowest auto loan rates, paying 7% to 10% or more for an auto loan still keeps reliable, attractive cars affordable. Ask a parent or grandparent what they paid for an auto loan at various times. Interest rates peaked in 1981 at 16% and only dropped under 10% as recently as 1997.[2] Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to keep an eye on lots of low cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook!

 

In 2013 Tips For Avoiding Internet Financing Scams

Now this is a subject that we take extra serious ourselves since we have been working in this business for many years. There are many sites unlike ours though that really will do you no good and just steal your information and since it is very serious personal information then you can be damaged severely. This will be easy to avoid though and there are two quick things that you will be able to do that will make sure that you know you are working with someone legitimate. One thing that you will be able to do is take the business name and check it against the Better Business Bureau. This is a great way to see that it is a legitimate company and will validate that you are working with someone that is safe. If you do not want to do that kind of research then you will also be able to just check the application to make sure that it is secured. That will be one of the best ways to make sure that you keep safe when applying for an auto loan online. Before you know it you will be able to receive a great deal and hopefully you have learned something and will be safe!

Avoiding Car Buying Scams in 2013

One of the best ways you can learn how to avoid car buying scams will be to go to the website of the Michigan organization H.E.A.T. (Help Eliminate Auto Thefts). They have many great tips that will provide you with ideas of how to make sure if you were to say buy a car from someone off of craigslist to make sure that the deal goes down successfully with nothing fishy going on.
Some of their tips will include:

  • Meet at the S.O.S.
  • Triple check the VIN
  • Get Guaranteed Payment

In 2013 Watch Out For Auto Loan Scams

Everyone knows that the auto loan business has risks, but there may be more out there than you initially think. The risks that you think of are probably just when you are dealing with such processes as seeking car loans for low credit scores and how you can easily get stuck with a high interest rate. Things of that nature are what you typically watch out for, but another one is much more serious and can hurt people of all types of credit situations. It will target the same audience though for the most part.

There are many Different Possible Varieties of Cetified Used Cars.

Now every single manufacturer will have completely different offers, standards, and requirements so you will have to look into all of those personally. It will take a bit more research than usual when looking into buying a car but it will certainly pay off in the end. I mean how is saving money on a used car purchase not a wonderful thing? A great step you will be able to take if you do have bad credit and need a little bit of help would be to look into some sort of online financing for bad credit cars. This is something that we can help you out with and will also be able to let you know if you would be able to make such a purchase. While they are used cars and are cheaper than new they will be more expensive than your typical used car. Basically though high quality affordable used cars have never been more achievable even with a low credit score so why not see what is out there and what can be done to help you and your situation to be mobile as soon as possible!

What is a Certified Used Vehicle?

Basically for those who are unaware of what exactly a certified used vehicle is it will be a used car that meets specific age and mileage requirements that are set by the manufacturer. Then they must undergo very extensive review and inspection at the dealership. They will often come with a warranty and may have financing options that are similar to new cars. The big difference is that it will be extremely beneficial to people who have been shopping for preowned cars with poor credit scores. This means that by choosing certified pre owned that you can find the car you have been dying to get at a much lower price and what is wrong with that?

Are Thinking Of Buying A Certified Used Car?

If you are looking to buying a car everyone would love to purchase new and want to avoid used cars. That will be most people’s goal though when browsing for vehicles. It is not going to be an option for most people to buy new and that is why most people will be shopping for a used car, but what if you could combine the two? Get high quality of a newer vehicle while also getting the lower price of a used car sounds like a dream right? Well it can easily be your reality and it will all be thanks to a certified used car.

Are you trying to get an auto loan with a short credit history?

If you have a very short credit history (length of time you have been using your credit), that can also be a reason as to why you have a low credit score. Keep paying your bills on time and follow good overall credit management, and rest assured – with time – your score will rise! No Credit History?

If you have absolutely no credit history, your credit score will most likely be low to start with. You can get started by applying for a credit card in an attempt to establish your credit history, or if you are trying to obtain an auto loan, but haven’t had any luck getting approved because of a short credit history (or no credit history), you can ask someone you trust to help you by co-signing on a loan with you. These are just 2 of the ways you can start establishing your credit, but probably the 2 most common ways. When you are approved for your first credit account, be sure to pay your bill(s) on time, and you will be on your way to a better credit score!Low credit score is usually due to late payments, outstanding debts, unclear credit payments or a bankrupt situation in the past.  Low credit score is usually the reason why some individuals can not get a loan despite the great urgency of cash.  –  If a low credit score is a repeated obstacle between you and your commission, then we would like to work hand in hand with you to increase your client’s credit score as quickly as possible.

Car loan auto financing online

First Financial car loans has helped people with credit issues get behind the wheel of new and pre-owned cars for over a decade. Our process takes the hassle out of car buying and financing. Complete the application form and you can get approved as soon as tomorrow.

After applying online with our easy 3-minute application, you will be contacted by a financing representative who will discuss your options with you.

How can First Financial help when other can’t?

It starts with our credit application. Many other websites collect only enough information to obtain your credit report. Our application is the most comprehensive in the industry. It was designed by scores of experienced finance managers that have placed tens of thousands of loans for people with special needs. Our application takes into account variations among numerous lender score cards allowing our finance managers to evaluate your credit profile quickly and accurately.

What are the basic financial requirements I need to meet for a auto loan?

While we can’t guarantee that every case will be approved, we do recommend meeting as many of the following requirements to insure the best possible opportunity for becoming successfully financed.

  • At least $1,500 gross monthly income required for credit scores less than 625.
  • All Bankruptcies must be discharged.
  • No repossession in the last year unless included in a bankruptcy.
  • Loans are for automobile purchases from our authorized licensed car dealer partners.
  • US Residents at least eighteen years of age.

Car financing for any type of credit situation

First Financial® is the nation’s leading provider of online auto loans for people with bad credit, no credit, or bankruptcy. When it comes buying a used car with bad credit, you simply can’t find a more convenient website that offers car loans online nationwide at the lowest possible auto loan rates.

How to apply fo an auto loan online.

It is safe and secured and will require just some basic information that is necessary to make sure that you get a damaged credit loan. The application takes just about a minute and can be found right here.  After that it will take just a day or two before you will be contacted to know if you have or have not been approved for the car loan.  It is a great way to get an automobile loan and to also improve your credit score for later. Applying elsewhere is just going to increase your chance of failure which will only end up hurting your credit even more. Not everyone will be approved for a loan so there is no guarantee that you will receive financing, but we help to make sure that if it is possible for you that it is going to happen for you. It is simple and what have you got to lose?

Finding a Loan after Falling into Poor Credit

Things are going to be completely different if you are applying with a rough credit situation. Now if you are thinking that the normal path of finding financing will apply to this as well, be prepared.  Instead of applying with a bank like you normally would you will instead want to apply through lenders that offer second chance auto loans.

It is one of the simplest processes that you will be able to go through and it will take just a minute to complete.  Second chance financing is going to be exactly what it sounds like. It will be where you can receive an auto loan that will give you a second chance. Simple enough right? The best way that you will be able to get one of these types of loans will be to take to financial help online.

Auto Loans For People With Poor Credit

Because of the rough economical standpoint though there are a lot of people that have slipped into a poor credit score. Everyone is going through a rough time right now financially because it is a bad economy and there is not anything that can be done about it.  This is not something that is uncommon and it does not mean that you did anything wrong, but it happens and it can make some situations later in life a bit more difficult. Some of the things that can become a bit stickier will be when you look to get a car loan. Auto loans for people with poor credit are not easy to come by, but they will be possible if you take the proper steps and work around your situation to get the absolute best financing that you can get.

There are many things that may have caused it but those two in particular will definitely require you to apply for different types of loans because those are special circumstances. When searching for an auto loan without the best credit you will want to make sure that you take some time and find out exactly what you need. For example do you have a rough credit situation because of a previous bankruptcy? Possibly from a previous repossession that you went though?

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 ScoreLTV Ratio
7201.50
7001.45
6801.40
6501.35
6201.30
6001.25
5801.20
5501.15
5251.10
5001.05
4751.00
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.

Subprime auto loans are up in 2012

Experian recently reported that loans in the non prime, subprime and deep subprime risk tiers accounted for more than 25 percent of all new auto loans during the second quarter of 2012. They also announced that loans to customers with bad credit was up 14 percent during the second quarter on a year-over-year comparison.

Melinda Zabritski, director of automotive credit for Experian Automotive said that although there was increase in subprime loans, there is still a strong sense of managing risk. The amount of lending can provide a customer a car with bad credit, allowing manufacturers and dealers to sell more cars.

Car financing throughout 2012 have led customers to Toyota and Ford dealers, and each is claiming that one of their models is the best selling car this year.

Ford has sold 489,616 units of the Focus while Toyota has sold 462,817 units of the Corolla. The automaker argues that its Corolla body style is seen in different names and the sales of these units are not included in Corolla sales numbers. The race is too close to call as of now.

Truck sales increase at the start of housing recovery

Auto loan applications for trucks have increased with the start of a housing recovery.

According to officials at General Motors and Ford, the start of the housing recovery has increased pickup truck sales and will continue to do so. On average, industry-wide, pickup sales increased 16 percent in August on a month-over-month comparison.

“Housing is probably along with autos the brightest spot in the economy,” Kurt McNeil, GM U.S. vice president for sales operations.

Jenny Linn, an economist, told the The Street that the housing sector plays a continual role in full size pickup sales and expects an increased amount of truck sales with the improving housing market. Truck sales are directly influenced by a housing recovery because workers need trucks to build houses, while indirectly corresponding with the housing market which puts more money in peoples pockets to buy vehicles, like trucks.

GM’s total truck sales increased to 10.9 percent in August, up from 10.4 percent a month prior. GM’s Chevy Silverado pickup truck sales increased 4 percent to 38,295 on a month-over-month comparison while Ford’s F-series truck sales were up 6 percent on a month-over-month comparison and up 19 percent on a year-over-year comparison.

August car sales shock industry

Individuals factored increasing gas prices into their car financing last month. Car sales also beat out industry estimates during August as car manufacturers were faced with fuel efficient car purchases.

Chrysler, General Motors and Ford saw double-digit sales gains in August compared to a year prior. GM reported a 10 percent sales increase from a year prior, after Edmunds.com only predicted a 6.4 percent increase. Ford gains were up 13 percent in August 2012 compared to August 2011, after Edmunds.com predicted only a 9.8 percent increase.

“Consumers are also choosing to buy highly-contented vehicles that are also smaller,” said Jesse Toprak, director of market intelligence at Truecar.com. “They’re not buying cheap and small, they’re buying well-equipped and small.”

The new 2013 Honda Accord recently received its official Environmental Protection Agency ratings. Honda reported that the 2.4-liter four-cylinder engine with 185 horsepower receives 24 miles per gallon city, 34 miles per gallon highway and a combined fuel rating of 28 miles per gallon. When paired with its new continuously variable transmission, the vehicle receives 36 miles per gallon highway. The Accord still trails its competition, the 2013 Nissan Altima, which received an estimated 38 miles per gallon highway.

How do I apply fo an auto loan?

Want a convenient process then apply auto loans online.  Auto loan approvals should be fast and easy for both new and used auto purchases.  Auto loans come in many forms and with so many different types to choose from we are sure you will enjoy our fast no hassle service for your auto loan.  Auto Loan Locator has spent extensive time researching and interviewing dealerships throughout the country to find the absolute best and most experienced dealership in your target area to help you get financing for the car of your choice.

Auto loans are available nationwide for new and used vehicle purchases.

Auto loans are available nationwide for new and used vehicle purchases with auto loan programs available for all credit situations.  Auto loan programs are available in all 50 states for bad credit, poor credit, slow credit, no credit or after bankruptcy.  Auto Loan Locator wants to work with you to find an auto dealer in your area today.  Auto Loan Finance is your online auto loan guide offer a variety of nationwide car loan and national auto finance services for your new or used car purchase.  Auto loan is the most common way for financing new or used car

Auto loans for Bad Credit

OK why let a less-than-perfect credit rating stop you from buying your vehicle of choice.  Auto loans that are provided at most dealerships have inflated interest rates, and in turn leave you paying more per month for your car.

Auto Loans for any credit.

First Financial is a company with wide spectrum of services in the area of car loans, auto refinancing, car insurance and auto warranty.  Auto loans are at its competitive best today.  Auto loans and bad credit auto loans provided offer the lowest auto loan rates available anywhere in all 50 states.  Auto loans, car loans, and bad credit auto loan are our specialty.

Compare local auto loan rates.

Find the best auto loan financing rates for purchase or refinancing a new or leased car.  Auto Loans 123 is eager to help you find the lowest interest rates for your next automotive loan through our network of hundreds of lenders.  Auto loan companies today realize that there are many people without perfect credit.

Review your contract closely.

Don’t sign the documents until you know your interest rate, total amount financed, length of loan and trade-in value. And never sign a contract with blank spaces, or rely on oral promises. Select the length of your loan carefully.  Match the length of your loan term to the length of time you plan to drive the vehicle. Buyers who take out longer terms can find themselves “upside down” on their loan – that is, owing more on the car than it’s worth in trade when it comes time to buy a new car.

Evaluate your purchase incentive options.

Dealers will usually offer a choice between a cash rebate or a discounted financing rate, but not both. You may come out ahead by selecting the rebate and applying it to your purchase price, then using your own low interest rate loan (instead of taking the dealer’s rate offer). Bring a calculator of laptop to the dealer to see what option is best for you.

Approach your purchase as three different transactions.

Treat the car-buying process as three separate transactions: 1) financing; 2) vehicle price; and 3) trade-in value. This strategy will maximize your negotiating opportunities and simplify the transaction by breaking the process into three manageable parts.

Explore all loan sources before you buy.

Dealer finance departments offer one-stop convenience. Several loan options are available outside of the dealership. Go online to comparison shop for interest rates. Online auto lenders offer competitive rates, a convenient application process and fast response times. Banks and credit unions can also provide vehicle loans, but may require branch visits and/or pre-shopping to select your car before approving a loan.

Check credit report for accuracy.

Even if you think you have a strong credit rating, it pays to review your credit report before applying for a car loan. Credit score plays an important role in determining the interest rate you’ll receive. Check for possible reporting errors; identify open accounts that can be closed; and review for any signs of identity theft. Be sure to correct any errors promptly. Contact one of the three major reporting bureaus to order a credit report: Equifax, Experian or TransUnion.


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