Car Buying: 10 Biggest Mistakes Made By Auto Loan Customers

Consumers either desperate for transportation or excited about a new purchase often forget that a vehicle is a major purchase. For most consumers, a vehicle is the most expensive purchase they will make aside from their home. Most people wouldn’t rush out and buy a house without careful consideration and it should be the same way when purchasing a vehicle… especially when you’re financing.  Here are 10 of the most common mistakes borrowers make and how to avoid them.

7 Tips For Buying A Car With No Credit or Bad Credit

For consumers with good credit, car buying can be pleasant experience. They can shop

around to find what they like and have finance companies falling all over them to offer a competitive rate. For most consumers, this is not the reality. A majority of car buyers looking to finance vehicles have fair to poor credit and when you’re a buyer struggling with credit challenges, car shopping can be an exercise in futility. If you have bad credit, fair credit or no credit, car buying doesn't have to make you want to pull your hair out. By following a few simple steps, you can make the process less stressful and be on your way to repairing your credit and get back on the road.

What is a Sub-Prime Borrower?

According to Experian's State of the Automotive Finance Market Report for the first quarter of 2014, scores are divided into five categories of ranges. 740 and up puts your score in the "Super Prime" category. 730-680 is "Prime" and 679-620 is "Non-Prime".  That leaves all other consumers in the "Sub-Prime" category with 550 and under being described as "Deep Sub-Prime". According to their Open Loans by Risk report, over 21 percent of all open loans are below prime, with deep sub-prime lending being the highest growing category of open loans. The average credit score of an auto financing customer dropped 10 points from the first quarter of 2013 from 731 to 721. In summary, more lenders are willing to take chances with sub-prime borrowers as more and more consumers are falling into that category. According to Credit-Report-101, the national average FICO credit score as of 2014 in the US is 639, which would place the average national consumer in the "Non-Prime" category. 

How To Sell Your Vehicle and Get the Best Price

Selling your car can be stressful. Many consumers have no idea where to begin. It doesn't have to be difficult. Successful sellers know how to get the most money for a vehicle. Following a checklist can help make the process a whole lot easier and get you more money.
Check Values
Many consumers have no idea what their car is worth. Unless you're in the auto industry or a car aficionado, just figuring out the value of your vehicle can cause frustration. Relax! Use one of the million tools online to estimate the value of your vehicle. Kelly Blue Book’s “Sell My Car” tool is a great place to start. Enter your make model and mileage.
TIP	Be honest about your vehicle’s condition. Your 1999 Focus Wagon with pink plush seats may be extremely valuable to you but as far as re-sale goes, not so much. One of the most difficult parts for “do it yourself” selling is that consumers place a much higher value on their personal belongings. The faster you can face reality and price your car appropriately, the faster your car can sell and you can move on to the next one. Over priced cars don’t sell. How competitively you price your vehicle will determine how fast it will sell and over-pricing could leave you stuck in the vehicle you no longer want.

Helpful Tips to Pay Off your Auto Loan Early

Nearly 70% of consumers purchase their vehicle with financing. Next to a mortgage or rent, auto installments make up the second largest portion of a person’s budget. When your car payment is such a significant part of your budget each month, paying off early can seem impossible but it doesn't have to be. Here are some (hopefully painless) ideas on how to pay off your loan early. We hear from customers all the time who get their loan with the intention of paying off early. By having a lower payment amount, customers have the flexibility to pay their loan down early but still have the ability to pay the lower amount when the extra cash is needed elsewhere. Here are a few ideas on how to pay off your loan early.

Why Used Car World?

    Many consumers believe that all used car lots are the same. Hidden costs, pushy salesmen and big promises. At Used Car World we have upfront pricing, knowledgeable salesmen and a long history of obtaining financing for even the most difficult situations. We have been serving Pittsburgh and surrounding areas like McKeesport, Brentwood, Mount Lebanon, Monroeville, Baldwin, Penn Hills, West Mifflin and many more for 20 years. There is good reason we have been around so long. We can do what no one else can. Many of our customers have been turned down by other dealerships. What makes our dealership different is a combination of partnering with multiple lending companies and a sales staff that has been financing the “un-financeable” for a very long time. Partnering with multiple lending companies means we will find a company that will work with your situation. All lenders have different criteria for their programs. One lender may not accept bankruptcies, or self-employment income, while another will. Our salesmen have become experts over the years. They know which company will work with your situation. We also have the Buy Here Pay Here program. If your situation is especially difficult and does not qualify for our outside lending programs, we will finance you in-house! This way, everyone gets a car loan.

7 Ways to Avoid Auto Repossession

Everyone has experienced a financial difficulty at one time or another. Maybe you lost your job, had an unexpected medial issue or expensive repairs on your vehicle. Regardless of the situation, few people can say that they have never had a month where they had to choose between bills. If you have experienced financial difficulty and were forced to miss a car payment, it doesn’t have to mean that you lose your car. Contrary to popular belief, no one wins in repossession. Studies from agencies like American Financial Services Association and Experian Automotive have estimated an average $8,000 loss to dealerships per repossession. The loan customer loses their vehicle and the

How to Sell a vehicle that still has a Loan Balance

We get questions from customers all the time about selling or trading in their car. One of the most frequently asked questions about our Cash for Cars or trade-in programs is regarding customers that still owe money to another lender for their current vehicle. We will buy your car, even if you still owe on the loan and even if you’re not buying from us. Some of our customers are in tough financial spots and trying to sell their car for cash or purchase a vehicle at our dealership to get a more affordable payment and avoid defaulting on the loan. Here are some tips on how to sell or trade in your vehicle and help make the process fast and easy.

Get Your Payoff
The first step to selling any vehicle with a loan balance is to contact the lender and get the pay-off amount. Call your lender and request a 10-day payoff. This is the total amount that they will accept to close the loan. That amount is generally good for 10 days. See if your