Monday, June 30, 2014
Plenty of good people have credit problems. Ending up without a vehicle and limited resources only compounds the problems. How can you get out of your financial situation if you can’t get to work? People can be left feeling completely helpless. At Used Car World, we work primarily with people in tough credit situations. Good people who just need a chance to get back on their feet. We get questions from customers all the time that have misconceptions about how bad credit programs work. Some have heard or dealt with dealerships that limit bad credit customers to specific vehicles, or believe that they may be forced into buying a car they don't want. That's just one of the many things that makes us different than other dealerships. We will do our absolute best to get you the car that you want, and we will make sure to get you a car you love and can afford.
What kind of car can I get?
Sunday, June 29, 2014
The “new normal” 200,000 miles…
During the 60’s and 70’s the typical automobile in America reached the end of its life right around 100,000 miles. Buying a car with 100k on the odometer was the equivalent of testing your luck. Even though it seems that 100k has stuck with consumers as a maximum mile marker to buy a used car, experts say modern cars haven’t even reached the half-way point of their lifetime at 100k miles. In today’s market, cars can expect to see a lifetime of 250,000 miles or more. New car dealers have felt the “Catch-22” of building better automobiles over the past few decades. Makers have to build better automobiles to attract buyers, but building better automobiles also means consumers keep their cars longer. New car makers have always tried to figure out how to build better cars without making consumers less likely to upgrade later, and profits have been affected by consumers who are in no hurry to get out of a car that still runs well.
Saturday, June 28, 2014
Tuesday, June 24, 2014
You may have been a victim of financial hardship. Bankruptcy, divorce, job loss and medical bills can take a toll on people’s credit rating. People who find themselves in need of credit repair often find that repairing their credit can be difficult when you are unable to get approved for loans or financing. At our dealership we find that consumers are not only looking for a car loan.. they are looking for a second chance. Many consumers are unaware of the positive impact an installment loan, like a car loan can have on their credit rating.
How Can An Auto Loan Help My Credit?
Lenders, like ours report to credit bureaus. Paying installment loans on time is one of the
Sunday, June 22, 2014
Craigslist is one of the most popular websites for buying cars… and why shouldn't it be? Instead of finding and pouring over a hundred local dealer sites, you can see what all of the dealers in your area are selling in one simple search. Unfortunately, with popularity comes abuse. Scammers have latched on to the site at record numbers. Craigslist has made huge changes to how dealers post to combat the scammers, but with any website that commands millions of visitors each month it attracts bad people trying to separate you from your hard earned money. Here are the most common scams and some tips on how to avoid them.
1) THE RUBBER CHECK/MONEY ORDER
“I’ll send you a verified check or money order. You can even wait for it to clear!”
Friday, June 20, 2014
We hear from customers buying a used car all the time that are worried about making credit inquiries at multiple dealerships while car shopping. It’s especially worrisome for those with challenged credit because they are worried about damaging their credit any further, but are forced to shop around to find a company that will give them a loan. Like in most other financial situations, people with bad credit are left with few options.
First, it’s important to note that all credit checks are not the same. Checking your own credit does not affect your credit score at all. This common myth has been debunked countless times by credit experts. Any consumer that would like to keep track of their credit can and should pull their Equifax, Experian and Trans Union credit reports for free once a year at AnnualCreditReport.com. While it is true that your credit score could possibly be affected by running multiple credit inquiries in a short period of time, the affect is minimal and temporary. FICO has released
Tuesday, June 17, 2014
Monday, June 16, 2014
If you have recently applied online for an auto loan and received a preliminary approval, you may be wondering what happens next. We get tons of questions about what type of documentation to bring and how the process works. If you've purchased a vehicle before, then you have some general knowledge of the car buying process. If you paid cash for your car, you would have been processed fairly quickly and simply came to the dealership to pay for the vehicle and sign sale documentation. When you are getting any financing, especially bad credit financing you will be required to bring verification items like proof of income, residence, and other necessary items to close your car loan depending on your specific situation.
Here is a breakdown of the items you will need to bring to ensure your loan will close and speed up processing so you can drive away in your new car..
- PROOF OF RESIDENCE
You can bring utility or phone bills. Make sure that there is an address listed on the bill, and bring the most current bill you have.
Friday, June 13, 2014
Its a vicious cycle....
Lots of good people have ended up in financial hardship from job loss, illness or unexpected problems resulting in damaged credit. Once your credit is damaged, the only way to rebuild your credit is to get a loan and show that you can now pay. But how do you prove you can pay if no one will give you a chance? Guaranteed auto loans can be the answer for some consumers to rebuild their credit and get back on track.
Thursday, June 5, 2014
Similar to bad credit financing or sub-prime lending, Buy Here Pay Here loans continue to be popular for those with extraordinary credit problems. To understand how Buy Here Pay Here works, you need to first understand how dealerships finance vehicles. Dealerships that normally work with bad credit or no credit customers will more than likely partner with outside “Special Financing” or sub-prime lending companies. Good dealerships partner with more than one financing company to offer additional options to customers in different types of situations. Some dealerships will also offer “Buy Here Pay Here” or “Rent to Own” programs for those customers that do not meet the requirements for Special Financing.