I'm not sure how it is in your neck of the woods, but where I work, we get Monday off for that all important and meaningful Columbus Day. The great thing about holidays, other than not working of course, is that many auto dealerships use the holidays to have great sales. In fact, according to this article, all holidays have been co-opted by businesses for the purpose of making money.  Columbus Day is no different, obscure as it is.  Here is what the article has to say regarding the day named after the famous explorer:

Columbus Day is another holiday that has been siezed upon by car dealerships, who are always on the lookout for excuses to run a sale. Regular TV viewers can probably recite the myriad “Columbus Day sales event” ads they hear on the days leading up to and following the holiday, which was intended as nothing more than a day to reflect upon the man who first sailed to the New World. Exactly what this has to do with buying or selling cars, we may never know.

I'll tell you what it has to do with buying or selling cars: people don't work on Columbus Day, and are more apt to go shopping when they have a day off.  It's that simple.  So, if you need a new car, or want one really bad, take your day off, go to your favorite dealership, and see about getting an auto loan for that new Prius you've been eyeballing. 

If you have bad credit, you may not know what your options are.  Of course everone needs a car, and Roadloans is just the right place to get a car loan for people with bad credit, but it is important, in order to keep from defaulting on your loan, that you make the right decisions to get your credit back into shape and keep from tumbling further down the rabbit hole.  Sometimes people who have bad credit are looking for quick solutions to get out of their predicament.  Bad idea. You didn't get into bad debt over night, and short of winning the lottery, you aren't getting out of debt overnight either.  Better to put a plan together and stick to it.  Check out some helpful information from the Federal Trade Commission on repairing bad credit here. 

Certainly when looking at cars, you've struggled with the difference between a getting a car loan for a car that is new and getting a car loan for a car that is simply new to you. For those of you with a hankering to buy something new, take a look at the How Fast Does A New Car Lose Value Calculator on Edmonds.com below to find out how much your brand new car will be worth after a few years. 

Repo Men, or "recovery agents," as they are known in the business, are apparently nice guys.  According to an article from Edmunds, "not all repo agents have the tats and missing teeth," said Jeff Huang, formerly in the subprime division of a Los Angeles bank. "They are hard-working Americans like you and me."  That's nice to know, but I still don't want to meet one when he's on the job looking for my car. 

In an economy where auto loans are becoming riskier, repossession is an ever present possibility for many.  Whether buying used cars or new ones, it is crucial to understand that auto finance first and foremost means that your car is basically being loaned to you by a bank until you pay it off.  Hence the name RE-possess, which has the idea of possessing something again.  The bank is simply getting back it's property.

To understand more about repossessions, including what your rights are and what you should do, read the article here. It does not seem to be the kind of position you want to be in, and so as the article says, "get out your car payment book and make sure you're up to date. If not, it's time to 'make yourself whole' again."

 Let the repo man stay in the world of stereotypes and out of your driveway!  

Those who are new to the world of auto finance may need help understanding what they are getting into.  The truth is, there are lots of variables that can change on a dime.  That's what makes it all so exciting!  Whether buying used cars or new cars, the process is much the same, but there are some pitfalls you need to be aware of.  Check them out here. 

...that is, unless you want to spend more than you need to.  This is a quick and helpful article from USA Today. 

There is no doubt that buying a used car has its advantages.  They generally cost less, so smaller loans make for fuller bank accounts, which translates to a happier you.  This is obvious.  But what about when it inevitably breaks down and the warranty is up?  At this point many a used car owner find themselves willing to pay the big bucks for a shiny new car that apparently doesn't break down. What are the options for the used car owner? 

1.  Forget about used cars and fork over the dough for a brand new one.  This will last for a couple of years if you're lucky, but alas, every new car becomes a used one once its driven off the lot.  Still, it is worth noting that most new cars come with hefty warranties, especially now that car dealers are dying to sell, sell, sell!  

2.  Get an extended warranty.  Here is a great list of how to buy an extended warranty for your vehicle.  

Many people are willing to fork over the extra dough to have the peace of mind that comes with driving a new car.  But that same peace of mind, at least in part (I mean who doesn't want a NEW car?), can be regained by purchasing an extended warranty.  

1.       Applying for a refinance takes a lot of time

Completing an auto refinance application is fast an easy. It usually just takes a few minutes to complete the online form.

2.       I need to get my car appraised before I can refinance it

Contrary to refinancing your home, refinancing your automobile does not require an appraisal. You won’t have to worry about incurring appraisal expenses since lenders determine the value of your car by using Kelly Blue Book, NADA or a similar tool that provides vehicle values.

3.       It costs a lot of money to refinance my car

Most lenders do not charge any application or closing fees for you to refinance your auto loan. Depending on your state, a title transfer and/or registration fee may apply, which usually ranges from $5 to $65. Most lenders pay the fee on the customer’s behalf, and simply add it to the final loan amount. 

4.       I’ve had credit problems in the past, so I won’t qualify

Lenders understand that things happen in life. Having gone through some tough times in the past does not mean you can’t be approved. Even applicants with previous Chapter 7 or Chapter 13 bankruptcies can be approved, as long as the bankruptcies are discharged. The only way to find out if you qualify is to apply.

5.       I will not be approved because I am self-employed

Even if you are self-employed you can be approved to refinance your vehicle. Just like any other applicant, it is important that your income is verifiable. For self-employed applicants, this usually means providing an IRS form that allows your lender to request transcripts of your last 2 tax returns.

When shopping for a car a good payment calculator is a necessity.  You want to know how much your payments are going to be.  If you haven't seen it, our very own Roadloans.com has a wonderful payment calculator that allows you to figure out your monthly payments from the total of your loan, or the total of your loan from your monthly payments.  Our in house mathmeticians have been working around the clock to bring you this piece of mathematical genius.  Check it out here. 

 

In today’s economic climate, saving money has become a priority for many people. The old saying "It's easier to save a buck than to make a buck" is especially true as the U.S. economy is climbing out of recession with record unemployment rates across the nation.

One often overlooked way people can save money on their car expenses is auto refinancing. Just like a mortgage refinance, the idea is to find a new lender to pay off your existing loan, and replace it with a loan at more favorable terms for you.

The top 3 reasons you may want to consider refinancing your auto loan are:

• Reduce your monthly payments: When you refinance your car with a lender such as RoadLoans.com, you may be able to lower your car payment so that it better fits your monthly budget. This can allow you to better manage your monthly finances, and you can use the freed-up cash to pay down other debt, build your savings, or give yourself a treat.

• Skip a payment: When you refinance your auto loan, you may be able to skip a payment and may not have to make a payment for up to 60 days! Since the first monthly payment on your new auto loan will be due up to 30 days after the closing date, and the closing date will be 0-30 days after the most recent due date of your existing loan, you may enjoy up to 60 days of "vacation" from your car payments.

• It's an easy process: some people say refinancing your car is as easy as 1-2-3. You apply online, download and complete your loan package upon approval, and your new lender pays off your existing loan. No costly vehicle appraisals or certifications are required, and applying at a lender like RoadLoans is free and without any obligations !