How to get an Auto loan if you have Multiple Part-Time Jobs?

In this day and age when the workplace is miles away from your home and a comfortable trip is a necessity, getting your own car becomes a utility purchase rather than luxury. An auto loan is a tool that helps you ease your financial burden during a vehicle purchase. In order to get financing, you need to show a credible source of income. Do not worry if you are working more than one part-time jobs. The good news is that if you take care of a few things, you can obtain an auto-loan even if you do not have a steady job.

Multiply Your Auto Loan Approval Chances

Obtaining an auto loan while managing multiple part-time jobs is easy if you consider the following key points. 

1) Total Income Amount

While examining your situation, a lender looks at your total income rather than the hours taken to earn that income. As long as your total income amount at the end of the month is equivalent to or above the lender’s minimum requirement, the lender will consider your auto loan application. The usual benchmark for minimum monthly income requirement ranges from $1,500-$2,000. For instance, Robert earns $1,800 from his first part-time job and $200 from his second part-time job; while Liam earns $1,200 and $800 from his first and second part-time job respectively. In the above case, Robert is more likely to attain the auto loan approval over Liam as his income from one part-time job is more than the minimum requirement. 

2) Debt-to-Income Ratio

The debt you own against your income makes your debt-to-income ratio. Your total reported earnings against your current debt will be calculated in order to obtain the number. A DTI ratio of 45 to 50 percent is accepted. It is a good idea to clear all your previous debts before you apply for an auto loan and keep tracks of monthly payments such as credit cards. Working on your debt-to-income ratio will prove highly beneficial to increase your creditworthiness. 

3) Job Stability & Job Relatedness

The longer you stick to your part-time job, the more likely you are to obtain your auto loan. As your income stream is not singular, you will have to work on justifying your credibility. Therefore, take every chance to establish that you are serious about your part-time jobs by providing your pay stubs of the last six months. They will showcase a consistent flow of income. For example, if you are a computer engineer that does coding as a part-time job, it displays job relatedness and enhances your chances of obtaining an auto loan. 

Part-time Jobs to a Full Ownership of Car

Working at various part-time jobs can be your strength as you can build your application on the income of two or more jobs. Make sure you build a credible foundation and a decent credit score that will help you to get auto financing. Take the correct steps and get closer to your dream car with the stepping stones of various part-time jobs. 

Whether you have a part-time job while studying in a college or you are working multiple jobs to survive your family, we will help you find a car. Apply with the California bad credit auto loan expert and obtain no-credit no cosigner auto loans to buy the vehicle of your choice.

Key Questions to sort the First-Time Car Buying Process

The coming of age to buy a vehicle is always enthralling. You are on the verge of becoming eligible for a car loan and the excitement is beyond comparison. However, there are a number of things that you should think through as purchasing an automobile brings its own set of responsibilities. Significant expenses such as fuel, maintenance and repairs are a part of the process. But, fret not. Asking the right questions will assist you in sorting your priorities and eventually get you closer to purchasing your dream car. 

Car Clarity: Key Questions to consider before making the Purchase

1. What is the Minimum Age for applying for an Auto Loan?

Whether you are an early teen or enjoying the years of adulthood, purchasing a car and applying for an auto loan are tasks within your reach. Different states have different regulations for car registration and auto financing. According to Connecticut DMV, the law allows you to register a vehicle if you are at least 16 years of age. The same is the case with New York. However, you need to be at least 18 years of age to apply for an auto loan. Therefore, depending on the state in which you reside, you can apply for car financing and lessen your school & college transportation woes.

2. Can I apply for an Auto Loan if am not Eighteen? 

Many teenagers get excited about owning a car as soon as they get a learner’s permit. However, if you are below eighteen years of age, you cannot enter into a binding auto loan contract. Any 17 years old or younger person is considered as a minor in the eyes of law. Once you have reached the age of 18 years, you do have the chance of getting a co-signer for you auto loan. As 18 is too early an age, you may have little or no credit history. However, the presence of a financially strong co-signer with a good credit score will help you in attaining an auto loan for your car. 

3. How to transfer the Existing Loan in my Name once I am 18? 

The early adulthood of eighteen gives you the power to vote, serve on a jury and sign a valid contract. If you are eighteen or above, comfortably earning and capable enough to make your monthly auto loan payments, you will set a good mark of credibility in the eyes of the lenders. Make sure you make all the credit card payments on time. Take actions toward building a stellar credit history and you will be successful in unburdening your parents and transferring the auto loan under your name. 

The Way Forward

Purchasing your own car is a sign of independence and outgrowing your ways of living. Buying a car always comes with its own set of regulations and responsibilities. Make sure you wait till eighteen to apply for an auto loan and drive away with your dream car. 

Are you a first-time car buyer? Enjoy special interest rates and immediate approval on zero credit auto loans. Choose a qualified lender to avail the special first-time car buyer’s program and get ready to buy your favorite car.

How to optimize Memorial Day and gain the Best Car Deals?

The year of 2018 is going to bring in a range of lucrative offers all-year round, beginning from Memorial Day. If buying a car is on your to-do list, you are likely to grab some good holiday offers from manufacturers and dealers. Memorial Day deals are a great way to find convenient contract terms, low interest rates and an opportunity to receive bigger rebates on the deal.

Kick-Start Your Holidays: Car Deals on the Table

Being aware of the best Memorial Day car offers are key to purchasing the car that is right for you. Here are some of the best Memorial Day car holiday offers for the upcoming season. 

1) Sporty Car - Mazda Miata 2018

Exteriors and the engine interiors play a great role in shaping our car choices. The energetic engine of Mazda Miata makes it one of the most fun cars to drive. If you are on the lookout for a peppy car and athletic handling, then you can buy a Mazda Miata for 0.9% interest rate with a period of 72 months. 

2) Affordable SUV - Nissan Sentra 2018

 

Comfort and style are two important factors that make into most people’s checklist as “essential elements”. The Nissan Sentra offers a good price for both. The features are standard such as a rearview camera and an infotainment system along with the option of an automatic transmission model. The car is offered at a lease of $149 per month for a period of three years with down payment. Affordable SUV’s are a game changer in the auto industry and Nissan Sentra is not behind in creating a positive impression. 

3) Subcompact Crossover Car - Hyundai Kona 2018

The quirky look and the leverage gained out of an entrusted brand make Hyundai Kona one of the highly preferred cars in its category. The car has enough room and gains points in comfort, has a smooth engine and is feature-heavy that makes the Hyundai Kona an interesting car. Memorial Day brings a purchase deal on Hyundai Kona of 1.9 percent interest over a period of sixty months. Therefore, the attractive holiday offer further deepens the value for money and appeal of the car. 

4) Small Car - Ford Focus 2018

Small car segments make for economical and compact cars that serve the purpose of utility. The Ford Focus 2018 provides a powerful engine along with a good infotainment system at a pocket-friendly price. The Memorial Day deal on the car can help you to obtain a cashback of up to $4000. Thus, if you are a first-time car buyer looking for affordable and quality car options, Ford Focus 2018 is your best pick. 

Take it For a Spin

Memorial Day is celebrated in the regard of the fallen servicemen and is the official beginning of the summer season. If you are either buying your first car or planning to purchase a car due to its utility functions, a car purchase will always be a memorable experience on the Memorial Day. All in all, make sure you choose the right car which is in line with your requirements and your budget.

Are you ready to buy a car this Memorial Day? It’s best to obtain pre-approved car financing and avoid the troubles of seeking expensive credit. Apply with the bad credit auto loan expert for guaranteed auto financing. Get in touch today for quick no money down auto loan options.

What is the Right Way of Buying a Car?

Buying a car can take a toll you. The entire process of finding a lender for your chosen car can drive you up the wall. But, here’s the fact: Auto loans are a necessity. Cars have become very expensive and in order to buy a car of your choice, you need to deal with the financing process. Do not worry. With the right approach, finding an auto loan will be a pleasurable experience for you.

What goes Wrong? 

Car buyers spend days in finding the car of their choice. After meticulous research, endless discussions and several visits to the dealership, you select the car of your dreams. Then, you begin the car financing process and you select the very first deal offered to you. This is where you go wrong. 

Learn the Right Approach for Buying a Car! 

Buying a car is not like shooting in the dark. You need to have a well-thought strategy to get the best auto loan. If you proceed without much thought, you will not get the most beneficial deal. 

Step 1: Review your Credit Application

 

Every auto loan application includes your credit score, income, employment details and other personal information. Before submitting your application, step back. Check how well you fare on the lender’s criteria. Do you have a good credit score? Have you been at the same job for more than a year? Do you have minimum debt? If you are a less-risky and stable borrower in the eyes of traditional lenders, you will have no problem in getting an approval. If you have got bankruptcy or repossession in the past, there are chances that you may have to opt for dealership financing. 

Step 2: What’s the Type of Car you want? 

Don’t decide on the exact car make and model. For example, if you really like Toyota Corolla, don’t pin down the exact year of manufacture, color and specifications. List down a couple of cars that fit your requirements. Honda Civic, Chevrolet Bolt, Hyundai Elantra, Toyota Prius and many more similar compact cars are available in the market. Select the type of car that you want to buy and make a list of your preferred choices. 

Step 3: Apply for an Auto Loan

Now, is the perfect time to apply for an auto loan. Remember to apply with multiple lending sources to enjoy the best deal. Do not worry about hard hits on your credit report. According to Fair Isaac Corporation, if you obtain a loan within 30 days, multiple loan inquiries in relation to the specific loan will be considered as just one. It means no matter you apply with different lenders, dealers, or banks, your credit ratings will not take a hit. The tenure of 30 days can be reduced to 14 days if the lender uses the older formula. Also, it can go up to 45 days if he uses the latest one. 

It means you just have close to a month to seal the deal. So, it makes more sense to have a list of cars ready with you. Doesn’t it? 

Step 4: Analyze the Contract; Select the Car 

When you apply with different lending sources, you will get the benefit of choosing the most advantageous deal. Study the auto loan contracts in detail. Check for auto loan terms and penalties. Do not say yes just because you see low monthly payments. Do a thorough analysis. 

Do not worry if a dealer is offering you an auto loan deal. Dealership financing is fast becoming a reliable means for getting a car. Having a list of cars at your beck and call will help if you are approved by a dealer. In such a situation, if the dealer doesn’t have the best deal on Corolla, you can move on the next choice and close the deal quickly. 

Obtaining an auto loan is easy when you have a plan to follow. Do not say yes to the very first deal. Know your budget, understand your preferences and then apply with lenders to get the best deal. Remember that you do not need to spend a large amount of time on selecting a car, instead your focus should be on getting a favorable auto loan deal. 

Do you want a subprime lender to approve you for a loan? Are you interested in bad credit dealership financing? Find a reputed auto loan expert to guide you through the process of auto financing. Trust us to find you zero down auto loan approval in no time.

Tales of Credit: What is the Average Credit Score to Qualify for an Auto Loan?

Purchasing a car is a big decision in your life. Investment of money and effort are equally expended during the entire car buying process. However, all too often you will require a financial backing in order to make your dream car a current reality. Credit score plays a crucial role in determining the outcome of your auto loan application. Many a times, buyers neglect the importance of a credit score. However, the presence of a strong credit score can become a backbone in getting good interest rates as well as help you to obtain your dream car. 

What is the Average Credit Score for getting an Auto Loan? 

Typically, credit score ranges from 300 to 850. Amongst the various categories, if your credit score lies below 620, you will be regarded as a subprime consumer. A median credit score of 707 and above is the ideal fit that will ease your car financing process. Therefore, a credit score of 707 or more attracts lower interest rate and gives you the opportunity to make the most out of your auto financing deal. 

A Shift in the Lending Pattern: What does it mean for you? 

The lending patterns of the banks as well as lenders have seen a significant shift in the last two years. In a Bloomberg report, the Federal Reserve Bank of New York has declared that the median credit score for auto loans in the Q3 of 2017 was 705 as compared to 696 in Q3 2015. The data strongly suggests that online auto lenders are increasing their standards and scrutinizing the credit score before approving a loan request. Super-prime and prime credit consumers will enjoy good rate of interest as well as earn a higher probability of getting faster loan approval.

What Steps can you take to improve your Chances of Auto Loan Qualification? 

1) Stable Income & Employment

Income and employment are two important factors that will help you build creditworthiness in the eyes of the lender. Make sure you choose a car that you can comfortably pay off in regards to your current income. Additionally, the longer you have stayed at a job, the better your chances of loan approval. College graduates or first-time car buyers should be employed at the same place for at least six months to display stability. 

2) Repair any errors

Prior to walking into the car dealership, get a report of your credit score and check for any errors that may have gone unnoticed. Correct the errors before you apply for car financing. Also, make it a point to pay off your past debts and clear any risky venture that may diminish your chances of auto loan approval. Minimized errors and cleared debts will give you a greater leverage while negotiating your auto loan. 

Obtaining qualification for an auto loan can be an easy task, provided you are proactive before vising the dealership. Maintaining the ideal credit score will help you to get the best rates. And, it will ensure that you are able to pay off the loan easily. So, do not ignore the importance of your credit score. 

Remember the best way to prepare for auto financing is to keep your credit score in check and take preventive measures to improve it for a smoother auto loan approval. 

Buying a car becomes easy with a good credit score. But, not everyone has the advantage of a stellar credit history. If your credit score is below average, apply for a bad credit auto loan. Choose a reputed subprime car financing company to obtain car financing quickly. Apply now for guaranteed auto loan approval.

Tax Refund Edge: How can Tax Refund help in buying a Car?

Tax season is the time of the year when you are doing one of the two things; either filing your taxes, or applying for an extension. The pleasant surprise circling the tax season lies in obtaining a tax refund. Essentially, a tax refund is the money that you overpaid to the government, which is being returned back to you. As tax refunds are unplanned, many people view them as bonus and get ready to splurge. However, instead of spending it on extravagance, why not spend the money towards a fruitful investment? If you are looking to dump your old vehicle and buy a new car, tax refunds come in handy. 

How can Tax Refunds help you in fulfilling your Car Dream? 

1) Larger Down Payments help Credit Challenged Consumers

A good amount of down payment can work wonders for your auto financing. According to an Internal Revenue Service report of 2017, an average American obtains close to $3000 of tax refunds annually. An individual with a bad credit score can seek to entrust the lender by paying a hefty down payment amount. The seriousness of the deal increases in the eyes of the lender as your creditworthiness rises with a larger down payment. 

2) Pay off Existing Car Loan

Tax refunds serve as great means by filling in the finance for your previous car loans. You can do two things in order to lessen the burden of your debt. One, you can make a double monthly payment or clear your balance and attract low interest rates on your next auto loan. Second, you can refinance your existing car loan at a competitive rate. A tax refund will significantly help you in reducing your principal amount and thereby, obtaining lower interest rates.

3) Upgrade or Trade-in Your Current Car

Selling your car or trading it can increase the probability of getting your hands on a high-end new car. But, you cannot get a good deal on a car that demands maintenance. So, use the tax refund money for maintenance and repairs. Upgrade the car to increase its features, efficiency and vehicle lifetime years. It will help you in getting a favorable deal. 

Tax Refunds: Boons, Bonus & Bonanza

As unexpected as they may seem, tax refunds can come in handy when you need them the most. Your car purchasing and financing process can be simplified by wisely using your refund money. Be prepared while you go to a dealership and shop around a few dealerships before you settle. Tax refunds are annual so make the most of it in getting one step closer to your dream car. 

Make the most of your tax refunds by spending it on your car. And, if you have not received substantial money in the form of tax refunds, do not worry. Find an auto lender who will help you in obtaining low rate auto loans. By choosing a subprime auto loan expert, you will enjoy best rates and terms on your next car.

How to ascertain LTV Ratio on your Next Car Loan?

Are you ready to buy your dream car this year? If you have already shortlisted the model and are beginning the loan process, take a breather. It is not necessary that the lender will approve you for the total cost of the car. It is possible that you may have to lighten your wallet and pay a part of the total amount from your savings. Let’s understand how will the lender decide on your LTV ratio and how much money is he willing to lend you.

How does a Lender evaluate your Auto Loan Application? 

For a lender, deciding the lending amount is pure math. When it comes to deciding the LTV ratio, he will consider several factors and make a practical decision. Let’s understand the factors to use them to your advantage. 

1. Credit score

Everyone seeking an auto loan approval knows the importance of FICO score. Lenders check your score to understand your repaying pattern. Several late payments on your report can prove to be a red flag for the lender. So, check your credit report beforehand. If you fall into the category of a high-risk borrower, your loan approval amount may not cover the entire cost of the car. In such a situation, you must work with a lender who specializes in bad credit auto loans and seek approval on a larger loan amount. 

2. Loan Repayment Capacity

Once the lender analyses your credit report, the next step is evaluating your loan repayment capacity. It will give an idea of your current financial situation. The lender will use your monthly income and debts to calculate it. Experts suggest that the debt-to-income ratio should be below 40%. For example, if your monthly income is $5000, your total debt should not exclude $2000. If you have higher debt, the lender will reduce the loan amount to decrease the risk factor. 

3. Value of the Car

Don’t think lenders will forget the price of the car. If your credit score and income do not provide comfort to the lender, he may approve you for a smaller loan amount. Banks, traditional lenders and online auto financing companies take help of NADA, Kelley Blue Book and other online sources to determine the value of the car. When you are applying with the lender, discuss whether he will include the taxation costs, insurance premium and other miscellaneous costs to the loan amount. It will help you to calculate the amount that you will be required to pay out of your pocket. 

LTV Ratio: Is the Lender approving you for a Smaller Loan Amount? 

Car buyers with an impeccable credit score and good income enjoy 100%+ loan to value ratio. But, not everyone has a strong credit application. If you want to buy your dream car, you can pay the remaining amount in the form of a down payment. You can trade-in your old car to avoid paying cash to the dealer. Or else, you can discuss with the lender and request him to re-consider your application. Bringing a cosigner can help you in making a strong point. If nothing else works, buy a cheaper car. 

Remember that if you have plans of buying of your favorite car, do not let it remain a dream. Understand how the lender will consider your loan application and take calculative steps to prepare for the outcome. 

When you want to buy your dream car, you need to work with an experienced guaranteed auto financing company. Do not worry about your credit score or debt. Work with a bad credit auto loan expert to enjoy higher LTV on auto loans. Apply now; buy car without down payment.