Happy New Year to all of our customers, from the Approval Centre’s team.  We wish you and your family all the best in the coming year, and we look forward to serving you in 2011.

No Credit Car Loan

no credit car loan

If you are in the market for a car loan but have bad or no credit, it’s important for you to be aware of how your credit situation affects your car loan. Having bad credit or no credit doesn’t mean that you can’t get a car loan, especially when you work with one of our dealerships, but it may mean that you have to compromise on the type of car that you get or the type of loan that you get. Here are a few things we think you need to know about credit if you are interested in getting a bad credit or a no credit car loan:

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Making a Car Bargain

Take control of the bargaining process. You control the deal when you handle it in the following order:

1. Get pre-approved

Avoid hassles over financing and focus on prices and rebates by getting your loan pre-approved. Tell the loan counselor the type of vehicle you want and the amount you want to borrow. Remember that tax, title and tags will add to the price, so actor those costs in. When your loan is approved, you’ll get a“ not to exceed” Navy Federal draft you can use just like cash when you go car shopping. The draft is good for up to 60 days.

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FICO score Increases by Paying on Time

Today, everyone seems to be concerned about his or her credit score. Lenders and credit bureaus have made it apparent that the FICO score, whether the new VantageScore model or the FICO score model, is a essential part of determining whether or not to offer credit to a consumer. The score is a distillation of quite a few factors that make up a consumer’s credit rating and it allows a loan provider to see, instantly, if the would-be borrower is worth the loan.

Not only will a high FICO score make it more very likely that a consumer will get a loan, but the score will also help decide whether that loan will be granted at a good rate of interest. The ideal interest rates are given to those with the ideal scores, and those with lower scores will need to pay higher interest rates and expenses. For this reason, many consumers are excited about knowing how to improve their scores, and there is not a shortage of institutions that are willing to provide advice on that topic for a fee.

But the one thing that every consumer can do to increase their credit score is simple to do and costs nothing – pay bills in a timely manner. It may seem both easy and apparent, but a history of paying bills promptly is very important to creditors. After all, the decision regarding whether or not to grant a loan is based in part upon whether or not the loan provider expects to be paid back. The more likely the consumer is to repay, the less likely he or she will be to default.

How a consumer has historically paid bills makes up 35% of the credit scorefFICO score. More than one third of the score is devoted to whether the bills were paid on time or paid at all. No other portion makes up as big a portion of the score, and for great reason – lenders desire to be repaid! That said, the easiest and most affordable way to start improving a FICO score is to create a concerted effort to pay bills on time. It is more favorable to remit even a minimum payment on time than it is to pay too late and in full. With Internet bill paying becoming more and more common, it’s possible to plan bills to be paid automatically, which can be of tremendous benefit to those consumers who aren’t too planned and occasionally just forget to pay.

This is one of those cases where the most highly effective solution also happens to be the cheapest, and this solution is free. If you wish to see your FICO score increase, make sure that your bills are paid promptly.