What sort of reference requirements do dealers and lenders require when buying or leasing a car with an auto loan? We discuss what information you need for a...
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How to Use an Auto Loan to Rebuild Your Credit
In a recent article, we provided three steps to rebuilding your credit. One concept we stressed is having a mix of credit—both installment credit and revolving credit. Among the fastest ways to rebuild your credit, we said, is with a car loan. A form of an installment loan, it’s payable in monthly installments over a set number of months. And, that payment history is the way in which you rebuild your credit. There are three steps to this process 1. Getting Your Auto…
How to maximize your auto loan program
While auto loans often hold a prominent share of a credit union’s overall portfolio, some credit unions make the mistake of viewing indirect financing, leasing, and direct lending as entirely separate programs. This misconception makes it difficult for credit unions to keep up with member expectations and effectively capture auto loans. In order to maximize …
Lending Perspectives: Tips for making your auto loan approach COVID-19 proof
Last month, I shared my thoughts on the difference between our COVID-19 recession and The Great Recession from the perspective of the potential for auto loan growth in 2021. This month, I’d like to provide a checklist of sorts for your auto lending strategy. Indirect Lending If you’re a credit union making indirect auto loans, […]
What to Do if You Fall Behind on Auto Loan Payments
If you’ve lost your job or faced recent unexpected expenses, you may be worried that you’re going to fall behind on your auto loan payments. Ideally, you should take action before you miss a payment. As soon as you know that you can’t make an upcoming payment, get in touch with your auto loan lender …
How to create great auto loan campaigns with 6 free Google tools
You may be promoting your auto loan rates this summer and want to stand out from the pack. Why not promote your rates against a car that hundreds of thousands of people are searching for on a monthly basis? That’s right, I’m talking about promoting an auto loan campaign around a specific make and model …
New auto loan research: What you need to know
A recent study form Experian sheds light on the “new normal” when it comes to consumers and auto loans. The $500 ceiling for a car payment for everyday consumers is a thing of the past, with the new average monthly payment in first quarter of this year hitting a record high of $523. Payments aren’t …
How to capture your share of the auto loan market
In my previous blog post, I discussed how COVID-19 is impacting the auto lending industry. While industry analysts were not expecting 2020 to be a record year, with the widespread outbreak of COVID-19 in March, vehicle sales effectively dropped off a cliff, reaching their worst level, based on a seasonally adjusted rate since March 2010, […]
How to Refinance Your Auto Loan?
By Dean Shaw · On August 5, 2019 If you have a car loan, you might have found yourself in a situation where your monthly payments exceed your budget. That’s when refinancing an auto loan can come to your rescue. Usually, refinancing a car loan reduces your monthly payments and makes it easier to pay off that debt faster Before getting into the nitty-gritty of refinancing a car loan, let’s understand when is the right time to refinance your auto loan. When to…
Here's How Much Your Credit Score Impacts Your Mortgage and Auto Loan Rates
When you apply for a new loan, the most influential factor in determining your interest rate is your credit and, more specifically, your credit scores. Oth
RateGenius Auto Loan Review: How to refinance your car loan
This is my review of Rategenius! I think they're an amazing opportunity to help my viewers refinance their car and save money! MAKE SURE TO USE MY LINK FOR T...
Auto Title Loans in Phoenix
Cash-N-Go explains how interest rates work and how they pertain to Auto Title Loans in Phoenix, Mesa, Peoria, Gilbert, and Glendale.
How credit unions can grow auto loan originations post-COVID-19
The pandemic hit the U.S. hard in 2020, which caused financial difficulties for many households and businesses. The auto industry, like many others, took a big dip with sales falling to the lowest level since the Great Recession. Although the industry rebounded faster than expected, figures are still down compared to 2019. To stay competitive […]
Auto Loans Top $1 Trillion For The First Time In US History
With the Great Recession officially a memory for most consumers, Americans are both buying and financing cars. A lot , as it turns out, as auto loan debt has tipped over the $1 trillion mark for the first time in U.S. history. That figure comes care of the New York Federal Reserve, which estimates that on […]
What You Need to Know Before Getting Your First Auto Loan
Auto loans in O'Fallon can help you to pay off your first car over time while enjoying it immediately.
Why You Should Consider An Auto Title Loan
Learn about the benefits of a title loan and why you should consider an auto title loan if you are in an emergency and need mmediate cash.
Loan Zone: How to drive auto loans forward
Toby Hayes and his family were shopping for a new car a few months back. “We went to a dealership and never said anything about being a member of or working at SAFE Federal Credit Union,” explains Hayes, VP/marketing for the $1 billion CU in Sumter, S.C. “As we were picking out a car and finalizing …
3 ways to better market your auto loans
Rising competition in the auto lending industry and interest rates that continue to nose dive make it more and more challenging for lenders to stand out to new—and sometimes even existing—borrowers. While some things are beyond our control, like industry trends and economic cycles that impact interest rates and consumer demand, credit unions can find …
How Ally uses AI to approve auto loans
The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.
Tips on Finding the Best Auto Loan Rates
How to make your auto loans stand out from the competition
Have you ever asked yourself why people do business with your financial institution? When I ask our clients that question, the answers I get are usually: “We offer low rates on loans and higher rates for savings” “We give exceptional service” “We’re easy to do business with, have online and mobile banking, and offer free […]