Pierre Money Mart Blog

New Car Loan Rates are Low!
New car loan rates are not getting any lower. If you are looking for new car finance, get cheap new car loan interest rates online. New car financing options such as getting a car loan or leasing a car is getting to be ever so mind-boggling. With all the lease and discount new car loans out there it is an ever ending battle to keep up with the very best car deal. Try our new car loan calculator to find your best deal on your next new or used car. Even with a bad credit new car loan, our new car calculator will estimate how much you need to finance on your next new car.

Auto Loan for Bad Credit Approved Fast!
Fill out our free on-line auto loan application today. Our professionally qualified auto financing specialists will assist you in obtaining the best possible auto loan with competitive rates and terms. Our nationwide group of auto dealers have financing programs for bad credit auto loans and are prepared to get you approved today. With our tailored approach for an auto loan for people with bad credit each applicant is assured the best auto loan or car loan financing possible. Regardless of your past credit history, our experts can help. Your car loan application will be processed by the financing center nearest you within minutes, during normal business hours.

Auto Loan Monster – Frequently Asked Questions
Question: “We had a discharged bankruptcy last August. How to I find dealerships that help people with past credit problems. I know our credit has improved a lot since last year.”
Answer: You can apply online and your application will be processed by a dealership in your area that specializes in auto financing after bankruptcy. If you would like to apply directly with the dealership please email us your zip code and we will send you the contact information for the local dealer.

Question: “Can a person who has filed for bankruptcy, still get an auto loan? And if so, how long must a person wait after filing chapter 7 before they can get an auto?”
Answer: In some cases you are eligible for financing after the initial meeting of your creditors (341 meeting, first court date). In every case you are eligible immediately after the bankruptcy is discharged.

Question: “I would like to know what credit reporting agency you use to pull credit reports. Also, is there a minimum beacon score you must have to qualify for a loan? I do not want to pull my credit report if not necessary.”
Answer: The authorized dealer in your area will generate a credit inquiry to determine which lender programs you qualify for. The reporting agency used varies by location. Also, the lender that your application is submitted to will also generate an inquiry. Most lenders now use a service that merges all three major credit reports. The authorized dealer in your area has access to lenders that ignore the credit score on the credit report. If your score is less than 525 (average), however, your bad credit auto loan request would be limited to these lenders.

Question: “Hello, I have found the vehicle that I wish to purchase, but am having trouble securing an auto loan if not purchasing from a franchise dealership. The dealer that I wish to buy from is licensed, but it is a private dealership. Can you help?”
Answer: The lenders within our network are indirect lenders. That is to say they only provide loans through their dealer partners. In your case we would be limited to the lenders availed to the independent dealership that you mentioned.

Question: “A dealer called me to say that I could be financed there. Are my choices limited to one dealer? I have a bankruptcy discharged in May and want to reestablish credit but do not want more queries on report.”
Answer: For quality control and monitoring we limit the number of dealers in each area. We do have multiple dealers in most major metro markets. In either case your auto loan request is processed by the closest dealer. In the past we listed the dealerships name, phone number, and contact person on the site. Unfortunately we had to remove them after receiving numerous complaints from our special finance managers within the dealerships that they were receiving far to many telemarketing calls from online marketing companies.

Question: “I would like to apply for a loan for a purchase at a local non-franchised dealer. Will this be a problem?”
Answer: If you apply with us we cannot process you loan though every dealer. Our dealer network is limited to maintain the quality of our service. Provide us with the name of the dealership and we’ll let you know if they are part of our network. Nationwide, however, we only have a handful of independent dealers within our network.

Question: “I have a question regarding a local dealer. I have a car picked out but I’m not sure how your loan process works. If I get approved do I have to use a specific dealer or can I go to the one I already am interested in?”
Answer: We work within a network of indirect lenders. Your local dealer would actually be the one processing your car loan. If you are looking for a lender that would provide funds for you to purchase from the specific dealer you mentioned you should search for a direct lender or let the specific dealer process your loan. We have not had success finding a direct lender that does a decent job with bad credit financing nor have we had luck convincing dealers outside of our network to sign up with the indirect lenders that do a good job lending to people with credit problems.

Question: “I wanted to know if you do in home financing and if so what are the requirements. I don’t have good credit.”
Answer: We do not originate loans. Most lenders that provide financing for people with sub-prime credit are indirect lenders and only purchase finance contracts from licensed auto dealers. There is not a lending program that offers Direct Loans to people with high risk credit that we recommend.

Question: “Do you have any no money down loans that would require not even tags and taxes to be given at time of purchase? My son is 18 and has no credit and needs a car but we don’t really have tax or tag money.”
Answer: There are no money down programs. It is unlikely that your son would qualify by himself. If he applies on his own he would most likely fall into a First Time Buyer program. Most FTB programs require at least 15% of the sale price, not including taxes. If a parent with fair credit was listed as a co-buyer you should qualify for a zero down program.

Question: “Do you finance 100% on a new vehicle? I don’t have money for a down payment.”
Answer: There are zero down payment lending programs. You may also qualify for lending programs that require a down payment if you are purchasing a new car with a rebate or you have a trade in, regardless of it’s condition. New car leasing for the most part you will need somewhat of a downpayment.

Question: “My credit score is 534 with a voluntary repo. I will have a co signer with a cosigner with a score of 550. I am willing to put money down but need 30 days to come up with it. I need to get the vehicle today.”
Answer: The information provided is not enough to determine if you would qualify for a loan. As far a the down payment, differed down payments (30 days) have to be disclosed on the finance contract to comply with the Truth in Lending Act. If it is not it is considered an attempt to deceive the lender. Most lenders do not allow differed down payments. Based on the information you provided I would guess that you would not qualify for a zero down payment program.

Credit union members are owners and decision-makers that have a say in their financial institution’s actions. They elect a board of directors to provide leadership and ensure that members’ views are represented.

Being an owner also means sharing in the credit union’s success. Many credit unions distribute patronage dividends to members in accordance with prudent business practices.

Democratic member control is one of seven international co-operative principles which guide credit unions as we put our values into practice. The other principles are member economic participation. autonomy and independence; education, training and information. co-operation among co-operatives, and concern for community.

Credit unions belong to a large co-operative network, provincially, nationally and internationally. Although decisions are made locally, this network enables credit unions to provide members with a full range of financial products and services.

Credit unions belong to a large co-operative network, provincially, nationally and internationally. Although decisions are made locally, this network enables credit unions to provide members with a full range of financial products and services.

Credit unions belong to a large co-operative network, provincially, nationally and internationally. Although decisions are made locally, this network enables credit unions to provide members with a full range of financial products and services.
The full guarantee is made possible through a comprehensive deposit protection regime that is focused on prevention.

Regulatory requirements are put into place by Credit Union Deposit Guarantee Corporation to ensure that credit unions are operating in accordance with Standards of Sound Business Practice and to ensure that there is always an adequate level of capital held at the credit union level to effectively manage business risks.

Through ongoing monitoring of credit union performance the in-system regulator is able to identify potential risks early and clearly communicate any preventive action necessary in a credit union to protect deposits.

Good debt helps you build assets that produce income. Bad debt drains your cash without providing future value. Let’s see tha various types of debts in the following section in detail.

Good Debt:

• Home Loan: A mortgage loan is generally considered good debt. Property is a good investment when it appreciates in value. Mortgage debt is particularly good for those who buy bargains, fix them up, then resell at a profit. Mortgage interest can be tax deductible.

• Student Loans: Student loans are also considered good debt. College graduates earn 73% more than high school graduates, and advanced degree holders earn two to three times more than those with a high school diploma. Interest on student loans is generally deferred until 6 months after graduation, and interest can be tax deductible.

Bad Debt:

• Vehicle Loan: Vehicles tend to depreciate over time, especially those shiny new ones driven off the lot. Most new vehicles depreciate 20% in the first year, putting these loans in the bad debt category. However, sometimes this “bad debt” makes it possible for you to produce income, for example traveling to a job where you earn more money. You may justify having this debt, but you can probably get to work in an economy car just as easily as you can in the luxury vehicle of your dreams.

• Credit Cards: It’s no surprise that credit cards fall in the bad debt category. If you carry a balance from month to month, you’re paying more for your purchases than the original price tag. Some experts say you’re paying up to three times more, if you only pay the minimum balance due each month. Items purchased using a credit card generally depreciate in value, so you’re taking a double hit on this purchase.Credit cards can also be valuable tools to help meet short-term and unexpected needs. For example, it might be wise to take advantage of a limited-time sale on new car tires, knowing that you will payoff the card balance next month with your tax refund. The key is to match the purchase with a source of repayment. This “bad debt” turns into “not-so-bad debt” when you pay off your balance each month.

Things to considered while buying a new car :

Which Car Do I Want? What Car Do I Need? – What does your vehicle need to do for you? What are the available choices and options? We review the various types of car, truck and hybrid; safety features; front-wheel versus rear-wheel versus all-wheel drive; stick versus automatic transmission; optional equipment; and other considerations. Here’s where you begin to sort through the huge variety of automobiles available, narrowing the choice down to a few categories.

How Much Can I Afford? – The down payment and the monthly installment aren’t the only costs of owning an automobile. We show you how to anticipate the hidden expenses. To see what money you can realistically afford to put into your car, make a budget early in your car-buying quest. If you need to finance, use a payment calculator to see how changes in rate, purchase price, term, and down payment can reduce your loan payments.
Using Internet Resources - Valuable shopping advice and price information online helps you refine your choices further. You become an expert on the cars on your list: what options they come with, what they go for in your area.
New or Used? – Although new car prices average $25,500, it’s easy to find a like-new car for substantially less money. Why buy new? The benefits and drawbacks of both new and used vehicles.
Financing Options – To get a good deal, get the financing first. How? Loans and leases involve renting money.
Locating a Good Vehicle – To be a smart car-buyer you need to comparison-shop. There are hundreds of places to look for new and used vehicles: here’s where to find them.
Dealing With Dealers – For a hands-on look at your choices, this is the time to visit the car lots. How to choose a dealership and handle the salespeople. Dealer slang defined.
Taking the Test Drive – The test drive comes WAY before any negotiation on price. You’re here to experience for yourself how different makes and models handle and perform.
Final Vehicle Selection – List down the choices, compare it and figure out a reasonable price.
Mechanic’s Inspection – If a previously-enjoyed vehicle makes your final cut, don’t make a $10,000 mistake! A thorough mechanic’s inspection is the best protection against buying a used car with costly, hidden problems.
Warranties – The plusses and minuses of extended warranties. Unless you’re prepared to pay for the very best policies from a highly rated company, we find them more trouble than they’re worth.
Maintenance – The dealer’s service department or your independent mechanic can provide reliable service and spot problems before they turn into disasters, if you visit regularly.

What is a Credit Score?

credit score is a numeric representation of your creditworthiness. Numerical weights are placed on different aspects of your credit report, and a mathematical formula is used to arrive at a final score. Credit scores are one of the primary tools a creditor uses when determining whether to lend money to you and at what interest rate.

Consumers everywhere are routinely accessing their credit reports as part of their overall financial management. Some keep track of open lines of credit, credit limits, and rates, while others review credit reports to safeguard against identity fraud. In any case, the growing demand for credit reports has resulted in more report options for you.

Some of the credit score options provided by the service companies are,

• Single Credit Report :consumers can request one free credit report from each of the three credit reporting agencies every 12 months. Each agency could have different information, so you may want to stagger your requests from each agency during a 12-month period.

• 3-in-1 Credit Report : A single report showing side-by-side information from all three credit bureaus.

• Report, Score, and Debt Analysis: A single report, credit score and debt analysis.

• ID Fraud Watch: Immediate notification of report changes, weekly e-mail fraud alerts, quarterly access to credit report, and ID theft insurance. Also includes your credit score and debt analysis.