Quick Cash Auto Blog

Most auto loan contracts are secured, meaning the vehicle is used as collateral. Collateral is property your lender can take possession of if you default on your payment. You can also offer another piece of collateral to obtain a loan approval. You must own the property you offer to secure your loan.

Other forms of collateral include a home, land, boat or motorcycle. With poor credit, you might obtain a loan approval by offering the car and additional property as collateral. If you don’t have poor credit, you might still be declined for an auto loan because of lack of income, inability to prove income or because of your debt-to-income ratio. Your debt-to-income ratio is the amount of money you make compared to the amount of debt you pay each month.

If you’re offering a piece of collateral in addition to a vehicle, your lender might be more lenient with your credit and approval process. Expect to provide your Social Security Number, date of birth, address, employment and income information to your lender for approval, even when offering other collateral. Most lenders require at least two years of verifiable employment and address history, although your lender might offer some leniency if the value of your collateral exceeds the value of the vehicle. In this case, you might not have to prove your income at all.

Offering another form of collateral in addition to your vehicle might be the only way some borrowers can obtain an auto loan. Interest rates for secured auto loans are lower than those offered for unsecured loans. You can also choose longer term options for secured auto loans; some lenders offer up to an 84 month term. If you default on a secured auto loan, your lender can repossess the vehicle or take your collateral to collect the vehicle’s value, a disadvantage of a secured auto loan.

If you want a loan without using a vehicle as collateral, pursue a personal loan. Personal loans provide higher interest rates than secured loans, but don’t require collateral. You can also use a home equity line of credit for your purchase. If you pursue an unsecured loan, you don’t have to purchase and maintain a full-coverage insurance policy on your vehicle during the term of the loan, a requirement of most secured auto loans. If you default on an unsecured auto loan, the lender will not repossess your vehicle.

With a little effort and time spent on taking care of your car, your prized possession can be the subject of envy amongst your friends. It’s not very difficult to keep your vehicle looking good, though most would not have it believed. With regular care, a car as old as even 15 years would look just out of the showroom, whereas, one that is barely 3, can be in mutilated shambles with no care at all. The point to drive home is to invest in as much care with the car exterior, as you would with the car interiors/engine or transmission, if you are planning to keep your car longer and in good shape for years to come.

The basics to begin with taking care of car body would include:

• Car Washing – Things like bugs, bird droppings, etc, can play havoc with your car paint, leaving permanent damages on the car body. When the car is dirty, moisture accumulates in dirty areas, causing corrosion. It is recommended that you use pressure wash at least once in a month, which helps to remove the dirt from difficult-to-reach places. Regular washing lends a squeaky clean look to your car, besides preventing damage. Washing is the quickest way to get rid of dirt, salt and sand which, when left unattended can leave scratches on the car body surface.

• Polishing and Waxing – Waxing shields car paint from harsh environment, protects it from fading, and gives it a shiny look at the same time. A good quality car wax usually stays on the car body for a good three to four months, and then needs to be reapplied. It takes about 30 minutes to wax a whole car.

• Rustproofing – Rustproofing and undercoating help protect the car body from corrosion when driving is common in ‘rust belts’ with high humidity and lots of salt on the roads, especially in winters. Corrosion of important car components can lead to mishaps and accidents, if not corrected in time.

• Repairing stone chips – Cars tend to accumulate stones and chips on the road, which later get embedded on the car surface and require immediate removal to prevent corrosions. It is best done with car spray paint and a long tapering stick, which needs to be dipped into the paint. To repair stone chips, one needs to carefully fill up the chip without damaging the paint.

• Removing marks – Marks and scratches are best treated with ultra-fine grit or waterproof sandpaper, polishing compound containing mild abrasive, and car wax. Polishing compound is used where the clearcoat loses sheen due to sandpaper rubbing. The car wax helps to wash out all the polishing compound and buffs the area. Post the treatment, dents/scratches and marks are only barely visible.

Everyone yearns to be the owner of a car that is in good shape and condition even after years of rugged use. One can enjoy the luxury of boasting of a well-maintained car if he chooses to spare some thought, time and effort on the car-care tips mentioned above.

As much as car dealerships and used car salesmen are poked fun at, when it’s time to buy a car – whether new or used – many people end up at a dealership by default. Car dealerships can be great places to get either new or used vehicles and there is no reason to fear them. It is, on the other hand, a good idea to come prepared. Here are a few tips you can use the next time you find yourself at a dealership.

Find Out the Invoice Price
Do some footwork before you even go into the dealership. Decide on a few models that you may be interested in and research their invoice price or blue book value online. Once you know this base number that the dealer will definitely not go under, you will be better equipped to negotiate a happy medium between that number and the sticker price.

Shop Around
Phone or email a few dealerships to find out which of them carries the model you are looking for and at what price. Getting price quotes on the phone or via email beforehand relieves a lot of the pressure that showing up in person to a car lot can generate. Once you’ve found the best starting price in town for the model you are interested in, you are ready to make an appearance.

Make a Date
Setting up an appointment with the dealer shows him or her that you are the kind of person that plans ahead and that you mean business. Make sure you are on time for your appointment. The first thing you should do when you arrive is to state in no uncertain terms exactly how much you would like to pay for the car you are considering. You’ve done your homework and you came prepared, now take control and stay in control.

Test Drive
Taking the vehicle out for a spin is especially important when buying a used car. If you can bring a mechanic or knowledgeable friend along to listen for quirks, do so. Check underneath the car for any stains on the pavement that may indicate leaking fluids. If one headlight is brighter than the other or if the edge of the hood doesn’t make an exactly straight line where it meets the body of the car, the vehicle may have been crashed and repaired. These things are not necessarily deal breakers but they’re good to know and may give you some price leverage.

There are a number of reasons why you may choose to sell your car, but your ultimate objective is to get the most money possible for what your car is worth. It is wise to keep in mind that selling your car means you will probably find yourself faced with a request to lower your asking price on the car. Before this situation even comes up it is wise to do a little research and find out exactly what your car is worth.

1. Determine the Estimated Value of a Car
The first step to determining what your vehicle is worth is inquiring to find the Galves value of the car. This will give you a general idea of the estimated value. Navigate the site to determine the worth of your car according to make, model and year that it was manufactured.

2. Factor in Aesthetics of the Vehicle
What a car looks like is always a driving factor behind the decision to purchase. While there are certain things that can diminish the value of a car automatically, such as using the ashtray, it is also important to keep it clean and presentable when it is time to make the sale. Taking time to clean the interior and wash the car before presenting it to a potential buyer can make the first impression a positive one.

3. Don’t Forget About Repairs
Any car that hasn’t been serviced recently is likely to need a repair or two. In fact, go ahead and assume that your potential buyer will bring a mechanic or someone with auto knowledge to inspect the car before making a decision to purchase. If there are any damages done to the car he or she will probably notice, so factor these things in before setting your asking price. In fact, you may even want to have your own mechanic take a look under the hood before listing the car for sale to ensure that you already know what the current condition of it is.

Whatever the reasons, making the choice to sell your car doesn’t have to be a long and painful process. As with any selling project, the key to success is taking time to plan and figure out the details before proceeding with the sale. Not only does this ensure that your buyer is satisfied with the purchase, but it will also help to eliminate any unnecessary complications and achieve the best price.