Have you ever wondered what goes into calculating your monthly car payment? Generally, it’s a straightforward process influenced by three key factors: the loan amount, interest rate, and loan term. Specifically, the loan amount is the total price of the car after...
Curious about the average car payment in 2024? For many drivers, monthly payments are a significant factor in car ownership costs. This year, the average payment for a new car is around $700, while used car payments hover closer to $500. These averages can vary...
When it comes to buying a car, preparation is key. One of the smartest steps you can take is getting preapproved for a car loan before heading to the dealership. But what exactly does preapproval offer, and how can it make your car-buying experience smoother and more...
Are you curious about how to get a pre-approved car loan without impacting your credit score? This concern is common among potential car buyers, as traditional loan inquiries can lead to a dip in your credit rating. Fortunately, options exist that allow you to explore...
When purchasing a vehicle, one question many buyers have is whether they can finance the taxes and fees associated with their auto loan. The good news is that in many cases, lenders allow you to roll these additional costs into the total loan amount. This option can...
Negative equity occurs when you owe more on your current car loan than the vehicle’s current market value. This situation can complicate the process of financing a new car because the outstanding balance on your old loan doesn’t just disappear. Instead, the remaining...
When applying for an auto loan, it's essential to understand the difference between the interest rate and the Annual Percentage Rate (APR). The interest rate represents the cost of borrowing money, expressed as a percentage of the loan amount. This rate only reflects...
When deciding between leasing and financing a car, it’s important to understand the key differences between these two options. Leasing a car is much like renting—it allows you to drive the vehicle for a set period, typically two to three years, with lower monthly...
Paying off your auto loan early can be a smart financial move, but it's important to understand if there are any penalties involved. While many auto loans allow for early repayment without any additional fees, some lenders might include a prepayment penalty clause in...
When applying for an auto loan, the interest rate you receive is influenced by several key factors. Understanding these factors can help you better prepare and potentially secure a more favorable rate. One of the most significant determinants is your credit score....
Welcome to today's video blog! We're diving into an important topic for anyone considering a new car purchase: GAP insurance. If you're unfamiliar with it, GAP insurance covers the difference between what your auto insurance pays out and what you still owe on your car...
Applying for an auto loan can seem daunting, but having the right documents on hand can streamline the process and increase your chances of approval. The first crucial document you'll need is proof of income. Lenders want to ensure that you have a reliable source of...
Introducing our newest video blog: "Can I Get an Auto Loan with Disability or Social Security Income?" The journey to securing an auto loan can be particularly challenging, especially if your primary income source is disability or Social Security payments, and if your...
Introducing our latest video blog: "Can I Finance A New Car with Bad Credit?" In today's auto financing landscape, opportunities abound for individuals with less than perfect credit scores. Specialized dealerships are emerging, focusing on providing auto loans...
Today's topic: understanding how auto loan lenders calculate Debt to Income Ratio (DTI). DTI plays a pivotal role in determining your financial standing when applying for an auto loan. Put yourself in the shoes of a lender for a moment. The initial step they take is...
Welcome to our video blog, where we talk about considerations for individuals considering co-signing an auto loan. Co-signing a loan, particularly for someone with poor credit, is a significant financial commitment that requires careful understanding and...
Welcome to our video blog, where we explore the intricacies of Credit Disability Insurance and its relevance to auto loans. For individuals securing low-credit auto loans, the option of credit disability insurance emerges as a consideration worth deliberating. Credit...
Introducing our latest video blog: "Can I Raise My Low Credit Score With An Auto Loan?" If you've been contemplating a new car purchase but are concerned about your credit score, fret not. In this insightful video, we delve into the possibility of not only acquiring a...
Welcome to our latest video blog, "How Does Credit Repair Work?" If you've ever wondered about the intricacies of credit repair, you're in the right place. Let's dive into the basics. Following a bankruptcy, it's common to receive solicitations from credit repair...
Welcome to our video blog titled "Should I Get An Extended Warranty?"—a straightforward exploration of the considerations surrounding the decision to opt for an extended warranty when purchasing your next vehicle. Many individuals grapple with this question,...
Welcome to our latest video blog titled "What's A Good Credit Score When Applying for an Auto Loan?" Today, we dive into the crucial topic of understanding credit scores in the context of securing an auto loan. If you've ever found yourself pondering what constitutes...
Curious about using your old car as a down payment for a new one? Join us in our latest video blog, "Can I Trade In My Vehicle As A Down Payment?" as we dive into the criteria that determine whether your trade-in can become a valuable asset in securing a loan....
Planning to invest in a used car? Buckle up for our latest video blog, "How Do I Check the Full Vehicle History on a Used Car." Discover the crucial first step in ensuring your peace of mind—obtaining a comprehensive vehicle history report. Learn why these reports...
Are you caught in the intricate web of car trading, especially with the added challenge of poor credit and a bad credit auto loan? In this video, we'll unravel the complexities surrounding a common concern: negative equity. As we explore the nuances of trading in a...
Exploring the world of auto loans while self-employed with poor credit? Our latest video, "Can I Get An Auto Loan While Self-Employed With Poor Credit?" is here to guide you through the crucial steps in navigating this financial landscape. When it comes to securing an...
Introducing our video titled "How can I save money on my car insurance?" In today's world, managing your finances effectively is crucial, and one area where you might be able to cut costs is your car insurance. In this video, we'll provide you with practical tips and...
Welcome to our blog post about Forced Placed Insurance when it comes to auto, which might be a new term for some of you. Imagine this: your car doesn't have insurance, and your lender wants to make sure they're protected. They get a special kind of insurance called...
Credit reports are an integral part of our financial lives, influencing everything from our ability to secure loans to the interest rates we receive on credit cards. But what happens when you've experienced a car repossession? For many, this can be a distressing...
Welcome to our video, "How Do Down Payments Work for Auto Loans?" Today, we'll unravel the importance of down payments in the world of auto financing, particularly when your credit history isn't pristine. Auto lenders commonly request a down payment, whether in cash...
Ever wondered what's in your credit report? Your credit report is more than just numbers; it's a comprehensive narrative of your financial journey. From payment trends to account balances, work history to transactions – it's all captured here. In this enlightening...
Unlocking the Mystery of Credit Bureaus: Dive into the world of credit reporting agencies with us! Did you know that these behind-the-scenes powerhouses play a crucial role in shaping your financial journey? Let's break it down: A credit bureau is like a data wizard,...
Welcome to our video called "What Are the Total Monthly Expenses As A Car Owner?" Having a car is convenient and gives us the freedom to travel, but it also means we have to spend money on various things. In this video, we'll talk about the important parts of being a...
Today, we'll shed light on an essential concept that plays a crucial role in the lending industry – "Loan-to-Value" or LTV. Whether you're simply looking to understand the intricacies of borrowing against an asset or looking for auto financing, understanding LTV is...
In the world of personal finance, there are few things as worrisome as the thought of damaging your credit score. It's a three-digit number that holds significant sway over your financial opportunities, determining whether you can secure loans, obtain favorable...
Are you wondering "how can I improve my credit score"? Well, welcome to our comprehensive video guide on improving your credit score, where we unravel the mysteries of this crucial financial metric. Your credit score is more than just a number; it's a key that unlocks...
Owning a reliable vehicle is often a necessity rather than a luxury. However, the idea of purchasing a car may seem daunting or even impossible for those facing the challenge of bad credit. Enter Onyx Financial, a leading financial institution specializing in...