Loans Automotive

Auto Loans Leader 1-800LoanMart the Latest Affiliate Partner Added to MyReviewsNow.net’s Online Shopping Mall

admin — Thu, 17 May 2012 21:58:20 +0000

People Can Now Easily Shop from Home for Auto Loans by Connecting with 1-800Loan Mart — the Latest Affiliate Partner in MyReviewsNow.net’s Auto Parts and Services Portal.

Las Vegas, NV (PRWEB) May 17, 2012

People who want to turn their car or truck into cash – but keep the title and ownership — can now get quick and easy auto loans by surfing to MyReviewsNow.net and connecting with the online shopping mall giant’s latest affiliate partner, 1-800LoanMart.

1-800LoanMart’s auto loans are ideal for people in California, Arizona and Nevada who need an infusion of cash to pay for unexpected expenses, such as replacement auto parts, health and medical bills, high interest credit card debt, and more. And to make life even easier, 1-800LoanMart’s loan application process is simple and quick, and can be initiated online in just five minutes.

“At MyReviewsNow.net, we’ve always focused on being so much more than a typical online shopping mall or auction site that only offers products and nothing else,” commented an Affiliate Relations Spokesperson from MyReviewsNow.net. “That’s why we feature incredible services, such as auto loans from our newest affiliate partner 1-800LoanMart. Now, people can pay for unexpected expenses such as auto parts, medical bills and more, and enjoy the convenience of being able to shop at home, work, a coffee shop, or anywhere else that their busy lifestyle takes them.”

Visitors to MyReviewsNow.net’s popular online shopping mall can find 1-800LoanMart in the Auto Parts Services Portal. They can also read helpful consumer reviews, and leave feedback based on their online shopping experience. Access to MyReviewsNow.net is always free, and there are never any registration hassles or membership requirements.

For more information or media inquiries, contact Lina Andrade at info@myreviewsnow.net. Press release issued by SEOChampion.com.

About MyReviewsNow.net

A virtual shopping mall of services, products and publications available online, MyReviewsNow.net is a business directory that sets itself apart from similar sites by offering both professional reviews and customer testimonials on the Internet’s hottest offerings in a fun, simple format that is easy for visitors to shop and enjoy.

About SEO Champion

SEO Champion was started in 1999 and is owner operated by Michael Rotkin, SEO Specialist for over 17 years. Michael Rotkin’s goal for his clients is to “own” keyword placements for the top 3 slots organically, so that his clients can earn a higher return on investment from their advertising dollars. Rotkin realizes the value of SEO over Pay-Per-Click campaigns, where click-throughs are generally more expensive and harder to convert into sales. SEOChampion’s intense work ethic can be seen in daily and weekly reports that show progress through organic keyword gain. This effort is the reason his SEO firm has been able to build a loyal client base for many years. Learn more at SEO Champion.

Lina Andrade
MyReviewsNow
702-462-6311
Email Information

Article source: http://news.yahoo.com/auto-loans-leader-1-800loanmart-latest-affiliate-partner-165052078.html

Student Loans And How They Will Affect Your Credit

admin — Thu, 17 May 2012 21:58:14 +0000

When it is time to go off to college, students are usually overwhelmed with the changes, including the idea of living on their own, their path of study, and if the college experience will change them. One thing that most students don’t consider is how their student loans will affect their credit.

Most students have to take on some sort of financial aid to attend college and more than likely that will include student loans. While many are aware that they will have to repay the loans, few of them realize how their student loans will affect their finances in the long run.

You Credit Score
Your credit score will play a vital role in your financial future, as it gives lenders a general idea of how financially responsible you are, how much you rely on credit and whether you make your payments. Using this and other related information, lenders decide if you are a good credit risk. This not only affects whether they will lend you money or finance your home, car or other items, but it could also determine whether you are able to get loans and financing at competitively low rates.

If you have a low credit score, you may not be eligible for loans without a co-signer that has good credit score, or the loans you receive may be at rates that are higher than what is available to people with good credit scores.

How Student Loans Affect Your Credit
Student loans have the same effect that most forms of debt have on your credit. If you make timely payments, your credit score will not be adversely affected. If you miss payments and payment deadlines, it could result in your credit score being lowered.

Repayment of student loans creates a challenge for many college graduates, as the repayment amounts are usually large when compared with the entry level salaries that they receive. It is even worse for those who are unable to find jobs. Consider that the U.S. unemployment rate is a staggering 8.1% and a significant amount of the unemployed are college graduates. It also doesn’t help that college is starting to become more expensive, with the price of college tuition rising faster than the average income for families.

Ways to Manage Student Loans
If it ever gets to a point where you cannot afford to make your loan repayments, you have a few options that can help to either suspend or lower repayments.

Consolidation
Consolidation is combining several loans into one so that you have one repayment to make instead of multiple repayments. Usually, repayment is lower, but you may have a longer repayment period. For federal loans, the Federal Direct Student Loan Program allows you to consolidate most federal loans. In the case of private loans, you can apply for a loan and use it to pay off multiple private loans, so as to consolidate the amount and roll multiple repayments into one. Caution: Before you apply for a consolidation loan, check the interest rate to determine if your repayments will be higher, and if it would cost you more in the long run.

Deferment
Deferring your student loans means that you postpone repayments until a later date, and interest does not accrue on the amount if the loan is subsidized. You are required to meet certain requirements in order to be able to defer your student loans, such as:

You must be enrolled at least half time in an eligible postsecondary school or studying full time in a graduate fellowship program or an approved disability rehabilitation program
You must be unemployed or meet our rules for economic hardship (limited to three years)
You must be in the Armed Forces

Forbearance
Similar to a deferment, forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments or extend the time for making payments. Reasons for getting forbearance include:

Illness
Financial hardship
Serving in a medical or dental internship or residency

With forbearance, interest continues to accrue at the rate at which the loan was made. You also are not eligible for either deferment or forbearance if you have defaulted on your student loans.

The Bottom line
Effective management of your student loans can help to build your credit score, and make you attractive to lenders. If you find that you are unable to meet payment deadlines or afford repayment amounts, contact the lender immediately and discuss alternative solutions. These can help you to effectively manage your credit score and reduce the burden you would face from bills that you cannot afford to repay.

More From Investopedia

Article source: http://finance.yahoo.com/news/student-loans-affect-credit-194342287.html

Susan Tompor: Consumers unsure about credit score

admin — Thu, 17 May 2012 15:55:26 +0000

Is someone’s age going to stop them from getting a top-notch credit score? Will whether you’re married, divorced or single be figured into the calculation of a credit score? Does race influence the score?

Far too many consumers give the wrong answer and say ‘Yes’ to those questions. Many incorrectly believe that a person’s age, marital status or ethnicity can boost or ding a credit score, according to a survey of consumer knowledge of credit scores.

Why’s that a problem?

“These consumers may well think it’s not worth the effort to improve their credit scores,” said Stephen Brobeck, the executive director of the Consumer Federation of America.

He may have a point. If you think factors beyond your control heavily influence credit scores, you may not be as diligent about paying bills on time.

A second annual survey of credit score knowledge was released this week by the Consumer Federation of America and VantageScore Solutions, whose credit-scoring model was created by America’s three reporting agencies.

In spite of gaining more knowledge in some areas, consumers still don’t completely understand credit scores. The survey showed:

• More than half think a person’s age and marital status are used to calculate credit scores.

Beep, wrong answer.

When it comes to age, though, the age of an account may influence a score. It may help boost a score to have a credit card account open for several years.

When it comes to whether you’re married or not, a joint credit card could influence a score, too. If your spouse charges too much or doesn’t pay the bills, for example, your score would be hurt if you’re on a joint account.

Co-signed accounts for auto loans, student loans, and credit cards could impact a score — depending on whether the bills are paid on time and if too much money is being borrowed.

• About one in five incorrectly believe that ethnic origin is used in calculating a credit score. Again, race and ethnicity aren’t calculated into a credit score.

“One of the strengths of credit scores is they only measure use of credit,” Brobeck said. “It doesn’t measure your skin color or your age or your gender.”

A credit score is designed to give lenders a way to measure the risk that a loan to a given borrower won’t be repaid.

Consumers can boost scores by consistently paying bills on time every month; holding down borrowing; avoiding even coming close to maxing out a credit card; paying down debt rather than just moving it around to new accounts for lower rates, and not opening many new accounts rapidly.

As college graduates head out into the job world this spring, it’s also important to realize that excessive amounts of student loan debt could hurt credit scores.

If a college grad becomes overwhelmed and gets behind paying bills, it can slam a credit score pretty hard.

“Can they realistically pay that once they get out of college?” asked Barrett Burns, president and CEO of VantageScore Solutions.

College grads may have been singularly focused on grade point averages for years, but their focus has to move to the credit score, said John Ulzheimer, president of consumer education at SmartCredit.com in Atlanta.

“New college grads will soon move into a new apartment, maybe even buy a car, open a new credit card or two,” he said.

But their access to credit — and ultimately the rates they qualify to get — will be in part based on their credit score.

“They’ll get a crash course in the importance of that 3-digit number,” Ulzheimer said.

The level of college loan debt — and how it could impact credit scores — remains a point to consider for high school seniors heading to college, too.

By now, many consumers know very well that a lower credit score drives up the cost of borrowing.

But again what does that really mean? How much extra money are we talking about? Many consumers do not know.

Only 29% of those surveyed were aware that a borrower with a low credit score is likely to pay at least $5,000 more over the life of a five-year, $20,000 car loan than someone with a high credit score.

The question is part of a test on credit scores at creditscorequiz.org .

Greg McBride, senior financial analyst for Bankrate.com, noted that in today’s rate environment borrowers with good credit can snag auto loan rates of 3% or lower.

At 3%, for example, the monthly car payment would be $359.37 and the total interest paid would be $1,562.43 on that five-year car loan for $20,000.

But if the rate climbs up to 12%, as it could with a low credit score, the payment would go to $444.89 a month and the total interest would be $6,693.34.

“The difference between good credit and bad credit is integral in whether you get approved for a car loan, and on what terms,” McBride said.

To be sure, there are other circumstances that lenders might consider when granting a car loan or making other loans, too.

A lender, for example, might take into account if a consumer has a higher down payment on a car as a way to override a credit score that’s too close to a cutoff for a certain rate on a car loan.

A credit score does not tell the entire story.

But it’s good to dispel myths, understand the financial costs of a low score — and find legitimate ways to boost that credit score over time.

More Details: Knowing the score on credit scores

• What’s a good credit score?

The answer will depend on which credit-scoring model is being used. In general, higher scores are better with most systems. Scores using the FICO scale, which range from 300 to 850, are usually considered good if they are over 700.

And scores using the VantageScore scale, which range from 501 to 990, are usually considered good if they’re over 800.

• Test your credit score IQ with a 20-question quiz online at creditscorequiz.org. The interactive tool was developed by the Consumer Federation of America and VantageScore Solutions.

• Why is your report important?

The Federal Reserve gives some details at federalreserve.gov /creditreports . The Fed’s Web site notes that lenders may review information on your credit report to decide whether you can get a loan and what rate you’d pay.

• New college graduates and other young adults want to make sure to review their credit reports. Mistakes made in college — such as ignoring a utility bill — hurt credit scores. Missed payments are one factor used to calculate credit scores. The more often you’re late, the lower one’s score. You can get one free credit report every 12 months from each of the nationwide credit bureaus — Equifax, Experian and TransUnion — at annualcreditreport.com or by calling 877-322-8228.

Article source: http://www.freep.com/article/20120517/COL07/205170617/Susan-Tompor-Consumers-unsure-about-credit-score

Ally’s U.S. auto lending operations not for sale, CEO says

admin — Thu, 17 May 2012 15:55:25 +0000

Ally Financial’s U.S. auto lending operations are “absolutely not” for sale, the company’s CEO, Michael Carpenter, said Tuesday.

Carpenter said the decision to place its mortgage arm, Residential Capital, into Chapter 11 bankruptcy, is designed to eliminate a business that has been a drag on Ally for years and improve Ally’s ability to repay U.S. taxpayers for loans received during the recession.

“We believe that combination of these actions is a very, very strong result for Ally and makes the prospects for the company substantially brighter,” Carpenter told analysts Tuesday.

ResCap filed for Chapter 11 bankruptcy protection Monday in a New York court.

Ally agreed to pay $750 million to help fund the bankruptcy obligations of ResCap and revealed it would bid $1.6 billion for certain ResCap mortgage assets. It also has put its international operations up for sale.

The company expects to remove more than a quarter of its assets from its balance sheet through the bankruptcy of subsidiary ResCap and the sale of its international assets.

Ally plans to shed about $34 billion in international operations and $15.7 billion in ResCap assets.

Without ResCap and international lending operations on its books, Ally would have about $136.6 billion in assets.

But analysts questioned whether the remaining business will have the financial strength necessary to compete.

“From a credit point of view, this is going to be as strong of a company as there is in the banking business,” Carpenter said. “I don’t think there is a better credit environment than auto loans in the U.S.”

General Motors CEO Dan Akerson said Monday that it is interested in acquiring Ally’s international operations, according to Bloomberg News.

GM declined to comment Tuesday on Ally’s U.S. lending business.

Ally was owned by GM and was known as General Motors Acceptance Corp.

It was sold in 2006 to private equity giant Cerberus Capital Management.

The company said the bankruptcy and the sale of international operations would allow it in 2012 to pay back one-third of the $11.7 billion it owes to the U.S. government.

The Treasury Department — which provided $17.2 billion in emergency loans to Ally, then GMAC, in late 2008 and 2009 — has recovered about $5.5 billion so far.

While Ally’s auto lending division has thrived, its mortgage arm has struggled.

Contact: Nathan Bomey at 313-223-4743 or nbomey@freepress.com.

Article source: http://www.freep.com/article/20120516/BUSINESS0101/205160330/Ally-s-U-S-auto-lending-operations-not-for-sale-CEO-says

GM Could Buy Ally Financial’s International Auto Lending Business

admin — Thu, 17 May 2012 15:55:22 +0000

General Motors confirmed that it is interested in acquiring some of Ally Financial’s international auto lending assets.

Detroit-based Ally said today that it would put its international operations up for sale in a move announced at the same time it blessed the Chapter 11 bankruptcy filing of its primary mortgage subsidiary, Residential Capital, which is shedding toxic mortgage assets.

GM CEO Dan Akerson told Bloomberg that the automaker would be the “natural buyer” for Ally’s international lending operations. A GM spokesman confirmed those comments were accurate.

That came as analysts suggested Ally’s foreign operations might be a good fit for GM. UBS Investment Bank autos analyst Colin M. Langan suggested GM could spend about $8 billion on Ally assets, although he said that could fluctuate.

“GM most likely would be interested in parts of Ally,” Langan wrote in a research note. “In particular, we’d rank their interest as follows: dealer wholesale, lease, international auto, and auto retail.”

UBS added: “There are long term benefits associated with owning parts of Ally. However, investors are eager for GM to return cash to shareholders and a potential Ally acquisition would likely delay these actions.”

A deal for Ally assets would be particularly ironic because Ally was previously known as GMAC, which was the financing division of GM until it was sold in 2005.

Ally received $17.2 billion in emergency loans from the federal government in 2008 and 2009 and has returned about $5.5 billion so far. CEO Michael Carpenter said Monday that Ally plans to pay back another one-third of the cash it owes the federal government by the end of the year, partly through the sale of international assets.

Article source: http://www.hispanicbusiness.com/2012/5/14/gm_could_buy_ally_financials_international.htm

Auto loan rates for May 17, 2012

admin — Thu, 17 May 2012 09:51:42 +0000

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Article source: http://ca.finance.yahoo.com/news/auto-loan-rates-may-17-070046981.html

How Greek economic woes could help US consumers

admin — Thu, 17 May 2012 03:47:50 +0000

Fears that Greece may default on its debt are spurring interest in US Treasury bonds, driving down interest rates on mortgages and auto loans – but not (alas) for credit card debt.

Ron Scherer, Staff writer /
May 16, 2012

Newly appointed caretaker Prime Minister Panagiotis Pikramenos (l.) shakes hands with Greece President Karolos Papoulias ahead of their meeting at the Presidential palace in Athens on May 16.

John Kolesidis/AP

Enlarge

NEW YORK

For the past three weeks, US interest rates have been falling.

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But, unlike normal times, it’s not because of actions taken by the Federal Reserve. This time, rates are dropping because of fears that Greece, which is still trying to form a government, will totally default on its loans.

So, as in the 2008 financial crisis, investors are looking for a safe haven in a storm. And, as in other times of trouble, they are moving into US Treasury securities, driving interest rates lower and lower.

TAKE OUR QUIZ: Can you manage your money?

For the US, there are ramifications for this flight to safety – most of them positive. Mortgage rates are now hitting record lows. Automobile loan rates are falling as well. And the cost of borrowing money for the US Treasury is also dropping, perhaps helping to lower the national debt. Whether the decline in interest rates might foreshadow something more sinister, such as a global economic slowdown, is still too early to know.

“Lower interest rates are a good thing,” says economist Richard DeKaser, deputy chief economist at the Parthenon Group, a consulting company in Boston. “But in this context, they are also symptomatic of heightened risk aversion, which means it could be more difficult for some borrowers to get loans.”

The lower rates are also coming at an opportune moment. Spring data indicated that the US economy had hit a soft spot. Employers slowed their hiring and business delayed some investments.

“It is nothing that appears to be serious,” says Fred Dickson, chief investment strategist at D.A. Davidson Co in Lake Oswego, Ore. “We’re just seeing a little pullback.”

By way of contrast, the last time interest rates got this low was last September when there were fears that the US economy was going into a second recession – a double-dip. Congress and the White House had just engaged in a stare-down over the debt ceiling which froze business investment. And the stock market was struggling.

Mr. Dickson says that part of the reason for the current drop in interest rates is capital flight from Europe. The president of Greece indicated on Tuesday that almost $900 million had been withdrawn from the country’s banks in a single day.

“It has to flow somewhere,” says Dickson. “The biggest ‘bank’ that can handle that is the US Treasury, which is kind of viewed as the universal bank of last resort.”

What that has meant in the US is that lenders are dropping their rates.

Article source: http://www.csmonitor.com/Business/2012/0516/How-Greek-economic-woes-could-help-US-consumers

Skip The Dealer And Hit A Credit Union For Your Auto Loan Instead

admin — Thu, 17 May 2012 03:47:47 +0000

flickr lucianvenutian

As economic hardship continues to keep Americans struggling with monthly budgets, looking to affordable auto loans can mean the difference between staying in the green or going deeper into debt each month.

A resource that borrowers are turning to more frequently are credit unions, like Pentagon Federal Credit Union, to keep them practical and savvy when financing a car.

Benefits of Credit Union Auto Loans

Buying a new or used car is a commitment that should not be taken lightly. Depending on the stage you’re in at the moment — whether you’re buying a car for the first time or simply want to take advantage of lower auto loan rates, you’ll have varying needs.

A common misconception is that dealership financing is the only route available for consumers, when in fact, credit unions are a practical and cost-effective approach to driving away in your dream car.

Pentagon Federal Credit Union is a great example of a credit union where you can find a number of smart auto loan options. They serve a range of needs that ensure you’re not paying extra for your vehicle unnecessarily.

New Auto Loans

Pentagon Federal Credit Union auto loans for new vehicles have flexible terms that compliment different monthly budgets and incomes, based on qualifying credit. Current rates for new auto loans are:

1.99% APR* up to 60 months
3.49% APR* for 61-72 months

Additionally, up to 100 percent financing is available and applying for credit union auto loans is made convenient via Pentagon’s online application form. At times, borrowers can receive a decision instantly, so you can make the right decision about your auto loan without delay.

Apply for an auto loan from Pentagon Federal Credit Union

This expeditious process by Pentagon Federal Credit Union provides qualified borrowers with pre-approved auto drafts, so that when you’re negotiating for your new car, you can demonstrate to sellers that you’re a serious buyer. The credit union offers up to $70,000 in financing for new vehicles, so consumers have a wide range to work with, if needed.

Used Auto Loans

For those who are interested in remaining frugal with their car purchase by considering a used car, credit unions also have affordable rates on pre-owned cars. With used auto loans, members of Pentagon Federal Credit Union still benefit from low auto loan rates like 1.99% APR for up to a 60-month term, in addition to the existing savings just by buying used.

As with the process involved when applying for a new vehicle, Pentagon’s used auto loans can be requested via their online application for up to $70,000 in financing. Unlike other institutions, Pentagon Federal Credit Union has no restrictions on what make or model year borrowers finance for, and can even get pre-approved if they qualify.

Refinance Auto Loans

If you currently feel stuck with an inflated interest rate from an existing auto loan, a credit union can get you and your finances out of this rut. It’s never too late to save yourself hundreds of dollars with a 1.99% APR auto loan rate for 60 months or a 3.49% APR interest rate for refinance auto loans of 61-72 month terms.

Refinancing your auto loans through Pentagon Federal Credit Union can save money by lowering monthly payments and reducing the overall interest you’ll owe over the life of the loan. You can even refinance up to 100 percent of the purchase price and receive an immediate decision on whether or not your qualify.

Saving Money on Auto Loans

Interest rates on auto loans vary from institution to institution, so keeping yourself aware of current rates and the offers available is key when financing a vehicle. Some Americans erroneously believe that undergoing pre-approvals or refinancing is too tedious a task, but with credit unions like Pentagon Federal Credit Union borrowers have a lot more to gain by taking a few minutes to do their homework.

Article source: http://www.businessinsider.com/why-you-should-skip-the-dealer-and-hit-up-a-credit-union-for-your-auto-loan-2012-5

Ally’s U.S. Auto Lending Operations Not for Sale, CEO Says

admin — Thu, 17 May 2012 03:47:46 +0000

(Source: Brent Snavely and Nathan Bomey Detroit Free Press — Ally Financial’s U.S. auto lending operations are “absolutely not” for sale, the company’s CEO, Michael Carpenter, said Tuesday.