Tag: used cars

Co-Signing a Loan – Should you do it if someone asks?

Everything You Need to Know about Co-signing a Loan

Co-signing a loan may be a requirement by the lender when giving loan. This is the act agreeing to pay the debt if the borrower fails. Individuals with good credit score are often asked by their friend or a family member to co-sign. Although, you are willing to help; you must also be aware of its multifarious aspects. This article will focus on both the faces of co- signing the loan and help you make an informed decision.

What a co-signer is liable of:

When cosign a loan, he or she is pledged to pay the debt in-case the borrower defaults. Moreover, the cosigner is liable to pay the extra amount including late fees and collection money. The creditor has the right to collect the debt from the cosigner without even approaching the borrower (depending on the law of the state). Plus, they can sue or even seize salary.

So, make sure you can afford the amount and are willing to accept the responsibility.

Why would someone consider co-signing a loan?

You might want to co-sign a loan for your son and buy him his first car. You might also want to cosign someone’s education loan! The fact that, credit rejection is common; especially for people with low credit score; you can help them by cosigning a loan. This will help increase their credit score and credit history, as well as get them the transportation or education they need.

Things to Consider:

  • Make sure that you can afford the debt amount
  • Defaulting may get you sued or lose credit rating
  • It may keep you from getting other loans
  • Before cosigning, ask your creditor to quote the effective amount you will owe
  • You could negotiate and limit your obligations to just the principal and not include the additional charges
  • You must take the copies of all essential papers after cosigning
  • Know your co-signer rights

Risks of Co-signing a Loan:

Co-signing a loan comes with a lot of risk, like increasing the DTI (debt-to-income) ratio. As a cosigner is an integral part of the loan; he/she must address the loan closing documents. The loan is reflected in the credit report and the monthly payment goes to the DTI ratio. Moreover, as the amount you owe is 30 percentage of the FICO score, hence lowers the credit score. More, is the debt amount, lower will be the credit score. Keep the DTI ratio below 36 percentage.

By co-signing, you are accepting the responsibility and are tied to it until the balance is paid off. There is no escaping once done. However, in certain cases like with student loan, you can avail release from being cosigner.

The bottom line is, if the needs of the borrower outweighs you personal preference, you should choose to cosign the agreement. However, it is advisable to judge you friends trustworthiness wisely. It might not be noble, but this may save you later.

Who buys used cars from Lucky’s?

Who buys used cars from Lucky’s?

Lucky’s Auto Credit helps all kinds of people buy cars. On top of the customers who have good credit, we understand that good people can get into tough situations due to medical bills, bankruptcy, and divorce, resulting in credit problems which can make it difficult to get approved for financing of any kind.

You are Not your Credit Rating

Your credit situation does not define who you are. At Lucky’s Auto Credit, you are treated as an individual, not just a credit rating. Our sales professionals will discuss with you the vehicles and loan terms that work for you. Remember, no matter who you are or what your credit situation, we will treat you with dignity and respect. Lucky’s Auto Credit is an equal opportunity lender.

It Takes Time to Rebuild your Credit

One thing to keep in mind as you begin to rebuild your credit is that it will take some time and effort on your part. It won’t happen overnight, but if you are serious and work at it, you can turn it around. At Lucky’s Auto Credit, we can help.

Meet our Customers

Who buys used cars? View our testimonials page to see our extensive list of happy customers! We work very hard to go the extra mile for our awesome customers, and we’re looking to establish a long term relationship to be your car dealer of choice. We’ve had customers so happy they got approved that they buy 5,6, and 7 cars from us!

How to Take Care of a Car – Top 5 Things

How to Take Care of a Car: Top 5 Things

Owning a car could be a symbol of your style and status. But a routine maintenance procedure is quite essential for maximizing the reliability, safety and protecting your investment as well. Your car won’t magically take care of itself. For it, you should start reading the recommendations and maintenance tips by the automakers in the magazines or Internet. Next, you would be need of a good repair shop where you get essential tips from the certified technicians.

With a few tips and alertness, you could keep your car free from the troubles. Listed below are some of the important car maintenance basics that would help your car to run smoothly and stay ready for every road battle.

  • Check out all the fluid levels: Nothing could affect the engine’s performance faster than the negligence in oil-level checks. So, see if the oil levels, including engine, brake, power steering, and transmission is up to the mark.
  • Take care of the cooling and heating systems: Flush the cooling system of your car and change it once in a year. Keeping the cooling system in a good shape help prevents the corrosion and harmful deposits inside it. Both heating and cooling performance is crucial for interior comfort and safety reasons like defrosting. It should be taken care of properly to function well.
  • Check the battery and exhaust system: Battery is the key component of a car’s electrical system. Regular maintenance of battery could avoid unwanted troubles and saves a lot. Make sure that all the connections are tight, corrosion-free. Exhaust leaks could be dangerous that is why it must get corrected before anything happen. If you heard any kind of unusual noise, then there might some damage, leaks, or broken parts. So, inspect it carefully before you start a long trip.
  • Check out the brake and suspension: Brake is one of the most important parts of a vehicle so as the suspension. So, have an annual check and keep an eye on the brake linings, drums, and rotors at each oil change. Also make an intensive check for the shock absorbers, struts and chassis parts including tie rod ends, ball joints, and other major components. It would extend the life of your car’s tires.
  • Check the tires and lights: Check the pressure on a regular basis, as the uneven wear would cost you for a wheel alignment. You should also check for bulges and bald spots. Do make sure that the lights are working properly. Because it is important for your safety while driving at the night time. Checking other electrical components like horns, wipers, etc. to ensure they are functioning accordingly.

The above mentioned basic car care tips could assure safety and a better performance. To obtain the best result, you could hire the service of a reliable source, so that you go well on your way.

How to Buy a Car

How to Buy a Car: Here’s What you Need to Know

Now that you are moving out of your comfort zone and actually willing to buy a car on your own; you will be needing a lot of help. Today, people make decisions hastily, unknown and unprepared about the many nuisances of making a deal. Eventually, most end-up buying a car they didn’t want and possibly at a higher price than they should have.

However, to make things easier, this article will focus on streamlining the complete car buying process in-to easy steps and help you land on a position to make an informed decision.

Choose the Car You Need!

You will find hundreds of make and design; each better than the other! But, you need to choose the model beforehand. Pick a car that fits your needs, lifestyle and budget. Narrow down you list to under five. Also consider the number of seats, size, performance, comfort, head-room and leg-room. Do a thorough research on the Internet, read blogs, review. You could go for a side-by-side comparison.

Know What You can Afford:

Soon after you choose your dream car, its affordability may start to get blur. Its many financing options will make things confusing or even worse. A wise man should figure this intricacies way before going for the purchase. He/She must be honest with the budget, needs and choose only the ones within the price range. Take into account you current car; its exchange value or sell value; calculate your down-payment; what you can afford to pay every month as well as for what duration. Don’t become greedy or impulsive; keep an open mind!

Find Financing:

First, check your credit rating! If have a good rating, you are more likely to find a number of beneficial financing deals; like, getting a zero-percent interest finances. On the other hand, if you have a bad credit rate, you may wish to consider trying a buy here pay here car dealership which offers special financing options for those who can’t get financing elsewhere. So, make up your mind and choose the financing that fits your situation best.

Warranty:

You might be lured into buying an extended warranty; however, be wise because the type of contract vary greatly based on the company.

Insurance for Car:

Car insurance is essential, sometimes mandatory according to some laws in the state. For sports cars, turbocharged, supercharged and four-wheel drive vehicles, the insurance rate is higher, typically because of larger engines. Check rates with your insurance before making your purchase and if possible negotiate the price; you will save a lot.

These top tips will definitely get things moving. You should also talk to your friends, family members and neighbors to get real insights on local dealers. It will help a lot if you talk to someone who is experienced.

In Summary, how to buy a car is as much research as anything else.  Do your homework and check out all your options.

What is a Doc Fee?

Explaining Doc Fees in Detail

Doc Fee?  When it comes to buying a new or a used car, the price tag that you see kept on the top of it is not the only amount you have to pay to own it. A host of other charges applies as soon as you agree to own that piece of automobile such as licensee fee, title fee, sales tax, and various others. Dealers often add many other kinds of charges and this increases the selling price to several hundred dollars extra to what was initially agreed on. Hence, the final out-of-the-door prices that you are going to pay can be anything. These additional charges are often referred to as “doc fee” or “documentation fees” and it is highly suggested to determine them prior to making the full payment.

What is a Doc Fee?

Although the introductory paragraph might have given you a glimpse of doc fee, here is a complete explanation of what it actually is and what are its capacities.

A doc fee, also known as documentation fee, conveyance fee, or document fee – is the additional fee charged by car dealers for processing the vehicle’s paperwork. The fee covers the cost of all the big and small documents that get evaluated in the process such as the DMV, registration, preparation fees, VIN etching, etc.

Is it legal? How can you know it is not fraudulent?

In most of the cases, the doc fee is not regulated by the dealer, but by the government. The dealers make a profit from the car that they sell to you at its selling price. Whatever money you are paying additional for the paperwork of the vehicle goes to the several departments of the government. However, if you are in a place where the state government does not regulate the fees, the dealer can hit any price on you.

Is it negotiable?

Generally, the doc fee is not negotiable. Only the selling price of the new or used car that you are going to purchase is negotiable. The doc fees are generally capped by Government and dealers are not allowed to make any changes to it. For those areas where dealers are regulating the fees, they might be negotiable.

Is it necessary to pay them?

The answer is a definite ‘yes’. The documents include the legal certificates and registration copies of the car that makes you eligible to own or drive it. You must ensure that all kinds of taxes, fees, and prices are paid before you take it out on the road. Because, if you get caught driving the vehicle with no or incomplete documents, you might have to pay a hefty fine.

Therefore, while purchasing the car, always ask the dealer for its overall price. This will include the selling price of the car, doc fees, sales tax, and other charges. Make sure with the dealer that no new fee crops up later that will modify the price. In case it does, you always have the option of shifting to some other honest dealer.

Why Do I Have a Bad Credit? And, How do I fix it.

Why Do I Have a Bad Credit?

You work hard to make sure that your credit score remain high, right! Unfortunately, all your hard work could be hurt by seemingly small things that could give a big impact on your credit history. From parking ticket to auto loans, irresponsibility could take down your credit score. Credit score is a tricky thing and some harmful action or behaviors can terribly impact your credit. Having a blemished credit history is likely to mean you are turned down when you apply for car loans or borrowing money, giving rise to think that your credit is blacklisted or bad credit rating. By understanding the biggest mistake determine or reduce problems that might affect your credit. Here are some of them:

Making late payments

Your credit history accounts 35% of your credit score. Late payments records hamper your ability to finance major purchases such as a car as much as a personal credit history full of mistakes. So, if you fail to make debt repayments on time, it will show a red flag to credit agencies.

Closing card account

Closing credit accounts is a bad idea to boost credit scores. A closed credit account will fall of your credit report sooner than later. The positive history associated with a account is removed from the credit report, if the account is closed. Credit history counts for 15% of FICO score. So, the one with younger credit are more risky then consumers with older history.

Over utilization of your available credit card limit

If you wish to establish a bad credit, charge your credit upto their limit and keep them there. Apparently not, because high balance on your credit cards takes your credit score down. The credit score is based on ratio of total, debt to total available credit. Your credit balance goes up, your credit score goes down. So, try your best reduce the percentage and pay them down as much as possible.

Error in credit report

Mistake on your credit report, which lenders check is an important part of credit score process. If there is some error in credit report related to debt or dues that does not apply on you then report the reference agency immediately. If you spot some case of fraud in your name without your acknowledgement then report to get investigated and removed.

Filling bankruptcy

Last but not the least, Bankruptcy is an undisputed champion in destroying an excellent credit rating. This undeniable one of the worst thing, which can cause a lose of 200points in credit score. It may take 10 years to fall from your report, but the impact will lessen over the time. Filling bankruptcy is like pushing a financial reset button. This is an important decision and needs precise concern and information. Take helpful suggestion before filling one.

If you see anything on the list you know you’re guilty of? Start taking necessary steps to properly address the problem as soon as possible. Be consistent in paying down bills and debt on-time and create a clean bill of credit.

What is a Good Credit Score?

What is a Good Credit Score?

You may not fully understand your credit score. When trying to get a loan, you may think, “What is a Good Credit Score?” You want to know what type of score you need to qualify for loans. You want to make sure that you are on the right track or that you know when there is a problem. If you do not know what a good credit score is, though, you cannot do this. Thankfully, it is not that hard to understand. While there are several sources for a credit score, it is all easy to understand and is quite similar.

There are several sources for a credit score, as mentioned above. One source is not the same as another source. A lender will look at these scores to determine where you stand. An important part of these scores is that their range differs, too, so the lenders are not looking for a single specific number. They all start from the low hundreds and go up to the high hundreds, but the exact starting point and ending point changes. Since it changes, what makes a good score or the line drawn for a good score is not the same for all of them.

What makes a good score is not the same for all lenders, either. Looking at a single score, the line drawn will change from lender to lender. Some have higher standards or expectations while others are more lenient when looking at credit scores. A 700 may be the minimum score required for one lender, but 600 or 650 may be the minimum for others. Since there are so many differences between lenders, you should not aim for a single number. You should attempt to make your score as good as possible so that you can gain from a high credit score. By aiming for as high of a credit score as possible, you can try to qualify for all lenders.

When thinking, “What is a Good Credit Score?” there is not a lot to consider. A good credit score is a high score. As long as the number is as high up there as possible, you will have a good score. The line drawn and the minimum and maximum scores change, but there is one constant: You should aim high. If you already have a good score, try to improve it and keep up the good work. If not, work on improving it so that your score can actually benefit you.

Short Term Car Loans

Short Term Car Loans

There are times, when a customer does not qualify for credit from the banks, and they keep wondering, whom to approach for the money. Well, they might still be eligible for the short term loans, which are available for less than one year. These can be used for financing their temporary requirements or to build their good car credit.

How Long are Short Term Car Loans?

These are the loans which typically have a maturity period of less than three years, and are termed as the short term loans. Given below are some of the features of such loans:

  • These loans can help in providing immediate funds for purchasing a used car.
  • These loans can be repaid back in monthly instalments at simple rates of interest. And, the lump sum amount can be repaid back at any time.
  • The documentation for taking these loans is quite easy, and is free of hassles. There are no complicated procedures to be followed.
  • There are absolutely no prepayment charges, unlike some other car loans.
  • Customers can get the loans very quickly, and it gives them a lot of flexibility.
  • The loans are disbursed without doing a lot of checking of the customers credit history.
  • The costs involved in long term debt may be higher than the short termed loans.
  • There is a potential increase in interest rates on these types of loans due to the increased risk to the car dealership and/or finance company.

These short term loans, usually found an buy here pay here dealers, provide a great deal of flexibility for buying materials and services, and these can be repaid back at a later date. And, when all the other doors are shut, these loans can become quite helpful.

Apply Now for a Short Term Car Loan.

How to Budget – 5 Easy Steps

How to Budget – 5 Easy Steps

Due to the ever increasing lifestyles that we lead, it is sometimes important to become a little frugal, and follow budgets. Following a budget can help in purchasing some dream object, which has been on our priority list. Well, we give below budgeting 5 easy steps, which can make you a frugal spender. It is very important to have a control on how much we spend, as compared to how much we earn. Some percentage of the total income should be saved so that you get closer to your dream:

Budgeting – 5 Easy Steps

  1. Evaluate the income: What is the income that you are earning? Create an excel file with all the sources of income, and enter the interest rates, rental income, and any other income.
  2. Calculate the expenses: Well, this is a difficult part. While we can track our income sources, expenses come in many forms. So, jot down all the fixed expenses that you incur every month. These would include car loan payments, rent, insurance policies, school fees, and other things. After that, include the variable expenses, like gas, food, entertainment, etc. Also, include other expenses, like car maintenance, gifts, taxes, and other things. Once you have the hang of your total expense, deduct it from the total income. This will give an alert to you about whether you are on an overspending spree, or a thrifty spender. It will also give you an idea about where you can cut down the expenses.
  3. Avoid wasteful expenditure: When you get a hang of your expenses, you can cut down wherever you can. It would be good to analyse and categorize the expenses into necessities and luxuries. Of course, you cannot avoid the necessities, but can definitely cut down on the luxuries.
  4. Have a good savings in your account: The job scene is quite unpredictable these days. So, one should save enough money to tide through the difficult times. If you have a good amount of money in your savings account, you would be able to get through the difficult period, even when you are switching jobs.
  5. Stick to your budget: This is easier said than done. But, when one looks at the big picture and the future rewards, this becomes an easier task.

Following these budgeting 5 easy steps will ensure that you lead a comfortable life, and are prepared to face all future calamities, as well.

Car Care Schedule

Car Care Schedule – How Often to Do the Common Car Maintenance Items

In order for your car to function at its peak efficiency, there are a variety of different things that should be maintained on a regular basis. Maintenance of this type is usually rather easy to complete, and doesn’t take too much time or money out of your wallet. This type of maintenance includes processes such as checking your tire pressure, checking your fluids, checking/changing your oil, checking belts and hoses inside your engine, and -maintaining your tires. For those of you who are not completely car-savvy, this article will give you an idea of the ideal car care schedule, and help you to plan out a maintenance schedule to follow.

General Service Schedules

It is important to note that the type of vehicle you currently own, the model, and the year of your vehicle all factor into the time that you can go without having to maintain your vehicle. The following is a general schedule for maintenance services that you can either complete yourself, or have your local mechanic complete for you.

Check Weekly/Monthly

Dashboard Indicator Lights, Lights Inside the Cab, Tire Pressure, Engine Oil Level, and Washer Fluid.

Check Every 3 Months

Automatic Transmission Fluid, Battery and Cables, Belts, Dashboard Indicator Light On, Engine Air Filter, Engine Oil, Exhaust, Hoses, Lights, Power Steering Fluid, Tire Inflation and Condition, and Windshield Washer Fluid.

Check Every 6 Months

Chassis Lubrication, Engine Air Filter and Wiper Blades.

Check Every 9 Months

Power Steering Fluid, Cabin Air Filter, Coolant (Antifreeze), Engine Air Filter, Steering and Suspension, and Wheel Alignment.

It is important that you keep an eye on all of these on a regular basis during your car care schedule. Even if there is no need for repairs or replacements on any of the previously listed parts, it is still very important to keep an eye out for any potential problems. Many of these potential warning signs can be noticed easily, such as squealing sounds coming from the engine, a jerking feeling when pushing on the accelerator, and many different hazard lights that are located near your speedometer. If you are unable to complete any of the repairs needed for your vehicle, it is important to take it to your local mechanic in order to ensure that you do not have any type of breakdown, and to avoid the expense that repairs take out of your budget.

Used Cars & Trucks in Utah: Makes and Models

Resources:

Used Cars & Trucks in Utah
Can I get a Car Loan with Bad Credit?
View All Used Cars
Utah's Auto Shop
Referral Program

Acura
Audi
Buick
Cadillac
Chevrolet
Chrysler
Dodge
Ford
GMC
Honda
Hyundai
Infiniti
Jeep
Kia
Land Rover
Lexus
Lincoln
Mazda
Mercury
Nissan
Pontiac
Saab
Saturn
Subaru
Suzuki
Toyota
Volkswagen


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No information contained herein can be relied upon as legal, tax or any other type of professional advice. It is for general informational purposes only and does not apply to your particular set of circumstances.
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