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The Facts about Subprime Auto Loans

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A subprime loan is a type of loan that applies to both auto loans and home loans that is typically for individuals with low credit scores or individuals with very little credit. Subprime loans carry a higher interest rate than prime loans and often come with a pre-payment penalty, so it is important to fully understand the terms of the loan before entering into any kind of agreement.

These types of auto loans became particular popular in the early 200s when subprime lending in general started to expand. Prior to their introduction, those with little credit or low credit had very few options when looking to buy a vehicle or a house. This provided them with an opportunity to work on their credit while also taking on ownership.

According to recent reports, subprime loans make up roughly 20% of all current car loans and generate an estimated $10 billion in annual revenue from interest. The average borrower has nearly $18,000 in auto debt with over 40% of people financing their vehicle. The car loan industry is a massive one for people buying both new and used vehicles.

While traditionally, car loans were under five years that has grown to six and even seven years in order to lower the monthly payment and make it more affordable for the borrower. The majority of sub prime auto leads come from auto dealer leads. That is, auto dealers contact financiers when they are trying to work with a customer that likely will not qualify for a traditional loan.

Despite the higher interest rate, they are the only option for many borrowers and not a bad one, if the borrow is confident they can make the payments on time each month. While they will be paying more in the long-run, it will help them build positive credit, so the future purchases can be prime loans.

For many the process of building good credit can feel tedious and slow moving. However, consistently making the right decisions will pay off in the long run, and having positive credit can make getting competitive loans for vehicles and houses significantly easier and more affordable.

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Why Should I Buy A Used Car Over a New One?

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Once you’ve entered into the vast, sometimes overwhelming, market to purchase a car, it can become difficult to wade between all of the available options, whether for the endless variety of auto groups or dealers. Yet, while most people tend to immediately venture towards newer vehicles, viewing it as an investment, a used auto or truck can prove to be as advantageous, if not better. Whether your look for the basic used car of for some used trucks, you can find a great deal of quality used cars with listed at a profitable Kelley Blue Book price. If you’re looking for auto dealers in Harrisonburg, VA, you’ll be in luck, as various auto dealers, especially Chevy dealers, and used car lots can provide you with more than enough options.

Now, just what are the benefits to buying a used car compared to a new one?

Affordable Price:

The average price for a used car in 2014, as reported by The National Automobile Dealers Association, was $16,025, and was expected to drop as low as $15,000 by 2016. Compare that to Edmunds Key Insights’ report that the average price in 2014 was $32,386 per vehicle.

Old Cars Are Reliable:

Most cars on the road are just over 11 years old nowadays. While Americans purchased 16.5 million new automobiles in 2014, there are still so many reliable autos still driving on the road. Rather than buying new, you can buy a vehicle that is still drive as well as the day they were first purchased.

Auto Dealers Give Deals on Newer Used Cars

When supported by manufacturers, most Harrisonburg car dealers will offer “certified” programs from which you can purchased newer used cars. These will normally be between one to three years old, but you’ll be receiving a well-maintained, good-as-new car for a better price. Compare that with leasing a new car, where the car dealer might as for a down payment up to several thousand dollars up front, or might contractually restrict the amount of mileage that can be driven per year (sometimes as low as 9,000 miles, other times as high as 15,000 miles).

You’re Trading Upgrades for Price

While you might feel as if you’re missing out on the latest technology — night vision, forward-collision braking systems, etc. — you can similarly figure out how much technology is right for you. Perhaps a new car with all of the bells and whistles isn’t the right fit for you. If you venture into a car dealership, you can talk face-to-face with a dealer and learn more about the used cars and internal components, garnering a better understanding of just what is the right fit for you.

While the primary benefit to buying a used car is that you can get a vehicle at an unbeatable price, the secondary upside is that you’re making a sound investment. Rather than spending nearly $10,000-$20,000 more on a new auto, a used one will last just as long (if properly maintained), while meeting all of your comfort needs. In the end, purchasing a used car can be a smart investment, saving you money, and providing you comfort and security for the future.

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Four Ways to Stay Safe on the Road this Holiday Season

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There tends to be an increase in drinking and driving during the holiday season. There are more celebratory parties and people that are not used to drinking as joining in the celebrations. Even if you do not drink often, you can be at risk of drinking and driving over the legal limit. As the holidays quickly approach, keep these drinking tips in mind to stay safe on the road.

Plan your transportation ahead of time
The type of situation that often ends in someone drinking and then driving is that they consumed more alcohol than planned and have no other transportation home. They could call a cab, but then they would have to leave their car wherever the party is located and then, find a way to get it the next day. In all of this confusion, it might make sense to just drive. But, you are not thinking clearly. It is important to plan your transportation ahead of time. Consider what you will do if you do drink more than planned. Store the phone number of a trusted friend or a local transportation company, so you can easily call for a ride.

Eat plenty of food
The amount of food in your system, or not in your system, can also affect your blood alcohol level. Before you ever drink anything at the holiday party, make sure you eat a big meal. Many parties serve strolling appetizers instead of an actual sit down meal. If this is the case, make sure you eat before arriving, if you plan on drinking there. Also consider prescriptions that you are currently taking, as they can also affect your BAC.

Pay attention to other guests
You don?t have to be operating a vehicle to be harmed by someone drinking and driving. It is everyone?s responsibility to stop someone that intends on drinking and driving. If you have a designated driver and you find that they have been drinking all night, find alternative transportation. If a close friend insists that they are fine to drive, but you have seen how much they have had, stop them from getting behind the wheel. If you fail, call the police. It might seem like a bad thing to do to a friend, but you could potentially be saving their life, and the life of other driver?s on the road.

Invest in an ignition interlock device system
An ignition interlock installation is a car breathalyzer. If you attend a lot of social events that involve drinking and are tired of evaluating your ability to drive, let the ignition interlock system make the decision for you. You will rarely have any ignition interlock problems and it could end up saving your life. When installed, interlocks are associated with about 70% reduction in arrest rates for impaired driving. Without any ignition interlock problems, a breathalyzer is worth it.

Most states often have minimum BAC levels, also making it difficult to decide what you truly are allowed to drive. In most states, the legal limit is somewhere around .08%. Drivers with a BAC of 0.08% or higher involved in fatal crashes were six times more likely to have a prior conviction for DWI than were drivers with no alcohol in their system. The ignition interlock problem, however, is that you could increase over the limit somewhere along the drive. Fortunately, ignition interlocks prohibit the engine from starting if an alcohol sensing device registers above a pre set level of around 0.02 BAC.

This holiday season, make sure you are aware of your drinking and your ability to operate a vehicle. There will be more DWIs over the next couple of months and you can avoid this by making alternative transportation plans ahead of time, eating a big meal before arriving, and considering an ignition interlock system for common occurrences. With minimal ignition interlock problems, this device should significantly decrease the number of driver on the road that have been drinking and driving.

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Ground Transportation Services Are an Important Part of Many Industries

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This is the time of year when limo services and tourism trolleys and party buses alike all reschedule their routes to take in the most decorated parts of down town and the most lighted parts of neighborhoods to take in the holiday season. And whether you are with a trolley or limousine driver, it is on these night in December when you can see and enjoy a scene that is only part of the our lives for a few weeks every year.
Even when it is not the holiday season, comfortable party buses, as well as services provided by an airport transportation company, shuttle customers to and from the places where they need to be. And while hiring a party bus to see the holiday lights may be more fun, there are many times when the service provided a airport transportation company is vital to making sure that the biggest of business deals are signed.
Finding the Right Transportation Service Can Help You Get to Your Meeting on Time

When people have to travel for work they often have to fly, and when they arrive in a city for a one or two day meeting it does not often make sense to rent a car. A combination of being unfamiliar with the area and having to find and pay for parking often makes the services of an airport transportation company more logical and affordable. In addition to holiday events and corporate events, it is important of make sure that you consider all of the possible transportation options if you want to have the most efficient and convenient options. Consider these statistics about the many transportation services that are available to people who travel for work or for pleasure:

  • 256,651 people in America are employed by the U.S. taxi and limousine industry.
  • 50% of limousine service during the week is provided for corporate and business customers.
  • 60% of limousine companies are small, with fewer than five vehicles.
  • Sedans are the most popular types of luxury vehicles used for business and corporate clients in America.
  • The U.S. taxi and limousine industry grew by an estimated 3.2% a year between 2009 and 2014.
  • More than 130,000 limousines currently in service across the country.

Finding the right transportation requires both research and attention to detail. Instead of making plans at the last minute, the most organized people secure their travel arrangements as soon as possible.