Car loans – Payday Loans And Beyond Thu, 15 Sep 2022 21:53:04 +0000 en-US hourly 1 Car loans – Payday Loans And Beyond 32 32 Credit Unions vs Banks for Auto Loans Mon, 12 Sep 2022 14:04:22 +0000

In some cases, a credit union may be a better option for a consumer and their financial needs, especially when it comes to getting a car loan. When it comes to credit unions and banks for where to get your next car loan, there are a few things to check. We’ll take a look.

Are credit unions better than banks?

Credit unions are not necessarily better than banks, although there can be many advantages to being a member of a credit union. These days, with prices rising, many people try to keep their hard-earned money as much as possible. For many, that means paying unnecessary bank charges isn’t high on their priority list. Instead, they want to get the most out of their money, which often means choosing a credit union.

When it comes to getting a car loan, Experian’s State of the Auto Finance Market report for the second quarter of 2022 shows that lending to credit unions has taken a big leap from the second quarter. quarter of 2021, providing 26.69% of all auto loans. That’s up from 15.27% last year. This jump shows that credit unions are becoming a more popular option among consumers.

Credit unions are generally smaller organizations than banks, and they are owned by their members. This makes credit unions non-profit organizations, allowing them to focus more on the customer experience. They are known to do this with personalized service, low account opening costs, and low fees. In fact, the only fees are usually for overdrafts and out-of-network ATMs, and both are usually lower than those charged by banks.

One of the reasons someone would choose a credit union over a bank is that they often transfer their nonprofit savings to their other departments. That means lower interest rates on things like credit cards and loans. Also, customers generally have an easier time getting a car loan from a credit union, although they usually have to go in person to do so.

Because credit unions are member-based, however, there is usually one eligibility requirement – ​​not everyone can just walk in and open an account. These requirements are broad and include requirements such as living in a specific geographic area, belonging to a certain group of employees, or having specific religious or fraternal affiliations. Although, in recent years many credit unions have begun to loosen these regulations and make it easier to qualify for membership.

Credit unions can often be a good place to start building your financial life if you qualify for membership, and are also considered a good option for borrowers with bad credit who are members in good standing.

Top Picks for Bad Credit

When it comes to getting a car loan with bad credit, there are usually a few options, although they will cost you more in interest than a borrower with better credit. If you are a member, a credit union is usually a good first choice to seek pre-approval when you need a loan.

However, since no loan is collateral, another good choice is to shop with a dealer who works with subprime lenders. These are lenders who work with borrowers who have lower credit scores – subprime credit is generally described as a FICO credit score of 670 or lower.

Credit is one of the biggest factors affecting your ability to get a car loan. Other factors that may affect your auto loan approval are lack of work history, income, or lack of a down payment.

If you are unable to qualify for a subprime loan through a special financing dealership, you can also choose to search for a vehicle through a dealership buy here pay here. These are internal lenders who sell and finance the car.

BHPH dealerships only offer used car loans, but this can sometimes be the way to go if you’re struggling to get approved due to credit issues. Since an auto loan can help establish credit, it is important to ensure that the BHPH dealership reports pay to the credit bureaus. Not everyone does, and without proper reporting, your credit score cannot improve.

Auto loans are getting harder to find Fri, 09 Sep 2022 17:38:31 +0000
It is becoming increasingly difficult to qualify for a car loan. Lending tightened in August for the fourth consecutive month.

The Dealertrack Credit Availability Index tracks auto loan application data to indicate whether access to auto credit is improving or deteriorating.

The index is a product of Kelley Blue Book’s parent company, Cox Automotive.

The tightening of standards comes after a period in which it was historically easy to qualify. Auto credit was easier to come by in April than at any time since the index started tracking in 2015.

Most of the factors affecting credit availability moved against car buyers during the month. The approval rating dropped, consumers saw higher rates and lenders demanded higher down payments than they did in July.

Used car lending standards have been tightened more than new car lending standards. Either way, it’s still easier to qualify for a loan today than it was a year ago.

The Federal Reserve has raised interest rates three times in recent months. These measures have had a limited effect on the auto market, as a tight supply of used cars is slowing purchases and keeping prices at record highs, regardless of interest rates.

Despite tightening credit standards, consumer confidence surveys show more Americans said they plan to buy a new vehicle in the next six months than a month ago. This number is still lower than a year ago.

Meanwhile, auto dealers are pessimistic about the near-term future of the market, with a slight majority expecting sales to weaken in the next quarter.

HDFC Bank made home and car loans expensive, this year for the 5th time raising interest rates Thu, 08 Sep 2022 06:16:46 +0000

If you were thinking of buying a car or a house during the festivals, then this news is not for you at all. The country’s largest private bank, HDFC Bank, announced an increase in rates for home and auto loans. This is the fifth time since May that HDFC Bank has raised interest rates alongside RBI’s repo rate hike.

According to the bank, the lending rate based on marginal cost funds (MCLR) has been increased on the loan. The bank increased the MCLR to 0.10%. The new loan interest rates came into effect on September 7, 2022. In August, the Reserve Bank of India (RBI) raised the policy rate. Since then, all banks have increased their MCLR.

There are a variety of bank loan links ranging from MCLR to home, car and personal loans. In May, HDFC Bank had increased the MCLR by 0.25%. The rate was increased by 0.35% in June. An increase of 0.20% was announced in July and 0.10% in August.



overnight 7.90%
a month 7.90%
three months 7.95%
6 months 8.05%
1 year 8.20%
2 years 8.30%
3 years 8.40%

The Reserve Bank had raised the repo rate by 50 basis points

At the meeting which was to be held in two months, the Reserve Bank of India had raised the repo rate. It was increased by 50 basis points or half a percent. Since then, many banks have raised interest rates on loans. It was the second time in a row that the RBI raised the policy rate.

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No car loans from Bank Australia unless it’s an electric vehicle – and the US can do the same Wed, 07 Sep 2022 14:30:00 +0000

Bank Australia recently announced it would stop making loans for new fossil fuel cars from 2025 to force more people to buy electric vehicles. Justifying the bank’s decision, its impact manager proclaimed“We believe the responsible thing we need to do…is to ensure our vehicle loans don’t lock our customers into higher carbon emissions and escalating running costs in the years to come. come.”

But is making it harder for hard-working men and women to get affordable vehicles that run on reliable power really the “responsible thing” to do? This is exactly the premise that environmental extremists would have everyone believe, even though electric vehicles are considerably more expensive to buy than gasoline-powered vehicles. Not to mention the fact that the asking price of an electric vehicle does not seem to be descent soon.

The cost of raw materials for electric vehicles more than doubled during the COVID pandemic thanks to the increased costs of materials such as cobalt, nickel and lithium, which are essential to produce batteries for electric vehicles. There is also the high price associated with replacing an electric vehicle battery, as well as install or use a charging station and pay for the electricity used to charge the battery, which is often, ironically, powered by fossil fuels.

And even if the overall price of an electric vehicle were equal to or less than that of a gas-powered vehicle, as the woke crowd claims, the true costs go beyond mere dollars and cents. While liberal elitists are quick to point out the purported environmental benefits of driving an electric vehicle, many conveniently turn a blind eye to cases of child labor and forced labor that have been identified in the electric vehicle supply chain. It’s no secret that mining cobalt in the Congo for electric vehicle batteries has endangered countless children and ethnic minorities suffering in forced labor camps at the hands of the Chinese Communist Party.

So, let’s clear things up. Buying an electric vehicle is more expensive for families; many electric vehicle batteries are charged with coal and natural gas; and there is a continuing humanitarian problem of child labor and forced labor used to source materials for electric vehicles. Still, is making it harder for Australians to buy a new non-electric vehicle the ‘responsible’ thing to do?

But the absurdity of professing the moral and fiscal superiority of electric vehicles is not limited to Australia. California regulators recently took the prank to the next level here in the United States by sales ban new gas-powered vehicles from 2035. And if you’re worried your state is next, you probably should be. From May, 17 states have adopted California-style vehicle emissions requirements, which may only be a matter of time before overzealous lawmakers and regulators in those states seek to follow California off the cliff. electric vehicles.

States like California and its followers stand in stark contrast to their brethren in West Virginia and Texas, which have been leaders in protecting their citizens from those who oppose reliable and affordable energy sources. For example, West Virginia State Treasurer Riley Moore estimated that five financial institutions ineligible for state banking contracts after being empowered by the state legislature to shut down banks that boycott fossil fuels. In doing so, Moore blocked giants such as BlackRock, JPMorgan Chase and Wells Fargo from accessing $18 billion in annual state inflows and outflows. Texas Comptroller Glenn Hegar was also recently cut from state contracts. several establishments who are equally hostile to fossil fuels, including BlackRock and UBS.

Unfortunately, federal lawmakers in the United States seem to follow the hypocritical California model of “elitist first and everyday American last” environmental policy when it comes to electric vehicles. The dubious title Inflation Reduction Act that President Biden signed into law provides tax credits for the purchase of new and used electric vehicles. So, as Biden takes a victory lap for this latest Democratic spending spree on electric vehicles and other climate-related initiatives, the American people will have to think: Was this really the responsible thing to do?

Sarah Reberg is the Free Enterprise Project program coordinator for the National Center for Public Policy Research. She recently held several leadership positions in the U.S. Department of Homeland Security, including as Undersecretary of Homeland Security and Deputy Undersecretary of Homeland Security in the Office of Strategy, Policy, and Plans.

]]> Regional developments in the used car loan market, future of the industry Fri, 26 Aug 2022 11:34:00 +0000

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The majority of car loans now go to the purchase of used cars Thu, 25 Aug 2022 17:00:00 +0000

Image for article titled Majority of car loans now go to used cars

Photo: jim watson (Getty Images)

Credit reports company Experian says that drivers opt for Used vehicles on new more than ever before. In the second quarter of 2022, 62% of car buyers financed a used car, which is a steady increase from 60% at the start of this year and an even bigger increase from the same quarter of the year. last year at 58%, according to Automotive News.

While American car buyers have always opted for used cars, loan trends show used sales outpacing new sales by higher margins. In The previous years, total US auto loans were split around 59/41, with the largest number going to used cars. Based on Experian’s latest report, the split is now 62/38 as buyers try to avoid today’s higher prices for new cars.

This does not mean used car buyers are sheltered from higher auto prices, overall. As used cars become more expensive, used car loans hit record highs of $28,534, nearly $4,500 more than last year. Monthly payments for used car loans are now at $515, while loan terms have increased to record terms of 68 months.

Image for article titled Majority of car loans now go to used cars

Photo: Saul Loeb (Getty Images)

And the typical used car shopper is different today than in the past. It’s not just savvy buyers looking for used cars who have already been hardest hit by depreciation. It’s not only the buyers with lower credit ratings. Experian claims that 77% of customers close to premium were funding Used vehicles. These are buyers with credit scores ranging from 601 to 660. But buyers of all credit levels are choosing used cars over new ones.

At the very least, Experian data shows that credit unions are increasingly popular with borrowers. Credit unions now hold almost a third of all used car loans, or about 29%, which is an increase of five percentage points from last year. Credit unions tend to have lower interest rates than banks and other lenders, which means used car buyers don’t take a bath with their $29,000, $500 per loan. months, for a used car.

Even though used cars are less expensive, buying any the car still looks dark. Experian’s car loan figures show that many buyers now have to choose between expensive used cars or even more expensive new cars. It’s no wonder more and more people are flocking to used car parks and skipping dealership showrooms.

Image for article titled Majority of car loans now go to used cars

Photo: Spencer Platt (Getty Images)

Bank Australia to scrap car loans for new petrol and diesel cars by 2025 Tue, 23 Aug 2022 14:00:00 +0000

Seduced by the idea of ​​an electric vehicle (EV)? To show its support for Australia’s climate change efforts, Bank Australia has declared its intention to phase out car loans for new petrol and diesel vehicles by 2025.

Although green car loans are usually a tempting option for their lower rates, this is the next step in making an electric car a viable choice. If other banks follow suit, we could see a big shift to electric vehicles in the Australian fleet.

National pressure is strong to get the EV industry moving. As the EU is set to phase out the sale of new combustion engine vehicles by 2035, Australia is fighting to stay competitive on clear climate action.

Electric vehicles could be a cheaper choice

This announcement builds on federal government plans to reduce the cost of electric vehicles.

These plans involve the removal of employee benefit tax (FBT) for electric vehicles, as well as the removal of a 5% import duty applied to electric cars from certain countries.

An anticipated drop in the price of lithium batteries (a key component of electric car engines) could also lead to lower prices for electric vehicles, potentially making them much more accessible to everyday Australians.

Until then, the limited supply of new cars in Australia will continue to drive up demand – and prices are sure to follow.

What does the drive towards green vehicles mean to me?

Bank Australia said it would continue to offer used car loans on petrol and diesel vehicles as not everyone will be able to upgrade to an electric car at this stage.

Your existing auto loans won’t be affected either, so don’t think you’re going to get rid of that last year of repayments.

Until 2025 – or other lenders’ announcements – there is unlikely to be a change, so your car purchases will not be affected. Green loans are likely to earn you lower interest rates, but the benefits of electric vehicles have been demonstrated in their long-term fuel savings (and environmental footprint).

Hopefully this will see the continued growth of the Australian electric vehicle market and the move towards net zero emissions.

For other banking options that make you feel beyond your wallet, we’ve rounded up some ethical banking options. If you’re looking for car loans, find Mozo’s picks with our best car loans.

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Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you choose to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

Bank Australia to ditch fossil fuel auto loans in favor of electric vehicle future | Electric vehicles Thu, 18 Aug 2022 21:52:00 +0000

An Australian bank will stop offering loans for new fossil fuel cars from 2025, which it says will encourage more people to buy electric vehicles.

Client-owned Bank Australia will announce the self-imposed ban at a national electric vehicle summit in Canberra on Friday, saying it is a responsible move to ensure its lending practices do not not lock our customers into higher carbon emissions and ever-increasing operating costs. .

The bank’s impact manager, Sasha Courville, said the bank, which has 185,000 customers, will continue to fund loans for used cars with internal combustion engines, as it recognizes that not everyone wouldn’t be able to afford an electric vehicle in three years.

But she said the announcement would send a message that “if you’re considering buying a new car, you should seriously consider an electric vehicle, both for its climate impact and lifetime cost savings. “.

“We chose 2025 because the shift to electric vehicles needs to happen quickly and we believe it is possible with the right supporting policies in place to bring a wider range of more affordable electric vehicles to Australia,” he said. she declared.

Climate Change Minister Chris Bowen will tell the summit that the Albanian government has written to states and territories urging them to work together on a national strategy for electric vehicles, including considering the introduction of fuel efficiency standards for vehicles to promote the adoption of cleaner cars.

Fuel efficiency standards set an emissions target for automakers averaged across all the cars they sell, measured in grams of CO2 released per kilometer travelled. The targets are gradually reduced to zero, when they effectively become a ban on new fossil-fuel cars. They are in place in approximately 80% of the global light vehicle market.

Excerpts from Bowen’s speech released to media ahead of the event said the strategy would aim to improve affordability and choice by expanding the local market for electric vehicles. Just 2% of new cars sold in Australia last year were low-emission vehicles, compared to 9% globally.

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In the excerpt, Bowen failed to meet promising mandatory energy efficiency standards, but said it was time to have “an orderly, sensible discussion” about whether they could help improve the supply of electric vehicles and to reduce both emissions and the cost of running a car. He said Australia was the only OECD country other than Russia not to have introduced carbon dioxide standards for vehicles or not to have them under development.

“The lack of such standards in Australia is cited as one of the factors affecting the supply and cost of electric vehicles. Why? Because even though Australia is not showing leadership, manufacturers are giving priority to markets that do,” Bowen’s speaking notes said.

“This means that consumers have no choice available internationally, and as the world moves towards more efficient and cleaner vehicles, we risk becoming a dumping ground for older technologies that cannot be sold in other markets.

The summit was organized by Boundless, a new not-for-profit focused on climate solutions created by tech billionaire Mike Cannon-Brookes, along with the Electric Vehicle Council, the Smart Energy Council and the Australia Institute. Its main focus will be on how to design energy efficiency standards.

According to a recent report by the Australia Institute, strict standards would have saved the country $5.9 billion if they had been introduced six years ago when they were recommended by a ministerial forum.

The Greens called on the government to commit to implementing them. Deputy party leader Mehreen Faruqi said the country needs “appropriate discounts for electric vehicles” of up to $10,000 and support for local manufacturing.

Under the Greens policy, new petrol and diesel cars would be banned from 2030. new electric vehicles and our vehicle manufacturing industry,” Faruqi said.

Bowen and Transport Minister Catherine King said they would release an electric vehicle strategy discussion paper shortly.

Metrobank launches home and auto loan promotion to celebrate 60th anniversary Mon, 15 Aug 2022 12:52:02 +0000

LA Metropolitan Bank and Trust Co. (Metrobank) announced that it recently launched its 60th Anniversary Car and Home Loan promotion.

From August 16 to September 30, 2022, Metrobank is offering its all-time lowest auto and home loan rates and waiving fees up to 60,000 pesos as it celebrates its 60th anniversary,” the third-largest said. country’s bank in terms of total assets. statement.

“As we celebrate [our] 60th year, we are increasing our offerings for our customers,” said Ramon Jaime LV Del Rosario, Senior Vice President of Metrobank and Head of Consumer Affairs, quoted in the statement. “Now is the best time for everyone to take advantage of this opportunity to achieve their goals of owning their car and home.”

The lender said the car loan carries a rate of 9.11% per annum for a term of 60 months while the home loan carries a fixed rate of 4.88% for 1 year.

The lender said once the loan is approved, the borrower will also pre-qualify for a Metrobank credit card, which can help pay “to accessorize your new car or furnish your new home.”

Metrobank’s consolidated assets stood at 2.7 trillion pesos at the end of June. Its total capital adequacy ratio (CAR) is 17.6% and the Common Equity Tier 1 (CET1) ratio is 16.8%.

Fewer people are considering buying a car; Loans are getting harder to find Fri, 12 Aug 2022 15:51:49 +0000

It’s getting harder and harder to buy a car, and fewer and fewer Americans are considering it.

The Dealertrack Credit Availability Index tracks auto loan application data to indicate whether access to auto credit is improving or deteriorating. It fell 1.8% in July.

Auto loans are still historically easy to get – the index remains 5.3% looser than a year ago. But July marks the third consecutive month of tightening standards.

The trend could be a sign that the Federal Reserve’s repeated moves to raise interest rates are having the intended effect, slowing Americans’ big buying. Interest rate changes, however, may have primarily affected the housing market.

A low supply of used cars is more of a drag on car sales than rising interest rates. The average price of new cars reached a record high in July, mainly due to the continued shortage of electronic chips. This is largely beyond the banks’ control.

Approval rates fell last month and the share of loans granted to subprime borrowers declined. Credit unions tightened their lending standards the most, while finance companies focused on auto loans tightened the least. But it has become more difficult to qualify for a loan everywhere.

Used car loans from independent dealerships remain the easiest type to obtain, but it remains the segment of the auto loan industry most subject to predatory lending standards.

However, tighter lending standards may not be a problem for many Americans. The Conference Board’s consumer confidence index fell 2.7% in July. Plans to buy a vehicle in the next six months have fallen to their lowest level so far this year and are down significantly year-on-year.