You are here: Home / Archives for cmcelroy

Can You Get A Car Loan After Bankruptcy?

2010/08/28 By cmcelroy Leave a Comment

Some people have the idea that after you have filed for bankruptcy your prospects of getting a loan are nil, and they somehow believe that applies to car loans as well. Nothing could be further from the truth.

Car Loan

OK, you might have to jump through a few more hoops to get a car loan after going through a bankruptcy, but it’s not impossible. Generally, auto lenders want you to have a history of stable employment, a down payment, no previous auto repossessions and enough income to be able to handle your car payments. If you can prove that you can make your monthly payments and that you meet the other loan qualifications then you should be able to get a car loan relatively easy. A large down payment will help.

You want an income of at least three times the amount of your car loan, but four times is better. For instance, let’s say that you are applying for a car loan that will set your payments at $400 per month. You want your monthly income to be at least $1,200 per month. If you have a monthly income of $1,600 then that is even better.

As well, if the vehicle you are expecting to purchase is going to cost you a total of $5,000 then you want to lower your loan amount as much as possible. If you have a bankruptcy on your record then you want to put down at least $1,000 toward the purchase. That will mean that you’ll be financing $4,000. If you can put $1,500 or $2,000 down then you’ll increase your chances of getting the loan.

It’s very important that you not have a repossession within the past year unless that repossession was a part of a bankruptcy. If that is the case then be sure you disclose that to your lender right up front.

You also don’t want to apply for a car loan too soon after your bankruptcy. If you are applying for a car loan the next month after your bankruptcy then it will appear that the bankruptcy wasn’t necessary and you may be suspect of fraud. Try to wait at least six months.

It’s not impossible to get a car loan after a bankruptcy, but you do want to make sure your finances are in order and that you can demonstrate an ability to pay off the loan.

Filed Under: Auto Financing Tagged With: ,

Auto Review: 2010 Genesis 3.8L

2010/08/21 By cmcelroy Leave a Comment

The 2010 Genesis 3.8L features a 6-speed automatic transmission with 290 horsepower at 6,200 rpm. The fuel economy is 18 mpg in the city and 27 on the highway, making it comparable to similar vehicles in the same class. The gas engine also showcases multi-port fuel injection. With 24 valves, this Hyundai vehicle offers dual overhead cam / twin overhead cam.

2010 Hyundai Genesis 3.8L

Cargo volume is 16 cubic feet. Passenger volume is estimated at 109 cubic feet by the EPA, but the manufacturer says 109.4 cubic feet.

The driveline is rear wheel drive and the steering is rack and pinion with independent struts on the front and the rear.

Seating 5 passengers easily, the Genesis offers 40.4 inches of head room for front passengers and 37.7 inches of head room in the rear. Front passengers get 54.9 inches of hip room while the rear passengers get 54.3. More importantly, leg room is 44.3 and 38.6, respectively.

The safety conscious driver will be glad to know that Hyundai’s airbag system is top of the line. As a standard, the Genesis comes with driver and front passenger airbags, a passenger airbag cutoff switch and sensor, a front side airbag and a second row side airbag, and side head curtain airbags. Other standard safety features include:

  • Side guard door beams
  • Child safety door locks
  • Trunk anti-trap device

For theft prevention the 2010 Genesis 3.8L features valet lockout and locking fuel filler door or gap as standard features and wheel locks as an option.

A premium navigation package and a technology package are options that you can use to make your 2010 Genesis special as well. Other standard features include:

  • Child safety locks on rear doors
  • Traction control
  • Electronic brake force distribution
  • ULEV II emissions
  • iPod and USB audio input jacks
  • Front fog lights and automatic headlights
  • Compass
  • Tire pressure monitor
  • Keyless entry
  • Tilt steering
  • Leather seats
  • And a lot more

The 2010 Genesis 3.8L has a lot to offer the discriminating driver.

Filed Under: Featured Hyundai Vehicles, Insider Email Tagged With: , , , ,

Auto Review: 2011 FCX Clarity

2010/08/20 By cmcelroy Leave a Comment

Honda is one of the innovators in auto manufacturing entering into the 21st century. The evidence of this is the 2011 FCX Clarity, an unusual vehicle in its use of fuel cell technology.

2011 Honda FCX Clarity

Fuel cell technology is a type of technology that converts a source fuel into electrical energy. There are a variety of types of fuel cell vehicles, but the Honda FCX Clarity is one that relies on hydrogen as the source fuel. In 2009 the FCX Clarity was named the World Green Car. It’s fuel efficiency is better than the average gasoline-powered vehicle and it achieves zero emissions, making it a true environmental enhancement to modern driving.

The first thing you’ll notice about the Clarity when you open the hood is there is no engine. The vehicle drive technology relies on a V Flow FC Stack. That’s a vertical flow fuel cell stack that enables the free flow of hydrogen and oxygen, which increases fuel efficiency and cleaner emissions.

Along with the innovation in revolutionary new emissions and under-the-hood technology, Honda has introduced a sleek new body design that puts a front wheel drive drivetrain on the first hydrogen-powered fuel-cell vehicle along with a lithium-ion battery for smoothness and maximum acceleration control. Honda introduced this technology in 1999 and has spent the last 11 years perfecting it so the 2011 FCX Clarity promises to be a true front runner.

As you drive the FCX Clarity you’ll feel like you are entering the future, and you really will be. Other auto manufacturers have not caught up with this technology and it will be a long time before they do. If driving green is on your mind, you’ve got to try the 2011 FCX Clarity by Honda.

Filed Under: Featured Honda Vehicles, Insider Email Tagged With: , , ,

Get Your Auto Loan Quote In Writing

2010/08/14 By cmcelroy Leave a Comment

It often happens that a person will ask about an auto loan then go away only to return some future day hence expecting the same loan rate. But to the person’s surprise the quoted loan rate had gone up. There was no written quote or document stating the quoted amount so the borrower lost his chance to get a loan at a lower rate. This could have been avoided by getting your auto loan quote in writing.

Contract

However, understand that just because you got your quote in writing doesn’t mean that you are guaranteed those quoted rates. If you wait too long then the rates will go up and the quote is no good. If, for instance, you waited six months then you waited too long and you’ll need a new quote in writing.

By getting your auto loan quote in writing you protect yourself and your lender. No one can say that the deal you want to agree to is not a valid deal. A good auto loan quote will have the date of the quote in writing, the amount of the proposed loan and the interest rate. It should also include other pertinent details like the total price of the car you are buying and the make, model and year of the vehicle. This ensures that your loan applies to the specific vehicle you want to purchase.

An auto loan is an important business agreement. You need to understand all the details before you agree to it. Get it in writing.

Filed Under: Auto Financing Tagged With: , ,

Refinancing Your Auto Loan

2010/07/28 By cmcelroy Leave a Comment

Many homeowners who fall on hard economic times find a solution in refinancing their mortgage, but can you do the same with an auto loan?

Actually, you can. But it plays out a little differently.

car loan refinancing

Since your auto loan is usually underwritten by an auto finance corporation or, in some cases your dealer, then there are fewer hoops to jump through to refinance your auto loan. You still need to undergo a credit check. If that checks out to the satisfaction of your lender then you could very well refinance your auto loan in a short time.

The benefit to refinancing your auto loan is that you can lower you car payments. The ideal time to do it is when interest rates are low, which will give you a better rate on your loan and make your car loan easier to pay over time. You could, in some cases, lower your car payment without extending the life of your loan.

But you don’t always have control over situation that requires financial rearrangement. If you need an auto loan refinance then you need it when you need it.

If your car loan payments are too high then now is the best time to refinance. And just so you know, you don’t have to keep the same lender. You can refinance under a different auto loan financing company. The main thing is that you lower your car payments.

Filed Under: Auto Financing, Insider Email Tagged With: , , ,

Auto Review: 2010 Hyundai Santa Fe

2010/07/21 By cmcelroy Leave a Comment

Santa Fe is not just a city in New Mexico. It’s also a classy midsize SUV manufactured by Hyundai. The 2010 Hyundai Santa Fe will make you proud to be a driver in any city, or on country roads for that matter. The U.S. News & World Report ranks it #12 among midsize SUVs, a distinction to write home about.

2010 Hyundai Santa Fe

MSRP for the Santa Fe starts at $21,695. For fuel economy, its gets 19 mpg in the city and 26 on the highway. Not bad.

She stocks a 2.4-liter 4-cylinder engine with an option for a 3.5-liter V6. The smaller engine puts out 175 horsepower while the V6 kicks out 276 horsepower. Along with that 4-cylinder you get a 6-speed transmission, choice of automatic or manual. The V6 comes with a 6-speed automatic as a standard.

The Santa Fe is comfortable on the road and handles well too.

As a midsize SUV, you don’t get three-row seating. The two rows do provide ample room for 4 passengers, however. If you opt for the upper trims, the SE and Limited, then you can have leather seats. But even the lowest trim level on the Santa Fe is comfortable inside and quite nice. You’ll be proud to sit in it.

Among the interior features are:

  • Steering wheel mounted controls
  • Blue ambient lighting
  • Tilt, telescopic steering wheel
  • On the SE trim you get leather-wrapped steering wheel and leather upholstery
  • Power driver’s seat (SE trim)
  • 34.2 cubic feet of cargo space, 78.2 cubic feet with rear seats folded down

Options include a navigation system, power sunroof and rearview camera.

One of the things you’ll notice about the 2010 Hyundai Santa Fe is, if you’re a long-time Santa Fe fan, the more conventional look of the exterior body. Earlier versions of the Santa Fe were a bit more quirky and unconventional.

For safety, the Hyundai Santa Fe rocks the charts. The U.S. government gives it five stars. Passenger protection, both for front and rear passengers, is excellent so no worries there. Standard safety features include:

  • Electronic Stability Control
  • Traction Control System
  • 4-wheel anti-lock braking
  • Advanced dual-front airbags
  • Roof-mounted side-curtain airbags with rollover sensors
  • Electronic Brake-force Distribution and Brake Assist

The 2010 Hyundai Santa Fe is a great family vehicle with cargo carrying power. It’s practical, stylish and comfortable inside. Your family will love it.

Filed Under: Featured Hyundai Vehicles, Insider Email Tagged With: , , , ,

Auto Review: 2010 Honda Element SC

2010/07/21 By cmcelroy Leave a Comment

Honda has once again outclassed its competition. With the 2010 Honda Element SC you get an SUV that is beyond practical, stylish and beautiful. Let’s start with the body.

Unlike most SUVs, Honda put the style back into sport. Not rounded or curvy, the Element is more like a box square, but that doesn’t mean boring.

2010 Honda Element SC

It rides low to the ground so you get some road hugging going on and with 18″ alloy wheels you have plenty of grip. There’s lots of cargo space in the back too with the clamshell tailgate, a signature feature of the SC. The butterfly-style cargo doors also make it easy to load the back of the cab, a nice feature if you do a lot of backseat loading.

It’s not really fair to call the Element SC an SUV. It only seats 4, but there is plenty of cargo area so you should just call it a sport cargo vehicle. Maybe that’s what the SC stands for?

The engine is a 2.4-liter, 16-valve 4-cylinder engine that cranks out 166 horsepower at 5,800 rpm and 161 pound feet of torque at 4,000 rpm, perfect for delivering impressive fuel economy. The 5-speed automatic transmission with its 5.6 quart crankcase can deliver 20 mpg in the city and 25 on the highway.

Let’s go back to cargo space. The 2010 Honda Element SC brings 74.6 cubic feet of cargo space to the table. Behind the second row you get 25.1 cubic feet. But there’s also plenty of room for passengers with 103.6 cubic feet of passenger volume.

Standard interior features include:

  • Rear ventilation windows
  • Power door and tailgate locks
  • Steering wheel mounted cruise and audio controls
  • Overhead storage compartment
  • Urethane-coated utility floor in the cargo area
  • 12-volt power outlets in the front, center and rear
  • Rear window defroster
  • Rear seat heater ducts
  • Cargo area storage bins and area hooks

And that’s just a start.

Standard exterior features include:

  • Impressive side cargo doors
  • Variable windshield wipers
  • Roof-mounted antenna
  • Remote entry system
  • Green-tinted glass
  • Privacy glass
  • Multi-reflector halogen headlights
  • And the impressive clamshell tailgate for easy loading

If that isn’t enough, Honda packed the Element with great safety features and audio as well. Seven speakers with a subwoofer is standard as well as satellite radio provided by XM and MP3/Windows Media Audio playback capability.

The 2010 Honda Element SC has all the style you’d expect of a modern sport vehicle and all the practicality and usefulness of a world-class cargo vehicle. You get utility and sport in one package in a classy vehicle that looks classic with all the best modern features.

Filed Under: Featured Honda Vehicles, Insider Email Tagged With: , , ,

How Much Is Your Used Car Worth?

2010/07/14 By cmcelroy Leave a Comment

Determining value on a used vehicle can often be a difficult task, but if you are selling your used car then it’s a necessary pre-sales step. If you don’t determine the value of your vehicle before listing it for sale you’ll either have a difficult time selling it because you have it listed too high or you’ll end up with money on the table because you sold it for less than it was worth.

Two great resources for helping you determine your used car’s value are N.A.D.A. and Kelley Blue Book.

Kelley Blue Book

There are two types of value with regard to selling your vehicle. There is trade-in value and private party value. Your trade-in value will be much lower. The private party value is the retail value of your used car. If you are planning to trade your used car in for a newer vehicle then consider those values because the auto dealer will not give you retail value. One advantage to selling to a dealer, however, is you can usually sell it much more quickly than if you tried selling your car to an individual.

The most important thing you’ll need to learn to do in determining the value of used cars is judging condition. A good vehicle will be worth more than a vehicle in poor condition.

Used car buyers want to know how available parts are for the vehicle they want to purchase. For that reason, common vehicles are more easy to sell than exotic cars. But in terms of value, a classic vehicle can often be valued at more due to its collectible status.

If you have trouble determining your used car’s value then take it to a dealer and ask for an appraisal. Most dealers will do this free of charge if you are planning to trade your vehicle in for a newer model.

Filed Under: Auto Financing, Insider Email Tagged With: , , , ,

Auto Review: 2010 Hyundai Sonata SE

2010/06/17 By cmcelroy 1 Comment

The 2010 Hyundai Sonata SE is a 4-door family vehicle with class, practicality and fuel efficiency. It’s the perfect family car.

Starting at MSRP $18,700, this vehicle is affordable and easy to drive. It’s 2.4-liter 4-cylinder engine delivers 175 horsepower at 6,000 rpm and 168 pound feet of torque at 4,000 rpm. The 17.7 gallon fuel tank supports an estimated 22 mpg in the city and 32 mpg on the highway. Combined, the number is 25.

2010 Hyundai Sonata SE

The 2010 Hyundai Sonata SE falls into the mid-size class and seats 5 comfortably. It also offers 16.3 cubic feet of luggage capacity and 40.1 inches of headroom in the front seats. Leg room for the front passengers stretches out to 43.7 inches while the rear passengers can sit comfortably with 37.4 inches of leg room. That’s not bad for a sedan.

The drivetrain is a 5-speed shiftable automatic transmission. The seats are leather with cloth upholstery, making it a comfortable ride.

Safety features include:

  • 4-wheel anti-lock brakes
  • Traction control
  • Stability control
  • Standard airbags for the driver and passengers

A step up from the GLS trim, the SE features 17 inch alloy wheels with performance tires. It also features a rear spoiler, a sport-tuned suspension, steering wheel mounted audio controls and 8-way power driver’s seat. Optional features include an auto-dimming rearview mirror, sunroof, Bluetooth system, and a 240-watt Infinity sound system with 6-CD disc changer.

Standard audio features include AM/FM in-dash single CD player with CD MP3 playback, element antenna and 6 speakers.

The SE trim also has two step up trim levels, the SE PZEV and SE V6. All three are front wheel drive, but the SE V6 increases the power of the Hyundai Sonata with a 3.3-liter 6-cylinder V6 engine, but it sacrifices a little bit in fuel economy. The interior and luggage capacity are the same as the SE with its smaller engine.

If you want a family car that gets around and looks pretty doing it, with practicality, fuel efficiency and comfort then the 2010 Hundai Sonata SE is a great pick.

Filed Under: Featured Hyundai Vehicles, Insider Email Tagged With: , , ,

Auto Review: 2010 Honda Accord Sedan

2010/06/17 By cmcelroy 1 Comment

The 2010 Honda Accord Sedan is as dashing as any vehicle on the road can be. Besides being affordable and practical, it’s also stacked with the best technology and is surprisingly simple.

2010 Honda Accord Sedan

The starting MSRP is $21,055. EPA estimated fuel economy is 22 mpg in the city and 31 on the highway.

Built for performance, the 2010 Honda Accord Sedan is available in 6 different trims:

  • LX
  • LX Premium
  • EX
  • EX V-6
  • EX-L
  • EX-L V-6

On the bottom end, the LX features a 177 horsepower 2.4-liter i-VTEC 4 cylinder engine. The EX trim steps it up a little to 190 horsepower on the same engine block. But the EX V-6 and above go beyond the 4-cylinder engine to a 271 horsepower 3.5-liter i-VTEC V-6 engine. And then it just gets better from there.

By the time you get to the EX-L V-6 trim you have standard features like leather-trimmed interior, Bluetooth HandsFreeLink, steering wheel mounted phone controls, XM Radio and HomeLink Remote System. Even then, at $29,105 MSRP, the Honda Accord Sedan offers tremendous value at every price point.

Here’s what you get as standard technical and safety features on the 2010 Honda Accord Sedan EX-L V-6:

Technical

  • Variable Cylinder Management
  • Drive By Wire Throttle System
  • Double Wishbone Front Suspension
  • Independent Multi-Link Rear Suspension
  • Front and Rear Stabilizer Bars

Safety

  • Brake Assist
  • Tire Pressure Monitoring System
  • Dual Stage, Multiple Threshold Front Airbags
  • Dual-Chamber Front Side Airbags with Passenger-Side Occupant Position Detection System
  • Side Curtain Airbags
  • Active Head Restraints for both front passengers
  • ABS
  • Electronic Brake Distribution
  • And a whole lot more

The EX-L V-6 trim also features a one touch power moonroof with tilt feature.

If you’re not convinced yet that the 2010 Honda Accord Sedan is stylish and classy with a fun side then I don’t know what will seal the deal. This is a beautiful vehicle inside and out for the practical driver with a sporty side.

Filed Under: Featured Honda Vehicles, Insider Email Tagged With: , , ,
« Older Posts