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Archive for the ‘Credit’ Category

Bankruptcy Discharged Yesterday, 4.9% on 2011 Mustang Today

Saturday, July 17th, 2010

We do not usually feel the need to brag, but we got someone a loan on a 2011 Mustang GT with Navigation right out of bankruptcy. Not only that, but we got that person approved for 4.9% on his auto loan. Does everyone qualify for that type of loan? Heck no. But when someone can [...]

Should I File for Bankruptcy?

Wednesday, June 30th, 2010

The decision to file bankruptcy is a tough one both financially and socially so it is not to be taken lightly. From a social perspective, most people are taught that a bankruptcy is an embarrassing sign of failure and filing for bankruptcy is something that should be avoided as long as possible. The bottom line [...]

Should I Get a Payday Loan for a Down Payment on a Car Loan?

Friday, June 4th, 2010

Over the years, we have run into literally hundreds of customers that have asked us if they should go to a payday loan company in order to have more money down for their car purchase. For the vast majority of people, it is a bad idea. You might as well be putting the down payment [...]

New Bankruptcy Auto Loan Program Info

Thursday, May 20th, 2010

Until recently, we were unable to help people in an Open Chapter 7 Bankruptcy obtain an auto loan BEFORE the 341 meeting. Well, things change. Our main bankruptcy auto lender now lets us do open chapter 7 auto loans immediately after the filing date, as long as you did not file Pro Se (as long [...]

New Bankruptcy Lender: Tidewater Motor Credit

Wednesday, March 24th, 2010

We at WA Auto Credit are always looking for new lenders to work with in order to better serve our customers. Recently, we were able to add Tidewater Motor Credit to our long list of available lenders. Tidewater is a lender that specializes in helping people with a recent bankruptcy. In some ways, they are [...]

Why do Auto Lenders ask for References?

Monday, February 8th, 2010

Studies have show that the more references that a borrower has, the better credit risk the borrower is. Why? There are actually several reasons, but the most obvious is collect-ability. Why do references make my loan more collectible? At the risk of answering a question with a question, what do you think happens when you are late [...]

Got a Pre-Approval in the Mail? Read the Fine Print.

Thursday, November 19th, 2009

Sound too good to be true? It should, because it almost always is. Unless you have REALLY good credit, those pre-approvals you get in the mail for auto loans are bogus. There is typically 2x-3x as much text in the disclaimer area of the mailer than there is on the main advertising area.

Vehicle Purchases are Subject to Lender Approval

Friday, October 30th, 2009

Every state has its own laws regarding vehicle purchases. However, one thing remains constant. Any dealer that you might consider buying a car through will have a provision on their purchase order, on their contract, or in an addendum to the contract and purchase order that basically says the purchase is only valid if they [...]

Why Many Auto Dealers Avoid Bad Credit

Tuesday, October 27th, 2009

Anyone that has watched the news knows that hundreds of lenders across the country have been forced to shut down. That is especially true with lenders that deal with sub-prime borrowers.

Changes for Chapter 13 Auto Loans in WA

Thursday, October 1st, 2009

We have been helping people buy vehicles while in a Chapter 13 Bankruptcy for several years now. We have always needed to get a letter that gave the debtor permission to buy a car and incur a new debt. Usually the letter would say something like “Debtor may purchase a vehicle providing that the amount [...]

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