Credit scores are among the key factors lenders take into consideration before approving a loan application. One of the most used credit scoring models, FICO Scores rates credit between 300 and 850. A credit score below 669 is considered fair or poor. Many believe that a bad credit score makes it difficult for any loan approval. However, that’s not the truth. Many banks and lenders approve car loans even if you have bad credit. While it may cost a lot in the long run, there are certain things you can do to increase your chances of getting your loan approved. 1. Getting a cosigner Your chances of getting approved for a car loan increase by a significant margin if you have a cosigner with a good credit score. Moreover, it can also provide you with a better rate of interest on the loan. The concept of cosigning is essentially assurance of repayment from a third party. Cosigning on a loan application means that the lender is guaranteed his/her money back. If you fail to repay the loan, the cosigner assures the lender that he/she will pay for it. This boosts your loan application towards approval as the lender feels less at risk.

Car insurance rates have seen a continuous rise in recent years, and can be higher for young and new drivers. Young drivers, like teens or college students, have insurance companies commanding higher prices due to their lack of experience. However, this provides you with the perfect situation for learning how to reduce insurance costs. While finding cheaper rates on car insurance for young drivers is a difficult task, it is not, by any means, impossible. Here are some auto insurance tips to help you find better deals for a young driver’s car insurance: 1. Participate in a driver training course or a defensive driving course Defensive driving classes offer more practical knowledge than the mere basics. This is done by making young drivers practice in hazardous conditions, involving anticipating dangerous situations to avoid various types of accidents. Also, these courses are only priced between $25 and $75 and also help you get a discount of around 5 to 15% on your insurance policy. However, you should also know that the requirements set by the insurer and state law for these discounts are quite different. For example, 21 st Century Insurance provides young drivers with a discount, but these drivers need to have participated in a state-approved defensive driving course.

When deciding to buy a car, the choice boils down to whether to buy a new or a used car. You could either opt for the latest features of a new car or the affordability of an old car. Buying a new car is tempting, but you need the money upfront to make the purchase. Buying a used car saves a considerable amount of money, but it can increase maintenance costs and repairs later. To help you make the right choice for you, consider the following advantages of buying either a new or used car: 1. Advantages of buying a new car New-car shopping is easier Buying a new car does not require a quality check as it is unused and in top-notch condition. There is no need for a mechanic to perform an assessment. As you already know what the quality of the car is, figuring out the price to pay becomes easier, even though the negotiation can be tough. More financing options Car manufacturers offer a plethora of lucrative incentives, like cash rebates, to attract buyers. The same applies to car loans as they involve better rates of interest for new cars. This means you might end up paying thousands of dollars less than the sticker price.

Looking for new tires for your car can be both expensive and tiresome and there are too many factors to be considered before you make a selection. These factors not only include price, size, and quality but also technical features like proper grip, longer life, and short stopping distance. To select the right tire replacement, you need to go through as many relevant options available as possible. Here are some car tire safety tips to select the best possible tire replacement: 1. Get better quality for a higher price It is seen that good tires are generally worth every penny you pay for them. Regardless of the type, tires that offer a combination of better grip and longer tread are typically expensive, but their extra cost also brings along a wide range of benefits. For example, high-quality all-season tires can operate comfortably up to 97,000 miles. On the other hand, the lowest quality of all-season tires would need to be replaced after driving 55,000 miles. So, you will benefit with better grip and lasting capacity of twice the distance for a higher price, which ensures a better deal in the long run. 2. Ensure that every season is covered Car tire safety also involves ensuring that the tires you drive with can handle the wear and tear caused by roads affected due to weather.

Every new car that you buy has a factory warranty, which is in place to essentially ensure that in case of breakdowns or malfunctions, the cost will be covered by the dealer or the manufacturer. However, factory warranties have an expiration date. As soon as your factory warranty ends, all costs of repairs have to be covered by you. However, if you want to retain the coverage of a factory warranty after its term, you can buy an extended car warranty. An extended car warranty is different from an auto insurance policy, but can seem to play a similar role. In case of a mechanical or technical issue, the repairs are paid for on the condition that the issue is included in the warranty. Providers of this service offer a lot of extended car warranty benefits. Yet, knowing the right questions to ask is essential to getting these benefits. Here are some key answers you need before going for an extended warranty on your vehicle. 1. Do you really need an extended warranty? Knowing if you need an extended warranty or not is just subject to your ability to manage finances with regards to the repairs and maintenance of your car in the future.