The Express Lane Blog

If you’ve recently filed for bankruptcy or have a bankruptcy listed on your credit report, you may be wondering how this affects your ability to make major purchases like buying a car or home. Although a bankruptcy stays on your credit report for seven to 10 years, it’s possible to get approved for financing with a bankruptcy on your credit history.
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Getting a car loan or financing is a practical means for buying a used car, especially if you don’t have the savings set aside to purchase a vehicle outright with cash. Here are some steps you can take on your journey to getting approved for used car financing: Check your credit report. Since your credit history plays a crucial role in your car buying journey, it’s important to check your credit report beforehand. You can obtain one free copy of your credit report every 12 months from...
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Before you begin the car buying process, it’s important to understand what exactly you’re looking for. Asking yourself practical questions during your car search will help guide your decision making. Here are several to help you get started:
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With the end of summer near and cooler weather approaching, it may be a good time to start prepping your vehicle for the upcoming fall and winter seasons. Colder temperatures can take a toll on things like your car’s tire traction and windshield durability. Plus, October is National Fall Car Care Month, so it’s never too early to get a head start on your seasonal car maintenance. Here are several ways to prep your car for the fall and winter months:
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As challenging as it can be to get approved for a car loan or financing when you have a compromised credit history, finding a local dealership that offers approval for auto financing to car buyers with bad credit or no credit is much simpler than it may seem. Whether you’re shopping for a new or used vehicle, there are plenty of dealerships that can help you get approved for financing to buy a car — specifically, dealers enrolled in the Credit Acceptance program.
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While car buyers typically focus on the type of vehicle they want to buy and how much they can afford, auto financing plays a key role in one’s ability to buy a car. If you don’t have cash available to purchase the vehicle outright, you can either apply for a direct car loan or indirect auto financing. What is a direct car loan? A direct car loan is financing for which you can directly apply with a consumer lender, bank, or credit union. When applying for a direct car loan, you will work...
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Shopping for a car can be exciting and overwhelming at the same time because there are multiple factors that go into deciding which vehicle to purchase. Outside of price, other factors include quality, reliability, and cost of ownership. Here are a few important factors to consider when shopping for a car.
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Adulting can come with its fair share of challenges, especially pertaining to your finances. Whether you’re a first-time car buyer with limited credit history or someone who’s experienced financial hardship (i.e., bankruptcy, repossession, foreclosure, etc.) that resulted in bad credit, we’ve created a comprehensive guide to help you along your credit and car buying journey.
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Depending on how you use it, having a credit card can come with positive or negative outcomes. If you have a limited credit history or no credit history, a major advantage is that it can help you build positive credit. On the flip side, misusing your credit card by spending beyond your means can do some serious damage to your credit. Understanding the pros and cons of using a credit card is important, which is why we’ve compiled a list of them below:...
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Cars have evolved drastically over time, from their design to their technology. But have you ever seen a car so unique looking that it makes you do a double take? If not, check out some of these strange-looking cars ranked by U.S. News & World Report.
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While gas-powered vehicles remain the most conventional option for car buyers, fuel-efficient vehicles are steadily gaining traction as consumer values become more centered on environmental sustainability. If you’re car shopping and are torn between whether to purchase a gas, hybrid, or electric vehicle, the following information may be helpful to you.
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So, you’re ready to buy a car, but don’t quite know where to start. Understandable! The car buying process involves a lot of time, research, and of course, money, which is why you should be as prepared as possible. Here are six things you should know before buying a car: 1) Know your credit history. If you are considering buying a car, it’s important to know where you stand in terms of your credit, especially if you plan on applying for auto financing. You can do this by checking your...
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While buying a car should be an exciting time for car shoppers, it can come with its challenges if you have bad credit or no credit. When you apply for financing or a loan to buy a car, auto lenders and finance companies will review your credit history to determine whether you will be approved and, in some cases, what interest rate you will receive. Typically, these companies consider borrowers with prime and super prime credit scores (661-850) to have high creditworthiness, meaning...
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With so much that has transpired in the automotive industry and economy due to the COVID-19 pandemic, you may be wondering if now’s the right time to buy a car. Before we dive into the answer, let’s look at the stats. Microchip shortages have resulted in limited availability of new vehicles, increasing the demand — and price — of used vehicles. But auto industry experts are seeing a slow decline in new and used car prices, an early sign of recovery. In a Kelly Blue Book article published...
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Your credit history is one of the first things auto lenders and finance companies review to determine if you’re qualified for car financing. If you have bad credit or no credit and are looking to get approved for a car loan, mortgage, or credit card, there’s a strong chance you may not get approved for prime credit with lower terms and interest rates. Depending on your credit score, you could qualify for nonprime or subprime financing. What is nonprime financing? According to Experian,...
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With purchasing a vehicle being a major investment for most people, getting approved for auto financing is typically a central component of the car buying process. Since there are numerous factors that go into determining your car loan or financing amount, it’s important to understand what’s involved and how this impacts your monthly car payment, so you can make an informed decision. Keeping this in mind, here are some key factors that affect your monthly car payments: Credit score ...
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Credit building is an important part of your financial wellness journey. When you’re trying to secure financing to purchase a car or home, lenders and other finance companies will typically check your credit reports to review your payment history and other credit attributes. Since you essentially need credit to build credit, here are some ways you can establish and manage your credit after school: Start paying your student loans. If you have student loans, making timely payments every...
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Life can come with its fair share of adversity, especially pertaining to your finances. While some situations — such as car repossession, foreclosure, and bankruptcy — can cause your credit score to take a hit, there are effective ways you can rebuild your credit. But rebuilding your credit doesn’t happen overnight — it takes time, consistency, and patience. There are no shortcuts or secrets, just dedication and determination. Before we get into how to rebuild your credit, let’s briefly...
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Anyone who owns a car and lives in colder climates has, at one point or another, experienced the nuisance of walking to their car on a brisk, icy day to find their windshield frozen solid. While most people in this scenario may opt to scrape the ice off their windshield and/or run the car with the heat blasting to melt the ice (which isn’t the most environmentally friendly method), there are ways you can prevent your car windshield from freezing over. Effective Methods to Prevent Icy Car...
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Learning how to properly parallel park is like a badge of honor for many drivers. While the thought of squeezing your car between two vehicles may seem intimidating at first, it’s smooth sailing – or parking – once you get the hang of it. If you’re a new driver learning the ropes, here’s a quick crash course (no pun) on how to parallel park your car: Find a parking spot with the right amount of space for your vehicle. As you approach a parking spot, be sure to check your mirrors, turn...
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