buying Send a Text, Get a Car Loan? Now There’s an App for That

21:00  07 august  2017
21:00  07 august  2017 Source:   caranddriver.com

How to Budget for a New Car

  How to Budget for a New Car You need a new car. And by new, we’re talking about something better than your old car. It could be showroom fresh, it could be a couple of years old, or it could be a thoroughly used but not abused car. Whatever the case may be, it needs to solve a problem, and that problem, for whatever reason, is your old car. If you’re like most people, you’re going to finance this purchase. Even if you’ve got a pile of cash in the bank, interest rates during the first quarter of 2016 remain low enough that taking advantage of a low-interest loan makes sense, allowing savvy investors to put their money into an asset that will appreciate.

The Text for Credit feature recognized him based on his phone number, and within seconds, he was sent a message with a link to follow. Shortly thereafter, he was given an offer for a loan on the car .

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Send a Text, Get a Car Loan? Now There’s an App for That© David Muller Send a Text, Get a Car Loan? Now There’s an App for That Nobody wants to wait in line to get credit approved before buying a car or a truck. Shoppers are generally not so keen on having strangers stand near them as they finish their paperwork. And they don't like sitting in some dealership back office, waiting for financing to be greenlit so they can sign off on a vehicle purchase. Those are the main issues that emerged in a survey by consumer credit-rating bureau Experian—which thinks it has the answer.

“All of those things, they’re going to go away with this new app,” said Alex Lintner, Experian's president of consumer information services, as he introduced the company's new Text for Credit feature in a Facebook Live video this week.

Why That Long-Term Car Loan Could Be Costly

  Why That Long-Term Car Loan Could Be Costly There were 17.4 million car sales last year, the most sales since the financial crisis, according to the U.S. Bureau of Economic Analysis. Alas, also on the rise is a financially questionable way to pay for the big-ticket purchase. Research Research New Used New & Used Make (e.g. Mazda) Model (e.g. MX-5 Miata) More than seven in 10 new cars purchased with a loan last year had a term of more than 60 months, according to Experian Automotive. While five-year loans have long been the most common, car loans lasting six to seven years have grown from 11 percent of the loan market in 2008 to 29 percent last year.

All Credit Types can Apply FREE in Just Minutes and Get an Instant Decision! Apply Now . Car Loan or Auto Refinance Credit Application . RoadLoans does not charge to send or receive text messages as part of our application process.

If you’ve ever sent a text you didn’t mean to, there ’ s now an app to fix that. The marketing professional and former public relations major entered the tech space had an entrepreneurial spirit that started with neighborhood car washes and lemonade stands.

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To illustrate how Text for Credit works, Lintner walked through a car dealership and approached a Ford Mustang, the year and trim of which were not distinguishable from the video. A sign on the car's windshield said to text the word "credit" to the number 91000 on a smartphone, which Lintner did. The Text for Credit feature recognized him based on his phone number, and within seconds, he was sent a message with a link to follow. Shortly thereafter, he was given an offer for a loan on the car.

Experian, one of the three major U.S. credit bureaus along with TransUnion and Equifax, said this Text for Credit process is a natural extension of technological advancements that have already been made in consumer banking (depositing a check by snapping a picture on your smartphone, for example). Those advancements had heretofore left the credit-application process unchanged.

Does My Co-Signer Own My Car?

  Does My Co-Signer Own My Car? Co-signing is a topic our readers ask about often. It's not surprising, given how complicated it can get when you tie your credit to someone else. The messiness of co-signing is actually a bit ironic, considering that it often seems like a simple solution (asking someone you're close to for help) to a big problem (not being able to get a loan). For one of our readers, a co-signed auto loan led to some confusion. The anonymous commenter asked: My parents put a down payment on a car for me after I got into an accident. They also co-signed for me, but I have been making the payments every month. Because they co-signed and put down a down payment, does that make it their car? Car ownership generally goes beyond who paid for the vehicle, said John Van Alst, an attorney at the National Consumer Law Center. "In many, if not most, states, ownership is determined by title," Van Alst said. "You have to go back and actually look: How does titling work in your state? Is that who determines who has an ownership interest in your state?" Who's responsible for payments and who owns the vehicle are two different things, but the concepts often get mixed up. For example, if a couple is buying a car, they might apply for financing together, but may also want to have both of their names on the title.

Lee acknowledges that the main hurdle for PL8CHAT right now is getting everyone on it: Unfortunately, you can't text that crappy driver unless she has it too. But once we all get with this program, oh boy, this will be fun — especially in car -crazed L.A.

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So, will consumers actually use Text for Credit? Experian thinks so. The firm's survey found top consumer concerns with applying for credit or financing in a retail location include privacy (58 percent) and the length of time it takes to apply (42 percent). The survey, conducted over a week this summer, included 1031 people aged 18 and over.

Twelve percent of consumers told Experian they had walked away from a purchase because it took too long. Another 21 percent said they would consider buying a car in the next six months if they could shop for credit offers and apply for financing on a mobile device. Seventeen percent said they'd do likewise for clothing, and 15 percent said they'd use it to buy a large appliance.

Survey results aside, Experian now needs to get lenders and retailers on board. A company spokesman said it has "some auto companies piloting the program" but declined to say which. A more important factor, obviously, will be whether applying for big-purchase credit on mobile devices takes off with consumers.

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Should You Refinance Your Car Loan? .
If you’re paying an above-average rate on a car loan, perhaps because your credit was spotty when you originally financed the car or you simply signed on for a bad deal, now may be a good time to refinance.As with the interest rates for new cars, these days you can find refinancing rates that are very attractive, 3 percent or lower. If you’re paying more than that, refinancing might shave hundreds, even thousands of dollars from the cost of your loan and reduce your monthly payment.

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