Used Car Loans / What”s in a VantageScore
The VantageScore credit model is used by lenders all across the country to assess consumer risk, but many drivers may not be aware of what exactly goes into this credit score. Fortunately, the company behind the rating provides a graph that shows how the various factors are weighed.
The most important factor for the score is recent credit, weighted at 30 percent, followed closely by payment history at 28 percent. Recent credit typically covers loans that drivers have just received. This is a way of making your current activity count slightly more than things you did years ago. However, those actions still factor into your payment history, which is also weighted highly.
At 23 percent is utilization, a concept many drivers overlook. This is making sure that you only use a small percentage of your available credit – typically thought to be around 20 percent. So if you have a credit card with a limit of $5,000, try not to put more than $1,000 on it each month to keep this rate steady. Related to this is "available credit," which is rated at just one percent.
Nine percent of the formula is balances, meaning that drivers should do their best to pay everything off in full each month. An additional nine percent is called "depth of credit" which basically just means that drivers have a history that shows varied usage in their types of credit.
Paying attention to these factors, drivers can up their score considerably. Processes like car loan refinancing can also help, as this lowers monthly payments and ensures that drivers can pay loans off in full each month.
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Inexpensive portable navigation systems and even cheaper smartphone nav applications are making the pricey in-dash systems offered by automakers less attractive to many consumers. But some people prefer in-dash systems because of their larger screens and because they offer more features. Plus, you never have to worry about forgetting an in-dash system at home. Finally, prices for in-dash systems are starting to drop.
Bluetooth is a wireless technology that allows two compatible devices to communicate. In the car, it lets you operate a mobile phone "hands-free," meaning you don't have to hold the device while making or taking a call or performing such functions as accessing the phone's address book. (Of course, you have to use your hands to operate certain Bluetooth features via the vehicle's controls.)
Automotive sound systems are more complex now that portable media players, hard-disk drives and smartphones are along for the ride. But the basic radio/speaker setup hasn't drastically changed, even though more speakers and more amplifier power have been added over the years.
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Sales of Ford vehicles increased 13.3 percent in June compared to the same month last year, and the gain was largely spurred by a strong showing by the carmaker’s Super Duty pickup trucks.
Responsible consumers tend to have all their affairs in order – a steady income, plenty of savings and perhaps even an investment or two on the side. While these things are all positive, they ultimately won't get you approved for an auto loan – for that, you need credit.
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There are certain people who seem to have X-ray vision, who can look at a business and see things that are invisible to other people. I bring this up because I have a friend who spotted something about used cars that I have never heard addressed by anyone else.
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