An extended service contract is a coverage for mechanical repairs and or maintenance of your vehicle. An extended service contract is sometimes called an extended warranty. A new vehicle usually comes with a factory warranty. This will cover various things that may break due to normal use for a set time or mileage. The time or mileage will depend on each manufacturer. After the warranty period is up, you will be responsible for paying for anything that should be done to your vehicle. If you purchase an extended service contract (extended warranty) for your vehicle you may be able to get your repairs or maintenance covered after your factory warranty expires.

There are many extended service contract options. Dealers may have different extended warranty products or companies available depending on where you go. Some warranties will give you the option of what level of coverage you can get.

Power-train:  Will usually only cover the engine, drive-train, and transmission. This is the foundation of your car, If you want a minimal amount of coverage this could be the one for you.

Electrical: This covers some or all of your electrical components.  Electrical components are often quite expensive and can be known to have problems more often than any other vehicle part.  Electrical coverage often comes with a mid to high-level service contract

Comprehensive: Otherwise known as bumper to bumper will generally cover most components that can go wrong due to normal wear.   This is usually the highest level of coverage and recommended if it is affordable.  Comprehensive coverage should cover vehicles most expensive parts and labor.

Some warranties need to be used at a franchised dealer. For example, you might be offered a Chrysler warranty on a Chrysler vehicle. This type of warranty might be okay if you think you will never break down where you are not close to a franchise dealer, however, if you would like to use your warranty anywhere, you may want to get a warranty that can be used at any certified repair shop. If you think that an unexpected repair of somewhere between $800 and $3000 will set you back, you may want to consider getting an extended service contract. Even though the extended warranties do cost money, you can usually add them into your financing to spread out the cost evenly over all of your payments to make it affordable.

An auto title loan is a loan that you can get by putting your car title up for collateral. These loans are usually very high interest, sometimes higher than 300 % depending on where you are and whom you see. Sometimes, your payments only cover interest.  If you pay more, you will pay down the principal balance, but, if not, you could be stuck paying on your loan forever. This type of loan is usually not advised. If you have an auto title loan you should put everything you can into paying this off as soon as possible.

If you are upside down in your auto loan this simply means you owe more to the bank then you can get back on trade in, or outright sale otherwise known as negative equity.  To combat this you will need to do one of the following options 1) Roll balance over on to new loan.  If this is done you are compounding the problem and will most likely have a greater amount of negative equity if you need to trade off your next car during the better portion of your auto loan.  2) Try to find a car that is much cheaper than it should be.  If you can do this you should be able to absorb some or all of your negative equity.  This will be difficult because dealers search all over the United States to find good deals, hence, everyone else is bidding on these deals too.  They usually cost about what they should, especially in today’s market.  3) Pay the difference as a down payment, a combination of this and number 2 is the best way to approach it if you can but bear in mind, it is good to put money down anyway;  Negative equity will just increase the amount you will need.

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If you have a situation outside of the norm and you go to a regular car dealership for a loan then yes, it will be difficult.  Most car dealerships have a finance manager that is only trained on how to finance good credit customers.  It is usually more work to get a customer that has bad credit or a slightly different situation a loan so why put extra effort in to it? If you want to get the right kind of help with a car loan and you have a special situation why not go to a Special Finance Manager?  Finance managers signed on with our program specialize in out of the norm types of situations so they are ready for it. Don’t waste your precious time on talking to just anyone,  Apply at Newstartautoloans.com

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Every day we hear from people who have been told that they can’t get an auto loan after they file bankruptcy or have been through a foreclosure.  That’s simply not true.  New Start Auto Loans has the resources to give people another chance, including loans to people that have been just discharged from bankruptcy.  If you’ve heard “no” from other lenders then we encourage you to try New Start Auto Loans.  We have the loan programs and products that separate us from the competition and give us the flexibility to say “yes” to your new Auto loan.

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Bad credit really is a broad term.  Bad credit is in the eye of the beholder but generally means credit history that has blemishes or is less than perfect.  There are almost an endless amount of credit score cards, lenders, financing options, and reasons credit will need to be looked at so it’s important to determine what is the curve on which your credit will be graded.  If you are applying for an auto loan and your dealer sends you to a bank that only approves 800 fico scores and above, you must have very good credit to get approved; anything below a 720 score could be considered “bad credit”.

For the purpose of an auto loan, I will set the bar for you.  If you have a credit score below 660, have late payments on your car, home loan, or installment loans in your history, or if your debt ratio to available balance is higher than 50%, you could be considered “bad credit” and should consider a program that works with people who have bad credit to secure your next auto loan.

High risk auto loans, sometimes called bad credit auto loans, special finance auto loans or credit reestablishment loans, are auto loans made to customers that have either no credit history, a FICO score below 650, or other blemishes on their credit report that would cause a conventional lender to turn them down.

A high risk auto loan is a loan given to someone that has bad credit, no credit, an unstable work history, low income, trying to get a loan for much more than the value of the car, or other situations that would make the loan riskier than a standard loan.  Unlike conventional lenders, banks that make high risk auto loans look for a way to get you approved, not for a way to turn you down.  At the same time, because these banks loan to people with bad credit, the interest rate can be higher than a conventional loan. Just remember that if you pay this loan on time, chances are the interest on your next loan will be lower.

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