Car Tuning,Car Finance,Auto Loans

Archive for July, 2007

Individuals planning to buy a car or any vehicle prefer to “prepare” before they actually buy their vehicle. Many companies offer auto loan finance and car financing facilities so potential buyers can avail their transport, and if they have poor or bad credit rating, it is possible to buy their car through bad credit auto finance or bad credit car finance programs. Some companies specialize in providing finance to individuals having low FICO scores.

Such companies typically provide bad credit car financing and bad credit car loan programs, to make it possible for the average American to own what he or she desires – the “perfect” car. Since many options are available due to proliferation of online car loan companies, it is recommended to search for best car loan rates. Car financing through car loans is not that difficult to avail, if you know exactly what to look out for, and how to evaluate your options. The following information can help you “prepare” your case, before you actually sign your buying contract:

1) Compare the dealer cost price with prices displayed on window stickers

It is recommended you check out the updated price list available in the market, and compare it with the dealer cost stated in the window stickers. It will give you an idea how much bargaining you need to do for the model of the car you are interested in buying. Negotiations are generally carried out after considering a few points, which are likely to figure in the arbitration process. Some of the following terms might help you prepare while negotiating with your car dealer:

1.1) Invoice Price – this is the manufacturer’s initial charge or original price offered to the car dealer. The price is usually higher as compared to the dealer’s final cost or “floor” price since dealers receive benefits such as rebates, allowances, discounts, and even incentive awards. Generally, the invoice price includes a certain fee or “charge” for freight/destination and delivery. So if you plan to buy a car based upon the invoice price, and the freight charges are already “included”, you have to make sure that the freight charges are not added again within the sale price.

1.2) Base Price – this is the cost of the car excluding the accessories and other “add-ons” options. The price includes the standard equipment and factory warranty. This price is generally printed on the “Manufacturer’s Suggested Retail” price tag.

1.3) Manufacturer’s Suggested Retail Price (MSRP) – this price is also known as the Monroney sticker, and shows the base price, the suggested retail price, the manufacturer’s transportation or freight charge and the fuel economy or mileage. As per federal law, the sticker should be affixed to the car window, and the purchaser holds the “power” to remove it once the sale has “gone” through.

1.4) Dealer Sticker Price – this is usually printed on a “supplemental” sticker. Actually, this price is the Monroney sticker price plus the suggested retail price, along with additional dealer markup (ADM) or additional dealer profit (ADP) details, and costing related to dealer preparation and undercoating.

2) Get a quote from the dealer in writing

Confirm with the dealer that the written quote is “final” and binding. If the dealer refuses to provide the commitment in black and white, find out the reason why.

3) Check out many dealerships

Find out the deals offered by various dealerships, and their reliability with the local Better Business Bureau.

4) Negotiate independently

Consider various questions related to financing, service contracts, trade-ins after you have agreed upon the price of the vehicle.

5) If you’re not confident about arbitration avail car buying services

Arbitration or negotiations are an understood factor while buying cars. If you are unsure about your negotiating skills, or do not feel confident conducting the purchase on your own, it is advisable to hire services of car-buying experts or companies and let them handle your case.

6) Shop around and compare

Contact lenders directly on your own – do not let the dealer work out the financing aspects for you. Compare the financing offers you have availed, and compare them with what the dealer offers to you. Offers may vary, so it is recommended you shop around for the best deals available, and compare the annual percentage rate (APR) along with the length of the loan. While negotiating to finance your car, focus on the monthly payment and its repayments.

The total amount you eventually pay depends upon the price of the car you are negotiating, the APR and the tenure of the loan. At times, the dealers offer very low financing rates for specific cars and models, but may not be ready to negotiate the prices of these cars. To qualify for the special rates, you need to make a large “down payment”. Many times, it is more affordable to pay a high finance charge on a car, and go in for reduced monthly payments, rather than buy a car that requires a smaller down payment and larger monthly payments.

7) Work out the auto insurance before you buy

Make sure you understand the cost incurred while insuring your car. It is important to calculate how your insurance amount is likely to change with other car scenarios – depending upon the insurance company, and it might be possible to do this online, or through your insurance agent or broker.

Test drive before buying

Before buying, it is recommended to get a proper feel for the performance, handling, ride, and comfort of the car before you buy it. Here are a few helpful tips that can assist you:

8.1) Test drive and check out all the models you are considering as your buying options.

8.2) Drive the cars on different types of roads and tarmacs.

8.3) The test drive should be long enough to get an accurate feel about the acceleration, braking, steering, and the overall stability of the vehicle.

8.4) Listen to the radio for its sound quality, and turn it off during your test drive so you end up listening to the car engine, tier tread noises, how the car responds at corners, and any “strain” noises originating from any part or portion of the car.

8.5) Rent a car for a couple of days, and check out how the car you are planning to buy responds as compared to the older model.

9) Make sure you properly understand the contract before signing

Take your time to read the sales agreement in depth, and make sure you get all questions answered properly. It is important not to hesitate while asking for clarifications on points that you do not understand properly. If you have to leave a deposit amount, make sure you understand the terms and conditions, as well as your obligations. Remember, signing a contract can lead to serious issues since it is binding, and in some cases, it might not be possible to get your deposit back.

As the case with all contracts, it is recommended you do not rely on verbal promises. Promises do not count unless they are in black and white. Also, do not sign a contract that has blank spaces. A contract can be considered as binding only after an authorized dealership representative approves it, so before leaving the showroom, make sure someone who has the necessary authority has “signed” it, and made it “legal”. Be sure to get a copy of the original signed contract for your records.

10) Check your car before taking its delivery

Make sure everything committed by the dealer is included with your car, and that everything works properly before you leave the dealership premises. Also ensure that:

10.1) The salesperson delivers the owner’s manual, explains special break-in procedures, and discusses routine maintenance schedules and procedures with you.

10.2) Open the hood and ask all necessary questions, including where and how to locate the oil dipstick, the windshield washer fluid reservoir, the coolant overflow canister, and the brake master cylinder fluid reservoir.

10.3) Inspect the trunk and check whether the spare tire is included, along with the jack and any other special instruments.

10.4) Make sure the salesperson introduces you to the service manager, and shows you how the service department works.

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Financing a car is never an easy thing to do. Cash is never readily available and when push comes to shove the only opportunity left is car finance loans. Car financing has to be seriously considered in light of the large number of incidents involving people who have found themselves unable to pay back their loans because they did not know a thing or two about the credit conditions on the loan.

There are personal loans that are available for people who intend to buy cars. For the most part these do not go through the lengthily application approval period typical of mortgage loans. Basically you will have to undergo a credit check before you get the loan itself. A credit check is a standard procedure whereby credit providers go through your credit report from the credit bureau.

So if you have any outstanding debts that are due for payment you must make sure you clear them before making an application. But generally a good credit score indicates that you are not a person who would fail to pay back debts. In addition to this it is advisable that you also place a down payment on the loan as this again tells the credit provider that you are more likely to pay than a person who does not.

The other thing you must be wary of is the rates of interest for banks. Interest rates for banks are generally high when you have a bad credit report, or if the car you intend to buy is pretty expensive. And sometime interest rates are lowered if you make a down payment or if you have a good credit score.

But these are just the basics. But the last thing I will mention is the fact that car dealership loans given by your selected car dealer are ones you should be careful of. Sometimes the interest rates are hiked tremendously and can be out of the immediate reach of your financial abilities.

If you’ve been told you have adverse credit due to bankruptcy and cannot take out the loan you wanted you may be wondering what on earth that means and what you can do now. Having adverse credit means you have a poor or negative credit rating which can affect your ability to get some loans or other finance. Being in a position where you have lost everything due to the bankruptcy is bad enough but there is a light at the end of the tunnel. If you search thoroughly you will be able to find lenders who will accept those with adverse credit due to bankruptcy.

The key is to be prepared. Your credit rating may lower the size of the loan you can have or limit the types of car finance you can get. Mostly this means you can only get secured car finance which means the company uses your property as a guarantee that you will pay back the loan. An unsecured car finance loan will be much more difficult to obtain than the secured loan if you have a bad credit history.

In these situations you have three main options to consider. The first is to accept a lower rate loan and purchase a used or lower model vehicle that you can afford with this amount. This will mean you don’t get the car you want straight away but it will help to bump up that adverse credit for future car finance.

The second option is to hunt online for a better deal. There are thousands of credit companies out there that specialise in getting people with adverse credit car finance or other loans. Don’t feel like you have to be bullied into a poor deal just because you have poor credit. Check out various different companies, what offers and deals they have and what loans they can offer.

The third option is to go for a no credit check loan. If you have an adverse credit rating then this could be the option for you. For this type of loan, no credit check is made on the individual applying. They base the loan amount you can borrow on your current ability to pay it back so all you will need is proof of income. If you have an unstable income then they will probably examine the lowest possible amount that you can achieve and base your loan on this amount, so this type of loan may not be suitable for the self employed. Be aware though that without a credit check you are likely to pay a higher rate of interest.

Don’t let your credit rating ruin your life; you can get car finance just like anyone else. Always ensure you look around for the best deals and offers, make sure you know what the company is all about. You should also ensure that you have chosen a loan that best suits you. Take a look at its benefits and downfalls and ensure that you know exactly what you’re getting into. Make sure you can afford your loan especially with secured car finance. You need to ensure that in the worst case scenario you will still be able to pay those monthly payments.

The 2006 Mitsubishi Lancer Evolution MR (also know as MR Evolution or MR EVO). The MR EVO is one of the finest all-around street performance cars available. This is attributed to its affordable price, (you can get a used 2006 MR EVO for about $20K-28K) its AWD system and its 2.0 liter, 286 horsepower, 289 ft-lbs torque, 4-cylinder engine.

Modifying the MR EVO presents many options as there are a plethora of race companies with parts available. There are certain points on the MR EVO that should be addressed first. MR Evolutions come with many factory placed restrictions. These OEM restrictions were put in place to make the car safer and more reliable for everyday driving. Unfortunately, these restrictions keep your MR EVO from making the most power it can. Below I have the top 5 tuning tips to unleash the true power of your MR EVO!

#1 High-Flowing Air Intake Filter

The MR EVO has the largest stock turbo in any of the Lancer Evolution line-up vehicles. The stock air box is extremely restrictive and a simple air intake replacement will free-up lots of power. The turbo itself will spool up a lot faster, decreasing turbo lag. Gains of anywhere from 8-15hp should be expected. Performance intakes for the MR EVO are very simple to install as well.

#2 High-Flowing 3 Inch Downpipe

The downpipe is one the most crucial parts of any turbocharged car. Upgrading your downpipe will increase loads of horsepower and torque throughout the RPM range. Your turbo will have enhanced spooling characteristics as well. What does this mean? It means that not only will your turbo spool up faster, but your overall boost curve will change as well. When it comes to the MR EVO, the most important place on the exhaust is immediately after the turbo.

#3 High-Flowing 3 Inch Exhaust System

The OEM exhaust on the Lancer Evolution MR is very restrictive. Upgrading the exhaust to a full 3 inch unit does nothing but good in terms of power. Not to mention that sweet exhaust tone that the MR Evolution can make. You will notice an immediate increase in top end power along with a beautiful exhaust tone in the upper RPM. With a variety of styles and finishes available, you can add a little personality to your MR EVO.

#4 High-Performance Clutch

The Mitsubishi Lancer MR clutch is not bad, it just gets bad when you start adding more power to the car. The clutch is must for any MR EVO with performance parts. In my experience with tuning MR Evolutions I found that when the car starts producing about 300hp to the wheels the clutch must be upgraded. When upgrading the clutch you should always replace the flywheel with a lightweight performance version as well. Not only will your clutch hold the power your engine makes, but your overall horsepower will go up as well!

#5 Digital Boost Controller

Boost is one of the most important aspects of the MR EVO. Raising the boost level of the Lancer Evolution is one of the most effective ways to increase horsepower and torque. I have seen a 1 lbs increase in boost result in increases of up to 10 hp! Imagine when you increase the boost by 2, 3, 4, or 5 lbs? Not only that, but a digital boost controller will increase the spool response of your turbo as well. Controlling boost is also crucial if you plan to do more modifications in the future.

There are many options for tuning the Mitsubishi Lancer EVO MR. But these top 5 tips will start you in the right direction to be on the winning team.