Car Tuning,Car Finance,Auto Loans

Archive for July, 2007

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.