Cincinnati: Where buying a Car is a Necessity rather than a Choice

People consider a car as a luxury item. But, in few cities, buying a car has become a requirement. If you live in Cincinnati, you will realize that it is a necessity rather than a choice. Here are a few reasons that will show you the importance of a car in Cincinnati:

Public Transport Service
Cincinnati, since its establishment as a city, is struggling to incorporate an efficient public transport system. Since 1916, the government is trying to connect the city with subway but it has failed several times. Also, the city lacks an efficient public bus service. The Riverfront Transit Centre was built for transit buses but residents of the city use it during school trips, picnics and sports-events only.

As the public transport service of the city is not satisfactory, it is best to avoid using it in the times of emergency. If you want to reach work on time, buying a car is the best option for you.

The Temperature Issues
Cincinnati belongs to a climatic transition zone. The subtropical and continental climates influence the average temperature of the city. The summers are hot and humid with temperatures reaching up to 90°F whereas the winters are cold and snowy. In winters, Cincinnati receives 22 inches of snow approximately. In a city with fluctuating weather conditions, you never know when you get stuck because of lack of public transport service. Therefore, owning a car is a wise option for you.

A Crowded City
Cincinnati is the recipient of the title ‘fastest growing economy in the Midwestern United States. Hence, one can estimate the rapid growth of settlements in and around Cincinnati. Major companies such as P&G, GE, The Kroger Company etc. have their headquarters in the city. According to a 2015 estimate, the population density of the city was 3810 per square mile. If you have to commute regularly, you will want to avoid travelling with a large crowd. Therefore owning a car can help you to maintain privacy and save your valuable time.

Unavailability of an Airport in the City
Air connectivity for a metropolitan city is a must. And with major businesses having their headquarters in the city, Cincinnati is no exception. But the real problem with air connectivity in the city is that it doesn’t have an airport of its own. You need to go to Kentucky in order to board a flight. If you are a frequent flier, a personal car can help you to reach the airport faster. Plus, you need not adjust your time according to the public transport service.

In Cincinnati, people consider owning a car as the best option because of the convenience and comfort it offers. So, if you are living in the city, go out today to buy your own car.

4 Tips to Get the Most Out of Your Bad Credit No Money Down Auto Loan

Imagining a world without a car seems quite impossible. A car has become a necessity that is integral to our lives. Sorrowfully, many car buyers find themselves in a state of mayhem due to the compulsion of making a down payment. A down payment makes it difficult for car buyers to arrange a big amount of money in a short time-frame. To add to that, there is a possibility that a bad credit score or an average credit score can diminish the chances of obtaining an auto loan. However, there is always a way out. A bad credit no money down auto loan is the best option for you. But, before you avail the loan, make sure that you leave no stone unturned to educate yourself on all the important details.

The following tips will assist you in getting the most of your bad credit no money down auto loan:

1. Trade-In Your Old Car

Many a times, trading your old car can act as a replacement for a down payment. Once you have agreed to trade-in your old car, the amount equivalent to your car will be deducted from the total loan amount. It substantially reduces your burden of the monthly payment amount. Thus, by trading your old car, you can maximize the benefits of your bad credit no money down auto loan.

2. Get a Co-Signer

When you suffer from a damaged credit and cannot spare the amount for a down payment, getting a co-signer greatly helps your situation. If you are unable to make payments, a co-signer is equally liable to repay the loan amount. A lender will be more likely to grant you a loan if you have a co-signer with a rich credit history. Therefore, in order to make the most of your bad credit no money down auto loan, make it a point to get a co-signer.

3. Aim for Reasonably-Priced Cars

It is much easier to obtain a bad credit no money down auto loan if the loan amount is reasonable. If you aim for cars which are way out of your league, it can become difficult to get a loan. Additionally, opt for a loan with a shorter term. A realistic amount which can be repaid in a short time-frame can reduce the overall interest on your loan.

4. Present Evidence of a Stable Income

Regardless of a bad credit history, evidence of a stable income can boost your chances of getting a loan. Stability in the form of a regular job, a regular income source and a stable residential address can increase your credibility. Present pay-stubs that prove you can repay the loan within the stipulated time-frame.

For a car buyer with a bad credit score, getting financing options without a down payment is possible. Keep the above tips in mind to get the most of your bad credit no money down auto loan.

Long-Term Auto Loan: Understand the Pros & Cons before saying yes

Buying a car has never been more convenient. Today, cars are better built, technologically equipped and offer a variety of financing options. However, the scenario of expensive monthly payments and poor credit score become an unwanted hindrance. Opting for a long-term auto loan is one way to overcome the limiting obstacles. Typically, it ranges from six to eight years. However, before you choose a long-term auto loan, it is essential to evaluate the pros and cons of your decision.

Pros of a Long-term Auto Loan

1. Reduced Monthly Payments

As compared to a short-term loan, a long-term auto loan has smaller monthly payments. The total amount of the auto loan is spread over a longer time frame, thereby, significantly reducing the monthly payments. Due to a small monthly payment, you can afford to buy an upgraded version of the car as it is less burdensome to repay the loan.

2. Repair Damaged Credit

A long-term auto loan is extended to individuals with bad credit. If you make consistent payments throughout your term, you stand a chance to repair your damaged credit score. Additionally, the likelihood of obtaining refinancing for a long-term auto loan is higher than a short-term auto loan.

Cons of a Long-term Auto Loan

1. High Interest Rates

While the monthly payments are low, the interest rates on the long-term auto loans are high. A longer term period means increased number of payments with high interest rates. Therefore, you will not only be paying interest rates for a long time, but it will also be higher than other auto loan options.

2. Lower Resale Value

The depreciating rate of a car ranges between 15% and 20%. By the time you are done repaying a loan, the resale value of your car is likely to drop. As a car is a depreciating asset, the amount you receive after reselling it will be lower than its purchasing price. Therefore, a potential risk of upside down is always associated with a long-term auto loan.

So, when does it make Sense to choose a Long-term Auto Loan?

If you suffer from bad credit, chances are the dealer will offer you a loan which contains a long-term. Generally, individuals with a damaged credit score can obtain it easily as it requires less credit checks. Also, if you cannot afford expensive monthly payments, a long-term auto loan will help you to afford the car you wish to purchase.

A decision taken in a hurry is a decision low on evaluation. A bad credit score may limit your probability of getting an auto loan. However, a long-term auto loan can be a means to reach one step closer to purchasing your dream car. Understand the pros and cons before you decide on choosing a long-term auto loan.