A Name You Can Trust
13988 Conneaut Lake Rd. Conneaut Lake, PA 16316

Team Lake Road Auto Sales Blog in Conneaut Lake, PA

Can You Rebuild Your Credit With A Used Car Loan

Used Car Loans - A Credit Tool You May Not Have Known About

Sometimes through no fault of your own, you may have bad credit. The economy, a job loss, medical bills, or other factors could have contributed to your current financial situation. But just because you have bad credit now doesn't mean that it will always be this way.

You can take steps to improve your credit score almost immediately by making all your household bills and payments on time and in full. Another option to help improve your credit score is to get a used car loan. A used car loan can help rebuild your credit in several ways.

First, when you make timely monthly payments on your loan, it will reflect positively on your credit report. This will help to gradually improve your credit score over time.

In addition, the act of getting a loan and making payments on time can show creditors that you are responsible and capable of handling debt. This can make it easier for you to get approved for other types of loans in the future, such as a mortgage.

Of course, not all used car loans are the same. To maximize the positive impact on your credit score, you'll want to get a loan with reasonable terms. This means getting a loan with a manageable monthly payment that you can comfortably make without straining your budget.

You may also want to consider a cosigner for your loan. A cosigner is someone who agrees to be responsible for the loan payments if you default on the loan. Having a cosigner can help you get approved for a loan with more favorable terms, which can in turn have a positive impact on your credit score.

Although a used car loan can be a great way to rebuild your credit, it's important to remember that there is no quick fix when it comes to credit scores. It takes time and effort to improve your credit score, but the rewards can be well worth it in the end.

Used car loans can help rebuild your credit, but there are also some risks to consider. Your interest rate will likely be higher than someone with good credit. This is because you're considered a higher risk borrower.

You may have to put down a larger down payment than someone with good credit. This is because the lender wants to minimize their risk in case you default on the loan.

If you default on the loan, the lender can repossess the car. This will damage your credit even further. You should only take out a used car loan if you're confident you can make the payments on time. Otherwise, you could end up doing more harm than good to your credit score

Are you in the market for a car and am not sure what the next step is? Contact us either by phone or fill out a vehicle inquiry on the car you are interested in, we would be more than happy to help get you anyway we can.



In Vehicle Infotainment (IVI)

Posted on 1st December 2015 by ThePD (The Project Definition)

In Vehicle Infotainment (IVI) is an automobile industry term that combine entertainment and information delivery to drivers and passengers. An IVI includes car audio systems with radios and cassette or CD players, as well as automotive navigation systems, video players, USB and Bluetooth connectivity, computers, in-car internet, and WiFi. The entire automotive industry is moving towards developing innovative technologies to enable better connectivity solutions, improve vehicle safety, and enhance in-vehicle user-experience.


You may notice or hear the term infotainment frequently when learning about the later model cars.  Simply put, infotainment, is your cars digital

and computerized display console, usually located in the middle of the dash.  This system combines a wide range of functions from digital radio to

back up cameras.  Besides playing your favorite song tracks an infotainment system will also give real time updates for traffic, and hands free

calling with just a voice command.  Most infotainment systems feature touch screens that are very similar to smart tablets that are mounted onto

or built in the dash and make controlling the climate, seat temperature, navigation, wifi set up, blue-tooth and smart phone pairing a breeze! 

einfochips https://www.einfochips.com/blog/everything-you-need-to-know-about-in-vehicle-infotainment-system/ has a great quick blog read that goes into the workings and features of In Vehicle Infotainmet if you want to learn more!


Extended Vehicle Warranties & Do You Need One

Purchasing a vehicle is an exciting time! You can't wait to drive your "new" pre-owned vehicle home and show it to all your friends and family. In the shuffle of signing all your paperwork, your Salesperson may have asked you if you would like to purchase an Extended Vehicle Service Contract, but what is it, and do you need one? An Extended Vehicle Service Contract is also known as an Extended Warranty that would protect against unexpected repair costs that may result in significant out-of-pocket expenses in addition to or after the manufacturer's warranty ends. Extended Warranties & Vehicle Service Contracts typically exclude routine maintenance such as oil changes and tire replacements (consumerfinance.gov) though some Service Contract companies do offer tire replacement, tech repair, and other plans for additional purchase. Most Extended Warranties are designed for pre-owned vehicles because new cars are covered by an initial factory or Dealer Warranty. In most cases, you'll want to buy an extended warranty before the manufacturer's or Dealer's Warranty expires to avoid any gaps in coverage. caranddriver.com/research/a32878888/extended-warranty-for-car/ .

Is a Service Contract worth the purchase? Let's look at some of the costs of these unexpected repairs:


No matter if you are buying brand new or used, unexpected breakdowns are bound to happen. If you are planning to keep the car for several years, then buying an Extended Vehicle Service Contract can be worth it especially if you are uncomfortable with the possibility of spending thousands of dollars on vehicle repairs.

Does Pulling My Credit Lower My Credit Score"

"Does pulling my credit lower my score?" is a question we hear every day in the auto sales business. Ally Financial has published a great article explaining how car shopping and different credit pulls affect your credit score with answers from real credit experts, Equifax, Experian & Fico.

"If you're shopping for your next vehicle and considering financing, you may apply for credit more than once before finding the deal that works for you. In the spirit of doing it right, we're sharing some key insights provided by the experts below that help outline any impact multiple credit inquiries may have on your credit scores.


'Soft' vs. 'Hard' Credit Inquiries

SOFT inquiries, which can happen when you check your own credit or when a promotional credit card offer is generated, do not impact your credit score. When a lender or company requests to review your credit report as part of the loan application process, that request is recorded on your credit report as a HARD inquiry, and it usually will have some impact on your credit score.

Exceptions To The Impact On Your Credit Score

All new auto or mortgage loan inquiries will show on your credit report; however, if you are shopping for a new auto loan, multiple inquiries are generally counted as one inquiry for a given period of time. This period of time may vary, depending on the credit scoring model used, but it's typically 14-45 days. This allows you to check different lenders to find the best loan terms that work for you. This exception does not apply to other types of loans, such as credit cards. All inquiries for those types of loans will likely affect your credit score. https://www.eqifax.com/personal/education/credit/report/understanding-hard-inquiries-on-your-credit-report/


Q. Why are there several inquiries on a consumer's credit report after a day of car shopping? Is it right for all these inquiries to be on their report for so long from just one day of shopping for a car?

A. When shopping for a car, it is common for auto dealers to submit their information to multiple lenders in an effort to find the lowest interest and the most favorable loan terms. this practice allows the consumer to benefit from lenders competing for their business. the same practice is used for mortgage lending. Each time their credit report is reviewed by a different lender, an inquiry will appear showing who accessed the report and for what purpose. Experian lists each inquiry that is made into a consumer's file for two years, so that they have a complete record of who has reviewed their credit history.

Lenders know that multiple applications for a car loan within a short period of time indicate a consumer is shopping for the best terms, not buying multiple cars. Therefore, as long as the inquiries were all made within a certain period of time, usually 14 days but sometimes longer, they are COUNTED AS JUST ONE INQUIRY when calculating their score. https://www.experian.com/blogs/ask-experian/multiple-inquiries-when-shopping-far-a-car-loan/

FICO-Fair Isaac Corporation

How Credit Inquiries Affect Credit Score

The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a SMALL IMPACT on one's FICO Scores. Things like how timely you pay your bills and your overall debt have a much larger impact on your scores.

Q. Will my FICO Scores drop if I apply for new credit?

A. If your [Fico Scores] change, they probably wont drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders with in a short period of time. Typically, these are TREATED AS A SINGLE INQUIRY and will have LITTLE IMPACT ON YOUR CREDIT SCORES. https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

Sales Department- BRAND NEW

After the devastating loss of our last building, we are happy to announce we have finally put the finishing touches on our NEW and IMPROVED sales building!
We are so thankful for all the help we have received from local businesses along the way, and would not be where we are now if it wasn't for them.
Please stop in and check out the new building, grab a cold water and see what we have to offer you as we continue to grow every year!

Service Department COMPLETE

We were finally able to snag a few photos of our new and improved Service Department!
Cleaned weekly, our Service Department caters to anything you may need...
Alignments, oil change, tire rotations, or even a little bit harder of a task? We're your guys!
Open Monday thru Friday 8-4
Stop by today!!

Our New Signs From Open Signs!

Now that our buildings are about to complete! We had to start decorating them! We would like to thank the guys from Open Signs over in Greenville! They did an amazing job getting them made, and installing them! Our Service Department signs will let you know what services we provide, and that we are a new NAPA Auto Care Center. We have our popular "A name you can trust" slogan on our Sales Building. And Stacey's "Bling Financing" banner on the other side! They all look great!

Our mechanics are moved up to the new service department and are hard at work! Our office and waiting room areas are still in the process of being set up! So if we have a hard time getting you to service, that would be why haha! Thank you to all of the customers who have been very patient and understanding with us during this transition period! So many great things have come, and are yet to come! 

See you all next week! 

Service Department Update!

Doesn't our Service Department look great!? Looks so much better with our front parking lot paved! Thanks again to CJ Long Paving Co.! 

We just got our windows and doors installed and they look awesome! The guys are just starting to finish up the drywall and laying out some things throughout our building! We are so excited to move our crew up to our new building! And it will be nice to see some new faces in our mechanic shop! I'm sure our customers are just as excited as we are! No more having to drive back and forth between the Sales Office and the Service Department! 

Thank you to all of our customers who are working with us during this big change! We are always working hard to make your experience here even better than the last! 

Another big thank you to all of the people and businesses who helped us with this transition! We couldn't have done it without you! 

Paving the Service Department Lot!

The parking lot for the Service Department looks great! A HUGE thank you to CJ Long Paving Co. for helping us out! They did a really nice job and it looks great! These guys were out here in the 90 degree weather pouring hot blacktop! They are troopers! They also paved over where our work trailer was, and now our lot looks HUGE! More space for more vehicles! Our Service department is almost complete! The garage doors are all installed and the lights for the shop are up and running! Soon we will have our mechanics and equipment up here and we will be ready to roll! The day is almost here!! 

Service Department Almost Complete!

Our Service Department is on its final stages of being completed! It looks great! As you can see we are getting our heavy car lifts placed in the building, starting insulation in our Service waiting area, and we will finally have AC in our service department! Our mechanics are very excited about that! We are making some awesome progress! Once the walls, insulation, and electric are complete we will start moving our mechanic's up to the new building! We will be moving all of their tools and the cars that they are currently working on! It will be such a busy and exciting day! We are so glad to have our mechanics closer to home! We are also planning on paving the parking lot outside the service department! That way we won't have to deal with gravel and mud puddles in the future! The finished product is going to look great and we can't wait to share it with all of our customers! Thank you for reading and staying updated on what is happening here at Team Lake Road Auto Sales! Be sure to check in with us next week! 
Text Us