Category Archives: loans

Second Chance Finance Auto Loan after Default near Milwaukee

A credit default occurs when a borrower is unable to repay the credit.  And this reflects on your ability to meet timely payments, putting off lenders from offering you reliable car loans after Default near Milwaukee,WI.

But, do not worry, John Amato Hyundai and John Amato Mitsubishi work with a huge network of lenders who look at you current repayment potential and are willing to take a chance with you. This way , you get various affordable rates of interest on reliable vehicles.  You can take you time to discuss your options with one of our numerous credit specialists.  Whether you get a loan from one of our lenders or our in-house finance program, we report to the credit agency, so when you make your payments on time future lenders will be happy with the positive change to your credit score.

Our Second Chance Finance are two pronged:  We help you get into a car and we also assist on getting your credit score back on track. .  Another reason to choose John Amato Hyundai and John Amato Mitsubishi is our huge selection of used vehicles.

We offer a wide selection of sedans, trucks, SUV, minivans and  sports cars.  Our brand selection is not limited to Mitsubishi and Hyundai, we also carry Acura, Audi, BMW, Dodge, Cadillac, Chevrolet and more.  You can take a peak at our inventory online.  Our vehicles are carefully inspected before we take them in so you need not to worry about safety or upkeep.  Like our reliable car loans after default, our cars too come in various price ranges so that there is something for every need, taste, and budget.  We take the time to listen to your financial situation,and we work hard to find you a vehicle and financing plan that works.

Even if you had a bankruptcy, divorce, repossession on your record it is not a problem.  We feel that our customers deserve a second chance.  Talking about prices, we offer internet specials, extended warranty programs and other financial  perks to all of our clients.  So there is savings at every corner.  For more details on starting your transaction contact John Amato Hyundai or                 John Amato Mitsubishi to start the process.

How much should my downpayment be for Car loan

So, you’re ready to buy a car. You’ve done your research, sold your old car and found the perfect set of wheels. Now you’re wondering how much of a down payment to make when you have bad credit. Most people you ask say 20%, and that’s usually right.

In general, it’s wise to make a down payment of at least 20% on that new car — if you can afford it. If you can’t hit 20%, get as close as possible. It will increase your chances of getting a loan on favorable terms, keep your monthly payments low and make it less likely that you’ll find yourself “upside down,” or owing more than the car is worth.

Twenty percent seems high, right? Many people do buy a car with less. The average new-car buyer put down just $3,502 in 2014, about 11% of the average new car price of $33,000. Used-car buyers put down even less. Six grand for a down payment may feel like a hefty chunk of change, so why shell out?

There are a lot of reasons:

  • You may get better terms on your loan, including a lower interest rate.
  • You’ll increase your chances of getting approved for a loan.
  • The monthly payment will be lower, and you’ll pay less in total interest over the life of the loan.
  • You’ll have more equity in the car, increasing your feeling of ownership.
  • It helps you avoid owing your lender more than the car is worth or more than you’d get from insurance if the car is totaled.
  • A higher upfront payment will help keep your overall debt level manageable — but keep market conditions in mind.

Lower interest rate

A substantial down payment signals to lenders that you’re committed to the car and therefore represent a lower-risk borrower, so some lenders will give you a better interest rate.

Better chance of loan approval

If your credit score is less than excellent, a large down payment can help you qualify for financing. “Keep in mind that buyers don’t necessarily need all the money in cash. Two common ways to bolster the down payment are with a trade-in vehicle or with a cash rebate on the vehicle’s purchase,” says Brian Moody, executive editor at Autotrader. If your FICO score is 670 or below, you’ll have a better chance of getting a loan from a bank or credit union if you can put at least 15% down, according to the auto website Edmunds.com.

Lower monthly payments

More money down means less to pay each month, and less interest paid over the life of the loan. “If you can’t secure low financing for whatever reason, making a bigger down payment — or buying the car outright — can save you significant money in financing costs,” says Jason Allan, managing editor for Kelley Blue Book’s KBB.com

More equity

The more you put down, the more equity you’ll have. One reason for the 20% benchmark: It’s about what a new car loses in value through depreciation in a year. “Depreciation is about 20.5% in the first year, so a 20% down payment essentially offsets the first year of depreciation,” says Ron Montoya, senior consumer advice editor at Edmunds.com.

Avoid being ‘upside down’ on your loan

If you make too small a down payment on a car, you could end up owing more than the car is worth. An extreme example: You’ve probably seen dealerships advertising zero-down deals. While these deals are popular, they can be risky.

With a 100%-financed deal, you’d owe more than the value of the car, because the loan would include the purchase price plus sales tax, interest and other fees. “If you put zero down, right off the bat the car is already worth less than the loan that you’ve taken out,” Montoya says.

That’s called being “upside down” or “under water,” and it’s financially dangerous. If you’re upside down, you may not be able to trade in the car if you want to buy a new one, or you may have to roll the amount you still owe into the loan for the new car. If you’re in an accident and your car is totaled, the insurance company’s payment — which is based on the cash value of the car — may not cover the full amount you still owe.

Keep debt level manageable — but consider market conditions

One final factor: Is it cheap or expensive to borrow money right now? When interest rates are high, you want to scrape up all the cash you possibly can to keep your loan (and the amount spent on interest) as small as possible.

But when interest rates are low, as they have been for several years, a smaller down payment can make sense. “When rates are low, even if you have money available to pay cash for the vehicle, the best option may still be to take out a loan. That allows you to keep the money, perhaps invested with a higher rate of return,” says Mike Buckingham, senior director of the automotive financial practice at J.D. Power.

If you can put your money to work and earn extra income from the investment, then a smaller down payment may be appropriate.

 

When it comes to car down payments, bigger is usually better. While many people put down less and do fine, the best strategy is to put down 20% or more if you can afford it. That will bring you lots of financial advantages to enjoy during your years of car ownership.

5 Fast Facts of the 2016 Hyundai Sonata

Hyundai redesigned the Sonata sedan in 2015 with more conservative styling.  And for 2016 the Sonata adds a few styling and suspension upgrades plus boasts enhanced styling.  In addition the Sonata Hybrid’s power-train is updated and a plug in version is new for the consumer

 

Here are 5 fast facts about the 2016 Hyundai Sonata:

1) Trim levels for the 2016 Sonata include base, SE, Sport, Limited, Sport 2.0T, Limited 2.0T, and Eco. More content is added in the Sonata’s cabin this year, including a 7-in. color touch-screen display audio system with smartphone integration for Android Auto and standard rearview camera in most trims. The Sonata’s cabin offers generous rear-seat room and 16.3 cu. ft. of trunk space.
2) Exterior changes on the upscale Limited trim feature a more aggressive front bumper with 3-bar grille plus 17-in. alloy wheels, including woodgrain trim inside on Sonatas with a beige interior.
3) Sonata power starts with a basic, standard, 2.4-liter 4-cylinder GDI engine that produces 185 horsepower and 178 lb.-ft. of torque. A 2.0-liter, turbocharged GDI engine paired with a 6-speed automatic transmission propels the Sport 2.0T and Limited 2.0T trims. That engine produces 245 horsepower and 260 lb.-ft. of torque. The Sonata Eco’s turbocharged 1.6-liter engine makes 177 horsepower and 195 lb.-ft. of torque partnered with a 7-speed dual-clutch automatic. It is EPA-rated to return 32 mpg in combined city/highway driving.
4) To improve handling, Hyundai has reduced the weight of suspension components in all 2016 Sonatas by making them out of aluminum instead of steel.
5) Advanced safety features added this year include automatic emergency braking (AEB) on Sonatas equipped with forward-collision warning systems. Also, the 2016 Hyundai Sonata received a “Top Safety Pick+” crash-test rating from the Insurance Institute for Highway Safety (IIHS)) as well as the highest-possible 5-star overall safety rating from federal safety regulators.

 

 

See the full lineup of new and certified Preowned Sonatas at John Amato Hyundai

www.johnamatohyundai.com

Hyundai offering current owners free smartphone integration

Late in May 2016,  Hyundai is adding smartphone integration to several existing models via a do-it-yourself installation.  The software update compatible with CarPlay and Android Auto is now available through myhyundai.com  The software is also available at your local Hyundai dealership (www.milwaukeehyundaiservice.com) for an installation fee starting in June.

Current Compatible Systems include

  •  Sonata  2015 with Navigation and 2016 with Navigation or Display Audio
  • Genesis – 2015 with 8 inch touchscreen Navigation with rear-view camera a 2016 Genesis with 8 inch touchscreen Navigation with rear-view camera.
  • Elantra GT- 2016 Elantra GT with Navigation
  • Tucson – 2016 Tucson with Navigation
  • Santa Fe Sport – 2017 Santa Fe Sport with 7 inch touchscreen and 8-inch Navigation
  • Santa Fe – 2017 Santa Fe with 7 inch touchscreen and 8 inch Navigation

Launching smartphone integration on these existing models through MyHyundai will enhance the overall ownership experience according to Barry Ratzlaff the executive director, digital business planing and connected operations at Hyundai Motor America.  Existing owners can now get the most out of their smart phones, by simply loading new software into their cars infotainment systems.  Only a few years ago, they would have ad to buy a new car to get such a powerful upgrade

 

This is not the first time Hyundai has made a software upgrade available using the MyHyudnai portal.  Last year Android Auto was offered to 2015 Sonata owners with Navigation.  Hyundai continues to offer a customer focused user experience by leveraging the MyHyundai.com Platform.  MyHyundai.com gives customers the option to update their car for free at their own schedule.  Hyundai will continue to add value to its vehicles with the easy-to-do  upgrades.

To complete the software upgrade, owners need their VIN number and USB memory stick or the SD card from the Navigation system.  MyHyundai.com has installation guides to walk customers through the process.  In the near future consumers will have access to do-it-yourself installation videos.  The videos will be found on MyHyundai.com and the Hyundai USA You Tube channel and will include detailed download and installation instructions of the software.

 

Cosigner requirements for Auto Loan

When shopping for a vehicle, and you have bad credit, most times a cosigner will be needed in order to secure an auto loan.

When searching for a cosigner, some requirements must be met.

If you have bad or poor personal credit history, using a cosigner can significantly increase your chances of being approved for a new or used car loan.  The cosigner guarantees that you will meet your obligation of making your payments, on time to the lender.  Also the cosigner guarantees to pay the lender in the event that you cannot make your payments or in other words default on the terms of the auto loan contract.  Here is a list of general requirements for a cosigner

  • Creditworthiness of the Cosigner-

This is mostly obvious, but your cosigner must be wiling to actually sign the contract and pledge that he or she will pay the lender all amounts due on the loan, in the event that you do not.  Lenders do not accept verbal agreements on this.

The cosigner when being considered by the lender must have good or excellent credit rating.  Generally lenders require certain high credit scores.  People with higher credit scores are generally financially responsible and pay off their bills and obligations on time.  If you have bad credit, your cosigner needs to have good to great credit rating

  • Proof of your Cosigner’s Ability to Pay –

Your cosigner will more than likely have to provide evidence of their income, to cover the amount of the loan obligation, in the event you can not pay.  The bank may require proof of income of your cosigner like pay stubs.  If your cosigner is self employed the bank will more than likely ask for income tax returns .  If your cosigner can not show proof of income, the lender will deny the loan application

  • Stability in Employment and Residence – 

Many banks like to see stability in terms of employment and residence for your cosigner.  When looking at cosigners, banks like to see people that are wee established and that have roots in communities.  They view cosigners more favorably that have lived at one address for more than a few years and have worked at their present job for a relatively long period of time  There are certainly exceptions, potential lenders place value and weight in the stability of your cosigner when making a decision in regards to the loan application

 

Advantages of using a Cosigner for an Auto Loan 

When potential car buyers lack credit history, whether they are a student, first time driver or a customer with less than a steller track record in the financial aspects, arranging a cosigner on an auto loan makes sense.  There are several reasons to go with a cosigner and potential borrowers frequently seek out family members or friends to act in this role.  Many people with a solid job history and good credit will go out on a limb for those they trust and assist them by cosigning.

  • Better interest rates-  The main benefit of going with a cosigner for an auto loan is that any credit challenged driver will receive better interest rates by adding the cosigner then if they were able to get an auto loan on their own.  That is because lenders base interest rates on what kind of credit risk the borrower may be.
  • Building Credit over time –  When a first time driver or other unseasoned borrower pays their auto loan with a cosigner, they are building up credit that will assist them in the future.  Having a cosigner on a loan buys time for a borrower to pursue building a good credit history with credit cards, real estate investments, or anything else where prompt payments can boost a credit score.
  • Gaining from experience – The cosigner, as someone with good financial history, solid employment and good credit score is generally someone who is wise about the ways of the financial world.  This means that the cosigner can provide some good advice.

When looking at a cosigner and securing one.  Keep in mind that the cosigner become responsible for your loan payments if you do not make your payments on time

 

For any other questions feel free to contact John Amato Hyundai Superstore .

What is Hyundai Brake Assist

John Amato Hyundai Superstore carries a vast inventory of Hyundai vehicles, in which all come with Hyundai Brake Assist technology.  This technology is an anti-lock braking system, which shortens braking system, which shortens braking distance and secures control of the vehicle while driving on slippery roads.  Hyundai continually advances their driver and passenger protections systems and is known for their cutting edge safety technology.

Brake assist systems work along side the anti-lock brake systems (ABS) on the vehicle to avoid wheel lock-up while making braking as effective as possible.  When the system is activated by a driver pressing the brake pedal hard and quick the brake assist system kicks in to help

What is Brake Assist and How Does It Work?

Hyundai Brake Assist is an active vehicle safety system designed to assist drivers in stopping their vehicle more quickly, when an emergency situation arises.  Studies have proven that in emergency stopping situations, almost half of all drivers fail to apply the brakes quickly enough or hard enough to use all of the braking  power their vehicle offers.  A brake assist system recognizes the signs of an emergency braking situation and add its support to the driver and the braking system.

How does  Hyundai Brake Assist Work?

Many consumers have seen Hyundai Brake Assist advertised but do not know how it works.  The answer is simple- the brake- assist system by Hyundai is designed to secure control of the vehicle and shorten braking distance in emergency stopping situations,  It does this by optimizing the distribution of the power to the brakes between the rear and front wheels, as their weight relates to rapid changes in the vehicle weight.  The brake override system makes the engine return to idle, and gives the braking system priority in the event of the driver, in a panic, stepping on both the brake and accelerator pedals at the same time.  The brake assist system increases the power to the brakes and shorten stopping distance in the event of emergency.  The traction control system stops the wheels from slipping, as well as maximizing the power of the vehicle to climb or accelerate.  All of these systems together assure a Hyundai driver of the ability to stop better and faster, and possibly negate the effects of an accident.

 

When is Brake Assist Important?

You might think that you have quick reflexes or have the ability to handle all of the situations on the road but people appreciate extra when they need it.  When brake assist is there for you in the event of an emergency stopping  situation , to assist you and your vehicle to stop quickly and safely.

 

Schedule your Test Drive

 

Check out all the the vehicles at John Amato Hyundai Superstore, Milwaukee and schedule your test drive today

Dealership Financing is right at Amato Hyundai Milwaukee

When you are ready to start the search for your next vehicle but need financing to complete the transaction, do not forget about the many benefits dealership financing has to offer to its customers.  At John Amato Hyundai Superstore’s financing department, we specialize in finding the right auto loan for your specific financial needs.  Even if you have experienced credit issues in the past, our dedicated team may still be able to find you a finance package that makes sense for your budget.

Our dealership has been working with a network of lenders that know everyone has different needs where auto-loans are concerned.  Whether you are looking to finance a new or pre-owned vehicle from John Amato Hyundai, we are sure to find the right financing deal so you can drive off our dealership lot as a satisfied customer.

One of the many benefits of dealership financing is the fact you never have to leave our building to go through the entire car buying process.  You can pre-qualify for an auto loan, select the Hyundai model that you liked best, and complete the entire transaction with ease.  Our financing department is experienced and our sales team is knowledgeable so we assist you in making the best purchase decision as possible.

Another benefit of dealership financing is the ability to find loan packaging that are not available through other lenders. Our network of lenders may have exactly the right solution for your auto loan needs that traditional lenders and banks do not have.  We can review the various options for which  you qualify so you can choose the right loan package for your budget.

Finally, dealership financing may make you eligible for the many deals and special offers available from our dealership as well as the manufacturer.  You never know what kind of great deals we are offering unless you keep in touch with us.  Utilize our store services to discover the vehicles in our inventory and the many sales and services available at our dealership.  Don’t forget to check out the various specials we have going on so when you are ready to purchase, you’ll know exactly what we have to offer.

Contact our Hyundai financing department today to get pre-qualified for the right auto loan.  We here at John Amato Hyundai Superstore are here to make your entire car buying experience is pleasant and leave our dealership lot happy in your new Hyundai

2016 Hyundai Azera Information

Part of the allure of owning a luxury automobile is visceral, the status of driving a Lexus, Mercedes, BMW to name a few.  It takes years to design dominance to build up brand recognition.  Now its time to put the Hyundai Azera in that class.

The Azera, a fully capable and refined full-size sedan, has been on the market for more than a decade.  Near-luxury is the bet label for the Azera, which has many of the features of a typical luxury sedan without the price or the all over brand badges.

As the Korea-based car company continues to improve its product quality, the Azera is a fine fit for the Milwaukee area drivers who want lots of bang for their bucks in the large sedan segment

Its real world competition includes the Buick Lacrosse and Toyota Avalon.  In this weight class alone, the Azera packs a potent punch.

Azera Styling and Comfort

Two of the Azera’s biggest selling points are its interior roominess and eye-catching design.  Inside and out, the Azera, which was redesigned in 2012, is one of the swoopiest sedans on the road.

The exterior takes the basic design language of the attractive Sonata mid-size car and adds enough design details and embellishments to give this vehicle its own personality.  The grille is more dominant than on the smaller sedans Hyundai offers.  A huge panoramic sunroof contrasts elegantly to the Azera design.

This vehicle offers a profile with flattering angles for a vehicle.  Floating character lines help define the Azera, and chrome accents bars along the rocker panels add visual interest to on lookers.  Silver, 19-inch alloy wheels give the vehicle a commanding presence

Designers spent many hours making sure that the Azera has a buttoned down design.  The roofline alone gives the Azera a fast back look that melts perfectly into its sculpted deck lid.

The interior is modern, with many gentle curves in the dash and door architecture.  The driver seating position feels elevated and outward visibility is great.  The interior materials are of high quality.  Ranking right up with Lexus and Infiniti grade.

Standard features in the Limited is LED fog lights, electronic parking brake, leather seating surfaces, 8 inch touch screen, power rear sunshade and Infinity surround sound audio.

 

Finishing up

Although the Azera is not a major household name, it is to be considered

 

Check out the Azera inventory at John Amato Hyundai Superstore.

 

Hyundai Top honor Awards. Why buy a Hyundai

Over the past few years, Hyundai has impressed many consumers and quietly accrued more than impressive amounts of awards for hits vehicle lineup.  So why buy a Hyundai? Not only has Hyundai impresses J.D Power along with the NHTSA and IIHS.  Hyundai has been rated number one in consumer loyalty for the past 7 years,

 
Hyundai vehicles offer quality, safety, peace of mind, low cost of ownership, high re sale value and so much more.  
 
Seven different models earned a 5 star overall safety rating from the National Highway Traffic Safety Administration in 2015 and 2016.  The Genesis, Sonata and Elantra also earned the title of Top Safety Pick from the Insurance Institute for Highway Safety.
 
Highly Awarded Hyundai Vehicle Models
 
Hyundai Sonata
  • 2016/2015 NHTSA 5 Star Overall Safety Rating
  • 2015 “A Best Family Car of 2015” by Parent Magazine and Edmunds.com
  • 2015 “Best Midsize Car for Families” by US News & World Report
  • 2015 Names one of the 15 best Family cars by Kelly Blue Book  KBB.com
  • 2015 IIHS Top Safety Pick
  • 2015 Named “Top Rated Sedan” by Edmunds.com
  • 2015 Cars.com/ USA Today/ MotorWeek Midsize Sedan Challenge Winner
Hyundai Genesis
  • 2016 /2015 NHTSA 5 Star Overall Safety Rating
  • 2015 ‘Best Buy” Award in Large Car Segment by Consumer Guide Automotive
  • Recipient of ALG’s “Residual Value Award for the Premium Full Size Car Segment”
  • Autoguide.cm 2015 Car of the Year
  • 2015 “Luxury Car of the Year” by Popular Mechanics
Hyundai Santa Fe
  • 2015 Best 3rd Row SUV for the Money by US News & World Report
  • 2015 Best Buy Award in the Midsize Crossover/ SUV Segment by Consumer Guide Automotive
  • Winner of 2015 Most Popular on Edmunds.com
Hyundai Santa Fe Sport
  • 2016/2015 NHTSA 5 Star Overall Safety Rating
  • 2015 Best Buy Award in Midsize Crossover/SUV Segment by Consumer Guide Automotive
Hyundai 5 Star Overall Safety Rating For 2016
  • Elantra
  • Elantra GT
  • Sonata
  • Sonata Hybrid
  • Genesis
  • Santa Fe Sport
  • Veloster

Check out the Hyundai Inventory at www.johnaamatohyundai.com   #1 Hyundai dealer new and certified preowned in the state of Wisconsin

Bouncing back from Bankruptcy with a vehicle loan

After filing bankruptcy many people thinks their lives are put on hold .  You think you will not be able to establish any lines of credit .  The fear of not being able to get an auto loan.   You are able to get an auto loan after bankruptcy it just takes a few extra steps and a bit of time

Getting an auto loan after bankruptcy is one of the best steps in rebuilding your credit.  Once you are able to prove that you can pay your loan on time, your credit slowly improves.  Some auto finance companies will hesitate to loan money to those who have recently filed for bankruptcy.  They do consider it a risk  But Subprime lenders , or lenders who specialize in loaning money to those who have credit issues,  are often ones to approve loans for those who have filed bankruptcy.

You can expect a higher percentage rate on subprime loans.  This is the downside but it is the temporary way to rebuild and re establish your credit lines.   Many chose to shop on line for subprime rates.  This is discouraged.  The best way is to find an auto dealer that specializes in sub prime financing in auto loans.  These dealers have relationships built with the lenders to get you back on track with your credit.

If you have a credit score below 500, you may need to take extra steps to secure a subprime loan.  You may need to bring in extra paperwork for the finance department to send to the lenders.  This may include your proof of income, proof of residence, bankruptcy paperwork and a down payment will be needed.

John Amato Hyundai Superstore in Milwaukee has specialized in establishing and reestablishing credit for its customers.  They have been in business for over 50 years. Not only do they have 30 different lenders but also have in house financing available.  Call them today 414-357-8500

 

 

2014 Hyundai Accent GLS Preowned Option

Looking for a great fuel economy vehicle that does not break the bank in cost, Look no further than the 2014 Hyundai Accent GLS.   With 20 in stock at John Amato Hyundai Superstore there are several to choose from starting right around $11000.

The Hyundai Accent comes in two body styles, a five door hatchback and four door sedan.  As a subcompact vehicle the Hyundai Accent often competes against the Honda Fit, Toyota Yaris, Ford Fiesta, Mazda 2 and Nissan Versa

When it comes to the comparisons The Hyundai Accent interior volume puts it in the large compact class.  The Accent is also longer in wheelbase and overall length, which means for the customer more room for passengers, cargo and an overall more smoother ride.

In 2014 the Accent received more standard equipment.  This includes one-touch turn signals, sliding sun-visors, and drivers blind spot mirror.  The audio system was updated in 2014 with improved voice recognition.

This vehicle had a complete cosmetic make over in 2012.  The latest accent has far more modern interior than the previous model, with metal accents on the doors, steering wheel and center console.  Sportier seats features superior cushions and bolsters.  The instrument panel, center stack, and vents are all easy to access and operate.

When looking for storage, the rated cargo capacity of the hatchback models is 21.2 cubic feet behind the folding second row bench seat and 47.5 cubic feet with the second seat folded flat.  Door and console storage is generous and upper level models have a sliding console armrest which is unusual and not found in other subcompacts in its class.

When considering the next subcompact, consider the Hyundai Accent and John Amato Hyundai Superstore .  The #1 Certified Hyundai Dealer in the State of Wisconsin.  We buy our Hyundai vehicles in mass amounts and pass the savings on to the consumer