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Welcome To Our New Website! November 7th, 2020
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Financing 101
November 7th, 2020 by:
Royal Family Motors

Auto Financing

Reasons you should Think about Refinancing your Car Loan

Even though many people are aware they can refinance their home loan, most people do not consider refinancing their auto loan. It is important to find auto loan refinancing as it can help you change your auto-financing situation. If one or more of the following represents your position, then refinancing may be worth thinking about.

Decreased interest rates

Over time, interest rates can fluctuate. If they have declined two points or more since you first obtained your auto financing, then you should consider refinancing to save a little each month.

Your credit score has increased

If you pay your auto finance payments (and your other bills) on time, your credit score can improve over time. When it does improve, you should think about trying to negotiate a better auto-financing rate with your lender. Because your credit score increased, you are not as high of a risk as you were before.

Your rate is simply too high

Does your rate seem too high? Is your rate making your auto finance loan too much for you to pay each month? By refinancing, you can lower your rate and start saving money on your monthly payments.

Your financial situation changes

Unexpected expenses or unemployment happen, and as a result, you need to take a closer look at your financial situation. Refinancing may help you get a better rate on your auto-financing loan, and you might find it easier to make your monthly car payments. Therefore, if your financial situation has changed, you should consider contacting your auto-financing lender. By doing this, you could be putting more money in your wallet.

Interest Rates and Credit Scores

When you shop for loans from various auto-financing companies, they mostly use your credit score to determine your interest rate. In addition to other personal documentation, auto-financing lenders will request your credit score. Your credit score helps auto financing companies to paint your financial picture. Your credit score mainly tells how risky it is to give you a loan. A high credit score means that a person is less dangerous to give a loan.

On average, these auto financing interest rates and credit score pairings are common:

•    850 – 740 credit score: 3.2% interest rate for auto financing loan

•    739 – 680 credit score: 4.5% interest rate for auto financing loan

•    680 and below credit score: 6.5-12.9% interest rate for auto financing loan

Your credit score needs to be in the 740 range if you want to be approved for an auto financing loan with a low-interest rate. You can still get auto financing if your credit score is in the high 600s. However, your interest rate will just be higher. Auto-finance companies consider you a "subprime" borrower if you have a credit score of 620 or below. You can still qualify for a subprime auto loan with a credit score of 620 or below—the loan will just have a higher interest rate. Subprime auto financing can help you mend your credit while helping you buy the car you need. You should check your credit score online before you visit a lender for auto financing. Checking ahead of time can ensure you are being offered the interest rate that is right for you.

How long is a typical auto loan?

Loans for new cars

For a new vehicle, the average auto-financing loan is around five years. Approximately, 20 percent of all auto finance loans are represented by six to seven-year terms. The average auto loan length has increased over time. However, interest rates have decreased over time.

Loans for used cars

For a used vehicle, the average auto-financing loan is around four to five years. Typically, auto-financing loans for used vehicles will require higher interest rates than the interest rates for new vehicles. Also, auto financers are not likely to offer seven-year loans on older vehicles. This is because a vehicle’s value decreases significantly by the time it is ten years old. Trade-in values are not good on older cars.

What loan works for you?

You must choose the loan that works for you and your financial situation. If you can afford it, you should go with the shortest auto loan. You will pay off your car loan sooner if you do this. But if you think that it will be hard for you to go with the shortest auto loan, you should not feel forced to make it work. Making your loan payment each month should be your priority. Making your payment every month helps your credit and could help you with future car loans.

Auto Loan Options: Dealerships, Bank Financing, and Credit Unions

When we buy a car, the auto financing part of the purchase can be overwhelming. You may see an ad with an auto-financing rate, but its small-print disclaimer explains that it is only applicable to qualifying customers. As these ads show, auto financing is not a one-size fit all process. Because we all have different credit histories and financial situations, it is important to consider your financing network of auto dealers, banking institutions, and credit unions.

Dealership Financing

Dealerships may offer incentives for financing auto loans through them. You should research these financing incentives, before deciding on a car or an auto financing company. Dealership financing may be appealing because it offers you an easy one-process shopping experience. It may be less stressful to secure financing at the dealership instead of worrying about going to another place to obtain financing. Evaluate what is important to you. While we all want to save money, you should be honest with yourself—what do you want your buying experience to entail? What will make you feel the least stressed?

Bank Financing

Your credit score is determined by using three different databases: Equifax, Transunion, and Experian. Your credit rating is typically determined by using an average of these three scores. Your credit rating score is called a FICO score, and it ranges from 300 to 850. 720 is considered an excellent score, 690 is considered a good score, 630 is considered an average score, and anything lower is considered a bad score. Most bank auto-financing advertisements are quoted for people with “good” credit scores. Further, there are essentially only two pieces to auto financing: (1) amount being financed and (2) interest rate. Other factors to consider when determining the monthly payment include your down payment and the length of the loan. These other factors are many times easily negotiated. Most of the banks in the U.S. offer auto financing, and they each have their auto financing rates and terms. Many times dealerships will have relationships with banks, but don’t let that stop you from looking into financing with banks outside of your dealer’s network.

Credit Union Options

Across the U.S. you can find around 6,500 credit unions that can provide auto loans. Because credit unions are membership-based, they typically have better interest rates. However, compared to banks, they do not offer as extensive of rewards and flexibility. Credit unions’ options may be limited. For example, they may only provide a single auto loan package with predefined terms. Also, many times, credit unions will serve a specific industry (e.g., educators and military). You could double your discounts if the dealership offers industry-specific discounts too.

Welcome To Our New Website!
November 7th, 2020 by:
Royal Family Motors
Welcome To Our New Website!

Welcome to Royal Family Motors

Royal Family Motors is a used auto dealership serving the North Canton, Ohio area! Browse our large inventory of used cars, trucks and SUV's today. We welcome all types of trades, offer a variety of easy financing, and would love to earn your business with our friendly staff and quality cars.

"You don't have to pay a king's ransom to be treated like royalty"

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How To Improve Your Credit Score
November 7th, 2020 by:
Royal Family Motors
How To Improve Your Credit Score

Your credit score—a three-digit number lenders use to help them decide how likely it is they'll be repaid on time if they grant you a credit card or loan—is an important factor in your financial life. The higher your scores, the more likely you are to qualify for loans and credit cards at the most favorable terms, which will save you money.

If your credit history is not where you want it to be, you're not alone. Improving your credit scores takes time, but the sooner you address the issues that might be dragging them down, the faster your credit scores will go up. You can increase your scores by taking several steps, like establishing a track record of paying bills on time, paying down debt and taking advantage of tools like Experian Boost , a new product that allows you to add utility and cell phone bills to your credit file.

How Credit Scores Are Calculated

You likely have dozens, if not hundreds, of credit scores. That's because a credit score is calculated by applying a mathematical algorithm to the information in one of your three credit reports, and there is no one uniform algorithm employed by all lenders or other financial companies to compute the scores. (Some credit scoring models are very common, like the FICO® Score* , which ranges from 300 to 850.)

You don't have to get hung up on having multiple scores, though, because the factors that make your scores go up or down in different scoring models are usually similar. "What makes one score go up versus down is always going to be the same—it just depends on the degree," says Barry Paperno, a consumer credit expert.

Most scoring models take into account your payment history on loans and credit cards, how much revolving credit you regularly use, how long you've had accounts open, the types of accounts you have and how often you apply for new credit.

Steps to Improve Your Credit Scores

To improve your scores, start by checking your credit scores online. When you get your scores, you will also get information about which factors are affecting your scores the most. These risk factors will help you understand the changes you can make to start improving your scores. You will need to allow some time for any changes you make to be reported by your creditors and subsequently reflected in your credit scores.

Of course, certain credit score factors are typically more important than others. Payment history and credit utilization ratios are among the most important in many critical credit scoring models, and together they can represent up to 70% of a credit score, which means they're hugely influential.

Focusing on the following actions will help your credit scores improve over time. A credit score reflects credit payment patterns over time, with more emphasis on recent information.

1. Pay Your Bills on Time

When lenders review your credit report and request a credit score for you, they're very interested in how reliably you pay your bills. That's because past payment performance is usually considered a good predictor of future performance.

You can positively influence this credit scoring factor by paying all your bills on time as agreed every month. Paying late or settling an account for less than what you originally agreed to pay can negatively affect credit scores.

You'll want to pay all bills on time—not just credit card bills or any loans you may have, such as auto loans or student loans, but also your rent, utilities, phone bill and so on. It's also a good idea to use resources and tools available to you, such as automatic payments or calendar reminders, to help ensure you pay on time every month.

If you're behind on any payments, bring them current as soon as possible. Although late or missed payments appear as negative information on your credit report for seven years, their impact on your credit score declines over time: Older late payments have less effect than more recent ones.

2. Get Credit for Making Utility and Cell Phone Payments on Time

If you've been making utility and cell phone payments on time, there is a way for you to improve your credit score by factoring in those payments through a new, free product called Experian Boost.

Through this new opt-in product, consumers can allow Experian to connect to their bank accounts to identify utility and telecom payment history. After a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO® Score will be delivered in real time.

Visit now to register. By signing up for a free Experian membership, you will receive a free credit report and FICO® Score immediately.

3. Pay off Debt and Keep Balances Low on Credit Cards and Other Revolving Credit

The credit utilization ratio is another important number in credit score calculations. It is calculated by adding all your credit card balances at any given time and dividing that amount by your total credit limit. For example, if you typically charge about $2,000 each month and your total credit limit across all your cards is $10,000, your utilization ratio is 20%.

To figure out your average credit utilization ratio, look at all your credit card statements from the last 12 months. Add the statement balances for each month across all your cards and divide by 12. That's how much credit you use on average each month.

Lenders typically like to see low ratios of 30% or less, and people with the best credit scores often have very low credit utilization ratios. A low credit utilization ratio tells lenders you haven't maxed out your credit cards and likely know how to manage credit well. You can positively influence your credit utilization ratio by:

  • Paying off debt and keeping credit card balances low.
  • Becoming an authorized user on another person's account (as long as they use credit responsibly).

4. Apply for and Open New Credit Accounts Only as Needed

Don't open accounts just to have a better credit mix—it probably won't improve your credit score.

Unnecessary credit can harm your credit score in multiple ways, from creating too many hard inquiries on your credit report to tempting you to overspend and accumulate debt.

5. Don't Close Unused Credit Cards

Keeping unused credit cards open—as long as they're not costing you money in annual fees—is a smart strategy, because closing an account may increase your credit utilization ratio. Owing the same amount but having fewer open accounts may lower your credit scores.

6. Don't Apply for Too Much New Credit, Resulting in Multiple Inquiries

Opening a new credit card can increase your overall credit limit, but the act of applying for credit creates a hard inquiry on your credit report. Too many hard inquiries can negatively impact your credit score, though this effect will fade over time. Hard inquiries remain on your credit report for two years.

7. Dispute Any Inaccuracies on Your Credit Reports

You should check your credit reports at all three credit reporting bureaus (TransUnion, Equifax, and Experian, the publisher of this piece) for any inaccuracies. Incorrect information on your credit reports could drag your scores down. Verify that the accounts listed on your reports are correct. If you see errors, dispute the information and get it corrected right away.

How Long Does It Take to Rebuild a Credit Score?

If you have negative information on your credit report, such as late payments, a public record item (e.g., bankruptcy) or too many inquiries, you should pay your bills and wait. Time is your ally in improving your credit scores. There is no quick fix for bad credit scores.

The length of time it takes to rebuild your credit history after a negative change depends on the reasons behind the change. Most negative changes in credit scores are due to the addition of a negative element to your credit report, such as a delinquency or collection account. These new elements will continue to affect your credit scores until they reach a certain age.

  • Delinquencies remain on your credit report for seven years.
  • Most public record items remain on your credit report for seven years, although some bankruptcies may remain for 10 years.
  • Inquiries remain on your report for two years.

Rebuilding your credit and improving your credit scores takes time; there are no shortcuts. Start improving your credit by checking your FICO® Score from Experian data and reviewing the individual factors that are affecting your credit scores. Then, learn more about how to build credit to improve your scores. And if you need help with credit mistakes from your past, you can learn more about credit repair and how to fix your credit.

Establishing or Building Your Credit Scores

If you simply don't have a credit score because you have little experience or history with credit, you likely have a thin credit file. That means you have few (if any) credit accounts listed on your credit reports, typically one to four. Generally, a thin file means a bank or lender is unable to calculate a credit score because there is not enough information in a user's credit history to do so.

There are things you can do to fatten up your thin credit file, such as applying for a secured credit card, becoming an authorized user on someone else's credit card or taking out a credit builder loan.

Check out more tips on how to build credit here.

How Changes Affect Scores

One common question involves understanding how specific actions will affect a credit score. For example, will closing two of your revolving accounts improve your credit score? While this question may seem easy to answer, there are many factors to consider.

  • Credit scores are based entirely on the information found on an individual's credit report.
  • Any change to the credit report could affect the individual's credit score.

Simply closing two accounts not only lowers the number of open revolving accounts, but it also decreases the total amount of available credit. That results in a higher utilization rate, also called the balance-to-limit ratio (which generally lowers scores).

One change can affect many items on a credit report. It is impossible to provide a completely accurate assessment of how one specific action will affect a person's credit score. This is why the credit risk factors provided with your score are important. They identify what elements from your credit history are having the greatest impact so that you can take appropriate action.

What You Might Not Know About Credit Scores

Credit scoring involves complex calculations, and the more you know about how credit reports and credit scores work, the more you can take control of your own credit. In addition to knowing the most important factors considered in credit scoring, it can be helpful to know a few other facts about credit reports and credit scores. These components tend to be the most important:

  • Negative information on your credit report can lower your credit scores. That information remains on your credit report for a set period of time. For example, late payments appear for seven years from the date you first missed a payment. Paying off a collection accountwon't immediately remove it from your credit report. Bankruptcies can remain on your report for seven to ten years, depending on the type of bankruptcy. The good news is, all negative information will eventually cycle off your credit report. Until it does, focus on the things you can positively influence, including paying all your bills on time.
  • You don't need to carry a monthly credit card balance to build your credit history. You can pay off your credit card bills every month and positively affect your credit standing.
  • Settling accounts for less than the full amount you owe can harm your credit scores. Any time you fail to repay a debt as you originally agreed, it can negatively affect your credit. That said, the negative impact of settlement is still less than the negative effect of not paying a debt at all or declaring bankruptcy.

good credit score can open doors for you. From helping you qualify for the best interest rates and terms when you borrow money to influencing how much you pay for life insurance, some might be doors you never even dreamed existed. Landlords will consider your credit scores when you apply to rent, and even telecom companies might look at your scores before you lease your next smartphone.

Considering how important credit scores are to your overall financial well-being, it's wise to do everything you can to ensure yours are as good as possible. Regularly checking your credit report and credit scores are the critical first step. When you check your credit score from Experian, you'll see a list of specific factors affecting it. Focusing on those factors first is the best way to start improving your credit scores.

Tags: creditcredit scoreauto loanauto loan approvalused car loans
Teen Drivers - The Facts
November 7th, 2020 by:
Royal Family Motors
With Prom and Graduation, This is Teen Accident Season.

How can deaths and injuries resulting from crashes involving teen drivers be prevented?

Eight Danger Zones

Make sure your young driver is aware of the leading causes of teen crashes:

  1. Driver inexperience
  2. Driving with teen passengers
  3. Nighttime driving
  4. Not using seat belts
  5. Distracted driving
  6. Drowsy driving
  7. Reckless driving
  8. Impaired driving

If You Have a Teen Driver, Get INVOLVED! 

Get Your Vehicle Ready for Summer
November 7th, 2020 by:
Royal Family Motors

How To Summerize Your Car

You might be planning a summer vacation, traveling on the weekend to a summer cabin, or just spending your evenings out enjoying the hot summer nights. Before you find yourself out and about enjoying the season, think about your vehicle and some seasonal maintenance. There are a number of things you can do to prepare your car for a safe and steadfast summer of driving.

Beat the Heat

You car's cooling system is critical to your summer driving, with the primary job of keeping your engine cool. Your cooling system strives for a constant 200 degrees Fahrenheit to protect your engine against corrosion, provide more efficient fuel combustion, and maintain proper oil viscosity.

However, in hot weather, your coolant could reach as high as 250 degrees, and your car could overheat. This is why your cooling system needs extra attention in the summer. But before you get under the hood, make sure your engine is cool―never remove a radiator cap when the engine is hot, or even warm.

To prepare your cooling system for summer, you'll want to check the radiator and hoses for leaks or cracks. Be sure all the connections are snug. The reservoir level should be half full and if it is low, add coolant or antifreeze.

Despite all your efforts to inspect the cooling system and keep your coolant levels up, your engine could still overheat. Keep an eye on the temperature gauge on your dashboard. If you see the engine getting too hot, you can take immediate action by turning on the heater, this pulls hot air off the engine block. Allow your engine time to cool down, because overheating can cause permanent damage to the engine.

Air Conditioning

Before your air conditioning quits cooling, you can inspect the system for worn or damaged belts. The belt on your air conditioner drives the compressor; without that, you won't get any air conditioning inside your car.

The air conditioner has a condenser that looks similar to a radiator. You can inspect the fins to be sure they are clear of debris. When air moves freely around the condenser, the refrigerant is able to do its cooling job better.

Summer Tread

You will get more speed, better handling, and better fuel efficiency if you mount summer tires on your car. In contrast to winter tires, summer tires have a shorter sidewall and a less-aggressive tread.

To change over to summer tires, you need to have a spare set of rims or bring the tires into a shop to be changed. All-season tires are a good alternative if you don't want to bother with specialized summer and winter tires.

Brake Check

If your summer weather pattern includes thunderstorms and rain, you will want to inspect your brakes because wet brakes can be less responsive. What you see when you look behind the tire and wheel depends on whether your car has disc or drum brakes. You might need some brake education; good resources are the owner's manual or your mechanic. Talk to the mechanic about how much braking you have left.

Also ask about the state of your brake pads. Hot weather can increase the temperature of your brake system, causing your pads to wear more quickly. You'll want to keep tabs on how worn yours are.


Towing a boat, camper, or trailer is common in the summertime. Before you hook on and drive off for a vacation destination, though, make sure you have inspected your car and trailer.

There are legal and commonsense rules to follow when it comes to towing weight. Your vehicle is listed for a certain gross vehicle weight (GVW), which is the maximum weight for your car, trailer, and load.

Common sense will guide you on load distribution. You need to balance the weight between your axles and the tongue (hitch).

Whenever you are towing, it is a good idea to develop a pre-trip inspection habit. Look over the brakes on your car and trailer. Are all the lights working properly? Carefully go over the hitch to be sure it is secure and has safety chains attached. After driving for a few hundred feet, you can pull over and check for any load shifting.

Summer is a fun and liberating season. By inspecting your vehicle's cooling system, tires, brakes, and air conditioning, you can expect a more pleasant, safe, and reliable warm weather driving experience.

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10 Things You Should Know About Buying Auto Insurance
November 7th, 2020 by:
Royal Family Motors

10 Things You Should Know About Buying Auto Insurance

  1. How is Your Insurance Rate Determined? 
    Two factors determine what you pay for auto insurance. The first factor is underwriting and the second factor is rating. Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application. Based on the results of the underwriting process, the rating assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant’s potential claim.

    Each company adopts its own rating system, although there are general guidelines that all companies follow. 
    The single greatest influence on the rating process is claim frequency. This does not mean how many times you specifically have made an insurance claim, although that will have an additional effect. Claim frequency measures how often an insured event occurs within a group relative to the number of policies contained in that group. Persons sharing characteristics with high claims groups will be charged more for insurance coverage. 
  2. Specific Factors that Affect Your Rate
    • Your driving record – drivers with previous violations or accidents are considered to be higher risk
    • Your geographic territory – urban areas have more claims than rural areas
    • Your gender and age – males have more accidents; certain age groups have more claims
    • Your marital status – married people show lower rates of claims
    • Prior insurance coverage – if you have been cancelled for non-payment of premiums
    • Vehicle use – higher annual mileage results in higher exposure to risk
    • Make and model of your vehicle – luxury and sports cars average a higher number of claims
  3. Ask Your Agent About Discounts
    Discounts are awarded because the insurance company sees you as a “better risk.” Here are some discounts you should look for: multiple vehicles, driver education courses, good student, safety devices, anti-theft devices, low mileage, good driver/renewal, auto/home package and dividends. Not all states offer all discounts, so check with your agent to see if you qualify.  
  4. Tort System vs. No-Fault System
    Each state must implement either a tort system or a no-fault system. The system your state has implemented will determine what kind of insurance is available to you. The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault. Check with your state insurance department for questions concerning tort or no-fault state systems.  
  5. Check Into Optional Coverage
    The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverages. Collision coverage pays for physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law. Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage. Comprehensive coverage is less expensive than collision, but is also optional. Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage.  
  6. Where to Go for More Information
    Information is available to consumers from a number of unbiased sources. These sources include public libraries, state insurance departments, online resources, consumer groups and consumer publications. Every state insurance department has personnel available to answer questions regarding auto insurance coverage and many departments publish premium comparisons to make shopping around easier.
  7. Shop Around Before You Buy
    When shopping for auto insurance, premium quotations are a useful tool for comparison of different companies’ products. When asking for price quotations, it is crucial that you provide the same information to each agent or company. The agent will usually request the following information: description of your vehicle, its use, your driver’s license number, the number of drivers in your household, the coverages and limits you want.  
  8. Where to Shop
    Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. In particular, ask them what kind of claim service they have received from the companies they recommend. Remember to shop around to get the best price and service.  
  9. For Your Protection
    Once you have selected the insurance coverages you need and an insurance agent or company, there are steps you can take to make certain you get your money’s worth. Before signing an application for any insurance coverage, call you state insurance department and verify that the company and the agent are licensed to do business in your state. It is illegal for unlicensed insurers to sell insurance, and if you buy from an unlicensed insurer, you have no guarantee that the coverage you pay for will ever be honored.  
  10. Read Your Policy Carefully
    You should be aware that an auto insurance policy is a legal contract. It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase auto insurance, you will receive a policy. You should read that policy and make certain you understand its contents. If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department.
How to Improve Your Credit
November 7th, 2020 by:
Royal Family Motors

How to Repair my Credit and Improve Your FICO Scores

3 Important Things You Can Do Right Now

Check Your Credit Report –

Credit score repair begins with your credit report. If you haven't already, request a free copy of your credit report and check it for errors. Your credit report contains the data used to calculate your credit score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct. If you find errors on any of your reports, dispute them with the credit bureau.

Setup Payment Reminders –

Making your credit payments on time is one of the biggest contributing factors to your credit scores. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due. You could also consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account, but this only makes the minimum payment on your credit cards and does not help instill a sense of money management.

Reduce the Amount of Debt You Owe –

This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.

More Tips on How to Fix a Credit Score & Maintain Good Credit

Payment History Tips -

Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.

Pay your bills on time -

Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores.

If you have missed payments, get current and stay current -

The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.

Be aware that paying off a collection account will not remove it from your credit report -

It will stay on your report for seven years.

If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor -

This won't rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores.

Amounts Owed Tips

This category contributes 30% to a FICO Score's calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below.

Keep balances low on credit cards and other "revolving credit" -

High outstanding debt can affect a credit score.

Pay off debt rather than moving it around -

The most effective way to improve your credit scores in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.

Don't close unused credit cards as a short-term strategy to raise your scores –

Don't open a number of new credit cards that you don't need, just to increase your available credit -

This approach could backfire and actually lower your credit scores.

Length of Credit History Tips

If you have been managing credit for a short time, don't open a lot of new accounts too rapidly -

New accounts will lower your average account age, which will have a larger effect on your scores if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

New Credit Tips

Do your rate shopping for a given loan within a focused period of time -

FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

Re-establish your credit history if you have had problems -

Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.

Note that it's OK to request and check your own credit report -

This won't affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.

Types of Credit Use Tips

Apply for and open new credit accounts only as needed -

Don't open accounts just to have a better credit mix – it probably won't raise your credit score.

Have credit cards – but manage them responsibly -

In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.

Note that closing an account doesn't make it go away -

A closed account will still show up on your credit report, and may be considered by a score.

To summarize, "fixing" a credit score is more about fixing errors in your credit history (if they exist) and then following the guidelines above to maintain consistent, good credit history. Raising your scores after a poor mark on your report or building credit for the first time will take patience and discipline.

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How to Inspect an Affordable Vehicle
November 7th, 2020 by:
Royal Family Motors

How to Inspect an Affordable Used Vehicle

Getting a deal on a car is great if everything checks out. Therefore, if you decide to buy a cheap and used car, you should inspect it before you agree to purchase it. If you don't get it inspected, you could spend more on repairing the car than you did when buying the car. You don’t need to be a mechanic to perform the inspection correctly. However, many mechanics offer a service where they will look at the vehicle you are interested in buying for a price that is generally between $40 and $100 dollars. If you want to inspect the car yourself, you need a refrigerator magnet and a flashlight.

Know your vehicle’s history

Even though vehicle history report, such as CarFax, won't report everything about a car, it will tell you a lot of valuable information. For example, you will get to see if a car has ever been wrecked and how often repairs and maintenance were done.

Wheels and tires

Always look at a vehicle’s tires when inspecting a used car. If you see uneven wear, it could mean the alignment is off. Also, if the tires appear worn, new tires will soon be needed. New tires can be costly and turn a cheap used car into an expensive new car. Also, when doing your inspection, make sure the tires are all matching and that they were made by a brand that is reputable.


Use a refrigerator magnet to check for Bondo patchwork. If your magnet attaches, it could mean that the car has been in an accident. Also, that would mean the car has been in an accident. Also, make sure you do not see paint drips or runs. If you see these, it could mean that the car was cheaply repaired. Lastly, make sure you do not see rust. Rust will spread on your car and is difficult to deal with.


A beautiful, clean interior many times indicates that the car’s previous owner took care of the car. You should look for stains and tears. Smell the car for strong odor. Overall, you want to make sure the previous owner didn’t treat their car like a trash bin.

Look under the hood

There should not be paint overspray under the hood because cars do not leave the factory with overspray. Also, while under the hood, make sure the cheap used car’s bolts aren’t worn or stripped bolts. Finally, make sure the spark plugs look relatively new.

Go on a Test Drive

Check to see if the cheap used car starts quickly and smoothly. Weird noises are not normal and should cause you to be alarmed. If the vehicle is an automatic, make sure that it doesn't make clunking sounds when it shifts gears. If it is a manual, make sure you can shift the gears with ease. Don’t forget to check the brakes when you test-drive the cheap used car. The brakes shouldn’t make loud noises, and you should not feel like they are sticking. Overall, when test-driving a cheap used car, listen carefully. If something seems wrong, don’t be afraid to speak up or consult a professional.

Tags: Affordable Used Vehicles
Buying a Used Truck?
November 7th, 2020 by:
Royal Family Motors

Here's What You Need to Consider . . . .

If you’re thinking about purchasing a truck, then this simple and practical guide will give you the basic things to consider before making the final decision. Trucks are a great choice for anybody looking for a reliable transportation method, but even more, if you’re someone that loves the outdoors or needs the strength that a truck provides.

Buying a used truck is an excellent choice to save some money if you do the right research. For example, there are many variables that come into play when purchasing a truck, such as:

* Are you looking for a standard stock truck or do you have a specific need? Many contractors need a special “contractor” body which is considered a specialty and is not found at every used truck lot.

* Some of the features you might consider are the length of the bed, size of the cabin (2 door or 4 doors), and all the way to engine cylinder and fuel type (gas or diesel).

* Trucks can include many additions like lifted or lowered suspensions. These two features come from the degree of suspension added, and each has their advantages and disadvantages.

Low or High Suspension?

Trucks with low suspension have better maneuverability, are more stable, and easier to drive for many. Trucks with high suspensions are a great choice if you want to have a clearer view of your surroundings and a more powerful control over rough terrain. Many people consider high suspension trucks ideal for rural and outdoor areas and low suspension trucks the right fit for a city transportation solution.

You might be wondering what are the top recommendations for pickup trucks, so here is a quick overview of the top 5 trucks:

* Ford F-150 - The F-150 is a great option for someone looking for a truck with a proven track record of durability, resale value, and easy maintenance.

* Dodge Ram 1500 - The Dodge Ram 1500 is a great option for anybody that is looking for a good price point and a lot of strength

* Toyota Tacoma - As soon as we hear the brand Toyota we know we are talking about a vehicle that is made to last and will keep its value, no matter the place.

* Nissan Frontier - The Nissan Frontier is on the lighter side of the list and is preferred by people that are not looking for a lot of towing capability or that need to transport heavy machinery.

* Toyota Tundra - The Tundra, just like the Tacoma is built to last and it’s a bit bigger than the Tacoma with more space inside the cabin and on the bed as well.


Truck Utility?

The most recommended trucks are a good place to start thinking about what it is that you actually need. For example, if you work in construction and constantly need to be moving heavy equipment, then you would do yourself a favor by looking into heavy-duty trucks with towing capabilities such as the Ford F-250 or the Dodge Ram 2500 which are capable of towing over 12,000 lbs. The main benefits of heavy-duty pickup trucks are their ability to carry large payloads while towing, and the ability for more features to be added. And if you are simply an active person that loves going to the beach and do some kitesurfing, then a Nissan Frontier would do the job just fine. Another very important point that needs to be considered within the utility spectrum is your budget. As we just explained, pickup trucks come in all types of varieties with endless features and add-ons but that all comes at a price. Light duty pickup trucks of the current year usually are in the low to high twenty thousand dollar mark, while heavier trucks can easily go over the fifty thousand dollar mark.

Look into the Truck’s History

Well, by now you should have a solid idea of what to look for when buying a used truck. Please be mindful that pickups are used for many types of activities, so it is crucial to look at exactly what you’re buying and how much wear and tear it has had. A key part of the search is to ask questions and be observant of the seller. Unlike a regular car, a truck has a very high chance of being used for commercial purposes or off road vacations, so that would be a great place to start asking about the truck’s history. For example, if the truck is tow capable, then you should ask how much weight on average has been hauled at one time. On the flip side, just like a car, it is important for the truck to have a clean title so you can actually see the official truck history. Another are of importance is the truck’s accident and maintenance history.

Best of luck with your truck search, and have patience because the right truck can last many years as they are made for just that!

Hope this article was helpful! Come to Royal Family Motors for ALL Your Vehicle Needs :) 

How To Prepare Your Vehicle for a Long Trip
November 7th, 2020 by:
Royal Family Motors

“How Do You Prepare Your Car For A Long Trip?”

It's summer! Time for vacations and long road trips. However, nothing could be worse or potentially scarier than to have your car break down hundreds of miles from home. Vacations are supposed to be a time for fun and relaxation, but the difference between pleasure and misery often lies in whether or not you took the proper steps to get your car ready for that long trip.

Before you leave home, there are several simple steps you can take to protect your vehicle, your trip and your loves ones.

First, in case anything does go wrong with your vehicle, make sure you give a trip plan to someone trustworthy. Now, you can go to work on that car of yours.

You can tackle each of these quickly before you hit the road:

  • Change oil and filter
  • Begin your trip with a clean car, both inside and out. It will help you find your map when you need it, etc. Clean windows increase visibility.
  • Try not to put luggage over the car. It creates air friction and slows you down – bringing more gas. If it is unavoidable, cover with strong sheet and tie them very well.
  • Keep a small garbage bag inside the car.
  • Change air filter.
  • Cover headlights and front of the car with a protective sheet to prevent bug clogs or other damage.
  • Get an extra set of car belts.
  • Change spark plugs.
  • Make certain your tire iron and jack are in the car.
  • Check your spare tire.
  • Pack a fire extinguisher.
  • Bring towels for cleaning dirty windshields, spills, etc.
  • Get a spare key for the car and keep it in your wallet or elsewhere on your person in case you lock your keys in the car.
  • Fix sun protectors for side windows and front windshield.
  • Get enough cassette tapes or audio CD to cover the trip.
  • Bring a plastic funnel to add water or other fluids Bring a water bucket in case you need to use a river or lake for emergency coolant.
  • Always fill your gas tank when it is half full. Don’t wait too long.
  • Make sure your owner’s manual is handy.

In addition, you should make a checklist of items to pack in a car survival kit. These can include:

  • A chain or think towing rope
  • Electric charger wire
  • Flashlight
  • Screw drivers and wrenches of different sizes
  • Bungee cords
  • Pliers
  • Hammer

Before pack up, make one final check of the following:

  • Tires condition.
  • Check tires tread and look for signs of strain, bulges or other damage.
  • Tire pressure. Don’t over inflate
  • Wipers and wiper fluid. When the rain falls, you don’t want to discover your wipers are useless. In addition, bug hits can really mess a windshield, so you’ll need a full fluid reservoir.
  • Coolant.
  • Flush radiator, if you haven’t done so in a while.
  • Fuses and Horn.
  • High and low beam headlights.
  • Oil, power steering and brake fluid.
  • Loose cables Heater and air conditioner, if making a seasonal trip.