Loan

Car Capital scores $150 million in backing for its instant car loan approval technology

A large New York private equity firm is providing a $150 million credit line over the next three years to a Grapevine startup that makes it easier for auto dealers to make instant vehicle loans, regardless of credit history.

Car Capital announced the “milestone transaction” Tuesday with affiliates of Fortress Investment Group. Fortress also is investing over $6 million in the company.

The equity and debt investments will let Car Capital fund more dealers and “underserved consumers” wanting to buy vehicles, according to the company. Its proprietary Dealer Electronic Auto Loan System allows dealerships to instantly approve 100% of customers.

“We are very pleased to partner with Fortress, [which] has a long history of providing capital to fintech and automotive companies,” Car Capital co-founder and CEO Justin Tisler said in a statement.

Fortress Investment Group, founded in 1998, had more than $54 billion in assets under management as of Sept.

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What Percentage of Your Income Should Go Toward Auto Loan Payments?



a woman in a car: woman driving car smiling.


© lechatnoir / Getty Images
woman driving car smiling.

Housing expenses such as mortgage payments or rent and insurance are usually the biggest monthly line item in most people’s budgets. Not far behind are transportation costs, particularly if you own a car — and certainly if you finance your purchase.

See: 7 Crucial Things You Need To Apply For an Auto Loan

If you plan to get an auto loan, you need to first figure out the answer to the question “How much car can I afford?” Figure out how much you can afford to pay by calculating your monthly budget. Do this before you set foot in a dealer’s shiny showroom where they might try to seduce you into buying and financing more car than you can afford.

How Much of My Paycheck Should Go Toward Car Loan Payments?

You’ll hear different advice about how much you should allocate

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Ford Asks Texas Car Dealers to Loan Out Trucks with Generators amid Power Outages Due to Winter Snowstorm

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Ford Motor Co. is hoping to lend a helping hand as millions of people in Texas are without electricity after an unprecedented winter storm tore through the state.

On Thursday, the automaker issued a letter to its dealerships in the Lone Star State asking them to loan out F-150 trucks to those without electricity so they can use the vehicle’s onboard generator as a source of power, according to Automotive News.

“For well over a century, Ford Motor Co. and our dealer partners have been there to support and serve our communities in time of need,” the letter said, per the outlet. “Our Texas communities need all the support they can get right now. You can make a significant difference in our community by providing assistance during these very tough times.”

Ford reportedly said in its letter that there are about 415 pickups within its Texas dealerships

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