According to US census data metropolitan Orlando now has a population of 2.3 million, after a 2.2 percent growth increase in 2014. Part of the reason for the recent surge in new residents is due to the growing number of jobs that are being added to the area. Urban Orlando is also seeing an increase in new residents with a total now of 1.5 million in 2014, while the inner city has an estimated population of 254,000.

Orlando or “The City Beautiful” as it is sometimes referred to has a rich and vibrant cultural that includes a large Puerto Rican community. Caribbean and West Indies natives also call the city home. According to national statistics an estimated 57.6 percent of the population is Caucasian, and African Americans comprise another 28.1 percent. Hispanics make-up 25.4 percent of the population, while Asians account for 3.8 percent.

While employment opportunities are increasing in Orlando the majority of residents only hold one job, and the single salary is often not enough to cover all of their living expenses. This helps to explain the state’s credit score which was reported at 654 in March of 2012. While there are states with credit scores that are significantly lower, this is still not good news for residents looking to finance a vehicle. The low credit score can make it difficult for some residents to be approved for an auto loan, especially if they are already carrying a large amount of debt. This is leaving many residents with little option other than paying the higher interest rates offered at the Buy Here Pay Here lots.

http://worldpopulationreview.com/us-cities/orlando-population/

Overall the cost of living in Orlando is below the national average, but this is balanced out by the median household income. Since peaking in 2007, the average household income has dropped by over $9,000 to a reported $48,270 in 2014. While this may not seem like a large enough decrease in annual take home pay to dramatically effect residents’ quality of living, when the average monthly bills are added up they are often higher than the median household income.

Health care and housing are less expensive in metropolitan Orlando, but groceries, utilities and transportation are higher than the national averages. This includes gas, which is still well over $2 a gallon, and it can quickly take a large part of residents paychecks.

Residents in Winter Park, Ocoee, Oakland and other incorporated towns are particularly hard hit by high transportation costs and other living expenses. Some of these communities are still struggling financially, and many residents are dealing with the negative effects mounting bills and debt can have on their credit. In response a large number of Buy Here Pay Here lots have appeared in the greater metro area, and they are often the only choice left to residents who need a reliable vehicle. Even though these car loans typically come with higher interest rates, many residents with poor credit find that it is the only option available to them.

Residents in Orlando and the greater metro area will be pleased to learn that bankruptcy filings are at their lowest since 2009. After peaking in July of 2010 with a reported 1,900 cases filed the number is now down to 650 cases in the seven month period leading up to January 2016.

It is not only Chapter 7 and Chapter 13 filings that are down, but fewer businesses in the area are also seeking protection from creditors with Chapter 11. According to statistics released by Epiq Systems Inc. the major reason that these rates are finally slowing down is due to home prices starting to stabilize again. More residents have equity now than they did seven years ago, which makes it unnecessary for them to seek bankruptcy protection.

While this is good news for residents shopping for an auto loan today, the thousands that did file for Chapter 7 or Chapter 13 are finding it difficult to get the approval they need from a traditional lending institution. According to Experian, a bankruptcy can stay on your credit report for up to seven years and it will adversely affect your FICO score. For these residents a Buy Here Pay Here lot is often a welcome business in their neighborhood and while they will be charged a higher interest rate it can still help them rebuild their credit as they pay off their new vehicle.

http://www.orlandosentinel.com/business/brinkmann-on-business/os-bankruptcy-filings-low-20160319-story.html

In March of 2015 the unemployment rate for the greater Orlando area was listed at 5.1 and now twelve months later it has fallen to 4.3 percent. This is another sign that the city and four surrounding counties are starting to recover from the economic recession.

All but one of the ten major industries reported job growth in 2015, and now that more residents are gainfully employed many are beginning to think about applying for a car loan. In most instances this would be relatively easy, but due to the high cost of groceries, utilities, rent and home prices many are finding that even with employment it is still difficult to make ends meet. This is especially true in some of the outlying neighborhoods built around the theme parks that typically charge higher prices due to the constant influx of tourists.

The necessity of getting to work every day is driving many residents to look for a dependable and affordable vehicle, and the residual debt left over from the financial recession is making it difficult for many of them to be approved through a bank or credit union. Many residents are finding that even with missed or late payments on their credit history, they are still able to get approval from a Buy Here Pay Here lot. This allows them the chance to start improving their credit score, while ensuring they can get to work on time.

Orlando might be ranked as a great city to live in and visit, but the state of Florida also has the 5th highest vehicle repossession rate in the country. In 2014 the state had a rate of 1.16 which was more than twice that of the national average. This means that an estimated one out of every 86 vehicle loans resulted in repossession. Not only is having a vehicle repossessed embarrassing, it can also have a devastating effect on your credit. As previously stated a vehicle repossession can stay on a credit report for up to seven years, and many lending institutions will automatically deny anyone that has one listed.

One of the main reasons for the high number of repossessions is due to unregulated auto title loans, which many residents take out in desperation. After a few months the interest is generally higher than the original loan, making it almost impossible for cash strapped residents to pay off. One missed or late payment generally results in an automatic repossession, which then appears on your credit history. Even if you have suffered the humiliation and inconvenience of a repossession there is still a chance of being approved for a car loan through a Buy Here Pay Here lot.

Orlando was founded in the late 1800’s and once it became home to Walt Disney World it quickly began to grow and prosper. By the mid 1980’s the population had expanded from Orange County to Lake, Seminole and Osceola Counties. While the city experienced a slight economic hiccup in the 1980’s, growth still continued until the financial recession in 2008.

During the financial recession of 2008-2009 it was estimated that over 100,000 jobs left the area. Construction on new developments also ground to a halt. In 2009 only one new home was erected in the Oakland neighborhood, which had been seeing strong managed growth up to that time. This led to a decrease in property values, with many mortgages higher than what the home was actually worth.

Spikes in fuel prices that are still higher than the national average, along with the rising cost of living all contributed to residents financial problems and some are still having trouble making ends meet. With missed and late payments common on credit histories, getting approval for an auto loan can be difficult for many Orlando residents. In an effort to rebuild their financial security and take advantage of some of the employment opportunities in the downtown and metro areas many residents are accepting the higher interest rates that typically come with bad credit auto loans.

Orlando has a thriving central business district in the downtown area. Several retailers have offices in downtown Orlando, along with a few financial institutions. The CBD is also benefiting from a revitalization effort that is drawing in more arts and entertainment. The completion of a state of the art performing arts center and new venues for the Florida Citrus Bowl and Orlando Magic are drawing in businesses and visitors. This is also resulting in more jobs in the hospitality, service and retail industries.

As the city continues to grow, business districts are also starting to emerge in the metro areas. South Orlando is now home to the business offices of Walt Disney World, while the South Park neighborhood is the site of the new campus for Universal Studios. Lake Mary is also experiencing a growth in its business district with HealthFirst Insurance and Axium Specialty Pharmacy two of the companies that are calling the area home.

If you are lucky enough to live and work in the central business district than Orlando’s relatively good public transportation score will probably make sense to you. This is also true if you live in any of the planned communities near one of the area’s theme parks. In the downtown (CBD) the public transportation score is 67, according to Redfin. This is also true around Universal Studios and Walt Disney World where public transportation is a necessity for tourists to get around.

In these areas where parking is limited and there are several convenient bus lines, getting around without a car is often not a problem. For those errands that might require the use of a vehicle, the city also has a car sharing program that can be an affordable option if you only need an automobile for a brief period of time.

For residents that live in the metro area public transportation is almost nonexistent. Some of the incorporated cities do have limited bus service, but for the majority of non-incorporated areas this is not an option. In these cases many residents are finding if they want to be able to get around Orlando a vehicle is a necessity. This is also one of the reasons why the majority of Buy Here Pay Here lots can be found in the metro areas.

The city of Orlando has one of the highest walkability scores at 92, according to Redfin. This is particularly true in the central business district where the lack of public parking, frequently running buses and wide, shaded sidewalks actually makes it pleasant to walk even during the summertime.

In the downtown area it is easy to accomplish the majority of your errands on foot, and car sharing is an option if you have a lot to carry back home. In the planned communities around the theme parks walking is also encouraged, and for those that also work in the area it is possible to live happily without a car.

The walkability score dramatically decreases if you are one of the thousands who live in the metro area and work downtown. This is also true for almost anyone that does not work and live in the same neighborhood. With a metro area that spans four counties it is impossible to walk and make it to work on time, and the heat in the summer can also make it dangerous.

There are currently 141 primary and secondary public schools in Orlando and the district has an overall rating of 6. Osceola and Lake County public schools have a rating of 5, while Seminole is rated 8. Much of the discrepancy in overall ratings is due to funding which is comprised mainly of area tax dollars. In Seminole County where residents typically have a higher median annual salary, the public school districts benefit with the increased tax revenue. Residents in the higher income areas are also more likely to pass bonds that go to fund the local public schools.

Orlando and Orange County are also dealing with overcrowding, mainly due to the recent increase in population. This has led to a shortage of teachers, which is also affecting the quality of education. There are plans to build additional schools in urban Orlando, but until they are completed the metro areas will continue to enjoy higher public school ratings.

It should also be noted that in response to the surge in population growth, Orange County Public Schools has become one of the top 5 employers in the city. As the planned educational facilities are completed and the teaching positions filled, public school officials in urban Orlando are hopeful that their ratings will improve.

With the effects of the recent recession still being felt it is good to know that there are plenty of public assistance programs in Orlando for residents to take advantage of. Along with citywide assistance, there are also county, state and federal programs that are designed to provide residents with the help they need. This includes rent and mortgage assistance, along with help purchasing food and clothing. Single parents can also qualify for assistance, along with infants and children. For those dealing with mounting debt there are financial management programs in place that will teach residents how to build and maintain their credit. Some of the phone numbers that might be useful include,

Jewish Family Services: (407) 644-7593

Christian Service Center: (407) 425-9513

Heart of Florida United Way: (407) 835-0900

http://www.needhelppayingbills.com/html/orlando_assistance_programs.html

One of the main reasons, excluding the recent economic crisis that residents in Orlando find themselves in financial trouble is an inability to pay hospital bills and other medical expenses. These unpaid bills will have a negative effect on your credit, and make it difficult to be approved for any type of low interest loan.

To help ensure that Floridians get the health care they need without going into debt the state has set up several programs that will help with everything from prescriptions to clinic visits and lengthy hospital stays.

Shepard’s Hope: (407) 251-7505

C Social Services & Welfare: (407) 324-3036

Along with theme and water parks, Orlando also boasts a thriving art and cultural scene. Ivanhoe Village and Winter Park neighborhoods are home to several art galleries, “hip” bars and restaurants. In the heart of the central business districts visitors can join residents at the Orlando Brewing Company, which has the distinction of being the only certified organic micro brewing in the region. The downtown area is also home to a world renowned botanical garden that is proud to host one of the largest camellia collections in the United States.

With its economy starting to turn around and jobs returning to the area, Orlando is once again a thriving city filled with fun activities to entertain almost anyone. Due to its lack of transportation outside of the CBD owning a vehicle is a necessity in the city, especially if you do not work in the neighborhood that you live in. While there are plenty of Buy Here Pay Here lots waiting to approve bad credit auto loans, you may want to stop and ask yourself a few basic questions. Can you afford a monthly car payment is the first one, and it is also the most important.

While you want to choose a dependable vehicle, you also don’t want to go over what you can afford. Take the time to carefully go over your options, and speak to one of the free credit counselors provided by the city’s public assistance programs before you accidentally sign a contract that could put you further in debt.

With a little planning you can afford a car and enjoy a comfortable quality of life in Orlando.