Tuesday, July 3, 2007

Adverse credit car loans

Owning a vehicle is every traveller's dream but very often getting required funds from own sources

becomes tougher. Arranging a loan therefore is the only option left. But in case the loan seeker suffers with a bad credit rating, loan providers are hesitant as the risk involved in the loan goes ( mortgages ) higher. These apprehensions are well taken care of in the case of UK bad credit car loans as it is provided hassle free and at competitive easier interest rates. One can buy any type of vehicle including a car using a UK bad credit car loan.

UK bad credit auto loan is arranged through a smooth process but before applying for the loan better know your credit score. Since you are labeled bad credit, on FICO credit score scale your credit score obviously is 600 or below, considered risky for lending money. Bad credit happened because you repeatedly defaulted on payments, faced County Court Judgments or even filed for bankruptcy. Though you can't do much about credit score, nevertheless ( secured loans ) paying off easy debts may enable in improving credit score and it also will show intentions towards clearing debts. This may impress lenders and they can relax terms-conditions.

Your bad credit will not at all come in the way of owning a vehicle of your choice in case you opt for secured UK bad credit auto loan. Because of adequate security of the loan, lenders are willing to give greater amount at lower interest rate which can be further reduced on comparing loan packages of different UK bad credit auto loan providers. To obtain the secured loan, borrowers are required to furnish property like home, jewelry, valuable papers etc as collateral to the lender. In case of payment default, lender is free to sell the property to recover the loaned amount. The loan can easily be paid back in 5 to 25 years because it is adequately secured.

resource: personal-loans-professor.co.uk

Car Title Loans – Cars At Risk

Most buyers are unaware of car title loans, as these have received minimal publicity in the auto loans market. If you go for a car title loan, you will be putting your car at risk as you are taking a loan against the car that you have.

You have to mortgage your car and if you default in payment, you are at risk of losing your car. In simple words, car title loans keep your car as collateral. While taking the loan the borrower has to provide a separate set of keys to the lender. In case there is a default in payment, the lender has the right to forfeit the car and sell it.

resorce: americanchronicle.com

Friday, June 29, 2007

Cheap Car Loans on the Internet

There are many factors to consider when looking for a cheap car loan: APR (Annual Percentage Rate), the down payment, trade-in allowance and the number of months required to pay off the loan. You should carefully consider all of these components when looking for a cheap car loan.

Research all these factors online! The Internet offers great research tools to help you learn about car loans and how to get the best deal. True cheap car loans are easier to recognize and find when you are knowledgeable about the loan process.

The Internet provides you with the ability to locate cheap car loan lenders, car loans for people with bad credit, car loan interest calculators, cheap car reviews and more. E-mail car loan lenders about how to get the cheapest prices. Many sites will submit your car loan application to different lenders to get the cheapest financing or refinancing available.

Online information can help you from the beginning of the loan process to the end, so start researching now to get the cheapest car loan rate possible.

source: myautoloan.com

Getting a used car loan

If you are buying a used car and need to finance it, why not consider a used car loan. A used car loan will enable you to buy the vehicle you want at an affordable price and without making a big dent in your bank balance.

The used car loan is such a big market, that there are lots of products and offers out there to choose from. There are a number of companies that will offer a used car loan, so make sure you shop around for the best deal.

If you are looking for a used car loan, you can start searching here. And to ensure you get the best deal for you, make sure you check out and compare the different interest rates. That way you’ll get an affordable loan that you are comfortable making repayments with rather than one that eats into your bank balance every month!

source: motorcarloans.com

How to get a Bad Credit Car Loan

When looking for a bad credit car loan, compare quotes from different providers, on the Internet. A bad credit car loan is usually offered to consumers who have had credit problems in the past such as late mortgage payments or CCJs (County Court Judgements).

A bad credit car loan realises that we are all not perfect but may still require credit options when buying new cars. A bad credit loan can be obtained in several ways. Loan providers and motor dealers will search the market for you quoting the lowest loan rates they have available. If you decide to use a secured loan, then you can use a mortgage or loan broker.Some motor dealers are set up predominantly to handle bad credit car loan enquires. In the UK this includes Yes Car Credit, Welcome Car Finance and Car Credit UK.If you are offered a bad credit car loan please do check with our other guides which will help you with any jargon. We also have facilities to refer you to bad credit car loan providers if necessary.Remember a rate which is made available to one is not necessarily available to all and if you are looking at remortgage or secured loan options you may find the bad credit car loan is not dependant on rate but on redemption or fees which maybe required. It is also fair to say that bad credit car loans are normally secured loans, which means they are only available to homeowners.

The bad credit car loan can also be taken out with loan protection insurance to provide you with important financial protection against unemployment or the in ability to pay back your loan. The type and amount of coverage should suit your individual needs.

source : motorcarloans.com

Monday, May 7, 2007

Car Loan Market for Consumers with Bad Credit is Booming

Car loans offer lenders a big ticket item with limited risk. While a lender’s risks their entire investment on an unsecured personal loan a car loan represents less risk since the lender can take possession of the car if the loan is defaulted. Divorce often leads to bankruptcy and will impact on a consumer’s credit score long after they have recovered financially. Specialized lenders have recognized that a poor credit score may not reflect on a consumer ability to make payments and have placed less emphasis on credit history and more emphasis on ability to pay.

National and regional lenders have emerged to service the very competitive bad credit car loan market referred to as the “Special Finance” or “Sub-prime” market. These lenders have further divided the “Special Finance” market up into different levels of risks to such an extent that there are lender’s who has specifically targeted the most credit challenged consumer with the highest risk.

The good new is that no matter what your credit circumstances are, there is probably a lender out there for you.

Another phenomenon is the independent credit service that will process your request for credit and forward it to the lender that is most likely to approve the request. These services usually work with a car dealer who have access to both National and Regional lenders.

The Online Credit Application

The independent credit service has successfully introduced the online credit application to the market. The online credit application offers a no hassle approach to applying for credit. Anyone who has sat in front of a loans officer and had to explain their credit history will find the online credit application a blessing. If you decide to complete an online credit application make sure that it is secure. Look for a security certificate. Comodo and Verisign are two companies that offer security certificates that I am familiar with. You should also look for a privacy policy to guarantee that your personal information will not be shared or sold.

A car loan is a big ticket item that can help rebuild your credit score. Some lenders will offer programs that will reduce your rate or allow you to renegotiate after a specified length of time if you have not missed or been late on a payment.

There are many lenders who specialize in products and services for consumers that have troubled financial histories including bankruptcy. An independent service will provide an online credit application and will give you access to network of lenders. Simply enter “car loans” in search box of your favorite search engine. Most of these service offer tools like loan and budget calculators.

What You Can Do

The first step before shopping for a car loan is to evaluate your financial situation. By determining your income to debt ratio you can see what kind of monthly payment is feasible for you. You do not want to be overburdened by payments and find yourself in trouble again. Next you may want to check your credit rating and clean it up where possible. Your credit score is negatively affected by late payments, high debt to income ratio and past bankruptcy. Close any accounts that are not in use. Too many open accounts are a negative. Pay up any outstanding debts. If you have recently filed for bankruptcy and there are extenuating circumstances such as a lay off or divorce, consider writing a page of explanation to attach to your report.

Regardless of your past credit history there is almost always a lender who is willing to provide you with a car loan. The question is how much are you willing to pay for that loan? A few extra percentage points are worth the opportunity to rebuild your credit. But be sure that your financial house is in order before you apply so that you can qualify for the best rate and terms your current financial circumstance will allow.

Article Source: ezinearticles.com

Buy Any Car You Desire With Bad Credit Car Loan

Getting a car loan with bad credit isn’t as painful as many people imagine. Bad credit car loans are quite common these days among majority people as they are credit-challenged. Bad credit history weakens the plans of many people who want to purchase cars. If you are having a bad credit history, you will be facing problem of getting the car you're interested in. Statistics have shown that nearly 25 percent of all car buyers are not eligible for standard financing options. If you are having an imperfect credit history, obtaining finance for a new car can be troublesome. But still, through the proceeds of bad credit car loan, borrowers can buy any car that they desire.

A bad credit car loan can be your best option to amend your credit standing and get into a new car. The loan process for bad credit car loan is akin to any other loan. All you have to do is fill in a simple online application form with few of your details. Before applying for one of these bad credit car loans there are a couple things you can do to ensure that the process goes smoothly for this specialized area of car finance:

* Review your Credit History
* Determine How Much You Want to Pay
* Prepare Documentation
* Keep a Clean Credit History

Bad credit car loan deals are usually associated with higher interest rates because most of the time lenders are concerned about the safety of their investments. If you get a bad credit car loan straight from the dealer, you could end up limiting your car buying options. Dealer financing will also leave you burdened with high interest rates.

Those who do not have a credit history at all can use bad credit car loan from consumer car loan to enable car purchase. A good car loan calculator will let you figure out what is the best type of loan to get. You can always get financing when buying a car, but depending on your credit score, you may end up paying high interest. When you need to get a new car or simply want a new one and have bad credit, you have to figure out what your options are for getting on the road. Your chances for loans can help immensely in the search of bad credit car loans. Before talking to the lenders, know your bad credit car loan options:

* Reasonable interest rates
* Both secured and unsecured bad credit loan options
* Any bad credit condition or credit score
* Applicable to both used and new cars
* Free bad credit car loan advice
* Loan to suit your budget

By getting a bad credit car loan online, you have a better chance of getting a reasonable rate. This is because the online market is so aggressive. There are enough of companies who are all competing for your business. They are willing to offer you low rates, moderate terms, and minimal lending fees. And, best yet, they won’t think twice about your bad credit. The biggest advantage to shopping online for a bad credit car loan is:

* Convenience
* Free rate quote from one or more lenders
* Simple application to fill up
* Fast response from lenders
* Comparisons can be done to get the best credit car loan

It is believed that despite considering bad credit as a huge obstacle to getting car loans, there are options still available for getting bad credit car loans; it just takes extra search and legwork.

Article Source: ezinearticles.com