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
Tuesday, July 3, 2007
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
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
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
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
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
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
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
Wednesday, April 25, 2007
The Issue Of Car Finance
When buying a new car, a common issue is the way people pay for it. Most use car finance to pay for their vehicles. If you want to make the best deal, you will have to understand car finance and the intricacies of its processes.
When buying a vehicle there are a couple of aspects people think about: whether their future car will be a new one or a used one and where they will get the money from. Regarding the money, problems can be solved by obtaining the car finance from banks, credit unions, dealerships, or auto manufacturers. However, when considering buying an old car, one has to think of the differences between car finance for a new or for a used car and its advantages and disadvantages. People tend to favor new cars. If you are asking yourselves “why?” then you surely heard some attractive commercials. Most of the unbelievable offers are too good to be true, but they come with extra requirements like high down payments and very high interest rates. For a good deal, negotiation is the only adoptable strategy that will make room for more advantages and less terms and conditions.
Making a loan requires a copy of your credit report and a check of payment histories. The lender will verify every aspect of your financial background in order to give you car finance. Once you have all the paperwork done, gather information, ask the dealers for the best offer and use every detail to bargain.
Pre-Approved loans are better for your car finance because you can find near market rates. Start by looking for a good sub prime lender. Search the Internet, look at closing costs, fees, compare and use the APR number to get the overall cost. This car finance can save you money.
You can also use online loan applications from car finance companies to speed loan processes. Before choosing a car finance company you should compare prices and rates. The dealer will want to make the best for him and choose the appropriate car finance company.
Try not to let yourself be persuaded to buy the dealerships finance pack when you can make a better car finance deal elsewhere. You should calculate your APR and take into account how much the car costs in cash and if you have additional rates. Also see if car finance works for you and if you agree with the down payments and closing payments. Even if it seems complicated, it doesn’t have to be if you educate yourself in car finance.
Car finance is a very important part of your credit-related decisions and you should be careful not to take offers that exceed your income. If you end up in a bad deal you will waste your money on unnecessary things and your car finance will lower your budget drastically. If you try to take your car finance from a bank, the disadvantage is that banks take a lot of time to process a loan. The disadvantage in dealership rates is that they cost more overall. You can also try the Internet for online car finance deals, but the offers have to be carefully analyzed before (not to be scams). Some people may even get your car finance information and use it in their own interest. A little research about the online car finance can save you a lot of trouble. However, if you choose online lenders, you will get low interest rates and save time and money.
To obtain the car finance you are looking for, it will take some time to research and find the appropriate solution for you. You have to know exactly what you want and, after that, be careful not to let salespeople convince you into a car finance deal that you don’t want. Being familiar with car finance will enable you to go out and get the beast deal for you and your family.
Article Source: articledashboard.com
When buying a vehicle there are a couple of aspects people think about: whether their future car will be a new one or a used one and where they will get the money from. Regarding the money, problems can be solved by obtaining the car finance from banks, credit unions, dealerships, or auto manufacturers. However, when considering buying an old car, one has to think of the differences between car finance for a new or for a used car and its advantages and disadvantages. People tend to favor new cars. If you are asking yourselves “why?” then you surely heard some attractive commercials. Most of the unbelievable offers are too good to be true, but they come with extra requirements like high down payments and very high interest rates. For a good deal, negotiation is the only adoptable strategy that will make room for more advantages and less terms and conditions.
Making a loan requires a copy of your credit report and a check of payment histories. The lender will verify every aspect of your financial background in order to give you car finance. Once you have all the paperwork done, gather information, ask the dealers for the best offer and use every detail to bargain.
Pre-Approved loans are better for your car finance because you can find near market rates. Start by looking for a good sub prime lender. Search the Internet, look at closing costs, fees, compare and use the APR number to get the overall cost. This car finance can save you money.
You can also use online loan applications from car finance companies to speed loan processes. Before choosing a car finance company you should compare prices and rates. The dealer will want to make the best for him and choose the appropriate car finance company.
Try not to let yourself be persuaded to buy the dealerships finance pack when you can make a better car finance deal elsewhere. You should calculate your APR and take into account how much the car costs in cash and if you have additional rates. Also see if car finance works for you and if you agree with the down payments and closing payments. Even if it seems complicated, it doesn’t have to be if you educate yourself in car finance.
Car finance is a very important part of your credit-related decisions and you should be careful not to take offers that exceed your income. If you end up in a bad deal you will waste your money on unnecessary things and your car finance will lower your budget drastically. If you try to take your car finance from a bank, the disadvantage is that banks take a lot of time to process a loan. The disadvantage in dealership rates is that they cost more overall. You can also try the Internet for online car finance deals, but the offers have to be carefully analyzed before (not to be scams). Some people may even get your car finance information and use it in their own interest. A little research about the online car finance can save you a lot of trouble. However, if you choose online lenders, you will get low interest rates and save time and money.
To obtain the car finance you are looking for, it will take some time to research and find the appropriate solution for you. You have to know exactly what you want and, after that, be careful not to let salespeople convince you into a car finance deal that you don’t want. Being familiar with car finance will enable you to go out and get the beast deal for you and your family.
Article Source: articledashboard.com
Cheap Used Cars Online - Finding the Best Deals
Finding cheap used cars online is not difficult if you know the best places to look. The internet makes used car shopping (and finding good deals on them) a much easier task and I would highly recommend that you try it when buying your next vehicle. Here is a short list of my favorite places to look on the internet for bargain priced used cars:
- eBay - The world’s largest online auction website has thousands and thousands of cheap used car auctions and you can really save a bundle. Make sure that you’re dealing with a seller who has a reputable feedback record and be sure to run a CarFax report before bidding.
- Craigslist - This is a fantastic place for tracking down local sellers who are trying to sell their cars. You won’t have the luxury of being ultra picky here as the selection isn’t as wide as with eBay, but you can really get some cheap prices from local private sellers.
- Auto Trader - Autotrader has a great selection of used cars… great resource that can save you lots of money.
Lastly, it’s always a good idea when buying a used vehicle to have a pre-purchase inspection done at a local dealer. This will cost you a few extra dollars but you’ll save yourself from potentially buying a problematic car that can drain your bank account in a hurry.
Article Source: articledashboard.com
Wednesday, April 18, 2007
Personal Car Loan
Instead of going through a dealer for a car, you may have to go through a private dealing that requires you to get a personal loan. You will need to file a lot of paper work and be prepared to be at the creditor's office for at least an hour filling out all the paper work. When it comes to personal loans, they tend to be very specific. You need to make sure that you understand all the questions and answer them truthfully.
You don't want to claim that you are purchasing on thing and then buy something else. That's considered fraud and you may end up in a lot of trouble over the act. Don't break any laws trying to get a personal car loan. What you need to do is go to your bank or credit venue and ask them how and if you are eligible for any credit. They may just open up a line of credit for you, depending on the price of the car.
If you really want to avoid all the high interest rates, you may want to ask a close friend or family member with lots of money to help fund your new investment. You may be able to find someone willing to give you a personal loan, but make sure that you go to the bank and sign an IOU. This will help them feel secure about getting the money back and it is a legally binding contract. The thing with IOUs is that you have to come up with terms. You need to state the payment methods and when you will have the amount paid back. This is one way to avoid the interest rates, however, not always.
To go through a personal car loan with no hassle is impossible. You need to file all this paperwork at your bank if you plan on using them. You need to wait a long time to get approved. It could take a week or two for your credit to be approved. Personal loans are a hassle. You have to prove exactly what you plan on doing with the money. You need to give the creditor tons of information and practically your first-born.
To cut the hassle, you should go online to some of your credit card companies and see what the rates would be to get a loan for personal use so that you can purchase a car. Then you will get your response within a few days and be able to make the transaction if approved within a week.
Article Source: articledashboard.com
You don't want to claim that you are purchasing on thing and then buy something else. That's considered fraud and you may end up in a lot of trouble over the act. Don't break any laws trying to get a personal car loan. What you need to do is go to your bank or credit venue and ask them how and if you are eligible for any credit. They may just open up a line of credit for you, depending on the price of the car.
If you really want to avoid all the high interest rates, you may want to ask a close friend or family member with lots of money to help fund your new investment. You may be able to find someone willing to give you a personal loan, but make sure that you go to the bank and sign an IOU. This will help them feel secure about getting the money back and it is a legally binding contract. The thing with IOUs is that you have to come up with terms. You need to state the payment methods and when you will have the amount paid back. This is one way to avoid the interest rates, however, not always.
To go through a personal car loan with no hassle is impossible. You need to file all this paperwork at your bank if you plan on using them. You need to wait a long time to get approved. It could take a week or two for your credit to be approved. Personal loans are a hassle. You have to prove exactly what you plan on doing with the money. You need to give the creditor tons of information and practically your first-born.
To cut the hassle, you should go online to some of your credit card companies and see what the rates would be to get a loan for personal use so that you can purchase a car. Then you will get your response within a few days and be able to make the transaction if approved within a week.
Article Source: articledashboard.com
Monday, April 16, 2007
Getting Your First Car Loan
One of the first big purchases many people make is an automobile. Of course, those just starting out in the world aren't liable to have much credit history. So how exactly do you go about getting yourself a good car loan?
Well, if you can't cough up the cash (and most of us can't, if you're considering a fairly new vehicle, that is), the smartest thing you can do is to prepare yourself early. Get ready to line up your credit at least a year before you're ready for that auto loan.
This doesn't mean run out and get several credit cards and start charging. It does mean establishing yourself with a good solid history of being a financially responsible adult. When you go in for a loan on a new or used vehicle, you should know what kind of credit history the dealers will be looking for. This isn't to say that if you don't have good history, you won't get a car loan. There are plenty of lenders more than ready to take advantage of those with poor credit by not turning them down, but instead slapping them with huge finance charges and impossibly tiny monthly payments that will let them collect interest on you for years.
Don't let it happen. Do some pre-planning.
If you don't have a checking account, get one. Savings accounts are fine, but checking accounts require that you keep an eye on the balance and don't bounce checks or overdraw the account, and that alone establishes some financial credibility. It also ensures a safe route for your auto payments, which you can have deducted straight from your bank account. Set up direct deposit of your paychecks with your employer if possible (it goes without saying that you must have a steady job), so that your bank records show a consistent flow of cash coming in every two weeks. Direct deposit also keeps the money out of your hands and safe in the bank, which leads to the other big point: Save for your down payment!
Not only will a good down payment knock down the amount you're required to finance on your
new car; it will also make you look like a safer financial bet and will most likely result in a better financing plan. Those with at least a quarter of the purchase price in hand will be riding much more smoothly when it comes time to finance.
Finally, it might be a good idea to take out a small bank loan about a year in advance of your first car purchase. Make the loan small enough so that you know you won't get into trouble trying to pay it back; and then, most importantly, pay it back. On time, with regular monthly installments.
Article Source: EzineArticles.com
Well, if you can't cough up the cash (and most of us can't, if you're considering a fairly new vehicle, that is), the smartest thing you can do is to prepare yourself early. Get ready to line up your credit at least a year before you're ready for that auto loan.
This doesn't mean run out and get several credit cards and start charging. It does mean establishing yourself with a good solid history of being a financially responsible adult. When you go in for a loan on a new or used vehicle, you should know what kind of credit history the dealers will be looking for. This isn't to say that if you don't have good history, you won't get a car loan. There are plenty of lenders more than ready to take advantage of those with poor credit by not turning them down, but instead slapping them with huge finance charges and impossibly tiny monthly payments that will let them collect interest on you for years.
Don't let it happen. Do some pre-planning.
If you don't have a checking account, get one. Savings accounts are fine, but checking accounts require that you keep an eye on the balance and don't bounce checks or overdraw the account, and that alone establishes some financial credibility. It also ensures a safe route for your auto payments, which you can have deducted straight from your bank account. Set up direct deposit of your paychecks with your employer if possible (it goes without saying that you must have a steady job), so that your bank records show a consistent flow of cash coming in every two weeks. Direct deposit also keeps the money out of your hands and safe in the bank, which leads to the other big point: Save for your down payment!
Not only will a good down payment knock down the amount you're required to finance on your
new car; it will also make you look like a safer financial bet and will most likely result in a better financing plan. Those with at least a quarter of the purchase price in hand will be riding much more smoothly when it comes time to finance.
Finally, it might be a good idea to take out a small bank loan about a year in advance of your first car purchase. Make the loan small enough so that you know you won't get into trouble trying to pay it back; and then, most importantly, pay it back. On time, with regular monthly installments.
Article Source: EzineArticles.com
Car Loan Information
Dealing with a car loan can be quite the headache, but here are some things that everyone needs to know.
First, a car loan is a long-term commitment. Many dealerships are now offering car loans that are 72 months, 78 months or even 84 months long. That’s between seven and eight years, a lot longer than the average person intends to keep a new car when they purchase it. Since even the best warranties in the business are generally 60 months (five years) bumper-to-bumper and 10 years for the power train only, chances are that this car is going to need major maintenance and repairs long before the car loan is paid off. This is important in planning your budget around your car payment, so that even if the car has a great warranty, you are saving for those upcoming expenses.
Second, your credit rating will affect you car loan. This seems obvious, but many people have not considered it when they go shopping for a new car. Advertised interest rates of zero percent or cash-back financing are often only available for those with the best credit ratings, so shoppers should not expect a car loan at those rates.
Once you understand that your credit rating is going to affect your car loan rate, it makes sense to get a copy of your credit report or at least know your credit rating before going shopping for a car loan. This allows you to anticipate any issues the financier might have with your credit and gives you the knowledge you need to deal with any objections to your loan application.
Some unscrupulous loan officers might try telling uninformed buyers that their credit is “too bad” for standard financing and offer loans for people with less than perfect credit. Knowing your credit score can help you counter these types of people.
Third, your bank or credit union may be able to offer you a better car loan than the car dealership. Given the length of the commitment to this loan, it makes sense to shop around for the best loan available, but most people walk into a dealership and let them handle the financing. The dealership is not in the business of getting you the best car loan out there. That’s your job.
The dealership is interested in getting you a car loan, but they do not care if it is one that is good for your financial future or not. So, it is important to shop around yourself for a car loan and find the best rates. Often, this will be with your bank or credit union where people are familiar with you and your credit, but it might also be with a national lender.
One word of caution: applying for a car loan via several lenders could temporarily lower your credit rating. Any time a person applies for multiple new lines of credit there can be a short term lowering of their credit rating while the system figures out that they did not in fact open up that many new debts.
Finally, the most important thing to be aware of when getting a new car loan is to read all the fine print. Unfortunately, many people believe loan officers when they say that it is a standard for and that they don’t need to read it.
While it is a standard form to them and they may not be deliberately misleading you, the reality is that you do not sign car loans every day and some small print which they regard as standard might be important to you. Read every word and then make the right choice.
Article Source: EzineArticles.com
First, a car loan is a long-term commitment. Many dealerships are now offering car loans that are 72 months, 78 months or even 84 months long. That’s between seven and eight years, a lot longer than the average person intends to keep a new car when they purchase it. Since even the best warranties in the business are generally 60 months (five years) bumper-to-bumper and 10 years for the power train only, chances are that this car is going to need major maintenance and repairs long before the car loan is paid off. This is important in planning your budget around your car payment, so that even if the car has a great warranty, you are saving for those upcoming expenses.
Second, your credit rating will affect you car loan. This seems obvious, but many people have not considered it when they go shopping for a new car. Advertised interest rates of zero percent or cash-back financing are often only available for those with the best credit ratings, so shoppers should not expect a car loan at those rates.
Once you understand that your credit rating is going to affect your car loan rate, it makes sense to get a copy of your credit report or at least know your credit rating before going shopping for a car loan. This allows you to anticipate any issues the financier might have with your credit and gives you the knowledge you need to deal with any objections to your loan application.
Some unscrupulous loan officers might try telling uninformed buyers that their credit is “too bad” for standard financing and offer loans for people with less than perfect credit. Knowing your credit score can help you counter these types of people.
Third, your bank or credit union may be able to offer you a better car loan than the car dealership. Given the length of the commitment to this loan, it makes sense to shop around for the best loan available, but most people walk into a dealership and let them handle the financing. The dealership is not in the business of getting you the best car loan out there. That’s your job.
The dealership is interested in getting you a car loan, but they do not care if it is one that is good for your financial future or not. So, it is important to shop around yourself for a car loan and find the best rates. Often, this will be with your bank or credit union where people are familiar with you and your credit, but it might also be with a national lender.
One word of caution: applying for a car loan via several lenders could temporarily lower your credit rating. Any time a person applies for multiple new lines of credit there can be a short term lowering of their credit rating while the system figures out that they did not in fact open up that many new debts.
Finally, the most important thing to be aware of when getting a new car loan is to read all the fine print. Unfortunately, many people believe loan officers when they say that it is a standard for and that they don’t need to read it.
While it is a standard form to them and they may not be deliberately misleading you, the reality is that you do not sign car loans every day and some small print which they regard as standard might be important to you. Read every word and then make the right choice.
Article Source: EzineArticles.com
Friday, April 13, 2007
Car Loans For People With a Low Credit Score
Even if you have bad credit, chances are that you will be able to get an auto loan. Your loan may have a higher interest rate, because you are considered a higher risk applicant. Risk or no risk, you should still be able to get a loan. Today, due to the heavy competition in the loan industry, banks, credit unions and other finance companies are all making loans to people who may have less than perfect credit. There are some steps that you can take before you try to get an auto loan that could benefit your situation in the long run.
Check Your Credit Report
First, before you start shopping around for the best auto loan; make sure you get a copy of your credit report. Then check all the information and make sure that there are no inaccuracies. Next, compare rates. Interest rates on auto loans for people with poor credit run anywhere from ten percent to twenty percent. It is important to note that dealers offer financing through manufacturer’s finance companies, as well as deals with credit unions, banks, and other finance companies.
Talk to the Lender
When you are shopping around for a car loan, and you have poor credit, it is very important that you meet the banker/lender in person. Let the banker/lender know that yes, you had some rough patches in the past, which affected your credit. Give him some examples, such as a divorce or a temporary layoff. You will have more success if you talk with a lender and explain your situation, rather than just filling out your application.
Get Approved for Your Auto Loan Before You Start Shopping for Your Car
Finally, start applying for financing before you start shopping for your auto. Knowing what you can and can not afford will save you time, by narrowing your auto search down to those that fall into your budget range. There are auto loan choices for people with bad credit, just as there are auto choices.
Article Source: EzineArticles.com
Check Your Credit Report
First, before you start shopping around for the best auto loan; make sure you get a copy of your credit report. Then check all the information and make sure that there are no inaccuracies. Next, compare rates. Interest rates on auto loans for people with poor credit run anywhere from ten percent to twenty percent. It is important to note that dealers offer financing through manufacturer’s finance companies, as well as deals with credit unions, banks, and other finance companies.
Talk to the Lender
When you are shopping around for a car loan, and you have poor credit, it is very important that you meet the banker/lender in person. Let the banker/lender know that yes, you had some rough patches in the past, which affected your credit. Give him some examples, such as a divorce or a temporary layoff. You will have more success if you talk with a lender and explain your situation, rather than just filling out your application.
Get Approved for Your Auto Loan Before You Start Shopping for Your Car
Finally, start applying for financing before you start shopping for your auto. Knowing what you can and can not afford will save you time, by narrowing your auto search down to those that fall into your budget range. There are auto loan choices for people with bad credit, just as there are auto choices.
Article Source: EzineArticles.com
Joint Application On Car Loans?
Just like with home mortgage loans, it is possible to fill joint applications on car loans and add up both incomes to meet the requirements for approval.
There are however things that need to be taken into consideration. All depends on the lender but there are additional requirements that you’ll need to meet in order to obtain finance this way. Income and credit requirements may increase a bit and then of course, there is the problem of the vehicle’s property which may be required to be shared by the car loan applicants.
Joint Application Is Not Only Co-signing
This is an important difference to be made. When you co-sign a loan contract, the co-signer is obliged to repaying the loan, just like the main borrower. If the borrower for any circumstances can’t repay the loan, the co-signer has to take his place or else he would be liable. However, the co-signer doesn’t necessary have anything to do with the property purchased or used as collateral.
Joint application implies that both parties will be owners of the vehicle and thus,
protected by the insurance and all the legal consequences associated with the right of property. Thus, though joint application implies the co-signature of the loan contract, co-signing doesn’t imply the right of property of the vehicle and thus, is not the same as a joint application.
The Insurance Issue And Car Ownership
Joint applications imply that the borrowers will be jointly purchasing the car with the money obtained from the car loan. This requires a lot of confidence because a co-ownership has many consequences. To third parties, both owners are equally responsible for any damage and thus, will have to respond with their assets if anything happens.
Insurance however, will cover both parties. The only problem is that the insurance premium will only be as low as the higher insurance premium if both applicants would have to be considered separately. This implies significant loses for the less risky one of the co-signers. Thus, when it is an option, deciding whether co-signing or applying jointly needs to be well thought.
Co-Sign or Apply Jointly?
This question will depend on whether there is a lot of confidence or not between the applicants. Many suggest that if you are planning to help someone purchase a car that you insist on joint application because if he fails to pay the monthly payments you can always force the sell of the vehicle to cancel your debt. However, you need to consider also the consequences of owning a vehicle that you can’t control all the time. If an accident happens and insurance doesn’t cover it, as an owner of the vehicle, you’ll also be held responsible.
That won’t be a problem if you just co-signed the loan. Thus, it is really up to you.
Article Source: EzineArticles.com
There are however things that need to be taken into consideration. All depends on the lender but there are additional requirements that you’ll need to meet in order to obtain finance this way. Income and credit requirements may increase a bit and then of course, there is the problem of the vehicle’s property which may be required to be shared by the car loan applicants.
Joint Application Is Not Only Co-signing
This is an important difference to be made. When you co-sign a loan contract, the co-signer is obliged to repaying the loan, just like the main borrower. If the borrower for any circumstances can’t repay the loan, the co-signer has to take his place or else he would be liable. However, the co-signer doesn’t necessary have anything to do with the property purchased or used as collateral.
Joint application implies that both parties will be owners of the vehicle and thus,
protected by the insurance and all the legal consequences associated with the right of property. Thus, though joint application implies the co-signature of the loan contract, co-signing doesn’t imply the right of property of the vehicle and thus, is not the same as a joint application.
The Insurance Issue And Car Ownership
Joint applications imply that the borrowers will be jointly purchasing the car with the money obtained from the car loan. This requires a lot of confidence because a co-ownership has many consequences. To third parties, both owners are equally responsible for any damage and thus, will have to respond with their assets if anything happens.
Insurance however, will cover both parties. The only problem is that the insurance premium will only be as low as the higher insurance premium if both applicants would have to be considered separately. This implies significant loses for the less risky one of the co-signers. Thus, when it is an option, deciding whether co-signing or applying jointly needs to be well thought.
Co-Sign or Apply Jointly?
This question will depend on whether there is a lot of confidence or not between the applicants. Many suggest that if you are planning to help someone purchase a car that you insist on joint application because if he fails to pay the monthly payments you can always force the sell of the vehicle to cancel your debt. However, you need to consider also the consequences of owning a vehicle that you can’t control all the time. If an accident happens and insurance doesn’t cover it, as an owner of the vehicle, you’ll also be held responsible.
That won’t be a problem if you just co-signed the loan. Thus, it is really up to you.
Article Source: EzineArticles.com
Tuesday, April 10, 2007
Used Car Loans - drive home a car at cheaper finance
A used car also serves its purpose of providing a convenient traveling to its owner well and saves lots of money that goes waste on public transportation. What is more, there are used car loans available with ease for buying a used car of any make or model. And even if you are labeled as bad credit, there are many lenders in the loan market place who are ever willing to offer you Used car loans without many enquiries.
For the convenience of the borrower, Used car loans can be availed in secured or unsecured options. For secured used car loans, the very car can you intend to buy can be put with the lender as security of the loan. You can drive the car during the loan repayment term, but its documents will be with the lender. The advantage in doing so is that secured used car loans come at lower interest rate, making the loan a less burdensome affair. Also you can borrower greater amount depending on your repaying capacity. The amount however will be within value of the car. Unsecured car loans are approved without collateral and the amount of the loan will be smaller. Not only that you would be charged higher interest rate. So depending on how much you can pay from own pocket for buying used car, should you opt for secured or unsecured options.
Also note that both secured and unsecured used car loans are to be returned back in shorter repayment duration. This is because used cars loose their value as the time passes by. So your repayment capacity becomes important for the lender. And do not worry about your bad credit. There are many lenders who are more than willing to offer used car loans to people having late payments, arrears, payment defaults or county court judgments against their names. All you have to do is to convince the lender that you are now in a good position of repaying the loan installments regularly. Take a repayment plan along with income and employment documents to the lender.
Ensure to compare different lenders providing used car loans for interest rates and terms-conditions so that you have a suitable deal. Buy a used car from a reliable dealer for quality concerns.
Article Source : goarticles.com
For the convenience of the borrower, Used car loans can be availed in secured or unsecured options. For secured used car loans, the very car can you intend to buy can be put with the lender as security of the loan. You can drive the car during the loan repayment term, but its documents will be with the lender. The advantage in doing so is that secured used car loans come at lower interest rate, making the loan a less burdensome affair. Also you can borrower greater amount depending on your repaying capacity. The amount however will be within value of the car. Unsecured car loans are approved without collateral and the amount of the loan will be smaller. Not only that you would be charged higher interest rate. So depending on how much you can pay from own pocket for buying used car, should you opt for secured or unsecured options.
Also note that both secured and unsecured used car loans are to be returned back in shorter repayment duration. This is because used cars loose their value as the time passes by. So your repayment capacity becomes important for the lender. And do not worry about your bad credit. There are many lenders who are more than willing to offer used car loans to people having late payments, arrears, payment defaults or county court judgments against their names. All you have to do is to convince the lender that you are now in a good position of repaying the loan installments regularly. Take a repayment plan along with income and employment documents to the lender.
Ensure to compare different lenders providing used car loans for interest rates and terms-conditions so that you have a suitable deal. Buy a used car from a reliable dealer for quality concerns.
Article Source : goarticles.com
Monday, April 9, 2007
Hassle Free Car Loans
As internet use continues to rise, more and more online auto financing website's are becoming available. And there’s a lot of appeal – gain approval faster, lower your interest rates, avoid credit reviews! It’s the perfect place for those with bad credit or no credit, a place where your loan won’t be turned away. Is it for real? Where is the catch?
As internet use continues to rise, more and more online auto financing website's are becoming available. And there’s a lot of appeal – gain approval faster, lower your interest rates, avoid credit reviews! It’s the perfect place for those with bad credit or no credit, a place where your loan won’t be turned away. Is it for real? Where is the catch? The answer is, through CarFinancing4U.com and their preferred dealers and lenders, you will have a safe, hassle free way to shop for a new or used car with the lowest interest rates possible .
As with everything on the internet, some website's are legitimate and some are not. Some will work for your situation and some won’t. Website's for online auto financing are structured in a variety of ways. Often the website's offering fast and easy online financing are not run by the lenders themselves. Rather they act as a database to collect information from interested applicants and then send that information to different lenders. While they may claim to have the lowest rates and fastest service, these website's don’t actually have the power to guarantee their promises because the lenders make the final decisions about any loans.
Sometimes online auto financing website's are brokers. Each time they make a match between an applicant and a loaner, they make money from the sale. Although a broker’s fee is usually paid by the lender, you may find yourself paying a higher interest rate because you are one step removed from the source. Remember that as a general rule, you pay less the closer you can get to the lender. One appeal to owners of auto financing website's is the amount of personal information gathered from applicants that can be used for further marketing efforts. The downside of this for you, the customer is not only unwanted advertising but also the chance for fraud or identity theft.
When applying for an auto loan online, you have to give away some of your most personal information including full name, social security number, address and income. Not every website will try to cheat you, but you must exercise extreme caution by verifying the legitimacy of any website before sending out your information.
Article Source: article99.com
As internet use continues to rise, more and more online auto financing website's are becoming available. And there’s a lot of appeal – gain approval faster, lower your interest rates, avoid credit reviews! It’s the perfect place for those with bad credit or no credit, a place where your loan won’t be turned away. Is it for real? Where is the catch? The answer is, through CarFinancing4U.com and their preferred dealers and lenders, you will have a safe, hassle free way to shop for a new or used car with the lowest interest rates possible .
As with everything on the internet, some website's are legitimate and some are not. Some will work for your situation and some won’t. Website's for online auto financing are structured in a variety of ways. Often the website's offering fast and easy online financing are not run by the lenders themselves. Rather they act as a database to collect information from interested applicants and then send that information to different lenders. While they may claim to have the lowest rates and fastest service, these website's don’t actually have the power to guarantee their promises because the lenders make the final decisions about any loans.
Sometimes online auto financing website's are brokers. Each time they make a match between an applicant and a loaner, they make money from the sale. Although a broker’s fee is usually paid by the lender, you may find yourself paying a higher interest rate because you are one step removed from the source. Remember that as a general rule, you pay less the closer you can get to the lender. One appeal to owners of auto financing website's is the amount of personal information gathered from applicants that can be used for further marketing efforts. The downside of this for you, the customer is not only unwanted advertising but also the chance for fraud or identity theft.
When applying for an auto loan online, you have to give away some of your most personal information including full name, social security number, address and income. Not every website will try to cheat you, but you must exercise extreme caution by verifying the legitimacy of any website before sending out your information.
Article Source: article99.com
Friday, April 6, 2007
Used Car Bankruptcy Loans
Used car bankruptcy loans are available to persons who have recently filed for bankruptcy. There are many business enterprises extending bad credit used car loan programs to people who have faced bankruptcy, foreclosure, and repossessions. Car dealers themselves may provide the loan, or you can get it from other sources.
Once a person is declared bankrupt, it is vital for him to establish a new credit account before opting for a mortgage loan. The only way to improve his credit score is to maintain regular payments after bankruptcy. It is recommended to wait for at least six months before applying for another loan. This is because immediately after bankruptcy, the interest rate charged on auto loans is usually much higher than that for an average loan. This, in turn, will increase your monthly car payment. However, with a sizable down payment, it is easier for borrowers with bad credit to obtain financing for a used vehicle.
If you are taking the used car bankruptcy loan from the dealer himself, make sure to get the used car checked out by an independent mechanic. If the dealer does not encourage an appraisal of the car, it is a clear indication that the car has some problems.
Economic forecasts indicate that auto loan interest rates are likely to fall in future. To obtain an auto loan is a lot easier these days, regardless of creditworthiness. There are quite a few options available for selecting an appropriate lender for financing a car. Nowadays, not only are banks and credit unions providing used car bankruptcy loans to people with flawed credit, so are many finance companies. Applying for a used car loan through the Internet can save money and time. Many firms provide online financing assistance with used car loans for people with bad credit.
Article Source: EzineArticles.com
Once a person is declared bankrupt, it is vital for him to establish a new credit account before opting for a mortgage loan. The only way to improve his credit score is to maintain regular payments after bankruptcy. It is recommended to wait for at least six months before applying for another loan. This is because immediately after bankruptcy, the interest rate charged on auto loans is usually much higher than that for an average loan. This, in turn, will increase your monthly car payment. However, with a sizable down payment, it is easier for borrowers with bad credit to obtain financing for a used vehicle.
If you are taking the used car bankruptcy loan from the dealer himself, make sure to get the used car checked out by an independent mechanic. If the dealer does not encourage an appraisal of the car, it is a clear indication that the car has some problems.
Economic forecasts indicate that auto loan interest rates are likely to fall in future. To obtain an auto loan is a lot easier these days, regardless of creditworthiness. There are quite a few options available for selecting an appropriate lender for financing a car. Nowadays, not only are banks and credit unions providing used car bankruptcy loans to people with flawed credit, so are many finance companies. Applying for a used car loan through the Internet can save money and time. Many firms provide online financing assistance with used car loans for people with bad credit.
Article Source: EzineArticles.com
Car Loans - Search Them Online For Better Deals
Financing or refinancing a car is very easy these days. There are a number of lenders who deal in car loans and car refinance. If you have a car in mind that you want to buy, go ahead with your plans. You need not have all the money in your pocket. Car loans can help you if you are short of funds. You can even fully finance your car, including the cost of insurance. Some lenders offer this facility also to their customers.
One of the most difficult tasks that borrowers tend to avoid is the market research. Market survey and information gathering is very important when buying a car. With the Internet, this has become easy and convenient. You can get as much information as you want on the Internet. It is advantageous to go online and request some loan quotes from different lenders. Compare loan quotes and arrive at a decision that benefits you. If you are aware that you may face hard times ahead, you can ask for a longer repayment period. Some lenders provide flexibility in repayment conditions by allowing you excess repayment, payment holidays, deferred payments, etc.
Online market for car loans is brimming with cheap and flexible offers. Cheap car loans impose less financial burden on the borrowers. At the same time, cheap car loans encourage buyers to finance their cars and utilise their own savings elsewhere in a better way.
Some lenders also allow you an option to refinance your car loan. You can refinance car loans either with the same lender or a different one. In most cases, people refinance their car loans because some other lender may be offering better terms and conditions. If you know that some other lender is offering 6 per cent APR while you are currently paying 10 per cent APR, then obviously it is reason enough to switch your lender by refinancing your car loan.
Article Source: EzineArticles.com
One of the most difficult tasks that borrowers tend to avoid is the market research. Market survey and information gathering is very important when buying a car. With the Internet, this has become easy and convenient. You can get as much information as you want on the Internet. It is advantageous to go online and request some loan quotes from different lenders. Compare loan quotes and arrive at a decision that benefits you. If you are aware that you may face hard times ahead, you can ask for a longer repayment period. Some lenders provide flexibility in repayment conditions by allowing you excess repayment, payment holidays, deferred payments, etc.
Online market for car loans is brimming with cheap and flexible offers. Cheap car loans impose less financial burden on the borrowers. At the same time, cheap car loans encourage buyers to finance their cars and utilise their own savings elsewhere in a better way.
Some lenders also allow you an option to refinance your car loan. You can refinance car loans either with the same lender or a different one. In most cases, people refinance their car loans because some other lender may be offering better terms and conditions. If you know that some other lender is offering 6 per cent APR while you are currently paying 10 per cent APR, then obviously it is reason enough to switch your lender by refinancing your car loan.
Article Source: EzineArticles.com
Online Car Loan Lenders Have No Match!
Online Car Loan lending has many advantages over traditional financing and dealership financing that makes it the most attractive and beneficial financial option for those seeking credit to purchase a new or used vehicle. Learn why it is to your advantage to apply for a car loan with an online car loan lender.
Traditional Lenders and Car Dealerships
Traditional lenders offer car loans to people with good to perfect credit scores and provide fixed amounts for purchasing new vehicles. These pre-defined car loans are created for mass consuming and offer little flexibility. It is not always easy for any consumer to meet the credit and income requirements needed to get approved for a car loan with banks and traditional lending institutions.
Car dealerships also have a lot of limitations. Though the loans are specifically designed for purchasing their cars, your options are restricted; you can only get finance for purchasing new cars or used cars that they handle. The monthly payments will be high because they include additional charges and higher interest rates. Besides, if you want to purchase a vehicle directly from the owner, you can’t resort to car dealership financing.
Online Lending Benefits
Online car loan lenders, on the other hand, provide many benefits that can’t be ever matched by traditional lenders and car dealerships. For starters, online car loan lenders offer a wide variety of car loans that can be tailored to your needs so anyone can obtain finance for purchasing the car of their dreams.
Bad credit and no credit are not a problem for online car loan lenders since they are specialized in dealing with people with credit and income problems. There are no limitations as to the loan amount as long as you can meet the monthly payments. Besides, you can purchase the car you want and if the price is high, you can always get lower monthly payments by extending the flexible repayment programs that online car loan lenders provide.
The interest rate charged by online car loan lenders is always lower than that of car dealerships and lower than traditional lender’s loans with similar loan types. Car loans for people with bad credit and no credit, charge slightly higher interest rates but traditional lenders do not provide this kind of loans.
Most importantly, you can purchase the car you want. If you’ve found a car from a private lender that wants no intermediaries and you need finance, you can apply for an online car loan and chances are you’ll easily get approved regardless of your credit. If you have a steady income you have nothing to worry about.
The benefits of online car loan financing are out-and-out and if you are planning to purchase a car, online car loans should be your first option. They are an excellent way to obtain finance for a car purchase fast and without hassles. Online Car loan lenders provide advantageous loan conditions and do not overcharge for their services like traditional lenders and car dealerships do.
Article Source: EzineArticles.com
Traditional Lenders and Car Dealerships
Traditional lenders offer car loans to people with good to perfect credit scores and provide fixed amounts for purchasing new vehicles. These pre-defined car loans are created for mass consuming and offer little flexibility. It is not always easy for any consumer to meet the credit and income requirements needed to get approved for a car loan with banks and traditional lending institutions.
Car dealerships also have a lot of limitations. Though the loans are specifically designed for purchasing their cars, your options are restricted; you can only get finance for purchasing new cars or used cars that they handle. The monthly payments will be high because they include additional charges and higher interest rates. Besides, if you want to purchase a vehicle directly from the owner, you can’t resort to car dealership financing.
Online Lending Benefits
Online car loan lenders, on the other hand, provide many benefits that can’t be ever matched by traditional lenders and car dealerships. For starters, online car loan lenders offer a wide variety of car loans that can be tailored to your needs so anyone can obtain finance for purchasing the car of their dreams.
Bad credit and no credit are not a problem for online car loan lenders since they are specialized in dealing with people with credit and income problems. There are no limitations as to the loan amount as long as you can meet the monthly payments. Besides, you can purchase the car you want and if the price is high, you can always get lower monthly payments by extending the flexible repayment programs that online car loan lenders provide.
The interest rate charged by online car loan lenders is always lower than that of car dealerships and lower than traditional lender’s loans with similar loan types. Car loans for people with bad credit and no credit, charge slightly higher interest rates but traditional lenders do not provide this kind of loans.
Most importantly, you can purchase the car you want. If you’ve found a car from a private lender that wants no intermediaries and you need finance, you can apply for an online car loan and chances are you’ll easily get approved regardless of your credit. If you have a steady income you have nothing to worry about.
The benefits of online car loan financing are out-and-out and if you are planning to purchase a car, online car loans should be your first option. They are an excellent way to obtain finance for a car purchase fast and without hassles. Online Car loan lenders provide advantageous loan conditions and do not overcharge for their services like traditional lenders and car dealerships do.
Article Source: EzineArticles.com
Sunday, April 1, 2007
Bad Credit Car Loans- Get Your Car- Forget Your Credit History
Those having a less than perfect credit history may also avail a loan with private lenders of the UK. If you have a desire to buy a new car or a used one then a bad credit car loan can help you in this regard.
A bad credit history could be anything like arrears, defaults, bankruptcies, County Court Judgements etc. In spite of having a bad credit history, you can avail a car loan. A bad credit car loan can also be helpful in improving your credit history. Once you improve your credit score then it will help you in availing a loan in the future.
Even if your loan application has been turned down by different lenders of the UK, you should keep on applying for loans. There are specific lenders in the UK who only deal with bad credit car loans. So, there is a possibility that you may be offered a bad credit loan.
Generally, a secured loan option can be availed for bad credit car loans. For availing such loans, you need to put some asset as your collateral. With this loan type you can get lower interest rates with a longer repayment term. Hence, you will be having lower interest rates.
For getting a bad credit car loan you can apply for this loan online. The lender usually gives the loan quotes via e-mail or through a phone call. Once you get the loan quotes, you will be in a position to select a good loan deal for yourself.
Usually, a higher interest rate is charged with this loan type, but due to the fierce competition among the lenders in the UK, you may get a loan at a competitive interest rate. Approaching private lenders would be a smart move if you can’t shop around for a good loan deal.
Article Source: EzineArticles.com
A bad credit history could be anything like arrears, defaults, bankruptcies, County Court Judgements etc. In spite of having a bad credit history, you can avail a car loan. A bad credit car loan can also be helpful in improving your credit history. Once you improve your credit score then it will help you in availing a loan in the future.
Even if your loan application has been turned down by different lenders of the UK, you should keep on applying for loans. There are specific lenders in the UK who only deal with bad credit car loans. So, there is a possibility that you may be offered a bad credit loan.
Generally, a secured loan option can be availed for bad credit car loans. For availing such loans, you need to put some asset as your collateral. With this loan type you can get lower interest rates with a longer repayment term. Hence, you will be having lower interest rates.
For getting a bad credit car loan you can apply for this loan online. The lender usually gives the loan quotes via e-mail or through a phone call. Once you get the loan quotes, you will be in a position to select a good loan deal for yourself.
Usually, a higher interest rate is charged with this loan type, but due to the fierce competition among the lenders in the UK, you may get a loan at a competitive interest rate. Approaching private lenders would be a smart move if you can’t shop around for a good loan deal.
Article Source: EzineArticles.com
Best Car Loan Rates - Tips To Getting a Low Auto Loan Rate Online
Online car loan shopping practically guarantees that you are getting the best rates. Your location is no longer a barrier to finding the best auto loan rate. However, you want to take advantage of the financing options available. While searching for an auto loan, research financing companies, negotiate terms, and increase your down payment to get low rates.
Study Financing Companies
A sure fire way to find the best car loan rate is to study financing companies. Only by requesting quotes and comparing the fine print can you truly know you are getting the lowest rate.
Fortunately, online auto loan brokers offer convenient ways to compare lenders. With some sites you can make side by side comparisons, while other sites will email you multiple financing offers. Auto loan brokers work hard to attract customers by negotiating lower rates with lenders, so you often will find better deals through their sites that through a dealership.
To ensure that you are getting accurate quotes, fill out the form as completely as possible. A slight difference in income or employment dates can reduce your interest rate.
Negotiate Terms
To find the best auto loan for your financial situation, you will want to balance the interest rates and length of your loan. Shorter loans offer lower rates, but with a higher monthly payment. Take a look at your monthly budget to see what type of auto loan would work best for your situation.
Increase Your Down Payment
While zero down or a slight down payment are options for car buyers, a large down payment will save you money. By putting down 20% or more, you will qualify for a lower interest rate, even if you have adverse credit. You will also save money by not paying interest on that portion of the vehicle’s price.
Demand A Better Deal
By getting pre-qualified for a car loan, you can also reduce the cost of your vehicle by demanding a better deal from your dealership. As a pre-qualified buyer, salespeople see you as a cash buyer, and they want your money. You can negotiate for rebates, higher trade-in value of your vehicle, and extra features.
Article Source: EzineArticles.com
Study Financing Companies
A sure fire way to find the best car loan rate is to study financing companies. Only by requesting quotes and comparing the fine print can you truly know you are getting the lowest rate.
Fortunately, online auto loan brokers offer convenient ways to compare lenders. With some sites you can make side by side comparisons, while other sites will email you multiple financing offers. Auto loan brokers work hard to attract customers by negotiating lower rates with lenders, so you often will find better deals through their sites that through a dealership.
To ensure that you are getting accurate quotes, fill out the form as completely as possible. A slight difference in income or employment dates can reduce your interest rate.
Negotiate Terms
To find the best auto loan for your financial situation, you will want to balance the interest rates and length of your loan. Shorter loans offer lower rates, but with a higher monthly payment. Take a look at your monthly budget to see what type of auto loan would work best for your situation.
Increase Your Down Payment
While zero down or a slight down payment are options for car buyers, a large down payment will save you money. By putting down 20% or more, you will qualify for a lower interest rate, even if you have adverse credit. You will also save money by not paying interest on that portion of the vehicle’s price.
Demand A Better Deal
By getting pre-qualified for a car loan, you can also reduce the cost of your vehicle by demanding a better deal from your dealership. As a pre-qualified buyer, salespeople see you as a cash buyer, and they want your money. You can negotiate for rebates, higher trade-in value of your vehicle, and extra features.
Article Source: EzineArticles.com
Friday, March 30, 2007
Cheap Car Loan - A Popular Choice
We all need a car and we all like to have one of our own. In the past, people used to first save and then buy a car, but not any more... Nowadays, life without a car is simply unmanageable. As a result, there is an increased demand for car finance, all over the world. Take advantage of the growing competition in the auto loan market to get a fair deal.
Typically, every potential car buyer wants a loan that is cheap and feasible. Hence, cheap car loans are highly in demand in the UK market. One can choose from a cheap new car loan and cheap used car loan, depending upon his preference.
As a common rule, an auto loan is a secured loan and the vehicle itself serves as collateral for the loan amount. However, some lenders do give the option to pledge something else as a deposit.
As the name suggests, the APR of a secured cheap car loan is comparatively low as compared to standard car loans. Usually, these loans offer an extended pay back duration, which makes the EMI’s (Equal Monthly Instalments) less burdensome for the borrower.
Market also offers unsecured cheap car loans and in rare cases cheap bad credit car loans. However, these loans come at comparatively high APR’s and fixed repayment plans.
EMI’s always depend upon the financial position of the borrower. Hence, one must have a clear idea of his finances and should choose the repayment plan that would best suit his pay back ability.
Please note that conversion or exchange and saving money for a sizeable down payment also helps in getting a good deal. So, investigate to find out which ensures the finest deal.
It is very important for the loan seeker to stay focused on his goal of getting the most for his money and to save as much as he can on his auto loan. In that direction, resist alluring offers from aggressive salespeople, and explore the required car model and related products along with the necessary finance.
Do proper homework to find a cheap car loan... Selecting a lender for a good deal is as important as selecting a car. There are a number of cheap car loan providers in the UK and most of them are approachable online. Use the user-friendly internet platform to negotiate with them.
Article Source: EzineArticles.com
Typically, every potential car buyer wants a loan that is cheap and feasible. Hence, cheap car loans are highly in demand in the UK market. One can choose from a cheap new car loan and cheap used car loan, depending upon his preference.
As a common rule, an auto loan is a secured loan and the vehicle itself serves as collateral for the loan amount. However, some lenders do give the option to pledge something else as a deposit.
As the name suggests, the APR of a secured cheap car loan is comparatively low as compared to standard car loans. Usually, these loans offer an extended pay back duration, which makes the EMI’s (Equal Monthly Instalments) less burdensome for the borrower.
Market also offers unsecured cheap car loans and in rare cases cheap bad credit car loans. However, these loans come at comparatively high APR’s and fixed repayment plans.
EMI’s always depend upon the financial position of the borrower. Hence, one must have a clear idea of his finances and should choose the repayment plan that would best suit his pay back ability.
Please note that conversion or exchange and saving money for a sizeable down payment also helps in getting a good deal. So, investigate to find out which ensures the finest deal.
It is very important for the loan seeker to stay focused on his goal of getting the most for his money and to save as much as he can on his auto loan. In that direction, resist alluring offers from aggressive salespeople, and explore the required car model and related products along with the necessary finance.
Do proper homework to find a cheap car loan... Selecting a lender for a good deal is as important as selecting a car. There are a number of cheap car loan providers in the UK and most of them are approachable online. Use the user-friendly internet platform to negotiate with them.
Article Source: EzineArticles.com
You Can Get Cheap Car Loans Now
We're talking here of that dapper car you set your sights on today. The car you can't wait to own; the car whose perfect metallic finish awaits the caress of its owner and to be driven, wheels zooming. The possibility is not distant that you could be that owner and driver. And the possibility is brought closer to you by something called car loans.
Car loans are the passport to the territory of your cherished car. Cheap car loans are slowly becoming the order of day.
Car loans can be secured or unsecured. In case of secured car loan, you may have to pledge your car (else your house) as security. In case of unsecured car loan, you may have to produce your income documents. In any case, you are closer than ever to a cheap car loan.
Secured car loans have an advantage of much lower interest rate of repayment and flexible terms of repayment. This means that not only will you have lesser amount to pay every month but also a longer period to repay it in. This option sure makes your car loan repayment easy.
The only thing to be careful about, in case of secured car loan, is that be it your car or your house, it stands the risk of repossession if you are unable to repay your loan in time.
Unsecured car loans do not require the security of collateral, or your property: be it your car or your house. This is good news for those who do not either have property to place as collateral or do not wish to expose their property to the risk of possession. Circumventing such risks entail a price of its own, namely a higher rate of interest on the loan amount and, at the same time, shorter repayment period.
To procure cheap car loans, try getting as many quotes from different lenders, so that you have more scope for comparing loans and their different criteria and terms.
Article Source: EzineArticles.com
Car loans are the passport to the territory of your cherished car. Cheap car loans are slowly becoming the order of day.
Car loans can be secured or unsecured. In case of secured car loan, you may have to pledge your car (else your house) as security. In case of unsecured car loan, you may have to produce your income documents. In any case, you are closer than ever to a cheap car loan.
Secured car loans have an advantage of much lower interest rate of repayment and flexible terms of repayment. This means that not only will you have lesser amount to pay every month but also a longer period to repay it in. This option sure makes your car loan repayment easy.
The only thing to be careful about, in case of secured car loan, is that be it your car or your house, it stands the risk of repossession if you are unable to repay your loan in time.
Unsecured car loans do not require the security of collateral, or your property: be it your car or your house. This is good news for those who do not either have property to place as collateral or do not wish to expose their property to the risk of possession. Circumventing such risks entail a price of its own, namely a higher rate of interest on the loan amount and, at the same time, shorter repayment period.
To procure cheap car loans, try getting as many quotes from different lenders, so that you have more scope for comparing loans and their different criteria and terms.
Article Source: EzineArticles.com
Thursday, March 29, 2007
Car Loans After Bankruptcy - Tips to Getting Approved
A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.
Review Your Credit Report
Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.
While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.
Plan Your Car Purchase
Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.
Use A Car Loan Lender
Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.
Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.
Consider Refinancing
Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.
Article Source: EzineArticles.com
Review Your Credit Report
Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.
While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.
Plan Your Car Purchase
Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.
Use A Car Loan Lender
Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.
Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.
Consider Refinancing
Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.
Article Source: EzineArticles.com
Car Loans Are Easy To Get, But Watch Out
Besides the excellent conditions offered by some car loan dealers, they will also help you get a better price for the car you want, since their professional mediation is more powerful than most privates.
Watch Out For Dark Cats
The reference to “dark cats” is that they all look the same at night. So with some light and a good eyesight you’ll be able to pick out what is convenient for you. If your credit rating is less than perfect, you just need to apply for a secured loan, in which the payment is secured with the car itself. Secured loans are something like a white elephant, but they are an option too and will depend on your good financial background.
Three Variables
No doubt about this: Interest Rate, payback term and insurance. Interest rate and payback term as essential condiments of the loan and insurance to cover your back. But you are essentially shopping for a car, giving you the most important job to carry out after the loan is dealt with. You can try independent operations or have both done through the broker, but work out if there is a real advantage in having one operator perform everything for you.
A Good Way To Know
Little things like wanting to make you change your decision on the choice of a car or model, will give you a hint. They might be luring you into something convenient for them and not necessarily for you. It’s so easy to just say “Yeah, sure, let’s go ahead”, and they’re really not offering you your own convenience but theirs.
A Different Deal For Each Situation
If you are an employee, for example, you may want to apply for a novated lease, in agreement with your employer. This means that the payment is taken from your pre-tax salary, making your taxable income a little lower. If you should change jobs before the loan has expired, the car and the novated lease go with you to your new job.
Article Source: EzineArticles.com
Watch Out For Dark Cats
The reference to “dark cats” is that they all look the same at night. So with some light and a good eyesight you’ll be able to pick out what is convenient for you. If your credit rating is less than perfect, you just need to apply for a secured loan, in which the payment is secured with the car itself. Secured loans are something like a white elephant, but they are an option too and will depend on your good financial background.
Three Variables
No doubt about this: Interest Rate, payback term and insurance. Interest rate and payback term as essential condiments of the loan and insurance to cover your back. But you are essentially shopping for a car, giving you the most important job to carry out after the loan is dealt with. You can try independent operations or have both done through the broker, but work out if there is a real advantage in having one operator perform everything for you.
A Good Way To Know
Little things like wanting to make you change your decision on the choice of a car or model, will give you a hint. They might be luring you into something convenient for them and not necessarily for you. It’s so easy to just say “Yeah, sure, let’s go ahead”, and they’re really not offering you your own convenience but theirs.
A Different Deal For Each Situation
If you are an employee, for example, you may want to apply for a novated lease, in agreement with your employer. This means that the payment is taken from your pre-tax salary, making your taxable income a little lower. If you should change jobs before the loan has expired, the car and the novated lease go with you to your new job.
Article Source: EzineArticles.com
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