As you go out to find your new car, there are a lot of choices you have to make. But one thing for sure is that there is only so much you can afford, and that is based on two things: your income and your car credit score.
Your credit score doesn't just help you get approved for a loan. It sets the rate you will pay, which means it can either help you get a low payment loan or one that is going to cost you $100 more a month. By knowing where you stand on the credit score scale, you'll be able to tell exactly how much you can get approved for and at what rate.
If you score is below the national average of 680 points, there is something you can do to increase that score before the lender ever has a chance to look at it. First, take a good look at your score and what items on file are causing your score to fall below the average rating.
Chances are you will find one or two mistakes that should not be on your report. This could include negative history that is older than 7 years, accounts in collection that you never even had, and late payments on credit cards that you closed years ago.
With the credit reporting companies faced with managing information for millions of people, mistakes are quite common. But once you notify them about these errors, they must remove the negative items and your auto credit score will increase.
Wednesday, May 20, 2009
Can You Borrow Money Against Your New Motorcycle?
If you have been thinking about getting a new motorcycle lately because your current one just does not do the job for you anymore, there is a quick and easy way you can get the money for that new one. There are motorcycle title loans that you can take out on your current motorcycle that will give you the money to get closer to owning that new beauty of a motorcycle. If you never have heard of these loans, they are a fast way to get money because you typically get the money the same day you apply.
Motorcycle title loans work by giving you a loan in the amount your current motorcycle is worth. You then have between 14 days and one month to pay back the amount. In the meantime, you can use that money from the loan to make a down payment on that motorcycle you have been eyeing in the shop. The great thing about this type of loan is that you still will get to use your motorcycle during the loan period. You are not banned from driving it or anything like that. It still is yours to drive around as you please until your new motorcycle shows up.
One reason that this kind of loan is becoming more popular these days is because of the current economic situation. Banks are not as willing to give out loans as they were just a few years ago. As a result, you are punished because the banks made poor business decisions. Just because they do not want to lose any more of their money, you do not get the motorcycle that you want and deserve to have. Taking out a title loan on your current motorcycle is the fastest and easiest way to be one step closer to owning a brand new motorcycle.
The way in which you can determine how much money you will get by using motorcycle title loans is by seeing what your current motorcycle is worth. That is how they base your loan amount. They do not base it on how much you would like to have. It all depends on what your motorcycle would sell for. If you have a somewhat newer bike in good condition, you of course would get more money than older bikes.
Motorcycle title loans work by giving you a loan in the amount your current motorcycle is worth. You then have between 14 days and one month to pay back the amount. In the meantime, you can use that money from the loan to make a down payment on that motorcycle you have been eyeing in the shop. The great thing about this type of loan is that you still will get to use your motorcycle during the loan period. You are not banned from driving it or anything like that. It still is yours to drive around as you please until your new motorcycle shows up.
One reason that this kind of loan is becoming more popular these days is because of the current economic situation. Banks are not as willing to give out loans as they were just a few years ago. As a result, you are punished because the banks made poor business decisions. Just because they do not want to lose any more of their money, you do not get the motorcycle that you want and deserve to have. Taking out a title loan on your current motorcycle is the fastest and easiest way to be one step closer to owning a brand new motorcycle.
The way in which you can determine how much money you will get by using motorcycle title loans is by seeing what your current motorcycle is worth. That is how they base your loan amount. They do not base it on how much you would like to have. It all depends on what your motorcycle would sell for. If you have a somewhat newer bike in good condition, you of course would get more money than older bikes.
Finding Auto Loans When You Have Bad Credit
In most cases, auto loans are secured loans. This means that the lender has more security when giving a loan to any individual because they can take your asset if you don't make your payments. Bad credit auto loans are given to very few people because usually banks lose quite a bit of money if they have to take your car away. If you have had a poor credit history, you will need to have the added security that you can put towards an auto loan in order to qualify. Be certain that not all people will be able to qualify for an auto loan, but there are more people than you might think that will. The only way to find out is by walking into a bank and applying.
When you try to secure a bad credit auto loan, the lender will look first at your credit history to determine if you will be able to make all of your payments. If you have had bad credit, many lenders will consider you to be to high of a risk and believe you will not be able to make your payments in the full amount or on the time they are due. Because of your poor credit history, lenders are not as willing to lend money. If you do find a lender that is willing to front you the money, he will more than likely give you a very high interest rate - but at least you will be able to get a car.
When you begin the application process for a bad credit auto loan, be sure to speak with several different lenders. As you speak with the lenders, be up front with them about your poor credit history. Tell the lender that you are fixing your credit history and that you are in a much better situation than you were before despite what your credit report reflects to the lender. Disclose to your lender the amount of money that you make each month as well as how much you spend.
Be sure to be honest about everything. Based off the information that you provide, the lender will be able to better determine how much money he is willing to lend you and at what interest rate.
Be certain to get multiple quotes from many different lenders. As you shop around among the different lending institutions, you will be able to determine which loan works best for you. You will also be able to get a better interest rate from some lenders. In addition, you may also be able to lower the amount of your monthly payment.
If you are still having a hard time qualifying for a loan even after you have looked into many different lenders, offer to make a down payment. Most down payments are equal to about five percent of the cost of the vehicle. The down payment will show a lender your ability to pay for a loan and that you have no intentions of defaulting on the loan. It also makes it so the lender won't lose money if they have to take your car away. The loan amount will be less than what the car is worth.
When you try to secure a bad credit auto loan, the lender will look first at your credit history to determine if you will be able to make all of your payments. If you have had bad credit, many lenders will consider you to be to high of a risk and believe you will not be able to make your payments in the full amount or on the time they are due. Because of your poor credit history, lenders are not as willing to lend money. If you do find a lender that is willing to front you the money, he will more than likely give you a very high interest rate - but at least you will be able to get a car.
When you begin the application process for a bad credit auto loan, be sure to speak with several different lenders. As you speak with the lenders, be up front with them about your poor credit history. Tell the lender that you are fixing your credit history and that you are in a much better situation than you were before despite what your credit report reflects to the lender. Disclose to your lender the amount of money that you make each month as well as how much you spend.
Be sure to be honest about everything. Based off the information that you provide, the lender will be able to better determine how much money he is willing to lend you and at what interest rate.
Be certain to get multiple quotes from many different lenders. As you shop around among the different lending institutions, you will be able to determine which loan works best for you. You will also be able to get a better interest rate from some lenders. In addition, you may also be able to lower the amount of your monthly payment.
If you are still having a hard time qualifying for a loan even after you have looked into many different lenders, offer to make a down payment. Most down payments are equal to about five percent of the cost of the vehicle. The down payment will show a lender your ability to pay for a loan and that you have no intentions of defaulting on the loan. It also makes it so the lender won't lose money if they have to take your car away. The loan amount will be less than what the car is worth.
Own Your Favourite Car With Used Car Loan
Day by day, keeping a car is become a necessity. But, it is not possible to buy a new car for everyone. If you are facing any such situation, then also you have no need to worry. You can buy a good quality used car.
There is no doubt in the fact that buying the second hand vehicle is also not a cup of tea. That also involves a lot of expense. But, there are a lot of schemes available in UK which help you in this matter. You can take the used car loan from any of the authorised loan agencies. These agencies offer the debts on easy interest rates that can be repaid with ease.
As in the other types of debts, these used car borrowings also consist of two categories which are secured and unsecured loans. In the case of secured loans you have to pledge any of your assets as a security. But, in the case of unsecured ones, you have no such requirement. You can get the borrowing in somewhat high interest.
These borrowings can be applied on Internet with ease. There are a plenty of websites which provide this feature. You just have to fill a quick online form and you get the amount. Many of these websites also facilitate you to view and compare the prices of different agencies. By this, you can take the fair decision for choosing your lender. Moreover, you can read the complete terms and conditions and can make the judgment whether these terms fulfill your requirements or not.
You can avail these borrowing by visiting the agencies directly also. In this case, you will have to fill the vehicle loan form on paper. If you do not know about any such agencies, then you can take the help of daily newspapers, magazines etc. Time to time, a number of advertisements about the lenders and reports about the new loan policies publishes in the print media. They help the common man in getting aware about the borrowings.
The is a very easy criteria for taking the used car loans. You must have at least 18 years of age. Secondly, you should have a valid bank account in which the amount could be transferred.
One benefit of these borrowings is that you have to repay limited amount to the lender, because used cars come in lower rates as compared to the new ones. The amount can be refunded on easy interest rates. The facility of returning the borrowing on easy installments is also provided by most of the agencies.
These used car loans are getting popular in UK day by day. More and more people are becoming car owners with the help of this. The do not have any need to depend upon public transport for the purpose of commuting. Debt corporations are making their policies easy, which help the borrowers to get the debts with ease. Hopefully, soon there will be more and more car holders in UK.
There is no doubt in the fact that buying the second hand vehicle is also not a cup of tea. That also involves a lot of expense. But, there are a lot of schemes available in UK which help you in this matter. You can take the used car loan from any of the authorised loan agencies. These agencies offer the debts on easy interest rates that can be repaid with ease.
As in the other types of debts, these used car borrowings also consist of two categories which are secured and unsecured loans. In the case of secured loans you have to pledge any of your assets as a security. But, in the case of unsecured ones, you have no such requirement. You can get the borrowing in somewhat high interest.
These borrowings can be applied on Internet with ease. There are a plenty of websites which provide this feature. You just have to fill a quick online form and you get the amount. Many of these websites also facilitate you to view and compare the prices of different agencies. By this, you can take the fair decision for choosing your lender. Moreover, you can read the complete terms and conditions and can make the judgment whether these terms fulfill your requirements or not.
You can avail these borrowing by visiting the agencies directly also. In this case, you will have to fill the vehicle loan form on paper. If you do not know about any such agencies, then you can take the help of daily newspapers, magazines etc. Time to time, a number of advertisements about the lenders and reports about the new loan policies publishes in the print media. They help the common man in getting aware about the borrowings.
The is a very easy criteria for taking the used car loans. You must have at least 18 years of age. Secondly, you should have a valid bank account in which the amount could be transferred.
One benefit of these borrowings is that you have to repay limited amount to the lender, because used cars come in lower rates as compared to the new ones. The amount can be refunded on easy interest rates. The facility of returning the borrowing on easy installments is also provided by most of the agencies.
These used car loans are getting popular in UK day by day. More and more people are becoming car owners with the help of this. The do not have any need to depend upon public transport for the purpose of commuting. Debt corporations are making their policies easy, which help the borrowers to get the debts with ease. Hopefully, soon there will be more and more car holders in UK.
Borrowing Money to Buy a Car
If you are planning on buying a car but is short on cash, know that there are a number of auto loan options that you can choose from. However, before you start shopping around for your car, it is recommended that you nail down your financing plan first. Many people go through dealer financing because at the onset, this appears more convenient. In the long run, though, buyers end up with more headaches as they hadn't counted on certain tricks that dealers use to get their business.
Loan Choices
The first establishments that people usually go to for auto loans are banks and credit unions. Bank auto loan programs are popular because these usually offer attractive deals. Additionally, people feel more secure borrowing from banks as they are perceived to be more credible compared to most car dealers. Credit unions offer even lower interest rates than banks.
A home equity loan is another financing option that you can look at. Beware however, that you do not put undue risk on your home seeing as this is undoubtedly more important than a car.
If you are not squeamish about conducting financial transactions over the Internet, you can also choose to borrow from online lenders. This option is convenient for many reasons. Online lenders usually aggressively compete for your business by offering very friendly rates and contract terms, plus the transaction is conducted completely over the Internet so you don't have to go out of your house. Most loans are usually given in a few days.
If all else fail, you can always borrow money from your relatives. Take note though that borrowing money from family can usually put a strain on your relationship so make sure you plan accordingly. Also, certain loans from family are taxable and it is important for you to make this known as this has cost implications to your relative.
Interest Rates and Payment Terms
After you have nailed down your financing strategy, it is also important to bone up on the interest rates and payment terms for auto-loans. Remember that borrowers are usually charged a higher interest rate for used cars than brand new ones. Also, when you buy a brand new car, you can usually get a longer payment term compared to the terms for used cars.
Other Tips
If you are going to take out an auto loan it is best to pay a downpayment of 20 percent or higher. The remaining 80 percent you can finance with the loan. While longer payment terms seem attractive to buyers, be aware that you may actually end up paying more in the long run. A lower downpayment doesn't necessarily mean lower monthly payments or overall costs.
If you do choose to go for dealer financing, make sure to haggle on interest rates. It is helpful to decide ahead of time what you are willing to pay for before talking to your dealer. Car dealers usually talk customers into agreements that seem like a bargain, but what they actually do is charge higher for the actual cost of the car so that they still make a profit.
Loan Choices
The first establishments that people usually go to for auto loans are banks and credit unions. Bank auto loan programs are popular because these usually offer attractive deals. Additionally, people feel more secure borrowing from banks as they are perceived to be more credible compared to most car dealers. Credit unions offer even lower interest rates than banks.
A home equity loan is another financing option that you can look at. Beware however, that you do not put undue risk on your home seeing as this is undoubtedly more important than a car.
If you are not squeamish about conducting financial transactions over the Internet, you can also choose to borrow from online lenders. This option is convenient for many reasons. Online lenders usually aggressively compete for your business by offering very friendly rates and contract terms, plus the transaction is conducted completely over the Internet so you don't have to go out of your house. Most loans are usually given in a few days.
If all else fail, you can always borrow money from your relatives. Take note though that borrowing money from family can usually put a strain on your relationship so make sure you plan accordingly. Also, certain loans from family are taxable and it is important for you to make this known as this has cost implications to your relative.
Interest Rates and Payment Terms
After you have nailed down your financing strategy, it is also important to bone up on the interest rates and payment terms for auto-loans. Remember that borrowers are usually charged a higher interest rate for used cars than brand new ones. Also, when you buy a brand new car, you can usually get a longer payment term compared to the terms for used cars.
Other Tips
If you are going to take out an auto loan it is best to pay a downpayment of 20 percent or higher. The remaining 80 percent you can finance with the loan. While longer payment terms seem attractive to buyers, be aware that you may actually end up paying more in the long run. A lower downpayment doesn't necessarily mean lower monthly payments or overall costs.
If you do choose to go for dealer financing, make sure to haggle on interest rates. It is helpful to decide ahead of time what you are willing to pay for before talking to your dealer. Car dealers usually talk customers into agreements that seem like a bargain, but what they actually do is charge higher for the actual cost of the car so that they still make a profit.
Monday, May 18, 2009
Best Auto Loan For Your Credit Score - See Where You Stand
When you're ready to buy your next car, one of the things that you must consider is how much can you spend. That doesn't necessarily mean how much do you have in the bank, but how much can you afford with your monthly payments. Your credit score also has a lot to do with this.
By knowing where you stand on the credit score scale, you'll know exactly how much you can get approved for, and what your monthly payments will be. That's important because you'll know what kind of car you can really afford, and if you should splurge for all the upgrades.
The credit score scale can be confusing and complex, but when you use the resources below to check you rating online for free, you'll see exactly where you land. That will not only tell you about the car loan you can get, but where you stand in comparison to the average.
Are you below the national average or above it?
If your score is below 680 points, there are some quick things you can do on your own to increase that score, and it won't cost you a dime. By following the advice to increase your score, you'll be able to make those changes before your new car lender has a chance to ever see your old score.
In addition, you can knock a $100 or more off your monthly payment and have a nice, new lower auto insurance payment. Just by seeing what score you have, you'll get this information and more for free.
By knowing where you stand on the credit score scale, you'll know exactly how much you can get approved for, and what your monthly payments will be. That's important because you'll know what kind of car you can really afford, and if you should splurge for all the upgrades.
The credit score scale can be confusing and complex, but when you use the resources below to check you rating online for free, you'll see exactly where you land. That will not only tell you about the car loan you can get, but where you stand in comparison to the average.
Are you below the national average or above it?
If your score is below 680 points, there are some quick things you can do on your own to increase that score, and it won't cost you a dime. By following the advice to increase your score, you'll be able to make those changes before your new car lender has a chance to ever see your old score.
In addition, you can knock a $100 or more off your monthly payment and have a nice, new lower auto insurance payment. Just by seeing what score you have, you'll get this information and more for free.
How to Get a Payment You Can Afford on Your Next Car Loan
Are you planning to purchase a new or used car, truck, SUV, van, or motorcycle? If so, you probably want to get a great vehicle with a payment that you can easily afford. Knowing the basics of automobile loans before you go shopping for a car loan can help you get a great car or other vehicle with a payment that will not strain your wallet. There are quite a few determinations to make to get the payment that fits your needs.
Two Types Of Car Loans
The first determination that you will need to make is whether you want to take out a secured or unsecured car loan. The secured loan will require you to pledge security against repayment of the loan - as in the deed to your home or other valuable property. This is called pledging collateral. The secured loan is the cheapest car loan you can get in terms of the interest that you will pay on the money that you borrow to buy your car, and usually a secured loan will have lower payments that are stretched out for a longer period of time.
The unsecured loan for buying a car is a loan that does not have any security backing it up, and therefore carries higher interest and must be paid back sooner - making your payments higher than the secured version. The secured car loan is always cheaper than the unsecured car loan, with less interest and easier to manage monthly payments.
Make A Down Payment To Lower Your Monthly Payment
If at all possible, you should make a down payment towards the purchase of your car. This not only makes the lender see you as the responsible borrower that you are, but it will also reduce the total amount that you owe on your car loan. Having a down payment will make your monthly payments lower, and will also reduce your interest rate. This can save you tons of money over the life of your car loan.
Additionally, if you want to trade your current car in when you buy your next car, your current car can be considered a down payment or be added on to the amount of down payment that you make. This can reduce the amount you owe even further.
Apply With A Cosigner
If you have a limited amount of credit history, or if your credit is not superb, you might consider applying with a cosigner when you take out your next car loan. A cosigner is simply someone who trusts that you will repay the loan, and if not, agrees to pay your payments for you. Having a cosigner reduces the risk the lender is taking when loaning you money, and thus makes your interest and thus the price of your car, less.
Online lenders offer lots of great options for buying your next car. Additionally, online lenders usually have loan payment calculators that can easily figure the amount of your payment before you take out your loan.
Two Types Of Car Loans
The first determination that you will need to make is whether you want to take out a secured or unsecured car loan. The secured loan will require you to pledge security against repayment of the loan - as in the deed to your home or other valuable property. This is called pledging collateral. The secured loan is the cheapest car loan you can get in terms of the interest that you will pay on the money that you borrow to buy your car, and usually a secured loan will have lower payments that are stretched out for a longer period of time.
The unsecured loan for buying a car is a loan that does not have any security backing it up, and therefore carries higher interest and must be paid back sooner - making your payments higher than the secured version. The secured car loan is always cheaper than the unsecured car loan, with less interest and easier to manage monthly payments.
Make A Down Payment To Lower Your Monthly Payment
If at all possible, you should make a down payment towards the purchase of your car. This not only makes the lender see you as the responsible borrower that you are, but it will also reduce the total amount that you owe on your car loan. Having a down payment will make your monthly payments lower, and will also reduce your interest rate. This can save you tons of money over the life of your car loan.
Additionally, if you want to trade your current car in when you buy your next car, your current car can be considered a down payment or be added on to the amount of down payment that you make. This can reduce the amount you owe even further.
Apply With A Cosigner
If you have a limited amount of credit history, or if your credit is not superb, you might consider applying with a cosigner when you take out your next car loan. A cosigner is simply someone who trusts that you will repay the loan, and if not, agrees to pay your payments for you. Having a cosigner reduces the risk the lender is taking when loaning you money, and thus makes your interest and thus the price of your car, less.
Online lenders offer lots of great options for buying your next car. Additionally, online lenders usually have loan payment calculators that can easily figure the amount of your payment before you take out your loan.
Buy Car - Bad Credit - Reality Check
The day comes when you need a car or truck, so you go to your computer and type in buy car bad credit because that best describes the situation. You know what you need. You know what you want, but do you know the pitfalls ahead?
Dealing with auto sales people and getting a vehicle loan is like two quick-sands in the desert waiting to suck in their next victim. You - my friend, are in the middle!
The hard reality is that auto sales are seriously down and these people are desperate for business. When you stop to think about it, their only successful outcome is a closed sale - period. Will they put your needs first and give you the best? Are they thinking of best service today and repeat business tomorrow? Are they worried that you might not come back for a repeat sale in two years? Very likely the answer is negative. They need to survive this month! Desperate people will do anything to close a sale - today - now! More nowadays than ever before!
Would you like to know all their games so that you can come out on top? Let's take a brief look at just one of the games.
When they offer to pay off your existing vehicle loan, do they do it because they like the color of your eyes?
Are they giving you a gift - a present from heaven? You know the answer. Watch out for this tactic, because it can create an impossible situation that you cannot escape from. You'll be paying for this mistake for years to come!
The details vary, but the common thread goes like this. They take what you owe on the existing loan. They do a magic dance and play with the numbers, so you don't see some steps. They add in some fees, and "etc type" charges. You settle on your new car and wait for the approval and final documentation. You're a happy camper. When the approval comes, you don't notice that you now owe a small fortune - far more than the new car is worth. All the extra charges are now loaded onto the financing of the new vehicle.
You then drive out of the dealership driving a car that you owe on, but likely will never own. The debt on the vehicle far exceeds its worth. You check out the numbers, thirty minutes later, and find you owe heavy monthly payments that will go on for years. The vehicle may be worth only a fraction of that debt today. Next year you want to trade-in again. Are you kidding? You still owe a bomb on that vehicle! There's no way you can get a good deal. You're standing on your head - and they tell you, "But, you're upside down".
Well, you could trade-in if you were willing and able to put the difference on the table! Reality kicks in big time and you kick your rear end!
Of course, you could leave the dealership in disgust and try to sell the vehicle yourself. How are you going to sell it, if you owe more than its worth?
How do I know this? It happened to me (before I learned - the hard way).
You don't need to learn the hard way.
Dealing with auto sales people and getting a vehicle loan is like two quick-sands in the desert waiting to suck in their next victim. You - my friend, are in the middle!
The hard reality is that auto sales are seriously down and these people are desperate for business. When you stop to think about it, their only successful outcome is a closed sale - period. Will they put your needs first and give you the best? Are they thinking of best service today and repeat business tomorrow? Are they worried that you might not come back for a repeat sale in two years? Very likely the answer is negative. They need to survive this month! Desperate people will do anything to close a sale - today - now! More nowadays than ever before!
Would you like to know all their games so that you can come out on top? Let's take a brief look at just one of the games.
When they offer to pay off your existing vehicle loan, do they do it because they like the color of your eyes?
Are they giving you a gift - a present from heaven? You know the answer. Watch out for this tactic, because it can create an impossible situation that you cannot escape from. You'll be paying for this mistake for years to come!
The details vary, but the common thread goes like this. They take what you owe on the existing loan. They do a magic dance and play with the numbers, so you don't see some steps. They add in some fees, and "etc type" charges. You settle on your new car and wait for the approval and final documentation. You're a happy camper. When the approval comes, you don't notice that you now owe a small fortune - far more than the new car is worth. All the extra charges are now loaded onto the financing of the new vehicle.
You then drive out of the dealership driving a car that you owe on, but likely will never own. The debt on the vehicle far exceeds its worth. You check out the numbers, thirty minutes later, and find you owe heavy monthly payments that will go on for years. The vehicle may be worth only a fraction of that debt today. Next year you want to trade-in again. Are you kidding? You still owe a bomb on that vehicle! There's no way you can get a good deal. You're standing on your head - and they tell you, "But, you're upside down".
Well, you could trade-in if you were willing and able to put the difference on the table! Reality kicks in big time and you kick your rear end!
Of course, you could leave the dealership in disgust and try to sell the vehicle yourself. How are you going to sell it, if you owe more than its worth?
How do I know this? It happened to me (before I learned - the hard way).
You don't need to learn the hard way.
Eligibility Criteria For Car Title Loans
If there is an emergency in the family and you are strapped for cash, one way to get funds quickly is to get a car title loan. Why so? Well, you can make use of this loan without having to use your credit card and therefore block the available credit which you might otherwise need for other expenses. In addition, using car title loans means you do not have to go through the complicated loan process in a bank. Title loans are easily available if you have fully or almost paid for your car and you have a clear title.
Who is eligible for a car title loan?
Just about anybody can apply for car title loans as long as they own a vehicle. It does not matter if the applicant has bad credit history as the loan process is independent of the credit report. Also, the loan amount is determined by the existing value of the vehicle only.
Applying for a car title loan does not take too long. Just walk into a loan agency or fill out the form online and the loan will be processed in 24 to 48 hours. Generally, lenders loan up to 50% of the vehicle's value, which takes care of any depreciation in the price of the car over the repayment period.
Things to keep in mind after availing a car title loan
Most lenders will not hesitate to give car title loans and the lender can still drive the car while paying the loan. The most important thing borrowers have to ensure is that payments are made on time so that the lender does not repossess the vehicle. As such, car title loans can be a real blessing in times of need and can help you and when accosted with a major financial crunch.
Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and has moved on to become a loan consultant with more than ten years of experience. Apply for car title loans now.
Who is eligible for a car title loan?
Just about anybody can apply for car title loans as long as they own a vehicle. It does not matter if the applicant has bad credit history as the loan process is independent of the credit report. Also, the loan amount is determined by the existing value of the vehicle only.
Applying for a car title loan does not take too long. Just walk into a loan agency or fill out the form online and the loan will be processed in 24 to 48 hours. Generally, lenders loan up to 50% of the vehicle's value, which takes care of any depreciation in the price of the car over the repayment period.
Things to keep in mind after availing a car title loan
Most lenders will not hesitate to give car title loans and the lender can still drive the car while paying the loan. The most important thing borrowers have to ensure is that payments are made on time so that the lender does not repossess the vehicle. As such, car title loans can be a real blessing in times of need and can help you and when accosted with a major financial crunch.
Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and has moved on to become a loan consultant with more than ten years of experience. Apply for car title loans now.
Your Auto Loan Credit Score - See Where You Stand and What Loan You Can Get Approved For
As you go out to find your new car, there are a lot of choices you have to make. But one thing for sure is that there is only so much you can afford, and that is based on two things: your income and your car credit score.
Your credit score doesn't just help you get approved for a loan. It sets the rate you will pay, which means it can either help you get a low payment loan or one that is going to cost you $100 more a month. By knowing where you stand on the credit score scale, you'll be able to tell exactly how much you can get approved for and at what rate.
If you score is below the national average of 680 points, there is something you can do to increase that score before the lender ever has a chance to look at it. First, take a good look at your score and what items on file are causing your score to fall below the average rating.
Chances are you will find one or two mistakes that should not be on your report. This could include negative history that is older than 7 years, accounts in collection that you never even had, and late payments on credit cards that you closed years ago.
With the credit reporting companies faced with managing information for millions of people, mistakes are quite common. But once you notify them about these errors, they must remove the negative items and your auto credit score will increase.
Your credit score doesn't just help you get approved for a loan. It sets the rate you will pay, which means it can either help you get a low payment loan or one that is going to cost you $100 more a month. By knowing where you stand on the credit score scale, you'll be able to tell exactly how much you can get approved for and at what rate.
If you score is below the national average of 680 points, there is something you can do to increase that score before the lender ever has a chance to look at it. First, take a good look at your score and what items on file are causing your score to fall below the average rating.
Chances are you will find one or two mistakes that should not be on your report. This could include negative history that is older than 7 years, accounts in collection that you never even had, and late payments on credit cards that you closed years ago.
With the credit reporting companies faced with managing information for millions of people, mistakes are quite common. But once you notify them about these errors, they must remove the negative items and your auto credit score will increase.
Subscribe to:
Posts (Atom)