Car loans for bad credit are a lot easier to get today then they were 5 years ago because of the fact that there are more and more institutions that are now willing to go the extra step to get people into cars then they were five or 10 years ago. If you have the ability to show a history with a current job and have the ability to pay back a car loan lenders a very good opportunity for you in today's economic market to get that car that you've been dreaming about.
Bad credit title car loans makes it so much easier today than before is the fact that so many people have been affected by the economic downturn that there is a segment of society that is in desperate need of an institution to take care of their financial needs and issue car loans for bad credit individuals. So there are several companies nationally that stepped up to the plate and are now currently offering specialized auto financing for people in need.
Short term loans for bad credit the Internet has opened up vast opportunity when looking for auto financing because you are no longer restricted to shopping in your local area or region. You now have the ability to access nationwide companies that will give you a car loan regardless of your location. So take your next step now that you've begun to realize that it is possible to receive a car loan even though you've had a financial setback and get into the front seat of your new dream car today!www.badcreditshorttermloans.net
Monday, December 27, 2010
Friday, December 17, 2010
Good News About Bad Credit Car Loans
Almost half of all car purchases in America are financed. Couple this with that fact that 30 million Americans have credit problems and you see why there's such an interest in bad credit car loans.
While carrying higher interest rates than prime loans, bad credit car loans are not hard to bad credit title car loans. Even people who have filed for bankruptcy can find a decent deal on auto financing if they shop around. It doesn't matter if they buy new or used.
For peace of mind, safety and hassle-free driving, there's nothing like buying a new car. When you buy new, you have more control over optional features than if you buy a pre-owned vehicle. You will also get a new warranty that lasts much longer than the extended warranty you can buy for used cars.
The danger in buying new is getting "upside down" on the bad credit car loan. One way to avoid this is to have a decent down payment--20% or better. Another way is to choose a vehicle with high resale value. This will help slow down depreciation.
Depreciation is the difference between the Manufacturer's Suggested Retail Price (MSRP) when you bought the vehicle and what it's now worth. A $25,000 car will depreciate an average of 15% the first year and between 7% and 10% annually for the next two years. Cars with a prestigious nameplate hold their value longer and are less likely to depreciate faster than the car loan.
Buying a used vehicle makes sense if you want to keep your monthly payments affordable. Since used cars depreciate slower than new cars, they make better short-term collateral for lenders. However, some lenders will decrease the loan's term and increase the rate on short term loans for bad credit.
When you buy used, you have the chance to get a more expensive model than you could afford if you bought it new. For about the same amount, you could own a new Hyundai, a two-year-old Taurus, or a six-year-old BMW.
Remember that total price is more important than the monthly payment. Stretching the length of a bad credit car loan will mean paying more interest. For instance, the payments on a $20,000 loan can be lowered from $500 a month to $360 by extending the term from 48 months to 72 months. However, this will cost about $2,000 more over the life of the loan, or 10 percent of the loan amount.www.badcreditshorttermloans.net
While carrying higher interest rates than prime loans, bad credit car loans are not hard to bad credit title car loans. Even people who have filed for bankruptcy can find a decent deal on auto financing if they shop around. It doesn't matter if they buy new or used.
For peace of mind, safety and hassle-free driving, there's nothing like buying a new car. When you buy new, you have more control over optional features than if you buy a pre-owned vehicle. You will also get a new warranty that lasts much longer than the extended warranty you can buy for used cars.
The danger in buying new is getting "upside down" on the bad credit car loan. One way to avoid this is to have a decent down payment--20% or better. Another way is to choose a vehicle with high resale value. This will help slow down depreciation.
Depreciation is the difference between the Manufacturer's Suggested Retail Price (MSRP) when you bought the vehicle and what it's now worth. A $25,000 car will depreciate an average of 15% the first year and between 7% and 10% annually for the next two years. Cars with a prestigious nameplate hold their value longer and are less likely to depreciate faster than the car loan.
Buying a used vehicle makes sense if you want to keep your monthly payments affordable. Since used cars depreciate slower than new cars, they make better short-term collateral for lenders. However, some lenders will decrease the loan's term and increase the rate on short term loans for bad credit.
When you buy used, you have the chance to get a more expensive model than you could afford if you bought it new. For about the same amount, you could own a new Hyundai, a two-year-old Taurus, or a six-year-old BMW.
Remember that total price is more important than the monthly payment. Stretching the length of a bad credit car loan will mean paying more interest. For instance, the payments on a $20,000 loan can be lowered from $500 a month to $360 by extending the term from 48 months to 72 months. However, this will cost about $2,000 more over the life of the loan, or 10 percent of the loan amount.www.badcreditshorttermloans.net
Tuesday, December 7, 2010
100 Percent Financing Bad Credit Car Loans - 5 Tips For Qualifying
When you apply for a car loan, the first thing that most auto loan lenders ask is, "What is your credit score?" The reason for this is simple: they want to know just how likely it is that you are to pay back their loan. In other words, they want to know whether you are creditworthy.
This is a fair question. After all, if you were an auto lender, you would want to be darn sure that the people to whom you are lending money are going to pay it back.
The trouble is most bad credit title car loans lenders go about it all the wrong way. They try to take a short cut by only looking at your credit score without really taking a deeper look at your credit report as a whole. This practice of looking solely at the borrower's credit score works out pretty well for those folks who have excellent credit scores. However, if you have a bad credit score, you are almost always ushered to the back of the credit line - or maybe even out the door.
Fortunately, some auto lenders actually look past your credit score. Sure, they glance at it, but they are more interested in analyzing the report itself, line by line. These lenders are sometimes called bad credit auto lenders. And, they can be a real lifesaver if you have a credit score below 650 or even 600.
When you are searching for auto lenders, make sure that you only add to your list those lenders who call themselves "bad credit auto lenders" or "bad credit car loan lenders." Short term loans for bad credit are the ones who are willing to look at your financial and credit history as a whole, not just your credit score in isolation.
Make sure that your list contains at least 5 such lenders. It's a numbers game, and you do not want to sell yourself short by only applying to 1-2 of them. Before you start applying for an auto loan online, in person, or on the phone, make sure that you check out the reputation of each lender on your list. Find out, in particular, what other customers are saying about them. Check out online discussion boards and chat rooms, in particular.
Now, be sure to apply to at least 3-4 of these lenders, and push yourself to follow through in doing so. You will thank yourself later when you land a lower interest rate, which could save you hundreds or thousands in interest charges.www.badcreditshorttermloans.net
This is a fair question. After all, if you were an auto lender, you would want to be darn sure that the people to whom you are lending money are going to pay it back.
The trouble is most bad credit title car loans lenders go about it all the wrong way. They try to take a short cut by only looking at your credit score without really taking a deeper look at your credit report as a whole. This practice of looking solely at the borrower's credit score works out pretty well for those folks who have excellent credit scores. However, if you have a bad credit score, you are almost always ushered to the back of the credit line - or maybe even out the door.
Fortunately, some auto lenders actually look past your credit score. Sure, they glance at it, but they are more interested in analyzing the report itself, line by line. These lenders are sometimes called bad credit auto lenders. And, they can be a real lifesaver if you have a credit score below 650 or even 600.
When you are searching for auto lenders, make sure that you only add to your list those lenders who call themselves "bad credit auto lenders" or "bad credit car loan lenders." Short term loans for bad credit are the ones who are willing to look at your financial and credit history as a whole, not just your credit score in isolation.
Make sure that your list contains at least 5 such lenders. It's a numbers game, and you do not want to sell yourself short by only applying to 1-2 of them. Before you start applying for an auto loan online, in person, or on the phone, make sure that you check out the reputation of each lender on your list. Find out, in particular, what other customers are saying about them. Check out online discussion boards and chat rooms, in particular.
Now, be sure to apply to at least 3-4 of these lenders, and push yourself to follow through in doing so. You will thank yourself later when you land a lower interest rate, which could save you hundreds or thousands in interest charges.www.badcreditshorttermloans.net
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