Friday, August 26, 2016
Thursday, May 19, 2016
Picture this - You have been eyeing this car since a few months and your friends can’t stop talking about it. It is on every auto show you come across and on the cover of every car magazine. Many a times, you have been thinking of going for it, but what stops you is your credit score.
As a subprime car buyer, you must have experienced that traditional lenders penalize you for your low credit score. They make car buying difficult for you by offering high interest rates on auto loans. But, do not worry. Subprime car loans can help you. With the loan program, you will be able to buy the car you need now, instead of waiting for your financial circumstances to improve.
If you are eager to buy a car of your choice, you must learn the following four crucial things for getting subprime car loans:
1. The Down Payment
The higher the credit score, the lower will be the interest rate on the auto loan. But if you have a subprime credit score, down payment can help you in lowering the interest rate.
As far as down payment is concerned, it would be wise to save up to a minimum of ten percent for a pre-owned car as well as a brand new one.
Instead of applying with several lenders, choose a subprime lender who has expertise in approving subprime car loans. A subprime auto lender will help you in solving your loan related queries and also provide you with affordable loan rates.
If you want to apply for subprime car loans comfortably, you can opt for online auto financing companies. The companies provide easy approval on subprime car loans. But, you must check the reliability of the company before providing confidential information on the website.
Many a times, there are understated clauses which may prove to be a shock in the future. So, it is advisable to be more cautious while going through the loan contract, so that you do not have to suffer later. Before finalizing the deal, make sure that you are well-versed with the terms and conditions of the loan contract.
Buying a car is not rocket science, but it doesn't mean it is a cake walk either. If you want to make an easy car purchase, you must not forget the four crucial things for getting subprime car loans.
Wednesday, May 18, 2016
Do you dream of a big car? Is your credit score low? If so, do not let the lender ruin your chances of getting easy auto loan approval. You should try reaching out to a friend with a good credit score and ask him to cosign your auto loan. Applying with a cosigner will help you qualify for the loan easily.
Who is a Cosigner?
A cosigner is a credit worthy person who agrees to share your loan obligation. If you are a first-time car buyer or a college student, with zero credit score, getting the help of a cosigner makes a lot of sense. It is because he will lend a helping hand to you as well as help you to build a good credit score.
A cosigner increases the chances of getting easy auto loan approval. His credit score adds weight to your auto loan application. Basically, a cosigner guarantees the lender that you will make regular payments. If you are unable to do so, the cosigner has to assume the responsibility of the payments.
1. Willingness to cosign the auto loan
The cosigner must be willing to make the payments, if you miss them. It is because he is equally responsible for them. Remember that the agreement should be in writing, as the lenders do not accept verbal agreement from the cosigner.
A cosigner must prove that he earns a sufficient income to cover the amount of the auto loan. He must have a stable employment status. If he fails to prove his financial capability, the lender may reject the auto loan application.
Stability in employment and residence of the cosigner is prerequisite for easy auto loan approval. The lenders are in favor of those cosigners who have lived at one address and have worked in their present job for a long period of time.
1. Low Interest Rates
A cosigner not only gives you an opportunity to have a reliable transportation option but also saves you from high rate of interest.
A cosigner will allow you to obtain easy auto loan approval and help you build your credit score. In order to build your credit score, you must make regular payments to the lender.
A cosigner should be a person with a good credit score. He can also provide you with valuable financial advice. So you will not only receive better interest rates but also a sound financial advice from your cosigner.
1. If you miss the payments, do not think that the lender cannot sue the cosigner. As the cosigner is responsible for the auto loan, the lender will not shy away from suing him.
2. When someone agrees to be your cosigner, he puts his credit score at risk. And, if you fail to make the payments, it hurts his credit score as well.
When a cosigner agrees to sign the auto loan application, he accepts the equal responsibility to make regular payments. So don’t risk the cosigner’s credit score by avoiding the payments. Remember that when you make regular payments to the lender, it allows you to drive your dream car and also wins your cosigner’s trust.
If you are a young car buyer with zero credit score, finding a cosigner becomes necessary. But, do not worry if you do not know someone with a good credit score. RapidCarLoans.net will help you obtain no cosigner auto loans. Apply now and get instant approval.
Friday, May 13, 2016
If you want to get out of financial misery, your car can help you. Obtain car title loan by providing the car title to the lender and enjoy driving your car as before.
If you have exhausted all the options of obtaining money, do not worry. There is one more option with you. It is your car. Confused? You can obtain a car title loan and get out of financial misery.
How does the Car Title Loan work?
It is easier and faster to get a car title loan when you own a car that’s paid off. You will have to provide the car title to the lender. In return, he will provide you with money.
|Car Title Loan|
Various auto financing companies and lenders offer online loan approval. They take help of the internet to reach maximum clientele. Also, many lenders design software applications for mobile to allow you to see how much loan amount you will get for the car title.
The car title loan carries high rate of interest as it is a short-term loan. While approving the loan, lenders consider the value of your car instead of your credit score. It is possible that a few lenders may even require car insurance. The loan amount depends on three things:
1) Your car’s value;
2) The amount of cash you need;
3) Your ability to repay the loan.
Thin Line of Difference between Auto Pawn Loan and Car Title Loan
If you apply for an auto pawn loan, you will have to provide your car along with the car title to the lender. He will keep the car as security. Under the auto pawn loan program, you will receive more cash since both the car and the car title are in the possession of the lender.
What happens if you are unable to make Payments on the Car Title Loan?
If you are unable to make payments on the car title loan, you may lose your only car. However, the lender may allow you to keep the loan for one more month after the due date. The process is known as “rolling over” the loan.
If you are unable to make payments even after rolling over the loan, the lender will repossess your car. He will sell it in an auction to recover money. So, it is essential to pay off your dues in the specified time period.
Car title loan is one of the best options to get money when you need it the most! But, remember to create a plan for ensuring regular payments. And, once you have a plan ready, it will get you out of financial misery and save your car from repossession.
Sunday, May 1, 2016
Buying a car should be fun. Your attention should be towards choosing the best car. You should not be losing sleep over getting loan approval. Sadly, bad credit car buyers are troubled by lenders because of their credit history.
If you have bad credit history, do not worry. RapidCarLoans.net is your silver lining. The online auto financing company has assisted several car buyers in obtaining easy approval on bad credit auto loans. When you apply with the company, it will bring you lower-than-market rates and make sure that your loan payments are affordable, stress-free and uncomplicated.
How to obtain Low Interest Rates on Bad Credit Auto Loans?
It doesn’t take much work to obtain affordable rates on bad credit auto loans. There is no need to provide your financial documents at the time of applying for the loan. Simply submit your auto loan requirements on the secure website. Once you provide RapidCarLoans.net with your information, the company will initiate the process of finding you an auto loan of your choice.
Friday, April 29, 2016
Once the driving license is obtained, the next order of business is to decide whether to opt for a new car or a used car. Due to the fast changing consumer preferences, majority of the people sell off their old cars for newer models. This has resulted in not only boosting the emerging car market, but has also augmented the used car market. Accessibility to a used car has increased manifold as various banks and auto financing companies are approving used car loans. Moreover, there are numerous reasons associated to why many people are moving towards a used car.
So why is the sale of used cars gaining momentum?
Surely, buying a brand new car can seem to be a desired fantasy. The smell of a new car, plush cozy seats and the attractive paint are coveted. However, can your income really cover for the expenses of indulging in a new car? The sources to meet the heightened expenses would be through past savings or other income. A rational alternative would be to rather buy a used car that serves the purpose of acquiring a vehicle for your daily needs. Also, the amount you shell out for a used car will be comparatively lower than the amount spent on a new car, helping you to save money in the process.
The onset of the trend of selling current cars for newer ones has led to a huge surplus of used cars with an average age of 4 years. This indicates that the used cars still possess longevity of many years before they turn obsolete. Therefore, the sustainability of the used car does not pose as an obstacle and people are more willing to invest in used cars, especially when it is so cost efficient.
Obtaining an approval for a used car loan is fairly easier when compared to seeking loan approval for a newer car. While many banks do not highlight used car loans as their top-rated product, the process of acquiring it is less complex which makes it suitable for those who want to make an immediate purchase. The key advantage here is that even when a bank does not approve a loan request, there are quite a few auto financing companies who can either act as a bridge between the loan applicant and the bank; or completely finance the car from their end. In both the instances, attaining a loan gets easier if it’s for a used car.
Now, there are also a few things to keep in mind before you apply for a used car loan. The age set for qualifying for the loan is 18 years with minimum earnings of $1800 per month. This is one of the major reasons why many teenagers select a used car over purchasing a new car. Usually, an auto financing company looks for car buyers with a good credit score and zero bankruptcy history. These features help in instilling a sense of goodwill and provide reassurance for the payment of the loan from the car buyer.
All in all, a used car loan can conveniently help you to fix your priorities with a control on the budget at the same time. If a stress-free loan approval within the purview of a fixed budget is a criterion that you seek for your next car, you know right where to invest.
Thursday, April 28, 2016
An important part of college life is the ability to be able to manage different schedules in your life with your studies. The commute to college by public transport is tedious and takes a lot more time than it should. If you live off-campus, a car of your own will turn this difficult process into a smooth part of your day. With one thing less to worry about, you can focus more clearly on your studies and juggle time effectively between college schedule, your personal life and your part-time job.
Buying a car is not a small investment. Most people, unless they are extraordinarily rich, need an auto loan to get them started. And as a college student, you will need it as well. The good news is that it does not take much to do it right. Just keep in mind some factors while choosing which lender and car you want to go with, and follow the procedure.
Choosing a Car
Buying a brand new car, which you will struggle to pay for, is not advisable. Most college students buy a used car as their first auto purchase. It is economical and practical.
Plan out your budget before you start looking at cars. List out your expenses and income/allowance, and have a clear idea of what kind of payments you are comfortable with.
While choosing a car, think carefully about fuel efficiency. SUVs, for example, will not only squeeze you for more money, but also use up more fuel. Consider the average miles you get per gallon from each car and make the smart choice.
While applying for a student auto loan, be clear about your financial stature with the lender. This will help in establishing a doable payment structure for you. Consider other expenses like maintenance, insurance, fuel and repair and add them to the amount you will spend in buying the vehicle.
How can your Parents help you?
Convince your parents to sell their old car. Exchanging that car with the dealer for the one you’re buying will help in lowering the price. A lower price increases the possibility of paying the loan amount back on time. Also, after paying the money back, your credit history will show that you can make calculated financial decisions.
If your parents live in another state, you need not be concerned. Most lenders will not worry about an out-of-state co-signer.
Go online and search for the kind of student auto loan deals that you want. Fortunately, there are lenders who are willing to meet with you and discuss terms and conditions clearly according to your needs. Find lenders who encourage college buyers. They will not be bothered much about your non-existent credit history.
Finalize the deal with someone you feel comfortable with. Remember that every time you make your payments, you will take a step closer to having a car of your own.
The word auto loan, especially for students, sounds daunting. But there is nothing complicated about it if done thoughtfully and well. Select an appropriately priced car, figure out the payment amount you can afford and make payments routinely. It’s as easy as that.
Tuesday, April 26, 2016
If adventure and exploring are synonymous to you then venture into a brand new experience of living on the edge. How about getting a new car to follow endless roads and exploring new places? Sounds good? Then don’t wait for your savings to go up, just get an auto loan.
Image Courtesy - myfico.com
Before getting a loan, did you check your FICO Score? Well, some of you may be new to FICO score while some may be well aware. In a layman’s language, FICO= First I(eye) Credit Overall. It means first have a look at your FICO Score to know your credit situation. It will be easy for you to get an auto loan with a good FICO Score.
A good FICO Score will get you easy loans with a low rate of interest and low monthly payments. So instead of first eyeing your dream car, shift your attention to your FICO Score. FICO Score takes time in improving so be wise and keep a check on your score six months before applying for the loan. Form a habit to review your FICO Score quarterly or half-yearly. So celebrate the arrival of your dream car with FICO Score five layered cake. The five flavors of the cake are mentioned as under:
Factors such as monthly loan payments, amount owed across different types of accounts are covered under this heading.
Consumer can maintain different types of credits such as mortgage loan, credit card debts, personal loan etc.
Factors like age of your oldest credit account, age of your newest credit account, duration of usage of auto loans or credit cards accounts.
Good credit mix depends on how you manage your different accounts (i.e.) revolving accounts, loan accounts, open accounts, etc.
Factors such as bankruptcy, late payments, repossession cause a major effect on FICO Score.
Don’t have a good FICO Score? Let’s fix it with these easy tips:
>> Are you late in paying up your bills? Then get up and pay them before the last due date runs out.
>> A credit counselor is always to your rescue if you need any help.
>> Having a debt? Pay it off.
>> Credit cards are a big concern which can affect your FICO Score directly or indirectly (e.g. Balances should be kept low on credit cards to increase your FICO Score)
>> Don't open a number of new credit cards that you don't need, just to increase your available credit.
These easy tips would definitely fix your FICO Score and attract lender’s attention to your auto loan application. Now it’s time to wipe away the tears of your bad credit score and replace them with a smile of good FICO Score. When FICO Score is your best man, your dream car and auto loan will be your perfect partners.
Friday, April 22, 2016
Buying a car is a big financial decision. It involves obtaining a Georgia auto loan and making regular payments for a long time. If you overestimate your financial capacity, you may ruin your credit score and end up with bankruptcy.
In order to avoid a bad financial situation, you must tackle the Georgia car buying process with a practical approach. Buy a car only if it is the right time to buy it.
Before visiting a dealership lot in Georgia, you must ask yourself about your current car. If you current car is in a good condition, you can avoid buying a car at the moment. You can use your savings in paying off your debts. It will help you in improving your credit score. Also, you can save money and use it to buy a luxurious car in future.
There are situations when you cannot wait to improve credit score or financial condition before buying a car. If you are facing any of the following situations, it is the right time to get a car loan in Georgia:
Have you experienced a cut in your income? If your current income is unable to bear the expenses of your car, you must sell it and buy an affordable one.
Have you been promoted? Have you received a raise at your job? If your financial situation has improved, you can obtain a GA auto loan and buy your dream car.
Is your car more at the mechanic’s garage than on the road? If the maintenance expense of your vehicle is becoming a burden, you should think about selling your high-maintenance car.
In Georgia, car is the ideal mode of transportation. Every family member requires a car to ensure a safe and comfortable commute. You should buy a new car in any of the following situations:
1. Your spouse needs a second car for the job.
2. Your children need a car for transportation.
3. You need a kid-friendly car, etc.
If your car was involved in an accident, there are two possibilities:
- It can be repaired
- It is totaled
If you can assume the responsibility of the repair expenses, do not buy a new car. But, if you are facing costly repair and future maintenance expenses, it is time to search for a new car in Georgia.
If your car is totaled, you have no option but to apply for an auto loan and buy a new car.
Prudence is the Key
Now that you know it is the right time to get an auto loan in Georgia, you must think of the type of car that you want. If you have bad credit score, a used car will be the best option for you. It will ensure low monthly payments and improve your credit score as well.
Today, Coloradan car buyers have many options to buy a car. If you live in Denver, Lakewood or any other part of the Centennial State, you can buy your dream car from the following sources:
- Dealership Lots
- Private Sellers
- Online Websites, etc.
Most Coloradans opt for dealership lots because of the following reasons:
- Private sellers and most online websites sell used cars only whereas you can buy a used car or a new car at the dealership lot.
- Dealers handle all the paperwork related to title transfer and registration.
- They offer financing options. It is an ideal choice for people with credit issues.
- Many dealers offer warranties on used vehicles.
- You can buy certified pre-owned cars from them.
- You can trade-in your old car with the dealer and avoid down payment.
- Dealerships follow strict rules while selling a used car. So, it is a better option than a private party auto sale.
According to the Colorado Automotive Dealers Association, there are approximately 260 new car and truck dealers in the state. If you have decided to buy a car from a dealer, you need to find someone who can work with you and fulfill your car requirements easily. Here are a few tips to help you find a reliable dealer for your next car:
Price is the most common way of comparing a dealer with other dealers. Ask a dealer for the best price on a car model and use it to compare it with other dealers of your area. It is also necessary to check various deals and incentives offered by the dealers because they can reduce the price phenomenally.
There is no point in working with a dealer if he/she doesn’t have the car model that you want. So, choose a dealer that has your favorite car model in the stock and do not get swayed by crafty salesperson who will try very hard to persuade you to buy another car model.
The Credit Score
It is important to remember that not all dealers work with sub-prime credit borrowers. So, if you have a bad credit score or a zero credit score, you must ensure that the dealer will cater to your special financing needs.
Do not say yes to any cheap car. It is possible that the dealer is selling you a lemon. So, before choosing a dealer, you must check his credibility. A reputed dealer may sell you expensive cars but he/she will guarantee a good and fuel-efficient car.
The Easiest Way of finding a Reliable Dealer
If you do not want to spend time in going from one dealer to another, internet can help you in choosing a reliable dealer. Online auto financing companies work with large networks of lenders and dealers. Once you submit your online auto loan application form with a company, it will forward the form to its network. After that, the network will review your form and a dealer will call you for a car loan. Simple, isn’t it?
In the past, choosing a dealer was a time-consuming process, but now you can find a reliable dealer with just a click of mouse.
A car is the second most expensive purchase of your life. If you live in Wyoming, buying a car and maintaining it is going to be even more expensive. Why? According to a 2014 report by Bankrate.com, it takes $2,705 every year to keep your car up and running. The amount is based on price of fuel, insurance and repair expenses in Wyoming State. It doesn’t even include the monthly auto loan payments or the down payment amount required for buying a car.
If you want to buy a car in Wyoming, you have to lower your car-related expenses and make car buying process economical. Here’s how you can do it.
The current average of fuel prices has reduced across the nation. In Wyoming, it is $1.939. Still, car owners of the state have to endure higher fuel expenses. Why?
Wyoming is a sparsely populated state. The residents of the state have no option but to travel longer distances in order to reach work. It means you cannot cut down your travelling. But, you can buy a fuel-efficient car and ensure a reduction in your fuel expenses.
According to the 2014 Bankrate.com report, the cost of repairs for Wyoming car buyers is $324. It is lesser compared to other states such as Georgia, New Jersey, New Mexico and Oregon.
If you want to ensure lesser repairs, it is important that you choose a sturdy and reliable car. Do not forget to ask your mechanic to inspect the used car before buying it. If a new car model has caught your attention, read its review and try to choose a low-maintenance car.
Insurance companies in Wyoming provide car insurance at a lesser cost when compared to other states such as Louisiana, Florida and Delaware. But, there is no harm in reducing the insurance premium amount in order to decrease the financial burden of your car.
The year, make and model of your car influence the insurance premium amount. Remember a more expensive car will have a higher premium amount. Same goes for sporty cars. If you have a limited budget for car insurance, check the insurance premium amount for your shortlisted car models and then choose a car.
Every lender provides low interest rates on Wyoming auto loan if your loan application is strong. Here a few tips to make your loan application better:
- Improve your credit score before applying for an auto loan.
- Finish rate shopping within 30 days so FICO Score considers all inquiries as one.
- Lower the loan amount by opting for down payment or trade-in.
- A co-signer can also help you in lowering the interest rate.
A car is a big financial responsibility. If you buy a car without considering its implications on your wallet, you may hurt your credit score. So, create a monthly budget and choose a car that suits it. It will ensure that you do not hurt your financial situation.
The major chunk of the driving population comprises of senior citizen and retirees. Some require a car to fuel their leisure needs, while others acquire it as a reward for the long years of hard work. Auto loans help you not only in saving your substantial fixed income, but they also act as a medium to procure your car faster as against buying a car with cash. However, the benefits of car financing are far greater than that.
Enables you to buy a newer car
Whenever any amount is spent on repair of an old car, it usually burns a hole in your pocket before it needs mending again. With the help of an auto loan, you can quit spending on repairing and invest the same money into a newer car that will run for a longer period. The best part about it is that the cost is spread over a longer time frame, making it easier to pay. Also, to add to it, planning of finance is in check so you know exactly the amount of payments left for the loan to be repaid.
Down payment as a means to shorten the repayment period
Down payment refers to the initial payment on acquisition of an automobile and the remaining amount is paid through monthly payments. That way when the down payment is made, the overall amount on the loan gets reduced substantially. Thereby, the amount charged on interest is decreased and the monthly payments are mitigated at the same time. It surely reduces the financial burden in the later years, for the senior citizen. In the end, a big down payment points towards one thing - an early mortgage free life.
Advantage of a good credit score
A good credit score can be the decision maker that determines whether a loan will be approved or rejected. Many a times during an application for an auto loan, credit score and repayment history can pose to be a challenge. Due to absence of a fixed income, senior citizens may not be the most preferred group of customers. However, a constant inflow of social security income and other retirement perks prove to be credible documentation for acquiring an auto loan. A good credit score can be a strength in not just establishing goodwill but also negotiating a lower interest rate overall.
Once a senior citizen applies for car financing, they may discover that a creaseless credit history and growing retirement accounts are not sufficient. More often than not, lenders look for customers with a steady income. This is to maintain equilibrium between the debt owed to the lender and income earned by the senior citizen. Thus, disclosing income records becomes essential in obtaining an auto loan. With multiple incomes that are healthy, getting approval for an auto loan becomes easy.
As in any other loan, variable and fixed rates are the parameters on which the interest rate of an auto loan is based. When compared to other loans, one of the major advantages of car financing with a fixed rate APR or Annual Percentage Rate will be that the amount will be constant throughout the term of the loan. This ensures that you will be shielded from any fluctuations in the interest rate. Therefore, the uniform repayment including the fixed APR induces more confidence in opting for an auto loan than other type of loans. Moreover, in your retirement years, it seems best to go for low risk fixed rate loans.
So if you are curbing your desire to buy your dream car or simply holding back, when it actually is a necessity, applying for car financing seems to be the ideal move.
Wednesday, December 16, 2015
Americans love cars. It is one of the reasons why America is amongst the world’s top car-owning countries. Every year, Americans spend several thousand dollars on auto loan payments. If you are looking forward to buying a car, make sure that you follow S.M.A.R.T. tips. The tips will help you save money and ensure that you do not opt for exorbitant auto loans.
Follow the S.M.A.R.T. Tips and Save Money
When car buyers have to make a decision about auto loans, logic takes a backseat and emotions become a controlling factor. It is the reason why car buyers say yes to financially harmful auto loans. To save yourself from the possibility of a financial damage, you must follow the tips.
S - Specific
The car is a huge asset. So, it is essential that you understand your requirements before buying a car. It is important that you have a specific image of the type of the car that you want. It will help you stay away from an impulse purchase. Consider the list of following factors because it will help you in choosing your perfect car:
1. Total number of passengers
2. Gearbox - Automatic or manual gearbox?
3. Cargo capacity
4. Vehicle performance
5. Driving conditions
6. Gas mileage
7. Safety features
8. Technological features
9. Parking space
M - Money
Remember that even if you opt for an auto loan, you will need to make down payment of at least 10 percent of the total price of the car. Making down payment is always beneficial for you because it helps in reducing the loan amount and the interest amount. Also, down payment will project your stable financial situation to the lender and help you in reducing the interest rate.
If you do not have money for making down payment, do not worry. You can trade-in your old car and ask the dealer to deduct its value from the price of the new car.
A - Affordable
Selecting a specific car will be of no use to you if you cannot afford to buy it. Remember that car expenses are not limited to down payment. You will have to pay money for monthly loan payments, fuel charges as well as maintenance
expenses. A general rule is to allocate no more than 20 percent of your total monthly income for car-related expenses. Keep this rule in mind and choose an auto loan that does not exceed your budget.
R - Reliable
There was a time when car buyers applied for an auto loan with the local bank only. Today, there are several ways of obtaining an auto loan. You can apply with a bank, a credit union, or an online auto financing company.
No matter what option you choose, you must ensure that the lender is a reliable one. If you opt for an online auto financing company, check the website’s security certificate. If the website doesn’t have one, stay away from it and save yourself from a potential identity theft.
T - Time
Car buyers are afraid of rate shopping because they believe that multiple credit inquiries will damage their credit score. But, do not refrain from rate shopping instead, finish it within 30 days. Why?
A time-bound search for an auto loan will ensure that you do not harm your credit score. FICO does not consider inquiries made in the 30 days prior to scoring. So, if you are able to get a loan within 30 days, it won’t affect your score. This span of time can change to 14 days if the lender uses older versions of FICO and can increase to 45 days if the lender uses the newest formula.
Car buying is one of the most expensive purchases that Americans make. If you do not pay attention to your auto loan, you can make the worst financial mistake of your life. So, avoid making a bad decision and follow the S.M.A.R.T. tips.
Rapid Car Loans is the preferred choice of Washingtonian car buyers for obtaining no cosigner auto loans. Get in touch with the company and obtain Washington bad credit auto loans. Apply now to buy a car today.