Subprime Car Loans: 4 Crucial Things that Subprime Car Buyers should Know

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.

2. The Lender

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.

3. Beware of Online Fraud

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.

4. Read between the Lines

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.

If you are a subprime car buyer with a low credit score, do not worry about auto loans. Bad credit guaranteed auto financing is possible for you. RapidCarLoans.net has experience of providing subprime car loans. If you want to own a car easily, apply now.

Is Cosigner your Financial Soul-Mate?

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.

What are the Requirements for becoming a Cosigner?

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.

2. Proof of cosigner’s ability to pay

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.

3. Cosigner’s employment and residence

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.

What are the Advantages of having a Cosigner?

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.

2. Credit Score

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.

3. Experience Matters

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.

What Happens If You Miss The Payments?

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.

How to get out of Financial Misery with a Car Title Loan?

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.

With RapidCarLoans.net, beat the Stress of obtaining a Bad Credit Auto Loan

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.

RapidCarLoans.net works hard to fulfill your car dream. Apply Now with the company and make car buying EASY.