Virginia Beach Car Loans
Why to Get a Bad Credit Car Loan Now?
By Rock Watson
None Should Be Discriminated When Getting a Car
America is fascinated by cars and owning one gives a great amount of pleasure. To buy a car today, car loans are a pre-requirement. But, for a bad credit borrower, a car loan seems a distant dream. Do you have a poor credit score? Is getting an auto loan difficult for you? Are lenders constantly rejecting your vehicle loan application?
Well, if the answer is yes to all the questions, this article can help you get an auto loan even with bad credit. In fact, after reading this piece of writing, you will understand why this is the best time to acquire a bad credit car loan to buy your dream car.
Here's Why Getting a Bad Credit Car Loan Is Easier than You Think
Upswing In Vehicle Sales
7.3million- That's the total number of vehicles sold in the first half year of 2012! There has been a 14.8 percent rise in car sales since last year. This sale can be attributed to many factors like car manufacturers are pushing for car sales. Even European auto makers consider the American market profitable. They are vying for higher sales in America because of problems in their economy. With this new development, you can get newer car models and better incentive programs. Also, easy flow of credit has played a major role.
Lowest Delinquency Rates
The delinquency rate is the percentage of auto loans that have not been paid by the borrowers. TransUnion in its first quarterly report of 2012 mentioned that auto loan delinquencies are down to 0.36 percent which is very less compared to 0.46 percent - the fourth quarter result of 2011. These figures have proved that borrowers are more serious and diligent in making regular payments.
TransUnion also mentioned that there is a rise in lending as well as leasing in the non-prime risk segment. With low delinquency rates, lenders are able to put more trust in the equation. They have now understood that people will definitely make payments. When the overall mood is positive, getting a bad credit car loan becomes easier.
Investors' Trust
Investors are buying securities made up of car loans as they are comparatively safe and profitable. They fare better than home loans because cars are major requirement for us. We may give our home but a car is necessary for our employment. This makes them a safe bet. The recent example of this is how companies like GM Financial, Santander Consumer USA and other lenders have issued $ 10 billion of sub-prime car loan related ABS. This is a 20% jump from last year.
This deal proves that auto lenders will now be offering more poor credit car financing options because it has become a lucrative option for them. They can easily bundle-up your loan as securities and earn from it. So, auto financing companies are now taking risks in offering sub-prime credit auto loans.
All these factors lead to one conclusion that lenders are now interested in providing you bad credit car financing. It is no longer difficult to secure a loan. It is not difficult to buy your dream car anymore!
Are You READY For A Bad Credit Car Loan?
Before getting a car loan for people with bad credit, you must consider these important points so that you don't doubt your decision later.
1. It's important that you choose an inexpensive yet efficient automobile. A used car is the most affordable option with you. It is a perfect choice because its depreciation rate is lower than new cars. While choosing a car, don't forget to check its title. Get it inspected from your trusted mechanic.
2. If this is your first loan after your score nosedived, you must be ready to pay a higher interest rate.
3. Choose a shorter auto loan term so that you don't increase any chance of an upside down auto loan.
4. Regular payments are extremely necessary to improve your credit score and to avoid it from further deterioration. If you make on-time payments, you will get better interest rates next time.
5. Most lenders have lock-in period during which you cannot refinance or trade-in your car. This is usually the first six months or the first year of the loan term. So, don't choose any car loan that makes you uncomfortable because you will be stuck with it for some time. Take time to analyze and select a bad credit car loan quote.
These significant cues are very crucial in reaching a good decision. You must understand that bad credit auto loans are easily available but you can make them more comfortable by remembering these points.
Now that you know how easy it is to get a bad credit car loan, don't wait anymore. Once you consider all the points mentioned in the above paragraph, you must embark on the journey of regaining your old good credit.
With so many changes taking place in the economy, one thing remains the same. EZautofinance.net always offered and will continue to offer bad credit auto loan options to individuals with affordable rates. Apply now and hear from our huge network of sub-prime auto lenders and dealers. Contact us and get ready to improve your credit score.
Article Source: https://EzineArticles.com/expert/Rock_Watson/171256
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Strategies to Renew Your Hope of Getting Bad Credit Car Loans
By Rock Watson
Facing constant rejection because of your bad credit history? Do you believe that low interest rates are just reserved for people with good credit? Do you think buying a car is just a distant dream for you?
Well, this piece of information can provide you relief and substantially increase your chances of getting an affordable auto loan. Last month Reuters ran published an article titled, "Car lenders ease credit standards and terms to spur loans". It mentions that lenders consider car loans safe in comparison to mortgage and credit card loans. Also, lenders are now offering lenient credit terms due to weak credit demand. One of the credit bureaus, Experian, mentioned that percentage of new car loans offered to sub-prime borrowers increased by 11.4% this quarter compared to last year. This means people with bad credit can even buy a new car without any trouble.
So, getting bad credit car loans has become possible today. There is no better time to buy the car of your choice. But, are you still unsure of getting an affordable car loan? If you are still in doubts, make use of these strategies and not only get instant approval on your bad credit car loan but also avail the lowest possible rates.
Preparation Is the Key
Buying a car is major decision because you spend your life-savings on it. It is a commitment of making regular payments. You just cannot go to a dealer without thorough research. So, before purchasing a car or applying for an auto loan, here are few important things that demand your attention.
Clean-Up Your Finances First
Whenever you want to buy a car, do not just rush into the decision. You must sign the dotted line only after you are sure of what you are getting into. There have been instances where lenders have duped innocuous borrowers on the pretext of bad credit score.
It is always important to study your credit report before visiting the lender's office. You can get a free annual copy of your credit report from annualcreditreport.com. Study all the entries and dispute for any unwarranted transactions and errors. It is a known fact that credit bureaus commit mistakes while calculating your credit scores. You can improve your credit by removing all the errors. Also, start making payments on your debts. Even if you can pay-off a few of your debts, it will have a positive impact on your credit score. Doing all this requires time and that's why you must comprehensively plan your car purchase and avoid a hasty decision.
Down Payment to Down Your Rates
The initial upfront amount that you pay for buying a car can be a useful way of reducing interest rates. Making a substantial down payment of ten to twenty percent can lower your loan amount and thus, the lender's risk. Also, the lender will be assured of your financial stability. This will definitely bring down your car loan cost.
Co-Signer - A Comforting Thought For the Lender
When you have someone to co-sign your car loan contract, the lender is assured of his money. This is so because he can get it from the co-signer if you miss out on payments. Finding a co-signer is a bit tough but if you can manage one, it would work wonders for your car loan.
If you just cannot find a co-signer, you can avail auto loans without co-signer which come with slightly higher interest rates. Nonetheless, it is important that you exhaust all your options before opting for no co-signer car loans.
Online Bad Credit Car Loans - A Better Option
An online bad credit car loan offers you the option of getting an auto loan without leaving the comfort of your house. You can apply by logging in to your computer. Online car financing companies are a perfect choice because banks do not entertain people with poor credit. To avail money from a credit union, you need to be its member. When you apply for a car loan from an online auto financing company, you have the option of comparing several auto loan quotes. This is not possible when you avail dealership financing.
Also, online auto financing companies work with several sub-prime lenders which make it easier for them to process your auto loan application. This drastically improves your chances of getting a low interest bad credit auto loan.
How to Choose Your Bad Credit Car Loans?
Choosing a bad credit car loan is easy if you carefully read the vehicle loan contract. It is essential that you do not just focus on low interest rates, but instead look at the bigger picture. Calculate Annual Percentage Ratio (APR) which will tell you the interest rate for a whole year instead of the usual monthly rate. It also considers fees like loan origination fees and other miscellaneous expenses which will give you a better idea of the cost of car loan.
Check for any pre-payment penalty because it can significantly increase your expenses if you decide to pay-off your loan early. Ensure that the lender is a reputed name in the auto financing industry.
A little bit of caution can take you a long way in securing the best auto loan option. Bad credit is never an issue if you know how to tackle it. These strategies and important cues will help you get easy approval on your car loan application.
Remember bad credit is just your history; it is in your hands to write your future. Go out there and turn your car dream into reality!
Rapidcarloans.net firmly believes that bad credit history should never become an obstacle in buying a car. We offer bad credit car loans at competitive rates to buy new as well as used cars. Contact us today and forget all about your poor credit score!
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Helpful Tips And Advice On Obtaining A Bad Credit Car Loan
By Tim Gorman
If you have bad credit, getting a loan for a car or any kind of loan presents a problem. There are companies that offer bad credit car loans for people who have filed for bankruptcy, have slow pay history or other severe credit problems.
The majority of Internet sites that offer to give you a bad credit car loan are really just loan mills that
collect your information and sell it third party loan companies that specialize in bad credit car loans.
These companies that advertise bad credit car loans are not in the position to approve your application
or get you a car. The application that you complete online arrives at their data center. They send this
information to several dealerships that offer bad credit car loans. If you apply online for a bad credit
car loan you will receive a barrage of telephone calls and junk mail soliciting your business.
The best option is to go directly to your local car dealership that offers bad credit car loans to apply
for credit. Your interest rate will be high and your selection of the type of car you can purchase may be limited. However, you will be sure that you are dealing directly with a real company that will try to get you a car regardless of your credit history.
Some bad credit car companies will allow you to take over the payment on a very nice car. The prerequisite is that you need over $2,000 to purchase a lojack system. The bad credit car loan people will have the ability to disable your car if payments are not made on time. Whatever choice you make to get a bad credit car loan, insure that your payment history will be provided to the credit agencies.
Buying a car with a bad credit car loans can have a positive impact on your credit history if handled correctly. If you have a job that can be verified, and if you are not currently involved in a bankruptcy,
than you can more than likely get a bad credit car loan. Call the car dealership directly and ask if you can be pre-approved for a car before you go to the dealership. Now is not the time to be shy. Your credit may be spotty but you have the opportunity to get a car and improve your credit at the same time. If you can get a pre-approval for a bad credit car loan you will feel confident before you walk
into a dealership.
Working with a local dealership you can be sure that you will get assistance. After all, they make money by selling you a car. Of course they make more money because they approve bad credit car l
oans, which add additional profit to the car dealership. Look at all the options that are available to you.
Bad credit did not happen overnight. Fixing bad credit takes time and persistence. Today you need a bad credit car loan but if you pay the payment in a timely manner, your next car loan can be on your terms.
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Is It Possible to Get Guaranteed Bad Credit Car Loans?
By Jason Deberry
When you have a poor credit rating, obtaining finance can often be difficult. People in this situation want to know how they can get a car loan easily. Being refused finance when you have a poor credit rating can often make your credit score even worse and so it is important to know where you can find lenders who will approve your finance application the first time. There are many lenders around that claim to offer guaranteed bad credit car loans, but what does this really mean, and are you really guaranteed approval for these types of loans?
The first thing that you will need to understand when looking for poor credit finance is that there really is no such thing as guaranteed bad credit car loans. While your credit rating may not play a significant role in determining approval for poor credit finance, lenders who advertise guaranteed bad credit car loans will still need to assess your application based on your current financial situation. Your income, the level of outstanding debt you have and the factors leading to your bad credit score are all factors that lenders will consider when looking into your loan application.
There are some instances where you will not be able to get guaranteed bad credit car loans. If you are currently going through a bankruptcy proceeding, and it has not been finalized, you will not be able to obtain any form of finance. Additionally, if you do not have sufficient income or do not meet the minimum eligibility criteria, you will not be able to get guaranteed bad credit car loans.
One thing that these types of loans do offer, however, is a way for people who have a poor credit rating, but have the income to meet their car loan repayments comfortably, to get auto finance. The way the economy is at the moment, poor credit finance is in demand. Because of this, there are a large number of lenders in the industry who are offering auto finance to people who have a poor credit history. With so many lenders around, competition is fierce when it comes to this type of finance and there are some great deals to be had in regard to bad credit auto loans. One thing you do need to be aware of, however, is that lenders will do everything they can to attract customers including advertising guaranteed bad credit car loans.
When you see a lender promoting guaranteed loans even for those with a blemished credit history, do not discount them. Most lenders who deal with these types of loans will promote themselves in this way, but you do need to understand that all lenders will require you to undergo some kind of assessment when you apply for finance. What guaranteed bad credit car loans generally mean is that these lenders will loan money to customers with an undesirable credit rating as long as they have the income and financial capacity to repay their loan.
It is important that, when you are looking for car finance with a poor credit rating, you examine your budget carefully and only look at borrowing an amount that you can comfortably afford. This will increase your chances of getting guaranteed bad credit car loans.
We specialize in car loans for people with bad credit, approval is fast, easy and secure. New and used cars, SUV's, vans and trucks - we have the loan for you! Visit http://www.autoloansspot.com and get the loan you need today. Jason Deberry is an experienced financial advisor and consultant for autoloansspot.com, #1 auto loan website.
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