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thefamilyautogroup · 5 years ago

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Common Myths Regarding BUY HERE PAY HERE Dealerships

In this day and age of “alternative facts” we must wade through the muck and get to the heart of things. During tax season people tend to be a little apprehensive when going to a BUY HERE PAY HERE dealership. Will the investment of their tax dollars go as far as they need it to go? Will the vehicle be a good quality used car? And what about those interests rates? Here are some commons myths regarding BHPH dealerships and how you can get to the heart of these “alternative facts.”

[Original content cited from constellationauto.com]

1. The buyer/borrower can expect to pay in excess of 30% interest at a BHPH lot.

There are, of course, still dealers out there who charge the maximum rate allowable in their state but they are a minority. Various sources list the average interest rate at BHPH dealers slightly above or below 20% APR. Compare this with the average interest rate for all Deep Subprime (FICA score below 549) loans of 17.9% and Subprime (FICO scores of 550 – 619) at 14.4%. Because BHPH dealers lend their own money to people who generally can obtain any other financing, 20% seems fairly reasonable. Many dealers charge far less than 20%. The average at industry giant America’s Car Mart through April of last year was 14.4%. Many dealers charge rates from 12.9% to 17.9%.

2. Further, the dealer will try to get a down payment that is close to what he paid for the car. In other words, the down payment will cover the majority of the cost of the car. The payments and interest paid by the borrower are primarily profits to the BHPH dealer.

This is just old information. When Buy Here – Pay Here was first established in the 1950s, the typical business model was to require a down payment equal or close to the total inventory cost of the vehicles. However, the dramatic rise in wholesale vehicle prices coupled with the limited budgets of the average BHPH customer rendered this nearly impossible decades ago. The interest collected rarely represents any substantial profit to the dealer. Interest collected is used to offset bad debt charge-offs. The risk assumed by the BHPH dealer is high and repossessions and charge-offs are a part of this business.

3. There may not be any warranty for breakdowns or expensive repairs. If the dealer includes a warranty, it may come with conditions such as a high deductible. If money is tight for the borrower, paying for repairs and continuing to make payments becomes very difficult.

OK, these statements are literally true. However, the writers imply that warranties are rare and, when problems arise, the customer is left on their own to figure it out. This just isn’t true at most BHPH dealerships today, especially with the Family Auto Group and Uncle Joe’s. ALL of our vehicles come with 2 years/36,000 miles limited warranty. One of the single, most universal truths of the BHPH business is that, “When the car stops running, the customer stops paying”. BHPH dealers have been aware of this since the dawn of the industry. Most dealers will work with customers in the event of a breakdown to get the vehicle repaired and keep a good customer in the car and paying. At the Family Auto Group and Uncle Joe’s we are with you every step of the way–from before the sale, during the sale, and after the sale.

4. A late payment can result in extra charges or repossession. There can be late charges, immediate repossession or termination of the contract.

This one is also true but the implication is that BHPH dealers do this while banks and finance companies don’t and that is just not true. Any financial institution can, and does, add late fees, accelerate contracts and repossess collateral for delinquency and default on the contract. Most of the articles I looked at also implied that BHPH dealers did these things as part of their business plan and at a far higher rate than other lenders. That is not accurate, either. There are many BHPH dealers who do not charge additional fees for late payments. They believe that having a late fee that applies after a certain period establishes a grace period in the customer’s mind and don’t want to create that impression. Most dealers who do not charge late fees also understand that it is difficult enough to get their principal and interest payments from customers with limited economic means, much less trying to get addition fees from those limited budgets.

5. BHPH dealers use a standard operating model to turn a car over five times a year. That’s why it’s hard to determine the size of this market, except that it is growing.

There are still a limited number of dealers who practice “churning”, that is, repossessing cars quickly and reselling them numerous times. This is one of the practices cited most often as one of the reasons the BHPH needed regulation during the debate over the 3 bills introduced in California. The issue is that the articles I read and the arguments in California declared that this practice was common, even a standard practice in the industry. This just isn’t true and even the worst offenders would have a hard time reselling the same vehicle 5 times in 12 months. Most reputable BHPH dealers understand that their goal is to help each customer get to the end of their loan and pay it off. Most dealers understand that it is better to work with a customer who is trying and willing to work with the dealership than to repossess vehicles too quickly. It doesn’t happen with every deal but repossession should be a last option, not the first move a dealer makes with a delinquent customer.

6. The BHPH auto industry is not regulated and doesn’t commonly report its sales or payment history to outside sources

Unregulated ??? This one almost made me laugh. Here is a short list of some of the laws and regulations BHPH dealers must comply with:

State & Federal Unfair & Deceptive Practices laws

State Usury laws

The Truth in Lending Act

The Fair & Accurate Credit Transaction Act

The Used Car Rule

The Privacy Rule

The Safeguards Rule

The Disposal Rule

The Red Flags Rule

The Risk Based Pricing Rule

The Fair Debt Collections Practices Act

and many more

As far as reporting payment history to outside sources, more BHPH dealers now report to the credit bureaus than ever before in the history of the business. Reporting to the bureaus is quickly becoming a standard for the industry, not an exception.

In Summary:

The Buy Here – Pay Here industry has long lived under a black cloud. These misconceptions represent just a few of the ones that have damaged the reputation of an industry that provides a valuable service to our communities and the segment of the population that we serve. Industry organizations such as the National Alliance of Buy Here Pay Here Dealers and the National Independent Automobile Dealer Association have and continue to work hard to overcome this stigma. It is important we all do whatever we can to shine the spotlight on the best and brightest in our industry and highlight the positives.

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the-carculture · 3 years ago

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Personal Loans VS. Auto Loans: What is a Better Way to buy your Next Car?

Buying a new car requires a lot of financial planning, and unless you are not having tons of cash with you, you will need some financing for it. With different financing options available today, it becomes a question of what type of loan you want for your new vehicle.

You can either go for a personal loan or an auto loan. But what we need to see is; which is better for you? To evaluate the same, let’s find out more about them.

1. What is the Purpose of Getting Financing?

Every loan has a specific purpose. For example, you must use an auto loan for a car. Sometimes, the lender may provide you with a higher LTV to help you make other car-related expenses such as taxes and registration. However, your choice will be limited to the automobile.

On the other hand, a personal loan has multiple uses. It gives more flexibility to its borrowers. So, if you need money for reasons apart from buying a car, you can apply for a personal loan. You can use it for buying a car, upgrading your phone, booking tickets for a vacation, etc.

2. What is the Financial Cost of applying for a Loan?

The rate of interest on personal loans is very high when compared to car loans. It is because personal loans are usually unsecured, and they do not involve any collateral. It means if you miss out on payments, the lender will have no way to recover their losses. Hence, personal loans are riskier to the lender, and so it justifies the extra cost.

As you do not have to spend any money on a down payment while financing your vehicle with a personal loan, it may seem like an enticing proposition. But, applying for a substantial loan amount with a higher interest rate may make monthly payments difficult. So, it is always essential to understand your financial situation before making a decision.

3. Have you considered your Credit Score?

When it comes to auto loans, many lenders provide bad credit auto loans. There are several Buy Here Pay Here dealerships that help you secure a loan at their dealership lot. You will be able to find bad credit auto financing online as well. You may have to make a down payment, but the approval rate on bad credit car loans is pretty high.

4. Do you want a Shorter Loan Term?

Generally, the loan term for personal financing ranges between one to five years. It means if you can make larger monthly payments regularly, you can choose personal loans and avoid visiting an auto lender.

The term for an auto loan ranges from three to eight years, thus allowing you to enjoy affordable monthly payments. It ensures that the auto loan does not become a burden for you, and you get to enjoy the perks of having a car for a very long time. While choosing an auto lender, discuss the pre-payment clause. Choose someone who does not charge a pre-payment penalty. It means you will be able to pay off the loan early according to your convenience.

Make Smarter Financial Decisions!

Although you have to consider many factors before deciding, it is always advisable to take things slowly. Consider your financial situation and research the financing market. If you can find a lender with an affordable car finance solution, it is best to go for an auto loan. Remember, an auto loan is a more secure option, and the loan approval criteria are simple.

Work with the best subprime auto lender in America. Apply now to get bad credit auto financing at the click of the mouse button.

#best subprime auto lender bad credit auto financing

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easycarfinance · 4 years ago

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Buy a Car in Advance to Hit the Road this Summer

While the whole world was facing the Covid-19 crisis last Summer, the CDC advised us to avoid going out except for essentials. However, this year is a great time to check up on all your pending road trips. After a successful vaccination drive and close to 30 percent of the population getting vaccinated in America, we can expect a return to normalcy in the coming months.

While public transport options might possess risks, you can use your car to take a trip to some of the nearby spots. You must take care of all the safety precautions, social distancing norms, and medical requirements while being on your vacation. Hence, a long-distance tour is still not advisable, but you can take your car to a nearby shore or mountain hill to get away from the daily hustle.

Are you getting ready for a Holiday? What if you do not own a Car?

Buying a car for Summer might feel like a bad idea to people because usually, the car prices are at the lower end in the Winter due to the year-end and Christmas festivities.

But if you accurately plan your car buying process, you might get some incredible deals during the summer months too. First things first: focus on getting a pre-approved auto loan. Whether you are a car buyer with a bad credit score or a young college student without any credit history, having pre-approval on your auto loan application will reduce your anxiety.

Once you have an idea of the financial aspect, let’s find out what other factors affect the process of buying a car in Summer:

1. Research for Newer Launches during Summer

Winter might seem the best time to buy your car because of year-end deals and Christmas sales. However, many car manufacturers start to launch newer models in the months of autumn. For example, companies will launch newer 2022 models in the autumn of 2021.

To win against the competition, many companies even release their cars in mid-to-late summer days. So, research for companies that are launching their newest models around Summer. Hence you can take advantage of the deals where the older versions of the car are available at lesser prices than the newer ones. You will get the best deals at the end of the summer months because dealers have limited space, and they will clear out old stock for the newer versions.

2. What is the Best Time to Buy a Car?

Another best way to get your car at the best prices is to wait until the end of the quarter. All the dealers and salesmen have their quarterly targets which they want to achieve. Hence, at the end of March, June, September, and December, you will be getting the best deals and higher discounts. At these times, you will be getting fairer deals and offers to get the best value for your money.

Another thing you should keep in your mind while going to buy your car is to approach the dealers at the end of the weekday. At the end of the weekday, you can negotiate for better prices. Don't go during weekends because there's a massive rush of car buyers.

3. Take Advantage of Promotions

It is always a good idea to reduce the price of the car so that your loan amount reduces substantially. In addition to the down payment and lower interest rates, you should focus on one more thing: Dealer promotions and offers. There are many events/festivals/federal holidays during summer months such as Memorial Day sales, 4th of July sales, Beginning of School/College Term Discounts, Labor Day, etc. Most of the dealers provide various offers during the period. You can avail those offers and get your new vehicle at lower prices.

4. Consider buying Repossessed Bank Cars

Get creative to buy your next car at affordable prices. In addition to choosing a used car, here's an out-of-the-box idea to save money: Repossessed bank cars. They are vehicles that the bank/lending company repossessed for lack of payments. Lending institutions repossess vehicles regularly. They sell them off at auctions to recover their money.

Keep track of local auctions as well as research online for buying repossessed bank cars. Many lenders conduct online auctions and seek bids from buyers all over the country. Do not forget to inspect the automobile thoroughly for damage. It is ideal to hire a mechanic to inspect the vehicle before you sign the paperwork. This way, you will be able to avoid a lemon car. Remember to negotiate with the banks like you would do with any other seller.

Buying a car in the summer months can be a hustle, especially if you have a limited budget. But do not worry. If you focus on the Summer car buying tips, you will not just save money but get a decent car for your summer vacations and getaways.

Happy Summer!

Are you ready to buy a car this year? Let an experienced subprime lender take care of your low income auto financing needs. Apply for a no cosigner auto loan today.

#low income auto financing no cosigner auto loan

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realestatedigitalsales · 5 years ago

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Subprime Will Be Back With A Vengeance In 2020

Authored by Andrew Moran via LibertyNation.com One of the lasting legacies of the economic collapse a decade ago is subprime. After lying dormant for several years in the aftermath of the Great Recession, the subprime market has returned with a vengeance. Everything is subprime nowadays as banks, finance companies, and unconventional lenders are less averse to risk and are willing to extend credit to consumers with low FICO scores and inadequate incomes. As the great Yogi Berra used to say, “It’s déjà vu all over again.”

In The Moody For Subprime If you have poor credit and an interest in a home that is above your paygrade, then have no fear! Moody’s Investor Service is out with a new report that predicts mortgage lenders will loosen their lending standards. In 2020, it is anticipated to be a lot easier for borrowers with bad credit to purchase a house as financial institutions attempt to offset the decline in affordable housing options. Will the housing market be drowning in so-called liar loans – minimal income and document verification – over the next 12 months? Not quite, but Moody’s analyst Donald Lee wrote in the firm’s outlook that there will be “a high percentage” of loans with “limited or alternative documentation.” Although most of the $11 trillion mortgage finance market consists of tight underwriting standards, you can anticipate an influx of unconventional loans that briefly exited the market following the housing crash. This means that new originators and issuers will set up shop and conduct transactions that are supported by closed-end second mortgages, home equity lines of credit (HELOCs), and loans backed by manufactured homes. When you factor in banks lowering their down payment requirements and Fannie Mae and Freddie Mac scooping up greater mortgages, the prognostications are most likely accurate. Plus, the increase in the number of consumers slipping into the subprime category has been steadily going up. Deutsche Bank data show a drop in credit scores for borrowers between the ages of 30 and 59. But that is not all. The forecast also suggests that many of these subprime mortgages will be packaged into bond agreements without government financing. While Moody’s stopped short of citing a number, Bank of America Global Research analysts project a record $32 billion in bond issuance in 2020, up from $9 billion in 2018. Subprime, loosened standards, and mortgage-backed securities (MBS): It’s 2006 all over again. Revving Up Subprime Auto Loans Subprime is prevalent in every facet of the credit industry. Indeed, we should be terrified of subprime mortgages leading to another day of reckoning. However, it is the subprime auto loan market that could be one of the drivers of the next financial crisis. And we are beginning to see the warning signs of a crash. As Liberty Nation reported, subprime accounts for approximately one-third of the overall auto loan market. In the first half of 2019, a fifth of new auto loans went to subprime borrowers, totaling roughly $61 billion. So far, the results have not been pretty as more consumers are defaulting within the first few months of borrowing, leading to these loans being packaged into bonds.

Santander Consumer USA Holdings, one of the biggest subprime auto lenders, is witnessing a growing percentage of subprime auto loans defaulting at the fastest pace since 2008. Banks and finance companies are adding fuel to the fire by increasing the length of these auto loans. Today, the average subprime new car loan is 72.9 months; some loan terms have reached 84 months. This signals that lenders are willing to take on more risk by waiting longer to be repaid. What has happened, however, is a dramatic spike in underwater trade-ins, known as a trade-in treadmill, which are vehicles that have little to no equity. Investors may need to prepare for a head-on collision with this segment of the financial market. I Am Optimus Subprime The deteriorating credit conditions may surprise a lot of observers because of the booming economy. Despite more scores slipping and the quality of reports tumbling, credit demand remains strong as consumers continue to gorge on debt – total consumer debt jumped $18.6 billion in October, double from September. A recent Federal Reserve Bank of New York (FRBNY) report has also noticed an interesting trend: Rejection rates for credit cards, mortgages, and mortgage refinancing have declined compared to last year. Lenders, enabled by the central bank’s easy money policies, are satisfying the appetites of these debt-addicted consumers, even if they cannot afford it. Does it come as a shock then that across-the-board delinquency rates are incrementally rising? The only solution to this, it seems, is to feed the beast until its belly explodes. Read more Read the full article

#SubprimeWillBeBackWithAVengeanceIn2020

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creditmonkey · 6 years ago

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Buying a House with No Credit

If you listen to certain financial experts, it’s easy to get the wrong idea about credit. Many money gurus – most notably Dave Ramsey – advise consumers to avoid credit cards and other forms of personal debt. That might seem responsible enough, until you start shopping for a mortgage with no credit history and have to overcome that barrier. Thankfully, it’s still possible, though not necessarily easy, for someone without credit to secure a mortgage and buy a house. Here’s what you need to know.

What does no credit mean?

In a world of student loans, auto loans and credit cards, it’s hard to imagine not having any debt. But it is possible to live with no credit, especially if you’re young and have avoided loans your whole life. If you’re debt-free and use debit cards instead of credit cards, it may be possible not to have any recent credit history. You may also have no credit if it’s been years since you had an open credit account. No credit and bad credit are not the same thing. Bad credit means you have a low credit score, usually because of late payments, high utilization or an account in default. When you have bad credit, it’s a sign that you may be less trustworthy as a borrower. Having no credit is different. You can absolutely have a responsible financial record with no credit, and buying a house is still an option – if you play your cards right. Yet different mortgage lenders have different requirements, many of which exclude people with bad credit or no credit. Some lenders might approve mortgages for people with poor credit, though they could charge a higher interest rate or offer a subprime mortgage to cover their risk, neither of which is the most cost-effective way to buy a home. There’s still hope though for people who have bad credit to purchase a home. Here are some ways a consumer with no credit or poor credit can improve their chances of being approved for a mortgage.

1 - Apply for a FHA Loan

A conventional mortgage is the most common type of mortgage. To qualify for a conventional mortgage, you need a credit score in the 600s or higher, a stable income and a debt-to-income ratio of 45% or less. People with no credit scores generally won’t qualify for a conventional loan. Instead, they should look at mortgages backed by the Federal Housing Administration (FHA). The FHA issues mortgages to consumers with no credit history or low incomes. In lieu of a credit report, the FHA looks at utility payment records, rental payments and car insurance payments. If you have a history of paying these on-time every month, you may qualify for an FHA loan. Jessica Garbarino of Every Single Dollar foreclosed on her house in 2012. She spent the next few years paying off credit card debt, building her savings account and instilling good financial habits. When she was ready to buy another house in 2018, she applied for an FHA loan. Garbarino had avoided using credit since her foreclosure and needed a manual underwriter for her application. They looked at her cell phone, rent and utility payment history to determine her creditworthiness. Consumers who use an FHA-backed mortgage have to pay a monthly insurance premium (MIP). This fee ranges from .80% to 1.05% of your mortgage. Unlike private mortgage insurance (PMI) that comes with conventional loans, MIP doesn’t fall off a mortgage once you’ve reached 22% equity. MIP stays for the life of the loan, and the only way to remove it is to refinance the FHA loan into a conventional loan. This may be easier than trying to take out a conventional mortgage in the first place, because your FHA mortgage will allow you to build credit as you make payments. FHA mortgages are popular because they have a lower minimum down payment, 3.5% instead of 5%. If you don’t have a credit history, you may have to put down closer to 10%.

2 - Find a cosigner

If you’re close to qualifying for a mortgage without a credit report, finding a cosigner might put you over the top. A cosigner is someone who takes legal responsibility for your loan if you default or the debt goes into collections. Prospective borrowers most often ask a parent or significant other to act as a cosigner. Banks often require cosigners if the borrower could pose too high a risk for them to get a loan on their own. A borrower may also use a cosigner if they want a better interest rate or a higher loan amount. The process for reviewing a cosigner for a loan is similar to the process the primary borrower must go through too. Here’s what to expect if you use a cosigner: Lenders will verify your cosigner’s credit history and check their job status and income. After the loan is approved, it will show up on the cosigner’s credit report, as well as your own. If you make a late payment or default on the loan, it will affect the cosigner’s credit as well as yours.

3 - Use a small bank or credit union

Sometimes smaller banks and credit unions will be more willing to work with a non-traditional borrower. Being a long-time customer can help you out in this case. If you have an account at a credit union or local bank, call their mortgage department to ask about your options. It may take a few tries before you find a willing lender. If you have a history of on-time payments with your insurance and utility companies though, don’t give up hope.

4 - Purchase through an alternative program

If you’re not eligible for a conventional loan, and a FHA loan doesn’t seem like the right fit, there are some other programs to help low-to-moderate income individuals find a path to homeownership. Habitat for Humanity Habitat for Humanity is a global nonprofit housing organization that works in local communities across all 50 US states to help people build their own homes (with the help of volunteers) and pay an affordable mortgage. “Habitat for Humanity is geared for people with really low incomes. They are able to obtain several layers of state and local funding that enable the actual loan to be very small and the monthly payment to be as low as $300,” Suzanne Schwertner, Director of Development for the Housing Authority of the City of Austin says. This program is limited to people who do not currently: Qualify for conventional financingAlready own real estateHave owned real estate within the last three years However, Schwertner cautions, buying a house through Habitat is a process. “You attend a number of classes, including credit counseling, before they will allow you to go on to pick a lot. You are required to work hours in their office, resale store and on actual construction sites for homes as ‘sweat equity,’” Schwertner explains. To qualify for a Habitat home, applicants must be able to: Prove a need for housing. Meaning they currently live in poor or inadequately-sized conditions or their rent exceeds 35% of their income.Demonstrate an ability to pay. Meaning they have a stable history of income and employment, a good record of paying rent and utilities on time, and enough money to cover closing costs (about $4,000-5,000) and a $600 down payment, among other things. Put in “sweat equity.” Each applicant has to complete at least 400 hours of volunteer work towards building Habitat homes. Basically, you get a home, and you give back to help others get a home too. According to Habitat’s homeownership FAQs page, while they do pull credit history for applicants, there’s no minimum credit score required for approval. Instead, the Homeowner Selection Committee considers the whole picture of an applicant and looks for applicants who have proven ready to accept the responsibility of homeownership. Basically, they want to make sure the home will actually be affordable for the applicant. According to their FAQs: “We do not expect applicants to have a perfect credit history. We do require applicants with negative credit accounts to have a plan to fix any outstanding collections or past-due items. We are unable to partner with applicants who have active, unpaid judgments or liens. Excessive debts and/or very recent unresolved collections may also disqualify an applicant.” Bankruptcy plays a role for Habitat decisions too. While bankruptcy itself doesn’t disqualify an applicant, it must have been discharged at least three years prior to an application for Habitat housing. And applicants must show a good credit history since, though certain requirements may be waived in the case of natural disaster. “To my knowledge, Habitat reports the monthly mortgage payments to the credit bureau, which helps you continue to build credit. Depending on when you sell the house, there could be equity sharing requirements, which means you would have to split the profit with Habitat or you might have to pay some assistance back,” Schwertner says. NACA program Programs such as the Neighborhood Assistance Corporation of America’s (NACA) homebuying program also service consumers with low incomes who have no credit or bad credit. These programs look at your finances on a holistic level and can be more forgiving than a traditional lender. NACA doesn’t require a down payment or charge closing costs or extra fees. Interest rates for NACA mortgages are also often below current mortgage rates. As of May 2019, the rate for a 30-year fixed loan was 3.75% and 3.25% for a 15-year loan. VA loan If you’re a former or current member of the military, you may qualify for a VA loan with no credit score requirement. These loans also have no minimum down payment and interest rates are below market rate. These alternative mortgage programs often target low-income borrowers with poor credit or no credit, so they’re used to dealing with people who wouldn’t qualify for a conventional mortgage. Many of these options are only available for first-time homebuyers. If you’re buying your second house or looking for a new mortgage, you may not be eligible.

5 - Find a good mortgage broker

When you’re applying for a mortgage, tell the broker up-front that you have no credit history. They’ll be able to explain what your options are and might even have suggestions to help you improve your credit. “We can have our credit agency contact the various vendors to confirm good payment history, and then add the accounts to your credit report at the bureaus in order to establish a credit score,” said mortgage advisor Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage.”

6 - Wait to buy your home until you build better credit

While this is perhaps the least glamorous option, sometimes the best solution for buying a home without any credit is simply to wait and work on building your credit first. If you take the right steps, it could take just a few short years to get your credit where it needs to be to purchase a home with a conventional mortgage. Be careful how you build credit when buying a house though. Applying for a credit card is risky if a huge credit limit could entice you to overspend, so consider whether you’re financially responsible enough first. If not, there are other options available. For more information and ideas on how to get your credit back on track, be sure to read the post “How to Build (or Rebuild) Credit.”

Other ways having no credit affects homebuying

Not having a credit score might not preclude you from getting a mortgage, but it can affect the homebuying process in other ways. When you apply for homeowners insurance, the company may increase your rates if you don’t have a credit score. Insurance companies tend to associate good credit scores with people who make fewer claims. If your house suffers major damage or you want to remodel your home, you might have to take out a loan to pay for the cost. Even with a mortgage on your credit report, you might still not have enough credit history to qualify. The fact is, not having a credit history can make other aspects of homeownership harder. You may be able to get by without one, but you'll need to jump through extra hoops and pay higher interest rates and premiums to do it. However, if you need a new home sooner rather than later, and your credit is less-than-perfect, the options above could help get you to your goal of homeownership a little quicker. Read the full article

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loansoncartitle-blog · 6 years ago

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Does a Title Car Loan Affect Your Credit Score

As soon as you choose a car and (choose the options), you will be shown an image of the automobile. Repossessing a vehicle is always a final resort for an automobile lender and in the majority of situations the previous resort for the borrower too. In case the car sells for, under the quantity you owed, you might be liable to comprise the difference. Following that, you can finance the vehicle directly through the site. When you should get a new car fast, you can wind up accepting an automobile loan with a high yearly percentage rate (APR) just to close the offer. If you're looking to purchase a new or used vehicle and want to finance from a trustworthy bank, Bank of America delivers simple auto title loans with fast turnaround.

Credit rating

Your cosigner credit rating has to be very good as a way to compensate for your lower credit rating. Though your credit score is going to have already started dropping in the months leading to the event, it is going to take another substantial hit whenever your lender informs the credit reporting agencies about the repossession. If you get a bad credit score, it's not likely that you'll be eligible for a high dollar loan amount. To acquire the most options, you will require a minimum credit rating of 550. Just like with missed payments, the higher your credit score once the repo occurs, the more significant the point drop will be.

Make an application

If you make an application for an auto loan directly with us, only we'll get your request. Whether you buy an auto loan through a poor credit lender or right from the dealership financing department, ensure you read all the details before signing anything. In reality, you might even opt to refinance your vehicle loan at a better rate of interest. From your perspective, you don't want to get a long-term investment in an older car.

1 loan might provide a lower price of interest rate but last two years longer than another financial loan. Possessing a bad credit car title loans Can ensure it is challenging to obtain an automobile loan with a minimal rate of interest. For that reason, it is worth it to shop for a refinance loan at a reduced price of interest. Recovering with an Auto Loan Repo If your automobile loan is repossessed, it can be quite harmful to your credit history, credit score not to mention the relationship you've got with your car lender. Instead of actually making loans, Blue Sky car Finance makes it possible for you to complete a single application and subsequently get connected to several lenders.

The loan is still only in your name and should you make on-time payments, it is an excellent way to construct an superb credit rating for the next time you require financing. With just a little work, you might be able to get an automobile loan at an affordable speed. People today fall behind on auto loans for various reasons, especially in tough financial times.

Auto lenders

While searching for auto lenders, it is possible to first narrow them down by the kind of you want. It's possible to receive a loan for either a new or used vehicle, and may also refinance your existing car loan. Review each credit score report for errors, and request corrections before you submit an application for an automobile loan. Home-Equity Loan in case you have equity in your house, you can borrow against it to buy a vehicle. You may not be in a position to find a traditional loan without a professional co-signer. If you would like to keep up a conventional loan, Autopay will be able to help you find much better rates of interest from a lender that fits your needs. You could locate an adequate subprime loan when you have poor credit.

With an auto title loan, you don't require credit in the slightest. Still, should you not have a great deal of established credit, the lending institution will require some proof that you're employed and earn some money. If you've got excellent credit and adequate income, you might hear huge numbers thrown at you. While having bad credit can make it rather tough to receive an auto loan, it isn't entirely impossible. When you have poor credit, you might not be in a position to modify your interest rate, but you can negotiate the buy price of the automobile. People with bad credit are a significant source of profits since they can be charged far higher interest prices.

Learn More: https://loansoncartitle.tumblr.com

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visawords · 5 years ago

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Most Effective Ways To Overcome Real Credit Card Info’s Problem | real credit card info

On Monday, the Customer Federation of America (CFA) and VantageScore Solutions, LLC, appear their 10th anniversary customer acclaim survey.

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As a highlight of the study, low-income households were appear to be best acceptable to administer for acclaim in the abutting 12 months amidst the recession and a all-around pandemic, yet consumers with lower incomes tend to apperceive the atomic about acclaim scores.

The buzz survey, which included 1,001 participants sampled from June 16-21, 2020, disconnected after-effects amid households with incomes beneath $25,000 and those with incomes of at atomic $75,000.

While consumers with low assets consumers had the atomic compassionate of acclaim scores, a ample cardinal of all consumers illustrated that they additionally couldn’t acknowledgment some of the best basal acclaim concepts.

To advice you see how your ability of acclaim endless up adjoin those surveyed by CFA and VantageScore Solutions, we took a attending at bristles acclaim concepts that a all-inclusive cardinal of bodies don’t know.

According to the CFA and VantageScore Solutions survey, abandoned 22% of consumers appear alive that a low acclaim annual borrower, back compared to a aerial acclaim annual borrower, would acceptable pay over $5,000 in absorption on a $20,000, 60-month car loan. With a low acclaim score, you are acceptable to abandoned authorize for subprime auto loans whose anniversary absorption ante generally beat 20%, the abstraction says.

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This is why a good acclaim score matters. Not abandoned will your absorption on acclaim cards be beneath than those with worse-off credit, but so will the absorption you pay on loans. Accepting advantageous acclaim can acquire you a lower absorption bulk on new loans and accomplish it easier to authorize for banking milestones in life, like a aboriginal accommodation or a new car.

Only 33% of those surveyed said that they apperceive a acclaim annual measures the borrower’s accident of not repaying a loan, while 14% anticipation it measures the borrower’s ability or attitude against customer credit.

You could accept a acceptable attitude about credit, but still accept a bad acclaim score. The point is that your annual illustrates to lenders how you would use the acclaim they extend to you. If you’re aloof alpha your acclaim journey, apperceive that you allegation acclaim to body credit. In this case, accede applying to one of CNBC Select’s picks for the top acclaim cards for architecture your credit, such as the Petal® Visa® Acclaim Card, the Capital One® Secured and the Capital One® Platinum Acclaim Card.

Once you alpha application your acclaim card, lenders and agenda issuers like to see that you can use acclaim responsibly, which agency application beneath than 30% (at most) of your accessible acclaim and advantageous your annual bills on time and in full.

Before you assurance up for a acclaim adjustment annual advertised to you, apperceive what it will cost.

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While over two-fifths (42%) of consumers surveyed may be appropriate that acclaim adjustment companies are usually accessible in acclimation any acclaim address errors or allowance to advance one’s acclaim score, these companies tend to allegation almost aerial fees to do what you could do on your own for free.

With 25% of Americans experiencing an absurdity on their acclaim report, apperceive that you can abide a altercation with the three acclaim bureaus online, by mail or by phone. We acclaim against online or by mail so you accept affidavit of your dispute.

Nearly bisected (48%) of the analysis respondents appear cerebration that age is a agency acclimated to annual a acclaim score. The accuracy is that your age doesn’t bulk in artful your acclaim score, abandoned your use of acclaim matters.

In fact, the bristles apparatus that accomplish up your acclaim annual accommodate your payment history, amounts owed (utilization rate), breadth of acclaim history, new acclaim (how generally you administer for and accessible new accounts) and acclaim mix (the array of acclaim articles you have).

To get a abounding appearance of your banking picture, you can cull your acclaim address for chargeless on a annual base from anniversary of the three above acclaim bureaus — Experian, Equifax and TransUnion — by activity to AnnualCreditReport.com.

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Your acclaim annual is a acceptable annual of how acceptable you are to pay your bills on time, but the analysis begin that abandoned 50% of consumers apperceive that an electric aggregation can use acclaim array to actuate the bulk of drop you make.

This is addition book area accepting advantageous acclaim helps., but additionally apperceive that advantageous your annual account bills on time can advice your acclaim score, too. Through Experian Boost, you can affix your coffer annual for chargeless so that your annual bill payments are added to your Experian acclaim book and you accept an adapted FICO annual delivered to you in absolute time.

To analysis your acclaim annual for free, you can additionally use casework like CreditWise from Capital One, Chase Acclaim Adventure and Discover Acclaim Scorecard (whether or not you are a cardholder).

Unless you accept a absolute acclaim score, there is consistently allowance for improvement. The acceptable account is that you don’t accept do jump through loopholes to get there and accepting an compassionate of the basal acclaim annual concepts can actually save you money in the continued run. If you absorb the time acquirements about acclaim aboriginal on, you won’t allegation to absorb added on aerial absorption ante and beyond bottomward payments in the future.

To analysis your ability of acclaim scores, booty the online acclaim annual quiz that the CFA and VantageScore developed calm at CreditScoreQuiz.org.

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Information about the Petal® Visa® Acclaim Card, Capital One® Secured, and Capital One® Platinum Acclaim Card has been calm apart by CNBC and has not been advised or provided by the issuer of the agenda above-mentioned to publication.

Editorial Note: Opinions, analyses, reviews or recommendations bidding in this commodity are those of the CNBC Select beat staff’s alone, and accept not been reviewed, accustomed or contrarily accustomed by any third party.

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completeautoloans · 5 years ago

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The Average Monthly Car Payment Explained

We are going to show you exactly what you should expect to pay for a new and used average monthly car payment.

When seeking a car loan, smart buyers should always pay close attention to the price and interest rates.

Why are interest rates and prices important?

An expensive car means high monthly car payments due to the principle which could be a killer for your budget. The interest rate determines how long it will take you to repay the loan. It also has a direct effect on your monthly installment.

Why do most people want to know about the average car monthly payment? Because car buyers don’t want to sign up for a repayment plan that they can’t afford.

Some more helpful reading:

How to Create a Healthy Budget for Your Car Loan

How to Lower Your Monthly Car Payment

How to Payoff Your Car Loan Early

1. New car average payment

Experian– a leading researcher in consumer and business credit habits nationally analyzed over four million car loans issued. The study reveals that an average buyer spends at least $31,000 on a new car. You’ll also notice that customers who recently purchased brand new cars prefer the 60-month repayment period.

According to Experian’s car loan research, the average new car monthly payment is $515. Remember, Experian analyzed over four million auto loans and this makes their findings highly credible. On the other hand, one should consider that people with average or excellent credit scores receive more auto loans than those with poor credit ratings. Despite the availability of bad credit car financing, very few car dealerships sell new cars to consumers with subprime credit ratings.

Tip: Can You Buy a New Car with a Credit Card?

2. Used car average payment

The Truth is, most employed people cannot afford new cars due to high taxes and rising interest rates. That’s why used car sales exceed new ones by a huge margin. Did you know that 40 million used cars get bought every year? Only 14 million brand new cars get sold in America annually. In other words, new car sales only account for 25% of the market.

Tip: Avoid These Top Car Buying Scams or Lose $1000’s!

If you have average or excellent credit ratings, you should expect to pay at least $385 each month for a used car payment. Why? Because the average price of a used car is $19,800. Perhaps this figure seems a bit high, but according to Experian, consumers want to buy used cars that are still hot in the current market. People want to enjoy modern features that are relevant in today’s market due to several reasons. For instance, doing trade-ins in order to save money on the next car purchase.

Tip:

Should I Finance a Car or Pay Cash?

3. Which external factors determine how much you should pay monthly for a car?

External factor refers to the forces outside your control that directly affect car prices.

1. Interest rates

Interest rates tend to rise after every three years due to inflation. In 2015, the average new car monthly payment was $483. Three years later, this amount has increased by $40 and is expected to continue rising. If you bought a used car in 2015, you’d expect to pay $361. In 2018, used car owners with average or excellent credit scores pay $385 per month.

When interest rates rise significantly, car financing gets costly because one has to pay a higher portion of the principle. For instance, if you buy a new car worth $20,000 at an interest rate of 12% over a repayment period of 60 months, your monthly payment should be $445. How much will you pay if the interest rate rose to 16% and other factors remain constant? $487.

2. Inflation

What is inflation? It refers to a general rise in the prices of goods and services within a specified period. Bad economic performance such as busts and recessions increases the rate of inflation because the dollar suffers lowered purchasing ability. That’s why people end up spending more money on commodities in order to compensate for the loss of purchasing ability.

Tip: How to Create a Healthy Budget for Your Car Loan

A high inflation rate directly affects car prices because dealerships have to spend more money on purchasing inventory. In order to recoup their capital and still make good profits, car dealerships increase the prices of both new and used motor vehicles.

3. Dollar’s performance in comparison to major global currencies

When the economy is doing great, the rate of export exceeds imports. The country earns more money than it spends and this boosts its currency’s purchasing ability. Is this a good thing? Yes, it is because we spend less for the same amount of goods and services.

What happens when the rate of import exceeds that of export? It puts the economy in a bad place because we have to spend more money to afford the same amount and quality of commodities. How does this affect car prices? Auto dealerships are forced to spend more money to import vehicles and auto manufacturers have to deal with rising costs of production.

4. New government policies

If you’ve observed the automobile industry in the past decade, you’ll realize that there’s a massive shift to environmentally-friendly vehicles. It’s not just a mere trend because more and more people are ditching gasoline-powered cars in favor of biodiesel and electricity ones. Even global oil producers have changed the composition of car fuels in order to comply with international carbon emission standards.

The government imposes a high tax on cars manufactured more than five years ago because they’re not compliant with recently passed environmental standards. This tax increases car prices because sellers have to share the tax burden with their customers. A high price requires plenty of time to repay it.

5. A rise in Sales Tax

Each state has its own sales tax. In Louisiana, residents pay 10% while in New Jersey, it’s just 6.62%. Each product you come across in the market already has sales tax included in its price. It’s almost impossible to avoid paying for it. Even if you buy a car from a private seller such as a friend or relative, you’ll still pay tax at the DMV in order to get the car title switched to your name.

If your state government decides to increase sales taxes by a huge margin, all local car dealerships will adjust their prices upwards. Why? Because the rise in sales tax affects profit margins.

6. A rise in the prices of imported cars

Despite the existence of highly reputable local auto manufacturers, there’s a huge demand for foreign vehicles.

High-end buyers prefer driving luxury brands recognized internationally to enhance their status symbol. First-time car owners or newly hired employees go for Honda Accords and Toyota Camrys because they’re highly affordable and have low gas consumption rates.

If Europe experiences a severe economic crisis, inflation rates rise and this affects the costs of manufacturing cars. Car dealerships will sell their cars at higher prices due to increased costs of purchasing and shipping each vehicle to the local market in America. Why? Because absorbing all the increased costs affects the dealership’s profits.

4. How to prepare yourself for an affordable monthly car payment

1. Use a car loan calculator

A car loan calculator helps buyers to determine monthly payments that suit their budgets. You simply enter the auto loan’s value, down payment, interest rate, and the repayment period. It’s advisable to always use the car loan calculator before applying for an auto loan in order to avoid committing yourself to costly monthly payments.

The car loan calculator also helps you to confirm whether the payments printed in your repayment plan are correct. It’s possible that your credit lender might have made an error in their calculations. You don’t want to pay an overcharged loan because it affects you financially and has no effect on your credit ratings.

2. Prepare a decent down payment

Since car financing is a form of secured debt, credit lenders expect you to show commitment by paying a down payment. Doing this enables you to drive home in your new car, however, the title remains with your creditor. It also determines your monthly installments by reducing your auto loan’s outstanding balance.

Make sure you save at least 40-50% of the car’s price before applying for a car loan. This enables you to get a good monthly payment because you can choose a short repayment period. The shorter your repayment period, the less interest you pay.

3. Pick a car that you can afford

One reason why some buyers default on their car loans is irrational purchase decisions. How? By purchasing a motor vehicle that’s beyond one’s financial ability. It makes no sense to buy a new SUV worth $40,000 when one earns less than $5,000 per month. Even if you pay 40 % of the SUV’s price upfront, you won’t get monthly installments that are equal to or less than $500.

Tip: 7 Things Your Car Dealership Won’t Tell You About a Car Loan

Smart car buyers know that a loan’s principal determines one’s repayment period and installments. That’s why they always consult car loan calculators to assess how much down payment they need to get really affordable monthly installments.

4. Check your credit score

Car buyers with subprime credit ratings pay double or more interest costs compared to those with excellent scores. Credit lenders do this to recoup as much of their loan as possible because a poor credit score indicates a high risk of default. However, you don’t have to obligate to a bad credit auto loan because you’ll get better interest rates by taking some time to improve your ratings.

How to Improve Your Credit Score

How can you achieve this? You’ll need to borrow secured debts of small amounts then repay them on time. You might need to consult a qualified financial coach to help you pick the right debts in order to accelerate your improvement. It might take a year or two, however, the gains are worth it.

5. Buy your car when prices drop

Car sellers usually offer major discounts at the end of the month to attract potential buyers who’ve just received their paychecks. Why should you take advantage of such discounts? Because this discount reduces your auto loan’s principal by 20-30%. If you showed up with a 50 % deposit and happen to get a 30% discount, you’ll clear your auto loan in 36 months or less.

Newly established car dealerships usually offer huge discounts for the first three months of operation in order to create brand awareness. You’ll get a variety of fantastic car prices usually not available in older dealerships. That means paying lower interest costs on your car monthly payments.

Now you know!

The national average car monthly payment will keep on rising due to the six external factors you’ve read about in this post. The good news is that you can still pay $500 dollars every month by picking a new or used car that matches your income. If the current interest rates are too high for you, you can wait for a decrease or consider doing a cash purchase to avoid paying any interest.

Ready to Get a Loan? Here’s some Further Reading:

Car Dealer in House Financing

Self Employed Car Loans With Easy Approval

Car Loans for Low-Income Earners and Bad Credit

Negative Equity Car Loan

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car-loanz · 6 years ago

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How to find the best auto loan for bad credit

When you need to finance a car with a credit score south of 600, you’ll be looking at an auto loan for bad credit.*

As there are different sorts of poor credit, such as those caused by a discharged bankruptcy, no credit history or just late payments, the best option will depend on your own situation. That said, there are some general points that will help you find it. Overall, you’ll want a lender that’s easy to deal with, offers the greatest chance of approval and, if approved, gives you the most favorable terms on your loan.

Read through the following areas to better understand what your best auto loan for bad credit could be.

Loan comes from a lender attuned to your situation

Some lenders won’t take applications from consumers with subprime credit, and others that will might not be set up to give you the best rates. A lender like RoadLoans, however, accepts applications from people with a broad range of credit and has many years of experience working with customers who have low scores. We’ve helped thousands of people in this position get into their first or next vehicle.

Its terms are best suited to your needs

If approved for a loan, you’ll want the lowest interest rate and APR to keep your financing costs down. Also, be realistic about what you will be offered; credit score is typically a significant factor in determining your interest rate, so a consumer with a poor credit score is more likely to get a higher rate than someone with better credit.

There are other important terms to consider, too, including a monthly payment that fits your budget and works with your loan duration. While a longer loan is appealing because it normally keeps monthly payments down, it also means you’ll pay more in total interest, and increases the risk of negative equity.

Think about the down payment requirement, as well. The more money you can put down means the less you will need to borrow and pay interest on. However, sometimes a borrower doesn’t have much or any cash to put down. In these cases, RoadLoans does its best to help by offering qualified applicants a low or even no money down option.

Lender offers a flexible approach to financing

Flexibility can make a real difference to the financing experience, and it’s something that consumers with poor credit can enjoy. For example, online lenders enable you to apply when it suits you, without the pressure of seeking financing at the dealership. If approved at RoadLoans.com, you’ll receive multiple offers tailored to your needs so you can select the best one and shop for a car with confidence. If the dealer offers you financing, compare it to your preapproved loan offer.

They’re great to work with

The best auto loan will also come down to how easy it is to work with the company that provides the loan and services the contract. Is the application process straightforward and convenient? Can you get the information you need if you have questions? Will you be able to make monthly payments with no hassles? Consider these points when you choose a lender with which to apply for a loan, and think about RoadLoans as you do so.

Our short online application takes a few minutes to complete and we provide instant decisions. If approved, you can review your offers, make your loan selection and visit the recommended dealer to shop for a vehicle. Alternatively, use our dealer locator to find another. We work with a network of auto dealerships able to offer our customers select, high-quality vehicles meeting our standards for age, mileage and financing. If you have any questions during the application or financing process, our knowledgeable loan specialists are available to help by phone or our online chat service.

Apply for a car loan and see if you’re approved.

* “Bad” or “poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by RoadLoans.com and Santander Consumer USA.

The post How to find the best auto loan for bad credit appeared first on RoadLoans.

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cardestination · 6 years ago

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How to buy your Car with the Best Online Auto Financing Option?

We all know the internet has revolutionized the way we live. And with a plethora of auto financing options available on the market, car buyers are quick to apply online. According to the Federal Reserve Bank of New York’s quarterly report on Household Debt and Credit, $144 billion new auto loans originated in the fourth quarter of 2018. It means that the auto loan market is showing no signs of slowing down. But does it mean you should click on a website that comes at the top in search engine rankings. You should never say yes to any website without researching the brand. How to decide if the company will offer the best online auto financing options?

Buying a Car in 2019 - How to Choose the Best Auto Financing Company?

Choosing the best auto financing company becomes easy when you have criteria to test different options. Just because you are getting the option of applying online, it doesn’t mean you should apply with anyone and everyone. Here’s how you can make the right decision:

1. Does the Lender offer Ample Loan Options?

Even though you like a new car, it is possible that you make a decision to buy a used car. It can happen that you set out to buy your neighbor’s car but end up buying a car at the dealership. The car buying experience is full of surprises. So, it is best to work with a company that caters to all your needs. Make sure it covers a wide range of loan options, including used car loans and new car loans, along with private party auto loans. Even lease buyouts and car refinancing are good choices when you do not want to lose your current car. Working with a lender who offers different loans enables you to learn the pros and cons of all the options and it helps you make the right decision.

2. Easy Application Process is a Must

Gone are the days when you had to submit a large pile of documents to get auto loan approval. Today, the entire process is online. Choose a company that offers a secure application form. Check for the SSL certificate of the company and read the privacy policy. It gives you a clear idea of how your information will be used by the lender. Other necessary aspects that you should consider include:

>>Find a lender with zero application fees so that you can save money right from the beginning. >>You should have the option of applying for a single applicant loan or a joint loan. >>You should be able to decide the down payment amount on your own. >>Free tools such as auto loan calculators and free credit reports should be available to you.

3. What Services are offered by the Online Auto Lender?

The main reason for applying with an online auto financing company is convenience. So, the service quality should rank at the top. Is it easy to apply for an auto loan? Is the support staff ready to help you with any queries? If the lender is able to address your doubts satisfactorily, apply with the company. Consider the time taken to approve a loan application. Many lenders will provide instant approval and contact you immediately thus, expediting your loan process.

4. Easy Qualification Criteria is useful for Bad Credit Buyers

Another essential factor for choosing the best auto financing company is the qualification criteria. It becomes all the more important when you have a bad credit history. Does the lender cater to the needs of a car buyer with credit issues? Will you be able to apply with a history of bankruptcy or repossession in the recent past? Work with someone who is ready to focus on different factors other than your credit score. If the lender considers employment history, income, age and geographic location, you will be able to show a strong financial condition.

More Tips for Getting the Best Auto Loan Rates

To get the best auto loan rates online, you need to show yourself as a responsible buyer. And here’s how to do it:

>>Rate shopping is essential for getting the most competitive rates. >>Learn the tips for negotiating with the dealer and obtain the best price. >>Learn more about your credit score and improve it. A good credit score means low interest rates. >>Opt for a comfortable loan term that makes regular monthly payments possible for you.

Getting the best auto loan rates requires hard work and dedication on your part. But once you manifest your strong financial condition and choose a lender that fits your requirements, the best auto financing program will be yours.

Are you searching for the best online auto financing in 2019? Apply with America’s favorite bad credit auto loan expert. The subprime lender will help you get the best auto loan rates in no time. Apply now for guaranteed auto loan approval.

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the-carculture · 6 years ago

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Freedom Wheels: Essential Guide to Purchase a Car on the 4th of July

The American Independence Day is celebrated in grand fashion every year. Offers and special “4th of July” discounts are commonplace. As the day makes for one of the automotive industry’s busiest holidays, it is a great day to purchase your car. Whether you are on the lookout to purchase a convertible, an adventurous SUV or a high-end luxury ride with upgraded technology, you will be sure to find great deals this year.

Prepare Ahead: Make the Most of Your Car Buying Experience

Your wheels of freedom can come at a great deal if you prepare ahead and take the correct steps to purchase your car on Independence Day. The following questions will help you to get the right answer.

1. How much can you afford?

Some people buy a car to fulfill a necessity, while others may be purchasing with the intent to trade in or make the most of the freedom sales. Identify your needs and set a budget according to your financial situation. A budget will help you to narrow down your car choices. Figure out which car suits your needs in terms of money, make and model and safety features. Once you have noted the options that fall within your budget, research all the offers and deals that are coming up for 4th of July.

2. How do you plan to finance your Vehicle?

After pinning down the right car for yourself, you will need to figure out the right auto financing for your vehicle. Most people choose an auto loan, some take the car on a lease and very few pay for the car in full. According to a report on Finder.com, 108.66 million people applied for auto loans in 2017. Make a note of the available financing deals at the various dealerships. You can take help of online portals to look up interest rates on auto loans. The best option would be to apply for a pre-approved auto loan. It will help you to eliminate the time spent in finding the right auto loan for your vehicle.

3. What are the Best Independence Day Car Deals available in the Market?

A couple of weeks before 4th of July you will spot multiple advertisements of different automakers and their offers. Note every offer and make sure you get all the details before walking into the dealership. According to media reports, the 2019 Audi A6 is offering cash incentives of up to $3,000. Additionally, you can get an APR of 0.90% on 2019 BMW X1 model and the 2019 Hyundai Elantra is offering incentives of up to $2750. On the basis of your requirements and choices, you can avail the best deals on 4th of July and make the most of your car purchase.

Buy This July: Make the Best Car Buying Decision

If you have been eyeing a certain car for a long time because you were waiting for the right time, 4th of July is here to help you take a step forward. Make the most of the “Freedom Offers” and get your hands on the best deals.

Do you want to make the most of Independence Day car deals? Make sure your auto financing is in place. Choose the best online subprime lender for obtaining the most affordable bad credit guaranteed auto loans in America. Apply now to get zero down car loan approval.

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geertsencain5-blog · 7 years ago

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Listen to what's being provided. Hauser and Gamarra are among a rising variety of Canadians with out adequate credit score who are being signed up for subprime bank loans by automotive dealerships. It must have the necessary options whereby various kinds of accounts are handled: for instance, mortgage, bank card, deposit accounts, checking accounts, current accounts, savings accounts, and so on., depending on what the bank is offering to its prospects. For instance, we not too long ago announced the inclusion of iCloud help for remote access of products using Apple HomeKit. Do be certain nevertheless, that the service provider doesn’t charge you a fee for utilizing a debit card. Nonetheless, do not depend on the Federal Trade Fee's nationwide "don't call list" to guard you from con artists. Nonetheless, such issues are not lengthy lasting and are soon termed as outdated once the fad wears off.

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creditmonkey · 6 years ago

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Buying a House with No Credit

What does no credit mean?

1 - Apply for a FHA Loan

2 - Find a cosigner

3 - Use a small bank or credit union

4 - Purchase through an alternative program

5 - Find a good mortgage broker

6 - Wait to buy your home until you build better credit

Other ways having no credit affects homebuying

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buyherepayhereusa · 8 years ago

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Benefits of Getting Pre-Approved for a Car Loan

Ideally, you would pay for your car with cash. That way, you wouldn’t have to deal with loans, payments, or debt. Realistically speaking, however, that is an impossibility for most of us.

In order to get the car you need for school, family, or work, you will most likely have to finance. Luckily, there are easy ways to get pre-approved for a car loan, which usually carries a much lower interest rate than a personal loan.

How to Get Pre-Approved for a Car Loan

There are many places that you can go to get pre-approved for a car loan, including traditional banking institutions, such as Wells Fargo and Bank of America, and online lenders, such as Capital One. Interest rates and requirements vary by location.

Keep in mind that the advertised interest rates on websites and advertisements tend to be reserved for those with excellent credit. If you have bad credit or no credit, it’s still possible to find a car you love at a price you can afford. Rates will be higher, but there are options available, such as getting a cosigner to lower your rates.

While it’s a good idea to shop around, we highly recommend checking with your dealership first before seeking out competitors.

At Buy Here Pay Here USA, you can easily get pre-approved online. Just fill out the form and you’ll get your pre-approval within minutes. Don’t worry, it won’t affect your credit score.

Good Credit? Accepted

Bad Credit? Accepted

No Credit? Accepted

Past Bankruptcy? Accepted

Once you get approved, you will know how much you can spend on a vehicle along with the interest rate and monthly payments for the loan.

If you don’t know what your credit score is, it’s a good idea to check before seeking out auto loans. Check with your bank. You are normally entitled to one free credit report per year.

Important Note: When you get pre-approved for a car loan, it’s almost always required that you purchase your vehicle from an authorized dealership. Most pre-approved auto loans don’t apply to independent dealerships and private sellers. If you wanted to purchase a vehicle from a private seller or independent dealership, you would have to take out a personal loan, which carries higher interest rates.

Benefits of Pre-Approved Auto Loans

Helps set a realistic budget

When you get an auto loan pre-approval, your lender will set a maximum loan amount based on your credit score and other factors. Don’t forget about other expenses, such as fees and taxes. So if you are approved for a $20,000 loan, choose a car that is several thousands of dollars less than that.

Improves your credit score

When you make regular payments on your auto loan, you can quickly rebuild your credit score. Our goal at Buy Here Pay Here USA is to approve your financing and help rebuild your credit by reporting to 3 major credit reporting agencies every month.

We want to work with you. If you need to speak with us about your loan or payments, simply give us a call and we’ll figure something out together so as not to harm your credit.

Allows you to compare interest rates

Auto loan pre-approvals provide a baseline to compare with other offers. Simply fill out your dealer’s pre-approval application first to see what is being offered.

Many dealerships offer competitive financing to simplify the payment process and get customers to finance with them.

Simplify the buying process

When you are pre-approved, you not only have a realistic budget in place, it’s also like having cash in your pocket when you are shopping around for the best car deal. Once you are pre-approved, you can focus on the car-buying process rather than worry about down payments, loan terms, and interest rates. Simply ask your dealer what the “out-of-door” or “TT&L” (tax, title and license) price is.

Avoid spot delivery and “yo-yo financing” scams

Sometimes, dealerships will allow you to leave the lot with your new car without fully closing out the financing portion of the deal. This is what is known as “spot delivery”—cars are sold “on-the-spot.”

Yo-yo financing usually happens to people with poor credit when the deal is made on late nights or weekends, when banks are closed. When the banks open, they review the loan applications and either approve or deny them.

If you left the lot without the bank approving the loan first, you may receive a call from the dealership notifying you that the loan wasn’t approved. This may entail going back to the dealership to reapply for the loan, which normally leads to higher interest rates and a larger down payment.

Subprime buyers (those with a credit rating under 680) are particularly susceptible to dealership scams. You can avoid this situation entirely by getting pre-approved for a loan.

Save time, energy, and money

Pre-approved loans save you a lot of time and energy at finance and insurance (F&I) offices, where you will most likely have to sit through several sales pitches. Buying a car is complicated enough without adding a lot of paperwork and travel time to different offices.

Why Choose Buy Here Pay Here USA

Our goal is to provide everyone with the right car, regardless of credit history. With hundreds of cars, trucks, vans, and SUVs, we make it easy to drive away in the car that matches your lifestyle and budget.

Free CarFax on all vehicles

Hassle-free financing

Easy, fast process (drive away in less than an hour)

Free conventional oil changes every 90 days

Rebuild your credit (we report to major credit reporting agencies every month)

Final Note:

To avoid going deeper into debt and possibly getting your vehicle repossessed, do your homework first and make sure you can actually make your car payments. While auto loan pre-approvals can quickly rebuild your credit score, they can also make it worse. Learn how to buy a used car if you have bad or no credit.

Read our Used Car Buyer’s Guide for more information on the car-buying process.

For a dealership that knows how to treat buyers right, contact Buy Here Pay Here USA.

We carry a large selection of hand-picked, Certified Pre-Owned vehicles, all of which come with a 6 month/6,000-mile powertrain warranty.

If you have any questions, don’t hesitate to speak with one of our Online Specialists or give us a call:

Chattanooga, TN – (423) 551-3600

Cleveland, TN – (423) 472-2000

Dayton, TN – (423) 775-4600

Dalton, TN – (706) 217-2277

Follow us on social media for more useful information on buying, selling, and maintaining cars: Facebook, Twitter, YouTube, and Google+.

The post Benefits of Getting Pre-Approved for a Car Loan appeared first on Buy Here Pay Here USA.

from Buy Here Pay Here USA https://www.buyherepayhereusa.com/blog/benefits-getting-pre-approved-car-loan/

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completeautoloans · 6 years ago

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Now You Can Have Your Instant Approval Car Loans Done Safely

Instant Approval Car Loans

Are instant approval car loans real? Yes, they are. Credit lenders understand that you need a good car that will get you to school and work on time. Businesses also need vehicles to make deliveries and expand to new market territories. If you’re planning to apply for one, today’s your lucky day because we’re going to look at how they work and compare them with two common auto financing methods.

1.Types of instant auto loan approval

1. Student car loans

College students have challenges getting the cars they desire because banks turn them down due to insufficient credit score along with low credit scores. Truth is, not everyone can afford to save up for a used car especially when someone has no parent or sponsor to depend on financially.

Creditors understand this challenge and enable you to achieve your goals by offering a student car loan. All you need to obtain financing are copies of your recent pay stubs, proof of identity, and the proof of the college or university you’re currently enrolled at.

2. First-time car buyer

So, let’s say you’ve just relocated to America from Europe and Canada. Just like a college student, you don’t have sufficient credit history or credit ratings to get an auto loan from a bank. It’s also hard to get a buy here pay here financing when you haven’t resided in the same place for at least 12 consecutive months.

Does this mean that you can only get a car through a cash purchase? No, it doesn’t. You can still get a new car shopping for creditors offering auto loans online instant approval. This way, you’ll get a reliable car within a week.

3. No credit check

An unfortunate turn of events can have a massive toll on your credit ratings. Most divorcees usually experience this financial challenge once the dust settles after court. It’s hard to get a car loan from your usual lender once they notice the major dip in your credit score.

If you’re facing such a situation, you can still own a car by applying for an instant auto loan. Some lenders only want to assess your cash flow and verify your identity. So, you’ll just present your driving license and bank statements.

4. Bankruptcy car loans

Chapter 13 Bankruptcy allows a credit defaulter to apply for an auto loan after obtaining court approval. However, small and medium-sized credit lenders feel wary of offering to finance to such buyers due to the high risk of default involved. In this situation, you just need to find a lender who offers financing to buyers with bankruptcy records.

One advantage is that you might come across lenders who don’t check their buyers’ bankruptcy status. This is a huge relief because it saves you from the awkwardness of having to explain your situation in front of a credit officer.

5. Auto loan bad credit instant approval

Is your credit score below 500? That’s an indicator of low credit. Some bad credit lenders only offer auto financing to buyers with at least 500 or 550. Truth is, building up a credit score takes several months.

The good news is that you’ll find online credit lenders who are willing to take the financial risk with you. Even if the loan you get is just enough for a used car, it’s better than riding the bus any day of the week. Especially when you have a family because you need a car for both your basic and recreational needs.

2. Pros of getting instant approval auto loans

1. Enables good people in bad financial situations to have private transportation

Bad credit ratings aren’t always an indicator of financial irresponsibility. Most college students have low credit scores because they’re on their first or second credit card. The modest credit amount they spend each month yields little improvements but that doesn’t mean that the student is too broke to own a car.

Credit lenders who offer instant auto financing help good people manage and eventually come out unpleasant financial situations. The process is simple and fast to enable you to get back on your feet after coming out of a bankruptcy or divorce.

2. You can get a new car through negotiation

Usually, online lenders offer enough money to get you a used car. Why do they do this? Because it’s highly risky offering credit to a debtor who’s been rejected by mainstream lenders due to failing to prove financial stability. Does this mean that you can’t get a new car?

Fortunately, you can convince your creditor to give you more credit by proving you can make high monthly payments consistently. If you earn more than $2,000 a month, you can convince the creditor to offer you enough money for a new car as long as you commit to paying $600 a month.

Suggested read: Getting a car loan with negative equity

3. A wide variety of options

Due to the high demand for cars all year round, you’ll come across various financing packages. Every credit lender wants you to choose them over their rival and that’s why you’ll come across different interest rates and down payment requirements.

As a buyer, this is an advantage because you have the opportunity to pick the best lender that suits your current financial situation. Doing this enables you to save money and identify a long-term partner for your car purchasing needs in the future.

How does military financing work?

4. Build an auto credit history

What is an auto credit history? It shows your performance with car loans that you took in the past or currently servicing. Auto finance companies use this information to assess your risk of default when processing your loan application form.

If you’re a first time car buyer, you definitely need an auto loan to enable you to buy a better car in the future. Getting an instant auto loan builds your auto credit history because your second lender will have a point of referral when looking at your auto loan application.

5. Improve your credit score

Financial experts advise debtors with low credit scores to raise their ratings by applying for big loans. One way of doing this is applying for an instant car loan. Why does this work? Due to two important reasons.

Car loans usually involve amounts ranging in the tens of thousands of dollars. If you’re a freshly-graduated college student, mainstream lenders will limit you to borrowing a few hundreds of dollars. By getting instant approval financing, your credit limit rises significantly and this boosts your credit score.

Second, the lengthy repayment period enables you to improve your current credit score. Payment history accounts for 35% of your credit ratings and it’s easy to maximize your score when your repayment period exceeds 24 months.

6. Freedom to refinance

Auto loan refinancing is whereby a credit lender restructures your outstanding balance to make your car payments more manageable. On one hand, it makes the loan affordable by reducing your monthly payments. If you currently face challenges paying $500 a month, getting a refinance deal can lower it to $350.

Does it mean that you end up paying less than your original car loan? No, it doesn’t because the creditor spreads over your monthly payments by increasing the repayment period. However, refinancing enables you to retain your car when facing temporary financial challenges.

3. Difference between instant approval and inhouse car financing

Instant Approval

In House Car Financing

Exclusivity

The credit lender deposits money in your bank account once your application gets approved. This gives you the freedom to buy a car from your preferred dealership. When the dealership approves your auto loan, they open a credit account in your name. A customer cannot use this type of credit to purchase a car anywhere else.

Loan application requirements

Online credit lenders expect the following from potential car buyers

Pay stub

Proof of identity

City of residence

You need the following documents when applying for a Buy Here Pay Here credit

Proof of residence

Proof of employment

Proof of identity

Creditor’s influence

The lender just gives you the money and lets you pick any car that’s within your purchasing power. Some dealerships have pre-packaged deals for college students and first-time car buyers. This limits one’s freedom of choice because one has to settle for the dealer’s offer.

Credit score check

Some bad credit lenders set their minimum credit score requirement at 500. It’s hard to come across a genuine lender offering below this score. Car dealerships don’t do credit checks because they’re targeting the market segment rejected by mainstream credit lenders.

Long-term benefits

Lenders operate purely on current interest rates. A subsequent customer pays the same interest as a day one. These type of lenders rarely have customer loyalty programs You might get lower interest when you visit the dealership a second or subsequent time.

4. Difference between preapproved and instant approval financing

Pre Approved Financing

Instant Approval

Credit score check

Mandatory because it’s usually offered by banks and credit unions No credit score check unless it’s a subprime credit car loan

Relationship with the lender

One needs to be a client for at least 6 months. Just fill in your details and wait for approval within 12-24 hours.

Type of lender

Banks and credit unions lend you their own money. You might encounter middle-men lenders.

Interest rates

Very affordable because banks and credit unions focus on customers with good credit ratings. Tends to be expensive because virtually all customers in need of this financing have bad credit scores.

5. How to improve your chances of getting a pre approved auto loan

1. Get a permanent job

Credit lenders offering pre approved car loans usually take on higher financial risks than their mainstream counterparts. Why? Because almost 100% of clients needing this type of financing have credit scores below 550. So, in order to compensate for this credit deficiency, lenders focus on buyers with sufficient financial stability.

How do you obtain this type of financial status? By applying for a permanent job. A buyer with a constant flow of income is in a better position to make payments on time than one who depends on contract renewals after every three or six months.

2. Pay off your debts

Another way you can enhance your financial stability is by paying off your current debts. Creditors feel wary offering financing to a buyer who has a variety of debt-related monthly payments because it raises doubts as to whether they’ll make car payments on time.

So, work out a savings plan that will enable you to get out of debt through lump sum payments. The faster you get out of debt the sooner you can apply for pre approved financing. Avoid taking on more debt such as getting extra credit cards.

3. Apply for a reasonable amount

A credit lender can tell whether you can afford a car or not by assessing your annual income. However, some people tend to place a lot of expectations on their lenders and borrow huge loans. Unfortunately, creditors have to reject applications due to mismatched expectations and the reality of one’s financial situation.

Car loan experts usually recommend getting a car whose annual payments fall are just 50% or less of your annual income. Why is this important? Because apart from monthly payments, you still have to consider gas and insurance expenses.

Are you thinking of buying your car from a private seller?

4. Be ready to pay a huge down payment

Truth is, it’s impossible to find a creditor offering instant auto loans with no money down. The financial risk involved is just too high to offer such financing. Most lenders require you to cover at least 30% of the car’s price. Doing this is a sign of commitment and financial stability.

Since instant car loans have expensive interest rates, you’ll need a huge down payment to lower your monthly payments. In addition, it improves your rate of gaining equity to prevent the auto loan from going underwater. Save up at least 40-50% in order to enjoy these advantages.

5. Do follow-ups

Let’s assume that you’ve just come across a great online lender. You submit your details on their website then wait for a response. However, you notice that a couple of days have passed and you still haven’t heard from your potential lender. Should you give up and look for another one?

No, you shouldn’t. Sometimes, lenders get so busy processing new applications that they forget to follow up on previous applicants. Take the initiative of making a follow-up call to find out the status of your application.

6. How to avoid untrustworthy lenders

1. Avoid firms that charge upfront fees

When browsing the web for potential lenders, you’ll come across some charging upfront fees. That’s a glaring red flag because such websites usually disappear after scamming hundreds of victims. The law allows credit lenders to only hold on to assets as collateral for loans. No lender has the right to demand fees upfront.

2. Keep off firms that have a similar name to well-established credit lenders

Crooks use imitation to lure in their victims. Perhaps you’ve ever come across an online lender’s website that had a striking resemblance to that of a well-known bank. These scammers pay great attention to the colors and fonts on websites owned by highly trusted brands. That way, it’s easy to confuse their victims within seconds.

3. Be cautious of 100% guaranteed deals

A rational creditor offers financing only where there’s a high chance of getting back their money plus anticipated interest. That’s why creditors who offer secured loans ask for assets that are significantly more valuable than the debtor’s loan.

A creditor claiming to offer 100% guaranteed deals usually has an unpleasant catch. For instance, a list of costly hidden fees tucked at the end of your repayment period. Other creditors will pounce on you with unrealistic interest rates.