So you've filed for bankruptcy. Now what? While it may feel like you have been ostracized, the truth is many people have filed for bankruptcy and not only recovered but also thrived. Bankruptcy definitely creates a temporary setback but it's an obstacle that can be overcome. Here are some suggestions to help you on the road to recovery from a bankruptcy.
If necessary, seek counseling.
It's important that you get to the root of the problem. What was the reason that you went in to bankruptcy in the first place? Do you have a shopping addiction? Was there a financial hardship such as an illness? Whatever the reason is, it's important to address it so that you can overcome it. The type of counseling needed may vary depending on the problem. Whether its emotional or financial counseling, your adviser can help you get into a mental mindset that you CAN overcome the obstacle.
Establish a new line of credit.
To help rebuild your credit, you should look for options to open up a new line of credit following your bankruptcy. One is a secured credit card, which is backed by a money that you put into a savings account. The limit on the card is whatever amount is in the savings account. You'll make monthly payments on the card just like a regular card, but if you miss a payment for some reason the money will be pulled out of your savings account to pay for it. If you keep current with the payments, you can begin to rebuild credit. Another option is a bad credit auto loan. By using a company such as Autoloan.com, you can locate a lender who specializes in approving car loans after bankruptcy. Making on time payments for the auto loan can also help rebuild your credit.
Keep an eye on your credit report.
While you are working hard to rebuild your credit, make sure that there is nothing fishy on your credit report to hold you down. After 7 or 10 years (depending on the type of bankruptcy), the bankruptcy will be removed from your report. If it is not, you can contact the credit bureau and request that it be removed.
Remember that recovery from a bankruptcy takes awhile but it can definitely be done. Not only that, but you may emerge stronger and more financially savvy because of it.
In most cases, when you are applying for an auto loan with bad credit or an auto loan with no credit, you'll need to make a down payment. If you don't have the money in savings, it may seem like an insurmountable obstacle. However there are many ways that you can put the money together that you need to get your next car.
Sell some stuff.
You might be surprised at what people are willing to buy! The truth is just about anything can be sold, provided that you pick the right price, and the right audience. Clothes, knick-knacks, toys, kitchenware, outdoor gear, and many other items are great possibilities for making a little extra money. If you're crafty, you could also repurpose or update older items to make them more appealing for potential buyers. Get inspiration from one of the numerous crafting blogs on the web.
Cut unnecessary expenses.
There might be more "fat" in your budget than you realize! If you dine out at restaurants, frequent coffee shops, or go out to the movies, you have room to trim the budget. Think about ways that you could cut your expenses temporarily to help you grow your down payment next egg.
Take a second job.
It will mean sacrificing your free time temporarily, but you could also take a second job on the evenings or weekends. There are a number of ways you can make money from home. Google "work at home jobs blog" to find some options. It's important to note that you should never pay someone for the privilege of working for them. Anyone who says you need to pay to get work is not a legitimate offer, with the possible exception of the occasional background check fee.
Remember that you'll only need to sacrifice your time and resources temporarily, and that the end will justify the means. When you get discouraged, keep your end goal in site. Imagine how great you'll feel driving in your new or new-to-you car!
Tires are not the most glamorous part of the car, but few would argue that they are one of the most important parts. You should not only invest in a reputable brand of tires, but also the right type of tires for the climate you will be driving in. Driving on the correct tires can help improve your miles per gallon. If you are still in the process of paying off your car loan, it's important to make your dollar stretch further, and having good tires is one way to do that. Here is a brief overview of some of the specialized categories of tires.
Heat Resistant Tires
In extreme hot temperatures, heat resistant tires can be especially helpful. Having heat resistant tires can decrease the likelihood of a blowout. If you live in Arizona, New Mexico, or Nevada, you should look for tires with the best heat resistance rating possible.
Winter Tires/Snow Tires
At the opposite end of the scale are states such as Minnesota, the Dakotas, and Montana, which are known for their cold winters and heavy snowfall. If you make your home in the northern states, investing in snow tires is definitely the way to go. Snow tires will offer more grip than average tires, which is especially helpful when attempting to get your car out of a snow drift, or if you are doing highway driving in incliment weather.
All Season Tires
If you don't drive in heavy snowfall and don't have to worry about extreme temperatures very often, then you might be able to save some money by purchasing all-season tires. Less expensive than specialty tires, all season tires will allow you to drive in a variety of climates.
Not sure which one to go with? Some car owners opt to purchase once set of regular tires and one set of winter tires, storing the second set during the months when they're not needed. Just be sure that you change your tires over in advance of bad weather. The last thing you want is to be stuck in heavy snow with all-season tires! Visit your local tire shop to learn more about the different types of tires and find out which one is right for you.
Just because you have a tight budget does not mean that you have to settle for a car without style. If you are looking to get a car loan with bad credit or no credit, you will likely be required to make a substantial down payment. Fortunately there are many options available for affordable vehicles that turn heads. Here are some suggestions to help you in your search.
Yes, you can get a head-turning sports car for under five grand! Consider the 1997 Ford Mustang. The Mustang has long been known as the quintessential muscle car. If you have a taste for sports cars, go with a 1996 model or newer, also known as a fourth-generation Mustang. Ford made several design changes to the fourth-generation, which made the car more aesthetically appealing than its third-generation predecessors. Mustangs made after 1996 feature the powerful 4.6 liter V8 engine. If you prefer a convertible, the fun 1997 Mazda Miata is definitely the way to go. You'll enjoy driving around in your two-seater Miata, and the ride will be that much sweeter knowing that your car loan payments are affordable.
For the Family
If you are needing something to get you to and from school, after-care, and soccer games, you might be pleasantly surprised to find out that there are many great minivans and SUV's available for less than $5000. The 2000 Honda Odyssey is definitely within your budget, and comes with the reliable construction that Honda is famous for. Honda was a pioneer in several now-common features, including sliding doors on both sides. For those who prefer an SUV, consider a 1995 Toyota 4Runner. While SUV's are notorious for being gas guzzlers, Toyota made the 4Runner smaller than its competitors and offered a more gas friendly 4-cylinder engine. Yet the roomy cabin will allow plenty of space for your kids and their sports gear.
When buying an older car, it's important to get it looked over before purchasing. Have a third-party mechanic take a look under to hood to spot any possible problems. This way you'll know for sure you are getting a great deal.
Serving in the military can sometimes be tumultuous as you are told to move from one base to another. This can make making larger purchases like a car difficult. Fortunately the Military Advantage Program is available to help make the car buying process as smooth as possible.
What is the Military Advantage Program and who qualifies?
The Military Advantage Program is designed for active servicemen and women who are serving their country outside of the United States. If you choose to take advantage of this program, you would purchase the car remotely with the help of a representative. You can customize the vehicle just as if you were buying it in person, and then have it delivered to the location of your choice, either stateside or overseas. If you need a military car loan to purchase the vehicle, you can opt for financing through the lender of your choice. The Military Advantage program is available for cars in the Chrysler family of vehicles, as well as Ford and Lincoln.
What kind of guarantee do I have since I won't see the car until its delivered?
Rest assured that you have a Satisfaction Guarantee...if you are not happy with the car when it is delivered, you can receive a full refund. In addition, you will also have price protection, so even if the price goes up for some reason you will locked in at the lower price. Because they understand that your orders can change in an instant, the Military Advantage Program also permits you to change the delivery location or cancel the order outright if you wish. The program also guarantees delivery on the date specified.
Are there any perks?
Serving in the military requires sacrifice, but there are also benefits. The Military Advantage Program allows you to take advantage of special military-only discounts. You also get a Low-Price Guarantee, which will pay the difference if you find the same car elsewhere with the same promised delivery date.
To take advantage of this program visit www.ENCS.com. If you need financing for your new car, be sure to also visit Carloans.com, where we can match you up with the best military car loan for you.
One of the wonderful things about getting a car is taking vacations with your friends and family. Here are some suggestions to keep your vacation affordable so that you don't fall behind on your car loan payment.
Meals and Snacks
Although fast food is convenient, it's not a good value in terms of quantity for your money. Most value meals are around $7, they don't fill you up, and are nutritionally low. By comparison, family owned diners and cafe's often have blue plate specials where you get a full sized entree and sides. For the same amount of money or a little bit more, you can get satisfying meal. As for snacks, consider purchasing them at grocery stores rather than convenience stores. Discount grocery stores like Aldi can offer even deeper savings. A full sized bag of chips can be bought for less than $2.
Camping overnight can be free or very low cost. Staying with friends or family is also a good option, but if you are in a city where you know no one, consider using a website like Couchsurfing.org. This website matches up travelers with people who are willing to put them up for the night. It's free, and a great way to meet people all over the country.
While you can't do much about the price of gas, there are things you can do to minimize the amount you use. During the summer, consider traveling before or after the heat of the day so run the A/C as little as possible. Better yet, opt to take your trip during a cooler month. If you choose to travel at night, you'll also have the added benefit of avoiding traffic.
If you will be staying in a city for a week or longer, consider picking up a coupon book for that city. There are many 2-for-1 deals in these books, which can help you to stretch your dollar further. Also visit the websites of
attractions you want to see...you might find some internet specials to take advantage of.
While it's very easy to drop a few thousand on a vacation, you don't necessarily have to. With some preparation you can have a vacation that is both affordable and fun.
If you're a student in college and ready to buy your first car, you may be surprised to know that many dealers are eager to do business with college students, even if they have limited credit or no credit. Here are some things to think about if you are planning on buying a car.
New or Used?
When you buy a car you should have some idea as to how long you plan on keeping it. There are definitely benefits to buying a new car if you a college student. Many dealers offer special car loans for students, which can make it very affordable. In addition, a new car means that there is less likelihood of needing to pay for repairs with the car. If you are planning on keeping the car for several years, getting a new car might be the way to go. On the other hand, buying used means that you can often get a great deal, as the car has already taken its biggest depreciation hit. Financing for students is also available for used cars, through your local financial institution.
Do some research
Just as you would research a subject for a term paper, it's also important to research the car you will be buying. You should begin your search by deciding on the make and model. Reviews from websites such as Consumer Reports can help you determine which car will be right for you. You'll also want to consider the year the car was built, as sometimes the design of a car can vary greatly from year to year.
Get a checkup
Once you have determined the type of car you want and found a dealer or seller, you should take the car to a local mechanic so they can look it over and let you know about any possible problems. This step is necessary for used cars only. If the mechanic finds any issues, you should attempt to negotiate with the seller to either get them fixed or to adjust the price accordingly.
Because you'll be using your car every day for at least the next couple years, you should not take this purchase lightly. Do your homework and you'll be sure to get a great deal.
If you have reservations about shopping online for car loans, this article is for you. Here is a brief overview of what shopping online is like, and what you can expect.
Is shopping online safe?
Although internet scams abound, shopping online with a reputable company is completely safe. There are certain things you should look for when examining a company's website. First, look over the grammar and spelling on the site. No legitimate company will permit bad spelling or grammar on their site. If you see a homepage with numerous spelling errors or unnecessary capitalization, it should send up a red flag. Another thing to look for is whether the website displays the Better Business Bureau emblem. Companies that are accredited with the Better Business Bureau can generally be trusted. Finally, no legitimate loan company that is trying to earn your business will ask for money up front before they provide the service for you. In most cases, the company will be compensated by the lender that they match you up with, therefore you should not have to provide any money of your own.
Couldn't I just go to the bank myself and get a quote?
Yes you could. However, when you're shopping for a large purchase such as a car loan, it's smart to get multiple quotes from people, to make sure you are getting the best deal possible. A difference of a couple percentage points on your interest rate could mean a savings of several hundred dollars over the course of the loan. You could go from lender to lender to get numerous quotes, but shopping online provides a faster way to get a good deal. The online company will act as a liaison between you and the lender. They will match your application up to the best options possible, which means you spend much less time shopping for a great loan.
What if I have questions?
While the initial process is done online, in most cases a representative from the online company will get in touch with you by phone. They will hold your hand through the process and be there to answer any questions you have. In this way, the online loan process still has a human factor.
We would encourage you to include online loan sites such as Carloan.com in your car buying plans. You might be pleasantly surprise at how competitive your loan bid from an online company will be.
Lowering the interest rate on your car loan can save you several hundred to a few thousand dollars, so it definitely makes sense to do so if it is an option. If you are currently stuck with a car loan that has a high interest rate, here are some steps you can take to improve you situation and get a lower interest rate.
Look over your credit report.
Some people think that identity theft is what happens when someone takes your credit card and uses it illicitly. However, this type of theft is usually very easy to clean up, as the card company will usually reverse the charges for you, and it does not affect your credit score. But what if someone opens a line of credit (like a new card or a loan) without your knowledge? The only way to find out if this has happened is to review your credit report. The three big credit reporting companies, Experian, Equifax, and TransUnion, will permit you to download your credit report once a year for free. While it will not include your FICO score, you will be able to see your entire credit history. Read over the report carefully and make sure there is nothing on it that you don't recognize. You should usually review your report with at least two of the three bureaus, as items are not always reported to all three. If there is anything that you believe is in error, contact the credit reporting bureau to find out what can be done to remove it.
Pay your bills on time.
Your credit score is determined by a number of factors, but the biggest one is your history in how often your bills are paid on time. If you've missed a payment or two, this can have a significant impact on your credit score. Without a doubt one of the easiest ways to improve your credit score is to establish a history of on time payments to your creditors. This includes rent or mortgage, utilities, and outstanding credit cards. The longer you pay your bills on time, the more your score will improve.
Responsible borrowers have the power to improve their credit score significantly. This can mean that you'll be able to negotiate a lower interest rate on your car loan, which would give you more money to use elsewhere in your budget.
Many people have heard of "Subprime Lending" but not everyone understands what that means. If you're curious about the definition of "subprime" and whether you fall into this catagory, read on.
What does "Subprime" mean?
In order to understand the meaning of "subprime", we must also understand the meaning of "prime". Customers are considered "prime" if their credit score is above a certain number, usually 620. Prime borrowers have good credit, a job, and a stable living situation. If the credit score is too low, the buyer may be told that they are "subprime". This is another way of saying they have bad credit. Usually the credit score determines whether a buyer is prime or subprime, but other factors can affect this as well. It is estimated that almost half of all borrowers are subprime. While this is not a desirable situtation, it might be comforting to know that you are not alone.
Does being Subprime mean that I can't get a car loan?
Once a borrower understands the definition of subprime, the next question they might have is whether or not they can still obtain a loan for a major purchase, such as a car loan. The good news is, not only is it possible, but there actually companies that specialize in subprime car loans. The interest rate will likely be higher because of the additional risk associated with subprime buyers. However, if you make your payments on time over several months, you may be able to negotiate a lower interest rate in the future.
Will my credit status be Subprime forever?
The good news is, credit scores can definitely be improved over time. Whether you stay in subprime status is very much in your power. If you make on-time payments on your car loan and other outstanding debt, this will improve your credit score and eventually raise you to prime status.
There are many subprime lenders, but finding them can sometimes be difficult if you don't know where to look. Consider using the assistance of an online company such as Carloans.com, which already has established relationships with many subprime lenders. The online company can perform a search for you and match you up with the best situation possible, so that you don't pay more than you have to.