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Car loan bad credit: how to get a good deal

Posted on Apr 25, 2012 by Thalia Green
Apr 25

Many assume that it is impossible to identify car loans for people with bad credit. However, times have changed with more online lenders providing auto loans for bad credit. Why most people are not able to identify bad credit card loans is because they do not know where to look. Below is vital information that can assist you know where to identify bad credit auto loans.

 

Where not to look:

Many people are not able to identify bad credit auto loans simply because of using wrong search strategies. Many people start the process by going through their phone book and calling few firms. This strategy is not effective because a large percentage of lenders are not available in the local phone books but rather can easily be found online. Traditional lenders are very rigid and may not even want to consider issuing loans to people who have poor credit history due to the high risk factor.

 

Also these kinds of lenders are usually very expensive when it comes to interest loan rates. Even after getting a quotation, it is usually still exorbitant and unaffordable to many individuals. Further to this, the quotation is usually saddled with complex terms and conditions.

 

People also tend to approach dealerships directly in a bid to secure a car loan. It is fruitless to approach a dealer if you have poor credit scores. This is because they simply do not consider giving a loan to anyone with bad credit.

 

Where to look for Car Loans :
 
Those with bad credit should concentrate their efforts in dealing with lenders who issue such loans. There are online lenders that specialize on issuing bad credit car loans. The beauty about using online lenders is that they are flexible, provide attractive discounts and take time to make sure that the applicants get the best manageable loan deals possible.

 

With this information in mind, simply use the search engine and begin the process of looking for bad credit car loans

Subprime Car Loans - Two Warnings to Know Before Applying For Them

Posted on Dec 07, 2011 by Thalia Green
Dec 07

When standard auto loans are denied, subprime car loans are sought instead. Subprime creditors lend their money to those without at least a "Fair" rating for a credit score. It may seem like a generous second chance, but often this second chance comes at a steep price. Here are two reasons why someone with a bad or poor FICO score may want to reconsider getting a subprime car loan.

 

Massive Interest Rates

Every time a subprime lender allows subprime car loans, they take a risk of the borrower defaulting on the loan. To make up for this risk, the lender spikes the loan's interest rates. It will be quite a frustrating experience paying for deliberately elevated interest rates, especially after knowing what the normal interest rate should be. A person with a bad credit history probably won't have a choice in this matter; it's either take the subprime car loan or go without a vehicle.

 

A Lurking Repo Man

Vehicle repossession is another risk in accepting subprime car loans. Subprime lenders won't hesitate to get the vehicle pulled from the owner's possession. Just one late payment could mean the difference between driving and using public transportation. Some subprime car loan lenders have gotten especially furtive about how they go about repossessing vehicles. For example, they may provide a free GPS device in the purchased car. This implanted device can and will be used to hunt down the vehicle for a speedy repossession.

 

In October 16th, 2011, this practice got out of hand and ended with a Jacksonville car dealer facing a lawsuit by Florida's attorney general. Having a car repossessed will leave a long-lasting smear on a person's credit rating. Additionally, the harsh interest rates may make a loan seeker think twice about subprime car loans. Even with these potential problems, however, both borrower and lender know that having to deal with subprime car loans is still better than walking. If you're thinking of getting a subprime car loan, please proceed with caution.

 

Link: http://www.sunshineslate.com/2011/10/16/jacksonville-auto-dealer-sued-by-attorney-general-for-fraud-deception/

Best Car Loans for Bad Credit

Posted on Aug 29, 2011 by Thalia Green
Aug 29

Bad Credit Car LoansThere are several financing companies that will help you get a car, even if you have bad credit. By taking advantage of getting a bad credit car loan and making payments on time, it can help you rebulid your credit and provide you the freedom that comes with car ownership. Here's a few of the best car loan options for bad credit.

 

CarLoan.com

CarLoan.com is operated by the Interactive Financial Marketing Group, LLC located in Richmond, Va., which has been around since 1989 and accredited by the Better Business Bureau (BBB) since 2003 and currently holds an A+ rating.

Applying online at CarLoan.com takes about a minute, and most approvals happen within 48 hours. Basic requirements are: you must be 18 years old or older, have a monthly income of $1,600 or more, and have a steady job and place of residence.

 

FundingWay.com

FundingWay.com is run by Auto Credit Express, which achieved BBB accredidation in 2004 and holds an A+ rating. They will base their loan decision not merely on your credit score, but will take a broader look at your situation.

Basic financial requirements include: $1,500 gross montly income for credit scores less than 625, all bankruptcies should be discharged, must be older than 18 yers and a U.S. resident, and you must purchase an automobile from one of their car-dealer partners.

 

Auto Loan Solutions

Auto Loan Solutions also holds a A+ rating with the BBB. They are partnered with a wide selection of automobile dealers across the United States, and have a simple secure online application that is processed immediately.

Gross income requirements at Auto Loan Solutions are a bit higher than the other options, at $2,500 per month; but they can offer stability and a second chance that many with bad credit need.

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