Differences Between Personal and Auto Loans

Car Loans 14 July 2014 | 0 Comments

Have planned to buy a brand new car? Or, have you decided to purchase a new set of expensive wheels? Or, did your personal loan application get rejected? As a loan advocate, I have come across many people, who are confused if they should pick an auto loan or personal loan. If you are bewildered with such questions, trust me, you are lucky! As you read on, you will get a quick insight into the differences between car and personal loans.

Selecting a Car, Applying for Loans!

Did you know that you can apply for an auto loan, even before selecting a car? Patrons with firm requirements can apply for auto loans, without a second thought. Thus, you should analyze your needs and shop around for auto loan lenders. However, remember to check if your requirements are within the lender’s criterion. For instance, certain lenders would have restrictions on the kind of vehicle and brand they mortgage for. Thus, it is wise to know more about the lender; before making a loan application.

A pinch of flexibility

On the contrary, personal loans can be treated as flexible options with many possibilities. You can use the mortgage to buy anything! If you wish to buy a car and another sizable product, you should opt for a personal loan.

Are you financially strong? Need for a Cosigner!

Personal loan or car loan, you should be aware of your credit score. Perform a credit check and verify if your financial status has to be improved. Sometimes, it is wise to find a cosigner. This is because lenders tend to search for customers with a sturdy financial background. If you have a rich cosigner, who agrees to act as your collateral, trust me, the loan application process would become easy.

Decide Between Fixed and Variable Interest! The wise pick!

Car loans and personal loans have different interest rates. In most cases, car loans can be acquired for fixed and variable interests. When compared against fixed interests, the latter will help you save more! However, the amount you pay will depend on the loan, your income, the premium and time!

Avoid Hidden Charges! Act Smart!

Before you decide to incur a loan, remember to verify if the loan application process has hidden charges. Private lenders tend to surprise borrowers with unforeseen or unstated fees. So, to be on the safer side, you must act smart and remain alert at all times!

Few unknown but essential facts about Car Loans!

Car Loans 13 July 2014 | 0 Comments

What would you call a company that offers different types of financial services and loans that can be used to buy luxurious cars, classic sedans, antique street rods and exquisite bikes? With the advent of virtual lenders, the process of acquiring car loans has become easy and effortless. As you browse through the internet, you will come across many loan companies that have special options for patrons with bad credit auto loans scores. Hence, you can get a classic and sensational car loan without any hassles or tussles.

When the lender Takes Control!

Before you read on, remember that every other loan company will not provide you with bad credit auto loans. Well reputed lenders and dealers tend to have customized restrictions and rules. Thus, the loan criteria will depend on the lender’s principles. In simpler words, your loan application will be approved if you suffice the lender’s basic requirements.

Three important Checks

When you are ought to purchase an auto loan, remember to focus on the following artifacts:
1) Be aware of your vehicle’s price. You should request for an amount that equates fairly with the vehicle’s net value.
2) A certain amount of credit should be borne by you! Hence, check if you can cope up with this out-of-pocket cost.
3) Verify if you can meet up with the lender’s Annual Percentage Rate. This is a very important point that portrays the interest you must pay every month.

The tricky challenges

A recent survey identified the challenges faced by many car loan borrowers. For instance, un-established credit scorers, patrons with poor incomes, self employed candidates and first time buyers will consider the entire process as a challenging one. If you fall within this list, trust me, you should be prepared for a loan application process that is filled with many twists.

How To Enjoy An Easy Loan Application Process?

Car Loans 2 July 2014 | 0 Comments

Cars play an integral role our day to day lives. . Most people consider cars as their second most important investment. Technically, cars can be treated as an effective mode of transportation and a symbol pride. Unfortunately, for many budget conscious buyers, cars have become distant dreams. If you have a bad credit score, the process of buying a fancy car would become tough. In such situations, the need for auto loans increases. Today, the market has many lenders, who specialize in offering Bad Credit Car Loans. These loans must be handled with lots of care and concern. Personally, I acquired a Bad Credit Car loan, few years back. In this article, I intend to talk about my loan application process.

The Real Questions

Before you apply for an auto loan, remember to calibrate your credit score. Identify your credit stature and check if your score is above the minimum threshold. Never approach a lender, before understanding your financial position. Be very honest with your credit score. Also, ask third party bureaus to draft a credit report. The report will give you a quick insight on how, when, why and where your cash flows.

Your First Loan

Secondly, be prepared to shop for many Bad Credit auto loans. When you search intensely, trust me, you will have the wit to bag a startling deal. Never begin with an attitude, where you would compromise on anything and everything. As a picky customer, I have always being careful with the loan’s terms and conditions. This is because random picks will cost you several thousand dollars. Meanwhile, don’t decide on the very first loan that gets offered. Instead, shop around as much as possible and compare at least 4 different loan plans!

The Local market!

Moving on, don’t consider your bad credit rating as a massive barrier. This is because the local market has many car dealers with special deals and offers for individuals with poor credit histories. These professionals have made life easy and uncomplicated for potential borrowers.

The Math!

If you are satisfied with a loan, remember to do the required math. Don’t rely on the lenders words. Hire a third party agent or download an online tool to calibrate the loan’s interests, premiums and down payments. At all times, try to showcase a pinch of extra care and concern.
A post-loan experience
Personally, I have followed the foremost strategies. Today, my credit score has improved by significant amounts.

Fight the Impossible – Acquire Car Loans With Bad Credit Scores!

Car Loans 1 July 2014 | 0 Comments

The act of getting car loans might seem close to “impossible”, if you are amongst the list of individuals with bad credit scores. When my credit rating was terribly low, my loan applications were rejected by many well reputed lenders. During those days, I was totally devastated and disappointed. This was when I saw an advertisement with the following words “Bad Credit Auto Loans”! I pondered and wondered over the ad for several minutes and called up the private organization. In few short days, the lenders approved my loan application and helped me fight against my bad credit ratings.

The right service providers

Traditionally, lenders tend to hunt for patrons with good credit scores. If an individual has very low FICO scores and credit ratings, he/she would be rejected by Local banks, financing companies like Ford Motor Credit and well reputed credit companies like USAA. Since, such organizations tend to ask for perfect credit reports, without any black marks. This is why you should search for special lenders with schemes for individuals with bad credits, marginal credit, zero credit, bankruptcy, repossession and foreclosures. The auto loans offered by such companies will be sold or transferred to a legit financing body, when you pay the monthly interests properly.

Five Basic Requirements

Though high credit ratings are regarded as an essential criterion; you can qualify for an auto loan if you suffice the following requirements:
1) You must have a valid driving license. The license has to approved and legally recognized by USA.
2) Officially, you must be a citizen of USA. Foreigners with permanent residency permits can apply for the loan. You should have a valid proof for your identity.
3) Your monthly income has to be at least USD 2000 every month.
4) You should have a valid proof of residence. Also, applicants must have an authentic phone number.
5) You must have crossed at least 18 years of age. Minors and students cannot apply for lucrative auto loans.

Think Twice and Act wisely before signing on those Dotted Lines!

If you don’t have time to shop for private lenders, you must search online. The virtual market has many lenders with simple procedures and lucrative deals. Place an application and acquire quotes from the lenders. Always try to compare and contrast as many quotes as possible, before signing on those dotted lines! After all, it is wise to think twice before making a move!