Cars and Bad Credit
November 23rd, 2009 at 03:42pm
Under Cars and Bad Credit
Question:
Do you know what maximum fee a bank can charge on a bad credit car loan?
My friend just bought a 2002 cavalier. His credit is poor after his divorce a few years ago. We just discovered that the bank charged us $4700 extra on a 12,000 loan (we put $2500 down) for his poor credit. We weren’t informed of this by the dealership when we purchased the car. Have you heard of a bank charging an ridiculous fee like that and are they even permitted to do so?
Answers:
Yes, it’s becoming more typical. It’s known as predatory lending and states are just now beginning to investigate it in bad credit car loans and and pass laws. My prediction is for the time being, they can charge however much you’re willing to pay. Contact your state’s attorney general’s office for more information on what lending institutions can and can’t do.
Banks are regulated by the state government or federal government, and when they attach a charge, you can bet that ninety-nine percent of the times it is in their legal rights to do so.
If a person has bad credit, the advantage is with the people lending the money. They have control on the borrower. If you agree to a contract, you are at fault. You should get your credit renewed and get an ordinary loan, clear the debt, set down a spending style and budget you can live on and not waste money. Ride the bus during the meantime, carpool etc. Eliminate unnecessary expenses. A vehicle is a luxury not a need. Only purchase absolute neccessities while you’re paying off the debt. Then begin to establish on a balanced budget and savings plan.
By admin
November 23rd, 2009 at 03:42pm
Under Cars and Bad Credit
Question:
Can somebody get bad credit car financing at 0% if they have poor credit but put down a large down payment?
I wish to pay cash for a used vehicle (15 thousand). I have the cash, but I want to establish more credit, and would like a car loan so I can pay for it in just a few payments.
Answers:
That is a complex question. You could, on paper, show 0% interest, when you are just paying off the interest out of the entire profit from the vehicle. Each major finance company I’m aware of offering 0% requires that the buyer qualify for a certain tier level to get such a rate, and with bad credit, you probably will not qualify. So the general answer is this: a snake can show you 0% and you’d never realize you just paid the twenty percent rate out of your large down payment.
Furthermore, paying it off in less than one single year really won’t help your credit score very much. On the other hand, a cd for part of that $15 thousand may earn you enough to offset a portion of your higher interest rate.
Yes you could obtain a 0% rate. Your credit rating is only one of the factors in the formula. Duration of employment, income, duration of time at residence, and sum of down payment are the other big factors. Many manufacturers are offering 0% on left over ‘08 model new vehicles now. If you currently have up to $15 thousand to put down I am certain you could qualify.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit+ Uncategorized
auto loans for bad credit
tion:
Information on auto loans for bad credit?
My credit score is approximately between 490 and 560, and I have an auto loan through Drivetime that I wish to withdraw from. I require a new car as the family is growing, so I need a bigger car, but I still owe eleven thousand on my old car. That’s after a year and a half of submitting regular payments. I did not know what I was doing when I bought this car, now it feels like I’m stuck with it until I pay off the deb.t My payments are $450 per month, and I am able to pay that just fine, perhaps even more, but I can’t find a car dealership that will not reject me without making a $3000 down payment or more.
Answers:
There are auto loans for bad credit online for people with a poor credit history and poor credit scores who require transportation, and need a new start in rebuilding their credit. Even though it may seem hopeless if you have dents on your credit there is an answer. First you will neet to get rate quotes from multiple places. This is very vital, you should look around to get the best deal. On the other hand, remember that there are different factors to consider with each lender, as to whether or not you will receive a loan and if you do, at what interest rate. You can get approved for auto loans for bad credit.
http://badcreditloans.awardspace.com/How_To_Take_Out_A_Bad_Credit_Auto_Loan.html
However, you should understand, obviously you are not going to get the ideal interest rate on an auto loan that a person with perfect credit will receive. But with a little research, especially on the internet, you can find the ideal auto rate quote that meets your scenario. Most borrowers just dive head first into the auto financing process when purchasing a vehicle, giving no consideration to how the auto loan interest rate changes the overall cost of the vehicle or payment every month. With no plan of action or other financing source, this results in them getting high interest rates and high processing costs which result in huge monthly payments.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto loans for people with bad credit
Question:
Are there banks that offer auto loans for people with bad credit and aren’t connected to auto dealers?
I have poor credit but no major problems like bankruptcy, child support or anything similar to that. I make good money and I am trying to rebuild credit. I understand there are banks out there connected to dealerships that would finance me but I want to buy from a private owner and go right through an independent bank. I would like to put down about fifty percent cash. I need help.
Answers:
You might want to search the internet for banks in your local area that might issue auto loans for people with bad credit. You might want to call to ask that bank. Tell them your situation about your credit. At times, if you explain your situation ahead of time and your credit report reveals that you have been very active in taking care of finances, they may offer you finance, even more likely with a down payment. You just need to find the vehicle you like. Right now the economy is poor, and many banks are issuing out auto loans for people with bad credit. It is all depending on your debt, credit score, and your income. However, locating the right business is the main thing. As such, you might even think about getting a private loan to finance the other fifty percent. ( Capital One or Wells Fargo, etc.) Or the other alternative is to buy a decent used vehicle! There are many out there 2000 and over with prices around six thousand plus. It would depends on the shape and miles!
. Remember to get a internal report on the vehicle to check if it is not a lemon, how many people had the car or been in any incidents. There are many cars out there, so you just have to search. With determination, hard work and research you can locate the right one! It just takes time and patience! Read in the Newspaper for private owners, e-bay or even look at local bank for vehicles they are selling.
Hope this assists you.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto loans with bad credit
Question:
How to refinance on auto loans with bad credit?
I currently have poor credit and I tried finding co-signers but everyone has poor credit, so they say. I can’t do anything due to my bad credit. My score is 548. No person will help me. This is making me go crazy. I am lost and am not sure what to do. Where can someone refinance auto loans with bad credit?
Answers:
It is too bad when you have to suffer the results of bad decisions, isn’t it? I am not sure what you did to get such a bad score, but not having the ability to refinance your car is just one of the bad results. No bank or financial institution will trust a person whose credit report clearly shows they are untrustworthy. Even the individuals you have requested to co-sign know better than to entrust you with their money and their credit ratings. I believe it’s either time for you to get an additional job, or time to let your auto go back to the bank.
You will not be able to refinance with a score that low and no co-signer. If a company says they’ll provide you with a loan, and requests an application fee, stay away from them, they’re just trying to rip you off.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto bad credit
Question:
How would the auto bad credit or no credit sales operate?
I wish to get a car but have poor credit, how do these auto sales work where they say bad credit or no credit?
Answers:
They issue their services to high credit risks by increasing the selling price and interest rates on their loans .
For instance, they can sell a $5,000 car for ten thousand and require a $4,000 down payment and an interest rate of twenty percent. In this situation, they only need to collect payments of a thousand dollars to break even on this deal.
If you do not make the payments they can take away your car and you would lose your down payment. If you follow through on the payments, they maximize their own profits .
It basically means they are willing to deal with individuals with auto bad credit scores. It also means that you’ll have to give them a premium, which is basically a higher interest rate.
it means they will likely issue you a loan, but they will ask for large down payments or charge you with a really high interest rate.
The answers given by others are correct on how the auto bad credit sales work, but I simply wanted to add that your best situation would be to get your credit repaired. I used to have poor credit, too. I worked with a bad credit repair company and were able to get it cleaned up. The process takes a couple of months, but the result is incredible. Check out the internet website of Unified Credit Services, as they are the company that I worked with and suggest you go with.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto bad credit loan
Question:
How does a auto bad credit loan really work?
My credit score is most likely zero, which I know is not possible, but it’s pretty bad. Say for example I want a five to six thousand dollar car, how much would I have to put for a down payment and how much would the interest generally be for an auto bad credit loan?
Answers:
You have a choice between an unsecured car loan, secured car loan, personal car loan, or adverse credit car loan. You can try to get the car loan based on your choice. An unsecured car loan could be obtained without putting down any collateral. However, secured car loan needs collateral.
The advantage that you would get is that longer repayment period will be there in a secured car loan. The repayment terms are shorter with an unsecured car loan. Since the risk is greater to the lenders in the case of an unsecured auto bad credit loan, the repayment terms will be shorter.
To apply for a car loan, go to http://loan-4u.freehostia.com
In this scenario it would be based on the car dealer and then the bank issuing the loan. In the scenario which you describe it would vary but my prediction is it would be small in some cases as to what the down payment could since they dont expect very much with you having a bad credit score. The trouble would hit you however as to what interest rate you would get. That will be the larger problem as this will drive your overall investment in this vehicle upward. You may want to try your current bank if you have a decent standing with them. They might be able to assist you more knowing you as a account holder and being able to analyze history of your accounts. They may also be a decent location to provide you with advice. The bank that you consult might ask that you issue a down payment, however in this situation depending how your vehicle comes out in the deal if it is worth a large percentage less than what you are paying. In that case you will have to pay the difference. T!
his is all based on your bank. Best of luck and have fun on the car hunt.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto loan for bad credit
Question:
Where to get a good online auto loan for bad credit?
I have no money to put down, poor credit, no co-signer and applied at several banks and got turned down, so now I have no choice but to go to an online auto loan for bad credit. I did not want to go down this road before because I did not know if I could trust internet loans. I have read about recommendations like lendingtree.com and eloans.com. However, I want to apply somewhere that can assist me and not ruin my credit score even more.
Answers:
Let me see if I get your situation: you are broke, you’re wishing to buy something you can’t even afford to put a cent of down payment on, and your primary concern is your credit score.
Okay, let me enlighten you, seeing as you are soliciting recommendations and opinions. You have to save up your money and pay for your car in cash. I came across a nice Lincoln on the internet for 1800 just yesterday.
I acquire loans from my bank to purchase cars. Dealerships do not really care how you get the money, just so long as you obtain it for them. Furthermore, the car dealerships do not issue the loans. It is a bank which they will cooperate with. Based on how bad your credit history is you may be able to get an auto loan for bad credit, but with a very high APR, if you are able to get a person to co-sign with you. If so, you can possibly get a smaller APR. But that person would have to have decent credit.
Hello, I also would like to get car financed, but for a used car instead of a new car, since it is affordable with our situation. I have also taken out an auto loan for bad credit for used cars. You would not believe I am paying a lower rate of interest compared to others. You just have to do some research on the internet to get best auto loan for bad credit for you and your pocket.
I am providing you with one reference. I suggest you try it. You will get your wanted vehicle loan from there. You just have to send in one simple internet application form.
By admin
November 20th, 2009 at 04:55pm
Under Cars and Bad Credit
auto loan with bad credit
Question:
Auto Loan with bad credit?
As soon as the 2010 tax season comes around, I want to purchase a used car. However, my credit is somewhat poor. Not terrible, but not great either. I am paying higher than my monthly due on my credit card account every month, and I haven’t missed a single payment in over a year.
I asked a few friends about Auto Loans with bad credit, and they said I most likely will not be approved for a loan without a co-signer. The trouble is my Dad never built any credit. He grew up a poor guy, and he still is, so he hass never gotten a credit card before or bought a home or a new car. So he could not co-sign my for auto loan.
So how can I purchase a used car from a dealership or a private seller, with no auto loan?
Answers:
Try to get an online car loan quote. http://www.americaschoicetoday.com/Auto-Loans.html The computerized form will let you know if you are able to be approved. It’s no charge and you can get an answer within minutes.
My credit wasn’t so good when I applied for my first auto loan with bad credit. I also had a bankruptcy on my record and I was still able to purchase a brand new vehicle. I would suggest visiting a large dealership since they are more likely to work with you, they can be far more easygoing and give you many more options. Smaller dealers, or private dealers are not quite as willing to discuss it usually. It’s completely possible for you to obtain an auto loan with bad credit on your own, but be prepared for a very high interest rate and have a decent down payment ready.
I was in the same situation as you not too far back and I found that online companies were much more helpful. Yes, the rates were higher, but I don’t really have a lot of choices with poor credit. I went with this company: http://tinyurl.com/quickerautoloan
Hope it helps,
Scott
By admin
November 8th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Where to get bad credit motorcycle loans?
Where can someone find lenders that will issue bad credit motorcycle loans?
My credit score is approximately 560.
Thank you.
Answers:
Getting bad credit motorcycle loans with bad credit, no credit or post bankruptcy can be a hard thing to achieve, but still possible. Unlike a car loan, there are a lot less lenders out there that are willing to finance bad credit motorcycle loans to someone with a bad credit rating.
Luckily, in today’s age of sub-prime lenders, there will always be a lender out there who is willing to take that chance. Below are some lenders who will finance bad credit motorcycle loans to people with bad credit.
American General Financial Services: loansfast.com
E-Loan: eloan.com
PSTV: powersportstv.com
Many dealers run Special Finance departments, if you are cooperating with a dealer, get them to secure the financing for you.
If you happen to be dealing with an individual, your best bet will be to consult your regional bank or credit union.
You can try to go with the dealership. Many specialize in bad or less than great credit. I feel your pain, my score is between 580 and 620. You will likely find a lender, but will probably pay high interest..If you are in good standing with your financial institution, try them before all else.
With some credit fixing knowledge, you don’t need to look for poor credit loans.
Rebuild your credit without paying the tax that so many other people are so willing to pay.
By admin
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