Category Archives: Auto Loans
How to qualify for a bad credit auto loan
Just because you happen to be in a situation where you are plagued by bad credit doesnt think for a second that you are going to be unable to get yourself a bad credit auto loan. Whether you have bad credit or no credit at all, there is a financial market out there that caters to individuals such as yourself that will be able to provide you with the solution to your problem.
There are a couple of different ways that you can go about getting yourself a bad credit auto loan but it all comes down to a few key insights into knowing exactly what your potential is going to be looking for. Some of the things that people overlook but matter quite a bit are their current income, what type of income they may have in the future as well as the overall picture of what their financial situation looks like. While it is certainly one of the most important factors, your credit score is absolutely not the end all be all factor when it comes to getting a good deal on a bad credit car loan.
The reality is that each different lender out there is taking a gamble on any potential car loan that they provide to a consumer. In their frame of mind it’s more along the lines of the higher the risk that they are taking, the more that they can profit off of it. Having bad credit naturally means that you are going to be considered a higher risk. By providing them additional profit or some sort of reduction to the risk that they are taking is going to give you exactly what you desire.
There are different things that you can do to take advantage of this such as offering to pay a higher interest rate over the duration of the loan for example. Having a decent income will go a long way in convincing a potential lender that you are a risk that is not only worth taking, but profitable at that. Almost any lender will jump at the opportunity at providing you with a bad credit auto loan as long as you are capable of paying the monthly payments on time each and every month.
So clearly, having a bad credit score is not going to mean you are not going to be able to get anywhere. As long as you are in a position to provide them with the profit that they desire, any potential bad credit car loan lender will be at your disposal. If you are capable of providing proof that you are in a position to pay your monthly payments on time each month, then your bad credit score will more than likely be ignored by them.
Another great way for you to get yourself a bad credit car loan without having to pay application and processing fees is by utilizing our website. We have compiled a great list of bad credit auto loan providers that have proven to be most helpful to many individuals throughout the years. Simply fill out the short form and you will be on your way to getting the car of your dreams.
What Is A Deed Of Trust?
If you live in Alaska, Arizona, California, Colorado, Georgia, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Texas, Virginia, or West Virginia you probably dont have a mortgage, even if the bank, your friends and common chatter call it one. Its more probable that you own your home through a Deed of Trust: something thats a lot like a mortgage but not exactly the same. For legal purposes, mortgages and Trust Deeds are two completely different instruments.
Dont assume that the laws around one apply to the other. Unfortunately, because theyre the most common way of transferring title in over a dozen states, some sloppy commentators confuse the issue by calling Deeds of Trust “mortgages” anyway. Before you do anything with your note, find out exactly what youve got. Dont trust phone conversations. Instead, take a look at your papers or better yet, get a lawyer to look at them.
Obviously, this article is not legal advice but we can give you some informal tips about the key features behind a Trust Deed. They are:
Title to a Trustee: The big, distinctive feature of a Deed of Trust is that its an agreement between three parties: a borrower, a lender and an impartial third party: the trustee. The propertys title goes to the trustee until its paid off, though the borrower can take possession of the property as soon as everybodys signed off on the agreement. Nevertheless, the fact that the trustee has legal title to the property is a significant factor that influences what happens in emergencies such as non-payment of the loan. Trust Deeds are commonly held by a title company.
Promissory Note: Trust Deeds use promissory notes to set down evidence of the debt. The note defines the debt and its conditions, (such as the amount, interest, etc.) so its absolutely necessary to make sure everythings accurate. The lender retains the note until the borrower pays the loan off, after which it is marked “paid in full” and transferred to the borrower.
Rapid Foreclosure: As we mentioned, the trustee has the propertys title, which means that it can initiate a foreclosure and sale itself. For various reasons, most trustees appoint another, separate trustee to handle this. In the event of a default in payment the trustee puts notice in public records for 90 days, initiates 21 days of newspaper advertising and then sells the property. The trustee doesnt even need to take anyone to court. This sale is final, but a borrower can prevent this by coming to some arrangement during the 90 day period of record.
If you think youve got a Trust Deed, take a close look at your papers. Deeds of Trust and promissory notes can both be sold for substantial payouts.