Tag Archives: bad credit
Apply Online For A Guaranteed Bad Credit Auto Loan Today
You can easily secure a guaranteed bad credit auto loan by just logging online and applying for an online auto loan. Your credit rating might make you wonder if it is possible for you to buy the kind of wheels that you desire. If you credit report is not so good, do not lose hope as all is not lost. There are many online firms offering competitive rates and terms for people who have a tarnished credit profile and aim to set it right, just like you.
Preparing To Apply For A Car Loan
The first thing that you need to consider will be your credit score. If you have planned in advance to purchase a car you might take some steps to improve your score as best as you can. This will help you secure the guaranteed bad credit auto loan at better rates and terms.
Get an updated copy of your credit report and verify the details. If the report is as it should be and is error free, you may fax it along with your loan application to get quotes from as many lenders as you can. If your score is really bad you may have to pay very high interest rates and make do with shorter repayment periods.
Choose The Right Loan
Do not rush to the first lender who offers you guaranteed bad credit auto loan but compare several lenders, get details such as what charges are applicable and the kind of interest rates that are applicable. A simple interest rate loan is recommended as it is much easier to repay. Check if there are any hidden clauses and if there are pre-payment penalties.
Consider your options and check if you can negotiate a better rate with the lender. Carefully analyze if your budget permits you to buy a used car or a new car. A new car may be priced higher but will be in top condition giving you the ease of no repairs. A used car may be relatively less expensive but may become a white elephant if the car is really old. Since you are offered guaranteed bad credit auto loan you may well select a new car rather than settle for a used car.
The online application form takes but a few minutes of your time as you need to submit only basic information such as social security number, name, age, address, telephone number, and details about your employment. The application is processed fast and you will get the quote within a few hours. You need not visit various lenders or face any one while securing a car loan with poor credit profile. Since you are looking up lenders online you can also use the online auto loan calculators available to help you determine the loan amount and EMI that you are comfortable with.
You can apply for the loan 24 x 7 and obtain hassle free loans quickly. If there is a co-applicant who has a better credit rating you will secure guaranteed bad credit auto loan at much lower interest rates than otherwise.
Installment Loans Bad Credit: Urgently Required by the Borrowers in Great Financial Crisis
Some of the borrowers are really unfortunate as they fail to pay back the loan in time. Record of their credit is stained because of defaults, arrears, less payment, late payment, CCJs, IVAs, bankruptcy etc and they own less than 600 hundred score according to FICO. It is possible that they have reached to such a stage unwillingly and because of compulsion. It is a fact that they are not preferred by the lending agencies who want such assurance that the money they will advance as loans will definitely return in time and with interests. But the finance market is not totally indifferent to such borrowers with bad credit history and they can try for installment loans bad credit.
Installment loans bad credit may be available if the borrower owns his own house or any such property which may be mortgaged as collateral. Such loans are given in the secured form. The borrower can mortgage his house, car, land or any such thing and pledge them as collateral. The lenders are happy then as they can sell the property and get their money back in case the borrower fails to repay the money in stipulated time. In this case good amount of money may be available as loan and the interest may be charged at lower rate. Moreover, the period of repayment is considerably longer for installment loans bad credit.
One may get this loan in unsecured form also. In this case the borrowers are not asked to provide any kind of property to be pledged as collateral. But the disadvantages are the following:
The borrowers will get fewer amounts of loans.
The tenure for repayment is much shorter.
The rate of interest is obviously much higher than what it is in the secured form.
Still the borrowers should know that the finance market is highly competitive and that the borrowers should search the web sites providing substantial data on the terms and conditions about installment loans bad credit. There are chances to discover certain lending agencies who may give loans at favorable terms. Once the application is submitted online and the same is approved by the prospective lending agency, the borrowers will get the money in his bank account within twenty four hours.
The money thus received may be used for consolidation of multiple loans and this is probably the best use from the borrowersÂ’ point of view. This may also be used for education of his/her children and even for clearing any emergency hospital bill.