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New Car Loans With Bad Credit – What You Can Expect When Applying
If you have a credit score that is below 680 you will likely have a hard time getting a car loan from a traditional dealer such as your bank but this does not mean you cannot get financing. This article shares where to look for car financing and what to expect when your credit is poor.
Used or New Car Loans for Bad Credit
The economy is down and banks (and all types of traditional lenders) are not loaning as freely as they once where this means you must have a pretty good credit score in order to qualify for financing from you bank. This leaves you with two options, you can either go directly to a car dealership that advertises that they can get you financing or you can go online and find a company that caters to getting consumers car loans for bad credit.
If you go directly to a dealer down the street you want to keep in mind that they have a motive of making a profit. This can mean that they will work hard to get you a loan but it also means that they might play around with your interest rate to your disadvantage.
A little know secret used by car dealers is that it is legal for them to add on to the interest rate that they find for you. For instance, if they find you a lender willing to give you 9 percent interest they can legally tack on an additional 3 percent and pocket that money. Interest adds up fast and this can translate into $100 extra for you a month.
Your other option is to go online and get car financing. The advantage here is that they will compete for your business and this means you will be offered the lowest interest rate possible and often without a down payment requirement. Another advantage is you can apply without having to sit face to face with someone, which can be embarrassing if your credit is not clean.
Either way when your credit is poor you will end up paying a higher interest rate compared to those with good credit but shopping online will likely give you the best rate and you can always consider refinancing for a lower interest rate in a year.
Bringing One Hour Payday Loans Out Of The Dark Ages
The recent revolution in the availability of one hour payday loans simply reflects the current state of the world’s economy. More and more families are having to scramble to pay their bills and make ends meet. Forbid they should ever fall prey to some type of financial emergency such as a sick child or a thrown rod in the engine of the family car. One hour payday loans of the past were often shady, back alley operations that were barley recognized much less regulated. But those days are gone with the changing times and the realization that this once looked down upon operation, with a little retooling, could provide a safe, legal and easy means to help consumers out of a financial bind.. In the bad old days cash advance lenders would take advantage of customers who obviously were not going to have the means to pay them back. Then would continue to pile interest and fees on top of the unpaid balance to the point that payback was an impossibility.
Today one hour payday loans are easily accessible on the internet eliminating even the necessity to go down to the corner pawn shop to apply. Modern online forms are quick and painless. And because you apply from the privacy of your home, gone also is the embarrassment of having to reveal your financial status to a complete stranger face to face. Simply by proving that your are 18 years of age, have verifiable income from a job that you have held for at least 90 days and have some type of active bank account that has direct deposit set up you are well on your way to becoming approved. There is no need for a credit check or any type of inquiry into your credit history and no collateral is required. The reason for this is that the lender will extend you a short term one hour payday loan solely on the promise of a post dated check that you provide online. Once approved, the funds are wire transferred to your bank account where once received they are ready for your immediate withdrawal.
Of course securing a one hour payday loan is not free. In fact the interest rate can be quite high, anywhere from 15% – 30%. Which means for every $100 you borrow on a 25% loan you will be paying back $125. Because these loans are so short term, 30 days tops and more likely a two week repay time frame, the lender must make his money quickly. But the fast turnaround time and high volume of business the lender experiences makes it well worth his while. Many one hour payday loan sites have cropped up in recent years to capitalize on the growing financial instability of our modern society. The vast majority of these operations are legitimate and above board. One hour payday loans have become a way for consumers to quickly and easily secure funds for any emergency situation and these loans are for just that quick cash for emergency situations. These are not loans to vacation on or do your Christmas shopping with. They are to help you, as they have helped millions of people just like you and I, to overcome the occasional financial obstacle that gets tossed our way.