Tag Archives: financing
No Credit Car Loans – Even With No Credit History, You Can Still Get Approved
Even it you have no credit history, you can still get approved for a car loan. With a car loan, you can purchase your vehicle and build your credit history. Online car loan lenders make shopping easy, and you can find low rates compared to traditional banks.
Get Started
Before you launch into car loan shopping, take a look at your credit history. Even if you have never opened a credit card account, you still have a credit history. Regular bill payments count as well as a checking account. Hint open a checking account if you havent already.
Plan On A Down Payment
With no credit, you get treated much like you have bad credit with financing companies. To offset the risk of your loan, plan on putting down a large down payment. You may get away with a down payment as little as 5%, but 20% will ensure lower rates.
Research Companies
Online car loan lenders offer several different types of financing. Request quotes from both traditional lenders and subprime lenders. Subprime lenders provide financing to people with adverse credit. Usually their rates are only slightly higher than a traditional lender with few fees.
Evaluate Rates And Terms
To find the best financing for your automobile, evaluate rates and loan terms by your financial goals. While low rates will save you money, you will often have a higher monthly payment. Decide how much you can afford monthly and look for a package that offers the best price within those figures.
Get Pre-approved
When you have settled on a lender, go ahead and get pre-approved. By filling out the paperwork online you will save yourself time and money through reduced fees. Once approved, you can then go car shopping like a cash buyer. You have the option to buy through a car dealership or through a private individual.
Think Refinance
Even car loans can be refinanced today. If you find yourself with a less than ideal loan rate, you can plan on refinancing your loan within a couple of years. Take the remaining time to build up your credit history by making regular car payments. With your approved car loan, you will also be able to qualify for credit cards to help build your credit score.
To view our list of recommended auto finance companies online, please visit this page:
Up To $250,000 Financing, Start Ups and Marginal Credit Welcome
If you are looking to start up and/or expand a business, finding capital is always one of the most difficult adventures the entrepreneur will encounter. Two key components to the financing side is the credit qualifications and the amount of money required either to start up and/or expand the operations.
One of the solutions, that I can offer to you in a leveraged world is the concept of leasing. Leasing is an unique opportunity for the individual and/or business to utilize very little front money and acquire financing up to $250,000, application only. An application only means there are no financial statements, income tax returns, personal financial statements and bank statements required. The collateral of the acquisition and your good credit is the key to this approval, no additional collateral is required.
In this equation, you must asking yourself what good credit is, a personal credit score of 680, 700 and maybe 725 or higher. In this imperfect world where the economy is somewhat unstable, this opens up a unique opportunity for dealer financing with small and large U.S lenders. One particular program offers the start up and seasoned business an unique opportunity where the minimal personal credit must be 575 or higher. Wow, are you kidding and no bankruptcies discharged within five years. With an unstable economy and a shrinking labor pool, this offers an unique opportunity for the start up business and the seasoned one as well.
You probably asking what the catch to this is? Really none except this is a dealer financed inventory and you must select the items out of the lender’s inventory. This inventory includes approximately 300 work trucks, trailers, and construction equipment. These items range from basically new to ten years old and all items are reconditioned prior to being re-leased. The front money on these deals, at this time of year, range from 3-5% of the acquisition cost and financing up to 60 months. Wow! All of the dealer financed inventory has residual buyout clauses at the end of their leases from ten to twenty percent, Therefore you can take title to the acquisition. If you don’t have the funds available at the end of the lease, the lender permits you to continue making payments on the residual until it is paid off, so either way you will take title to the item financed.
Examples of what is in the dealer financed inventory: dump trucks, over the road trucks, day cabs, garbage trucks, landscape and grapple trucks, flatbed trailers, dry van and reefer trailers, backhoes, excavators, dozers, forklifts etc…
One of the additional features of this dealer/finance program is that shipping to your location is an additional option for you. The location of the dealership is in the Midwest. The decision that you have is whether you want to fly out and inspect the acquisition and drive it home. The other option is that the dealer can have it shipped to where you live. This additional charge can be financed, however requires some additional front money, the decision is yours whatever is best for you.
In conclusion, whether you are a start up business or a seasoned one, there are many leasing programs available. You should be careful and understand the details behind the lease and the lender requirements. Many banks and lenders also offer repos and off lease commercial vehicles and heavy equipment for lease with advantageous terms. Check it out and find yourself a deal.
Copyright (c) 2008 JM Luna