Tag Archives: nice

Getting A Home Loan – How To Find The Best

When you have a credit score ranging from 720-750 chances are you will get a nice interest rate an affordable loan overall. If you have a down payment and a nice credit history, then you will definitely get the best loan possible!

For the rest of us, we will have to spend a little time working on our credit. These days a lender has to do a lot of investigating to see if you are a credible applicant to give a loan to. Lenders will probe your credit report for late payments, missed payments and judge you based on your debt to income ratio.

You could be approved for a loan with scores ranging from 620-650 but it will not look nice on paper. You will be at the banks mercy to pay large amounts in closing costs, extremely high interest rates and usually other fees as well.

Do not worry; there are easy things you can do to quickly put you in a better loan obtaining position. First you need to get a copy of your credit report. Check for any mistakes or old information to be deleted.

Then you need to know your debt to income ration since this is vital information lenders look at. To make it better, start paying off balances or earn more income. If you can increase your pay and post it towards your balances you will be in the perfect position even quicker.

Why is there such a dramatic change with in the last few years in the housing industry you ask? It is simple to understand what went wrong and who is truly at fault for such a struggling economy.

The government gave too much control and confidence to the banks for their lending objectives. Bankers were so greedy to make money that they gave huge loans to irresponsible and unqualified applicants.

It was simply way too easy to get quickly approved for a home loan back then. As long as you could provide a viable credit score lenders would make you an offer. All you had to do after that was decide how to decorate.

Today a lot of those people are struggling to repay their home loans. This in turn has created a huge fall in our economy. People are skipping payments and are finding themselves in a foreclosure situation.

It crucial to be aware of your credit situation before you apply for a home loan, especially in today’s economic crisis. Do not settle for any a loan approval.

Take the time to boost your credit score so you qualify for the best loan possible! Do your homework and you will be excited with the money you will save.

How To Get A Bad Credit Car Loan

So you want to buy a new car, but your financial situation is not so great, and you my even have a bad credit history. Basically you would need to apply for a bad credit car loan. We will get to this in a moment.

The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of “coming of age” for most teenagers. Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb. But nice new or late model cars are obviously a lot more expensive than old cars, and that means that most of us will require some sort of finance. The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you. Unfortunately banks and most financial or lending businesses do not look favorably on people with no or bad credit history’s.

But before you decide to give up, bad credit finance is available, be it a bad credit personal loan, or in the case of buying a car, a bad credit auto loan.

The first choice is always to contact the bank you normally do business with, and always take a bit of time to prepare your case in writing before contacting your bank for an appointment. Make sure you have all the facts about the vehicle you would like to purchase, such as price , model, year , mileage etc. Also do a bit of research on repayment schedules, so that you have some idea of what the down payment and repayments are going to be, and how you intend to meet those repayments. On the subject of approaching your bank, it is a good idea to look respectable, wear some nice clothes and do your hair and in the case of men have a shave before going. Remember the old saying about “first impressions”. Another point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.

If your bank turns you down, it is not the end of the line.

There are lenders out there who specialize in bad credit finance, and who will be able to furnish you with a bad credit car loan. The fact is , some of the bigger motor car dealers would be willing to give you a bad credit auto loan. When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders. A good starting point for researching the various bad credit financing institutions is of course the internet. By using the search engines like Google, Yahoo etc, you will find many lending businesses where you can submit a loan application. From there it is a fairly simple matter of filling out and submitting an application form.

Things to keep in mind when buying a car include. If you are planning to buy a used car, get a friendly mechanic to give it a once over. Keep in mind additional costs such as insurance, registration etc. And most importantly, to enjoy the pride and freedom that owning your own car creates.