Tag Archives: sure
Applying for a Secured Loan 101
If youve made the decision to apply for a secured loan, youre likely to have done a bit of homework in regards of current interest rates, traditional fees for preparing the necessary documents, and of course, the fee your lender will charge you for your secured loan. If you have yet to accomplish the above tasks, you should at least begin the process before you begin to contact potential secured lenders. So heres a bit of basic info for you (and if youre already familiar with it, lets just consider it a refresher course, shall we?).
The most common type of secured loan is a mortgage; one of the largest bills that you will ever have in your life. There are a wide variety of fees in all shapes, sizes and colors for you to decipher through, so be sure to pack your x-ray goggles!
First things first, we have the APR its the amount that you will be paying each year for your loan. Also known as the Annual Percentage Rate, it will include the interest rate, fees, and certain other charges calculated on a yearly basis to come up with one complete percentage. Its usually a bit higher than the interest rate that youre quoted, as it includes the other fees.
Be sure that you know the terms for fees as many of them can be hidden or covered up as something else. Points are one of the more popular fees, and can range in purpose to get you a lower interest rate to an honest loan officer telling you thats how hell fill his paypacket. When in doubt, ask questions! If youre not happy with the answers you received, ask someone else. Ask all the way up to the president of the company, as this is your money were talking about here. And dont sign anything that youre not 100% sure about.
And last but not least, be sure to shop around- dont put all of your eggs into one proverbial basket, so to speak. There are, unfortunately quite a few bad loan originators (often referred to in the industry as predators) in the secured loan industry that are completing the old Bait and Switch routine on you- promising the moon and stars to you, their special client, but all the while they have no such program waiting for you (and you are now in a difficult position: either choose the horrid loan program that you got switched into, or no loan at all). By shopping around, and informing the competing lenders that they are not alone, you are setting yourself up for an ideal, winning secured loan situation.
When the application process commences, its very important to remember that you can change your mind at any time without penalty or fine. Sometimes our gut instinct tells us something that we just cant avoid, and its often best to listen to our gut
The Top Places to Find Auto Loans for People with Bad Credit
There are many auto loans for people with bad credit and you just have to know where to look for these loans. Finding the auto financing that you need is not always that easy, however, if you know where to look it can make it much easier for you. You are going to have to be able to back up what you put on your application a bit and this will help you to know what you need to prove.
When you put down a certain amount of income on an application for auto loans for people with bad credit you are going to have to prove it. This means that you have to either use bank statements, tax forms, or paycheck stubs. This means that you have to make sure you can prove the income you really make.
Another thing you have to prove is where you live. This is very typical when you are after auto loans for people with bad credit because they are going to want to know that you are living where you say you are living. You need to make sure you can provide a bill or a piece of mail that will allow you to prove your address.
The 3 Top Places to Get Auto Loans for People with Bad Credit
1. Online
There are many online lenders that you can use like My Auto Loans. These places will either lend you money because you are approved or they will help you find an auto loan that will give you what you need to get the vehicle you want. They will forward your information to the lenders they think will work best with you and they will help you get the money you need to get the vehicle you are after.
2. Your Bank
Sometimes your bank, especially if it is a credit union, will give out auto loans for people with bad credit to those that need them and have a good reputation with the bank. You do not need to let poor credit slow you down and if you have a decent amount of money to put down, then you can certainly get the auto financing you are after.
3. Buy Here Pay Here Dealers
If all else fails the fall back is the buy here pay here dealers. Make sure you find one that is not going to give you a huge payment and also make sure you get a buy here pay here dealer that has some type of warranty for you. It is necessary to find the right vehicle for you and sometimes when your credit is not all that good you have to use one of these types of dealers.
What to Expect from Auto Loans for People with Bad Credit
When you get a car loan and you have horrible credit or just less than perfect credit you have to expect to put a decent amount of money down. You have to make sure you have at least a thousand dollars to get a good car loan and this is considering you get a loan for around $10,000. If you get a larger loan you will need to put more down.
You should expect the interest rate and the term to be larger and longer than most auto financing is. You cannot expect to get the best deal from a dealer because you do have poor credit. It is not always that easy to get a low rate with not so good credit, but you can still get one of the auto loans for people with bad credit.