By: Gavriel J Shaw
For people that have perfect credit history, getting a personal loan might be fantastically easy. But you probably wouldn't be reading this if that was true for you. So with poor credit ratings, what options are on the cards for you securing a good deal on a personal loan? This article will provide some useful advice.
Naturally, loans that allow for bad credit always have more interest charges than loans for normal or good credit.
You can use bad credit personal loans for anything you like� Home renovations. An updated car. Family holiday. Poor credit loans are obtainable in the form of car loans, debt consolidation loans, or personal loans on a larger scale.
Warning: You might find yourself turned down by high street banks.
In no way does that mean loans for bad credit are difficult to get. It's just that high street banks can not help you.
There are essentially 2 broad types of bad credit loans – secured and unsecured.
Unsecured bad credit loans: This harks back to the high street bank dilemna. If you don't have good credit then you will find it very hard to get an unsecured loan of any significant amount.
Secured loans for bad credit: Using something of significant value as collateral for the loan, usually your house. The size of your loan is based on the value of your property, other debts you have, your current credit rating, etc.
Here are 2 guideline tips for homeowners to find quality bad credit loans.
1. Search for a loan company that specialises in the subprime market, meaning they focus on helping 'people with poor credit'. You will then get attention and help from a team that knows how frustrating your poor credit history can be for you.
2. Through online loan search you can find the latest offers for bad credit loans for personal finance. Normally you will find no charge to get a quote on a loan for bad credit. Be sure the quote is without obligation so if you later decide you don't want it, then you don't have to pay any fees. But with the quote you will know your options.
Some deals on offer will give you a 3 month holiday (That can leave a lot of money in your pocket ).
Tips On Bad Credit Loan Applications
The deal you get on a bad credit loan could be available in as little as 1 day, although applications can take a week to process. The details you are asked for allow the loan company to tailor an exact loan quote based on your situation, which means the rate quoted, is the rate you can have. Bad credit loans generally take a bit more time to sort out because of the extra investigation that the lenders carry out about your credit situation.
Don't be misled by loan search sites that only take minimal personal details. They will probably not give you an accurate quote so you won't be able to get the loan offer they have shown to you. With the guidelines in this article you can better find the best bad credit personal loan for you.
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Friday, August 24, 2007
Car Loans For People With Bad Credit - How To Qualify For A Bad Credit Auto Loan
By: Carrie Reeder
With most lenders, having bad credit or a past bankruptcy is not a problem. Thus, you can obtain an automobile loan with a low credit score. There are certain advantages to having good credit. These individuals generally pay a few percentage points less, which equals a lesser monthly payment. However, qualifying for a car with bad credit is easy. Here are a few tips to help you get approved.
Requirements for Getting an Auto Loan with Bad Credit
To get approved for a bad credit auto loan, applicants must meet certain requirements. For starters, car loans are not offered to minors. Therefore, applicants under the age of 18 must have a parent or other adult co-sign for the loan. Moreover, applicants must be employed and have a driver’s license.
Auto loans are the easiest types of loans to obtain because they are secured. With this said, auto loans are perfect for those hoping to build a solid credit history, and individuals hoping to raise their credit score.
Skip Dealership Financing
Securing financing through the car dealership seems simple and convenient. Nonetheless, keep in mind that dealerships will make a small profit off of your financing package. To do so, they must increase the interest rate a few points.
If the lender approved you for a 10 percent interest rate, the dealership may charge 11 or 12 percent. To avoid paying the extra fees, look for private financing. Private financing could come from a bank, credit union, etc. If possible, get pre-approved before visiting dealerships.
Check Credit Report for Errors
Having bad credit does not always mean getting hit with the highest interest rate. Prior to applying for an auto loan, attempt to make some credit improvements and correct errors. For a few months leading up to financing a new or used car, pay all bills on time. This could make the difference in getting a loan with 12 percent interest and 9 percent interest.
Explore Different Types of Lenders
Common lenders used for an auto loan include banks and credit unions. However, there are lenders that offer bad credit auto loans at reasonable rates. Sub prime lenders are becoming increasingly popular. They offer online applications and quick pre-approvals. Moreover, various lenders will provide a no-obligation auto loan quote. This way, you can review their offer before making a decision.
Article Source: http://www.a1-articledirectory.com
Visit www.abcloanguide.com/autoloans.shtml for a list of bad credit car loan companies online. View our recommended lenders to buy a car with bad credit online.
With most lenders, having bad credit or a past bankruptcy is not a problem. Thus, you can obtain an automobile loan with a low credit score. There are certain advantages to having good credit. These individuals generally pay a few percentage points less, which equals a lesser monthly payment. However, qualifying for a car with bad credit is easy. Here are a few tips to help you get approved.
Requirements for Getting an Auto Loan with Bad Credit
To get approved for a bad credit auto loan, applicants must meet certain requirements. For starters, car loans are not offered to minors. Therefore, applicants under the age of 18 must have a parent or other adult co-sign for the loan. Moreover, applicants must be employed and have a driver’s license.
Auto loans are the easiest types of loans to obtain because they are secured. With this said, auto loans are perfect for those hoping to build a solid credit history, and individuals hoping to raise their credit score.
Skip Dealership Financing
Securing financing through the car dealership seems simple and convenient. Nonetheless, keep in mind that dealerships will make a small profit off of your financing package. To do so, they must increase the interest rate a few points.
If the lender approved you for a 10 percent interest rate, the dealership may charge 11 or 12 percent. To avoid paying the extra fees, look for private financing. Private financing could come from a bank, credit union, etc. If possible, get pre-approved before visiting dealerships.
Check Credit Report for Errors
Having bad credit does not always mean getting hit with the highest interest rate. Prior to applying for an auto loan, attempt to make some credit improvements and correct errors. For a few months leading up to financing a new or used car, pay all bills on time. This could make the difference in getting a loan with 12 percent interest and 9 percent interest.
Explore Different Types of Lenders
Common lenders used for an auto loan include banks and credit unions. However, there are lenders that offer bad credit auto loans at reasonable rates. Sub prime lenders are becoming increasingly popular. They offer online applications and quick pre-approvals. Moreover, various lenders will provide a no-obligation auto loan quote. This way, you can review their offer before making a decision.
Article Source: http://www.a1-articledirectory.com
Visit www.abcloanguide.com/autoloans.shtml for a list of bad credit car loan companies online. View our recommended lenders to buy a car with bad credit online.
Steering Your Way To A Bad Credit Car Loan
The cost of an automobile is a big ticket item for almost any budget to absorb, but the reality is that for most of us, having a car is essential to conducting our lives. For people with no credit history, or even worse, with a poor one, getting a car loan can pose a serious challenge. But don’t give up of the attempt just yet; the number of people with poor credit who need cars is so great that you can bet there is are those willing to help them. Who are they?
Talk To Your Bank
First, try the loan officer at your bank. If you have an account with a bank and have established a good record, with no bounced checks or overdraws, approach you banker about a bad credit car loan. You’ll be asked how large a down payment you intend to make, and hoe much you intend to carry as loan on the car. The banks will also want to know the age and book value of the car you intend to purchase.
If the car is not worth much, your loan officer may be reluctant to offer you a bad credit car loan, because if you default on the loan the bank will be stuck with the cost of repossessing a car it can’t sell. You may still get the bad credit car loan, however, if you can find someone to co-sign it and take over the payments should you be unable to meet them.
Automobile Dealerships And Bad Credit Loans
If you live in a major urban area, you might find that some of the larger automobile dealerships are willing to extend a bad credit car loan. If you do, you can expect any bad credit car loan you get from them to carry a much higher interest rate tan the loans they offer to their preferred customers. But once you have a car, you will be in a much better position to get to and from a job and back on the path to a good credit rating.
Do Your Homework
While the interest rate on a bad credit car loan can be above ten percent, it is not likely to get into the high teens or twenty percent, and you won’t always have to come up with a hefty amount of cash for a down payment on the vehicle. By doing some advance research you can come across lenders who won’t keep you in their debt for as long as possible by applying the bulk of you monthly payment to the interest on the automobile. For more info see http://personalbadcreditloanshelp.com/Articles/Bad_Credit_Unsecured_Loan.php on Bad Credit Unsecured Loan.
Save yourself a lot of time in filling out useless bad credit car loan applications by learning ahead of time which lenders have reputations for fair dealing, and which ones are simply interested in getting you over a financial barrel and keeping you there.
You can get a heads-up on your options for a bad credit car loan on the Internet; there are a surprising number of lenders who will at least be interested in helping you improve your situation. So don’ t let your frustration get the better of you; channel it into persisting in your search for a bad credit car loan until you find the one which will work in your own “best interest”!
Author: David FaulknerTotal views: 26 Word Count: 563 Rating: Not yet rated
--Choose-- 0 1 2 3 4 5
Talk To Your Bank
First, try the loan officer at your bank. If you have an account with a bank and have established a good record, with no bounced checks or overdraws, approach you banker about a bad credit car loan. You’ll be asked how large a down payment you intend to make, and hoe much you intend to carry as loan on the car. The banks will also want to know the age and book value of the car you intend to purchase.
If the car is not worth much, your loan officer may be reluctant to offer you a bad credit car loan, because if you default on the loan the bank will be stuck with the cost of repossessing a car it can’t sell. You may still get the bad credit car loan, however, if you can find someone to co-sign it and take over the payments should you be unable to meet them.
Automobile Dealerships And Bad Credit Loans
If you live in a major urban area, you might find that some of the larger automobile dealerships are willing to extend a bad credit car loan. If you do, you can expect any bad credit car loan you get from them to carry a much higher interest rate tan the loans they offer to their preferred customers. But once you have a car, you will be in a much better position to get to and from a job and back on the path to a good credit rating.
Do Your Homework
While the interest rate on a bad credit car loan can be above ten percent, it is not likely to get into the high teens or twenty percent, and you won’t always have to come up with a hefty amount of cash for a down payment on the vehicle. By doing some advance research you can come across lenders who won’t keep you in their debt for as long as possible by applying the bulk of you monthly payment to the interest on the automobile. For more info see http://personalbadcreditloanshelp.com/Articles/Bad_Credit_Unsecured_Loan.php on Bad Credit Unsecured Loan.
Save yourself a lot of time in filling out useless bad credit car loan applications by learning ahead of time which lenders have reputations for fair dealing, and which ones are simply interested in getting you over a financial barrel and keeping you there.
You can get a heads-up on your options for a bad credit car loan on the Internet; there are a surprising number of lenders who will at least be interested in helping you improve your situation. So don’ t let your frustration get the better of you; channel it into persisting in your search for a bad credit car loan until you find the one which will work in your own “best interest”!
Author: David FaulknerTotal views: 26 Word Count: 563 Rating: Not yet rated
--Choose-- 0 1 2 3 4 5
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