Posts Tagged ‘auto financing program’

Poor Credit Car Loans – Learn the 4 Cs for Quick Approval

For some people, finding a poor credit car loan is harder than finding Waldo. Constant rejections and high rates dampen the spirits of poor credit car buyer. But, don’t think that your credit score will make it impossible to get auto loan approval.

With the recession, poor credit history has become very common. Today, lenders cannot ignore car borrowers with credit issues because they represent a huge market opportunity. So, don’t think that auto loans are not made for poor credit people.

To get quick approval on your poor credit car loan application, here are 4 Cs. Easy to remember and essential to follow, make sure that you work on them before starting your car loan quest.

Credit Score

Seeing is believing!

Never believe what others tell you about your credit score. Check it yourself before assuming any financial responsibility. By knowing your credit score, you can know the average rates that you will receive. This way you can stay away from lenders who offer exorbitant rates on bad credit car financing programs.

Also, don’t forget to analyze your credit report. Credit bureaus are infamous for making errors in credit reports. You certainly don’t want any erroneous entry to reduce your approval chances.

Cash

Even if you are getting a poor credit auto loan for your car, you need to know how much money you can direct towards monthly payments. You must remember that loan programs are good only when you can make on-time payments.

You must also consider down payment. Paying cash and reducing the loan amount can decrease your loan rates. Also, down payment will show your financial capacity to the lender. This will reduce the negative effect of your poor credit score.

Co-Signer

Most people consider co-signing a pain. But, having a co-signer can actually improve your chances of getting poor credit car loans. A co-signer ensures the lender that his money is safe. So, it is important to convince someone to become your co-signer. It can be anyone with a good credit score and a debt-to-income ratio below 40%.

Car

A vehicle provides convenience. It shouldn’t become a burden for you. Opt for a car by keeping your budget in mind. It is important for a poor credit car buyer to keep his car cost in control. If you opt for an expensive car model, your car loan will be higher. This will make monthly payments difficult for you. So, make sure that you choose an economical automobile.

So, these are the 4Cs which can help every poor credit car buyer. These factors have been designed after considering the car loan approval factors. If you take care of them, instant approval on poor credit auto loans will become totally stress-free.

Best of Luck!

Be the first to comment - What do you think?  Posted by badcreditcarloans - August 31, 2013 at 5:06 am

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Why worry about Cash when you can get approval on Car Title Loans

A car is a magical treasure. If you have one, you can easily use it to cover other expenses. Sounds implausible? It’s a reality with car title loans. This amazing auto financing program provides you ready cash without taking your car away from you. You can fix the home or spend the money on your dream wedding. The lender won’t be concerned about the way of your spending. Sounds great, isn’t it? Well, let’s understand title loans so that you can begin the process of opting it.

Car Title Loans – Benefit of Car and Cash

A title loan is simply a collateral loan. The lender gives you money on the basis of the value of your car. You just need to submit your title to him. Once you pay off the loan, the lender will give you the title after removing lien. It’s better than auto pawn loans which make it compulsory to pawn your vehicle. With these loans, you don’t need to keep your car with the lender.

You can drive it wherever you want, whenever you desire!

Generally, a car title loan is available for a small amount of money and for a shorter period of time. But, don’t worry if you cannot repay the loan at the end of loan period. You can simply roll over the remaining amount into a new loan.

The best thing about it is that the lender won’t ask for your credit score. So, don’t worry if you have bad credit or bankruptcy in past. You can definitely fulfill your immediate financial requirements without taking tension of your credit history.

What is the process of Car Title Loans?

Auto title loans are simple and do not require you to take any painstaking measure. You just need to fill loan application form. Once you meet the simple approval criteria, the lender will ascertain the market value of your car. Most lenders use Kelley Blue Book value and offer loans in the range of 30% to 50% of the car’s worth.

Criteria for getting a Car Title Loan

Although requirements vary from one lender to another, few criteria remain common. If you fulfill the below mentioned requirements, almost any lender will approve your loan application.

1. You shouldn’t owe any amount on the car.
2. The title must be clear when you present it to the lender.
3. The car should not be older than 1999.
4. The car should be driven for less than 150,000 miles.
5. You will have to provide the lender with the copies of Driver’s License and your recent pay stubs. If you are self-employed, monthly statements of last 3 months are required.

When you are approved for the loan, the lender will simply write you check. No credit check, no stressful talks, just quick results, that’s what car title loans offer!

It’s time to keep your car while getting cash for it!

Be the first to comment - What do you think?  Posted by cartitleloans - June 25, 2013 at 10:45 am

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