Posts Tagged ‘bad credit history’

No Co-Signer Auto Loan for Credit Borrowers without a Co-Signer

The Need of a Co-Signer

A co-signer is responsible for making regular payments if the credit borrower misses them. Co-signer provides lenders with additional security and so, most lenders make it compulsory for car buyers with:

>> Bad Credit History

>> No Credit Score

>> Young Car Buyers

>> First-Time Car Buyers

>> College Students

Even though lenders insist on bringing a co-signer, you may find it difficult to search someone and convince him/her to become your co-signer. In such situations, you must consider no co-signer car loans.

Decoding No Co-Signer Auto Loan

As the name suggests, no co-signer auto loan is a finance option available for those car buyers who:

>> Are unable to find a co-signer

>> Do not want to find a co-signer

No co-signer auto loan is ideal for car buyers because it eliminates the need of finding individuals with good credit score and convincing them to co-sign the loan contract. The loan is not one of the traditional financing programs, but rather a modern one. It was introduced by the online lending companies along with other options like no down payment auto financing and special sub-prime finance.

Is No Co-Signer Auto Loan costly?

The loan program is available at slightly higher cost. Usually, the loan rate is one to two percent higher than the normal car loan rate because lenders assume greater risk by discarding the need of a co-signer.

How to obtain No Co-Signer Auto Loan at Affordable Rates?

If you find the interest rates expensive, there is one important tip for reducing them and making your loan affordable. By reducing your car loan amount, you will be able to reduce the lender’s risk. If the risk is reduced, he/she will have no problem in providing lower interest rates. You can reduce the loan amount by:

>> Increasing down payment amount

>> Buying a used car or by choosing a new car of lesser value

What are the Requirements for getting the Loan Program?

There are no special requirements for getting no co-signer auto loans. But, you have to fulfil the following general loan approval criteria:

>> Credit borrower must be at least 18 years of age

>> He/she must be employed.

>> He/she must earn at least $1500 as gross monthly income

>> He/she must not have huge consumer debt

>> He/she must not be in open bankruptcy

>> He/she must not have repossession in the recent past

So, don’t worry if you cannot manage to find someone to co-sign your loan contract. You can obtain affordable no co-signer auto loans with these simple approval criteria.

Rapid Car Loans is the perfect financing partner for every car buyer. The online auto financing company will help you in obtaining instant no co-signer car loans. You can even submit a loan application for getting no credit car financing without co-signer. Apply now.

Be the first to comment - What do you think?  Posted by carloans4nocredit - November 1, 2014 at 4:05 am

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With These Bad Credit Auto Loan Tips, Get Ready To Drive Your Dream Car in Michigan

Nothing in this world has changed our lives like a car. Every other invention has come and gone but none has matched the car revolution. Right from the first model T to the new power packed machines, cars have come a long way. And, which State has witnessed it all? The State of Michigan is where it all started. Ford, GM and Chrysler are all located in the State. Hence, Michiganders’ love for cars is well understood.

Buying a car is a great experience for everyone; it’s phenomenal if you are in the State of Automobiles. Don’t you remember buying a car with your parents? Being in the car hub of America, there used to be the excitement of walking into the lot and seeing several amazing cars. Your family chose the perfect one after a thorough analysis. Back then, things were pretty simple because you didn’t know much about credit history. Now, things look complicated and the fun has turned into uncertainty -uncertainty of choosing that perfect car, uncertainty of getting loans. Even if you got a loan with a poor credit score, there is the uncertainty of getting reasonable interest rates.

But, here’s something to remove all the clouds of doubts and uncertainty. This is an article to help you get an affordable car loan even with an imperfect credit score in Michigan.

Money Comes First, Wherever You Go

Whenever you have to buy something, money comes first. You must know your affordability. For that, prepare a budget. Calculate the surplus that remains after paying all the bills and expenses. If you have a sufficient amount left with you, then making monthly payments will be very easy.

Now, your loan amount depends on your car. A brand new car and pre-owned one have substantial difference in pricing. If you buy a new car, then your loan amount will increase. This decision is good only when you are able to make regular payments. So, think twice before deciding on the car.

Know Your Score

Every lender checks your credit score. But, before he does and wrongly charges you high interest rates, you must check your own score. According to the Federal Law, you have the privilege of getting your free credit report once in a year. Annualcreditreport.com is the name of website where you will have to apply for it. Now, this site will only give you the credit report and not the score. For that, you must apply with any of the three bureaus.

Go through your report and search for any errors. In case you find any, report it to the credit bureaus. You must apply for any loan only after the discrepancies are taken care of. Also, ask your current lenders to report your regular monthly payments. This will definitely improve your credit score.

The economy has suffered a lot during recession. Many have not been able to keep up with their payments and as result their credit scores have taken a toll. There are many people tackling bad credit scores, just like you. How do they get loans? Well, the answer is sub-prime lenders.

You must know that your credit score is just one aspect of the approval criteria. There are many other things that the lenders consider before taking a decision. Income, employment details, residence, down payment amount, co-signer and many other factors help lenders in taking a decision.

What Documents Are Considered For Bad Credit Auto Loan?

Income Proof

You must be currently employed. Lenders are fine if you are individual contractor. The only thing that is important for them is your income. Your gross monthly income should be at least $ 1,000.

If you are employed, then you must present a copy of your pay stubs. Most lenders will ask you to send them a copy of last two months.

If you are a self-employed contractor, you will have to submit IT returns of at least three years, although it all depends on the lender.

The following documents will be considered income-proof for self employed

Michigan Tax Forms
1. MI 1040 (Michigan Individual Income Tax Return)

2. MI 1040 ES (Michigan Individual Estimated Tax)
3. Michigan Business Tax

Federal Tax Forms
1. Form 1040 (U.S. Individual Income Tax Return)
2. Schedule C (Profit or Loss from Business)
3. Schedule F (Profit or Loss from Farming)
4. Schedule SE (Self-Employment Tax)

Bank Statements

Bank statements are a proof of your regular financial transactions. Lenders want to be assured of the safety of their money and hence would be interested in your bank accounts.

Residential Proof

If you are living in the same house for at least six months, it means you have been paying your utility bills regularly. Lenders will require a copy of your recent utility bills like phone or electricity.

Tips for Getting Approval

Co-Signer

When you have a bad credit score, you must make up for other aspects of the lending criteria. If you get a co-signer on-board, the lender’s risk will be reduced. Lenders generally ask for co-signer so that when you miss a payment, the co-signer can be held responsible.

Anyone can be a co-signer as long as he has a decent credit score.

Down Payment

Down payment is the initial upfront amount that you pay while buying a car. When you make a down payment, you lower your loan amount. This reduces the lender’s risk and thus, approving your loan application won’t be a problem for him.

These two factors play a very crucial rule when it comes to a bad credit car loan. If you can manage them well, getting a loan will be very easy for you. These tips will help you buy your dream car in the Wolverine State.

So with all the information available, don’t wait for anything. Apply with a lending company that offers low rate auto loans in Michigan.

Rapidcarloans.net is an online auto lending company that offers bad credit car loans Michigan at reasonable rates. We have a large network of sub-prime lenders in Michigan. Take advantage of our robust coverage and get ready to drive your car in style.

All the best!

Be the first to comment - What do you think?  Posted by michigancarloans - January 11, 2013 at 9:03 am

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Quick and Easy Guide to Help You Get Car Loans for Bad Credit in Colorado

For every American, cars are a necessity and the same applies to the residents of Colorado. Cars are a must to commute everyday to work and also for enjoying the beauty of the Centennial State. If bad credit score is keeping you away from buying a car, bad credit auto loans are your answer. Read the article to know more.

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No Money Down Auto Loans – A Reality For Sub-Prime Borrowers

Buying a car is an unpleasant experience when you are troubled by bad credit scores and huge down payment amounts. Make it pleasurable by availing no money down auto loans for bad credit borrowers. Yes, they are a reality. Here’s all that you need to know about the loan type.

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Bad Credit Auto Loans – Precautions to Be Taken While Opting for Car Financing with Bad Credit

Nowadays many banks and dealers are offering bad credit auto financing with attractive offers. Before stepping into any of such offer, inquire properly, else you can end up jeopardizing your position. Since bad credit is not given much preference, the interest rates are generally very high. The dealers will convince you to opt for such offers by lowering the monthly payments and increasing the period of repayment and you end up paying a lot more.

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Be the first to comment - What do you think?  Posted by Online Auto Loan - May 25, 2011 at 7:41 am

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Getting a Blank Check Car loans with Bad Credit

A blank check will help you to buy your dream car despite of your bad credit history. The best place to look for blank check auto loans with bad credit history is the internet. The lenders are keen to attract the customers on a massive scale and offer competitive interest rates. Gone were the days where the customers had a difficult scenario in obtaining auto loans for bad credit rating. Recession is almost over and the economy recovers slowly but steadily. The encouraging positive outcomes have given a thumb up for the financial industry. There are certain things to be considered before starting your search for a blank check automobile loan.

The first and foremost thing to be considered is to know your credit score. A credit score of less than 650 will attract higher interest rates on the auto loans. At times, the dealers might come up with wrong credit information in order to book you for higher interest rates. Do not give space for such expensive mistakes. Hence, do you homework in knowing the credit score before approaching the financial institutions. If you can do any corrective actions to improve your credit score, then take it immediately.

Using a co-signer or making a down payment will improve the chances of getting instant approval on blank check auto loan even with a bad credit history. It is also encouraging for the customers as they can hold a larger stake value in the car.

Certain financial institutions will allow you to buy vehicles from specific dealers and you might have a cap on the maximum fund that can be used. Get to know about these procedures before applying. You might be restricted from buying motorcycles and other commercial vehicles under this category.

Blank check auto loans help the customers to own their desired cars even with their bad credit history. It is very difficult to own such cars without the help of blank check auto loans. They will set a maximum loan amount depending upon the credit worthiness of individuals and the cars should be purchased that come with a predetermined price tag.

Blank check auto loans will prevent you from getting any kind of shocks and heartache at the dealership site. Every dealer will have a team of sales people who will look forward to grab more money from your pocket. There might be exorbitant fees package that might include service contracts, insurance programs etc. You can avoid this kind of stress by having a blank check that comes with a predetermined amount. It is very easy to handle these finance department guys of the dealership site with this blank check.

The online services will help you to look for various alternatives in terms of lenders. Many of the websites offer “account” features through which they can obtain useful information about various automobile lenders and their programs.

Be the first to comment - What do you think?  Posted by ezautofinance - April 22, 2011 at 11:08 am

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