Posts Tagged ‘banks’

How to be ready for No Credit Auto Loans?

People with no credit history are often envious of car buyers with good credit ratings. Even though banks and traditional lenders have a strict lending policy for buyers with no credit score, you can obtain no credit auto finance for buying a new car. Auto loans are not impossible for a person without established credit history. Remember that most loan rejections occur because the credit borrower doesn’t have the right knowledge and doesn’t apply at the right place. So, before you apply for a loan, let’s get you ready for the loan program.

Haste is Waste

Car financing is a lengthy process, and there is no quick fix solution to it. To become successful in getting no credit car loan approval, you must approach it like you approach a test. Just like a test needs preparation and hours of study, auto loans also require some planning. You need to learn the requirements of the lender and increase your approval chances.

Create a Car Budget – Without a proper budget for a car and car loan, you will end up choosing a high-priced car. When you buy an unaffordable car, you will increase your chances of ruining the credit score. So, list down all your income and expenses and ascertain a monthly payment amount that is comfortable for you.

Complete the Paperwork – Lenders will require the following documents:

1. SSN

2. Financial Documents like pay-stubs, receipts of utility bills, etc.

3. Bank Statements

4. College Acceptance Letter, if you are a College Student

5. Employment Verification Letter, even if you are part-time employee

Down Payment and Co-Signer – Lenders’ risk increases when they provide auto financing to an individual without any credit history. It is because they cannot ascertain your borrowing history. So, they require down payment or co-signer. Lenders may even require you to provide both the things if you have:

1. Very low income

2. Recently joined work

3. Chosen a very expensive car

Once you are ready with all the paperwork and down payment, you have to make the following choices:

A. Used Car vs. New Car

Today, buying a new car with0ut any established credit history is possible. But, there are chances of receiving slightly higher interest rates. If you earn a stable income of more than $1800 per month (gross monthly income) and can manage higher payments, you can buy a brand new car.

But, if you want to opt for an affordable option, it is always advisable to buy a reliable used car. Once you complete your education and start your job, you can buy a new car. By then, you would have established a good credit history which will be an added advantage.

B. Dealer vs. Private Party

If you want to buy a used car, you have two options. Either you can buy it from a dealership or purchase a vehicle from your friend, colleague or neighbor. It will be considered as private party car purchase. Dealership will provide you with the benefit of warranty and reliability whereas private party purchase will ensure a lower price. Lenders offer no credit auto loans for both the types of car purchases and choose any one.

C. Online Lenders vs. Dealership Finance

When you are done thinking about the car, you have few options to consider for your loan. You can either apply with an online lender or choose dealership financing. Both the options are convenient for a no credit buyer because each provides approval with fewer restrictions.

Once you decide on the above-mentioned factors, you will be ready for no credit auto loans.

Rapid Car Loans is a leader of the auto financing market. It has helped several young car buyers in obtaining zero credit auto loans. Contact the company for obtaining quick approval on first-time car buyer program. Apply now.

Be the first to comment - What do you think?  Posted by carloans4nocredit - November 1, 2014 at 4:04 am

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Dealership Financing Can Benefit Bad Credit Borrowers in Getting A Car Loan

A poor credit score can ruin car dreams. There are many people who are suffering because of their past financial mistakes. But, all this won’t pose any problem because you can get auto financing options from car dealers. Know how dealership financing is good for bad credit borrowers.

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Be the first to comment - What do you think?  Posted by Alan Hendricks - March 20, 2012 at 11:22 am

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Achieve Your Car Buying Dream By Availing New Auto Loan

Are you thinking about buying a new car? Worried as how are you going to finance your plans? Take a break from your worries. Now you have the new car auto loans to your aid. It will help you realize your dreams.

You have number of lenders waiting to finance your dream. The financial institutions, banks, credit unions, private lenders are all making a bee line to give you the loan. It is a tough industry with extreme competition for the lenders. Each will try to provide you with better rates. However, it works in your favor. You will be flooded with offers of auto loan with low interest rates. And your dream of buying the luxury car will be within your reach.

Making a choice: With so many offers in hand, it becomes difficult to make a choice. But do not get worried and confused. The first step will be to know your financial state. Sit down and take a look at your financial statement. Make a list of your monthly income and expenses. This will help you to know how much you can afford for your monthly payment. Once you are confident of your expenditure capacity, start looking for lenders.

Choosing lender: Go to the nearby town and the local market. Check the advertisements. Ask your friends, family and neighbors; you do not have to be restricted to the dealership in your neighborhood offering you the new car loan. There are plenty to choose from. And then you have Internet to your help. Check online. Get all the information you can about the car loan program they are offering.

Compare and calculate: Once you have all the details of the offers. Start comparing the rates of interest. Look at the loan term. And calculate the amount of the payment you will have to pay every month. It is important to know how much you have to pay to repay your loan and by when. This will give you an overview of the future budget. Use an online auto loans calculator if you are not sure of how to calculate. Compare this amount with that of the amount of you can afford (one that you had calculated at the beginning). Under no circumstances your expected future payment should cross your affordability quotient.

Deal with the dealers: Once you are armed with your financial details, visit a dealer. Check out the car you want. Check every detail of that car because your money should be worth it. Then make your choice. Now you are ready to talk to the dealer. Use your negotiation skills to bring down the rates of interest if you find them too high. Do not let the dealer take you into something beyond your capability. After you have finalized every detail of the purchase, get the written document of the agreement. Sign the deal and then handover the check.

Now you are a free person with a car at your disposal. So what are you worrying about? Just take a ride home and feel happy about it.

Be the first to comment - What do you think?  Posted by ezcarfinance - November 23, 2011 at 4:16 am

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Blank Check Auto Loans – An Edge over Traditional Auto Financing

Buying a car is a dream of all. It is sometimes the next best expensive thing you buy after a house. It needs a lot of money and not many people have that in their cash reserve. Therefore, the easiest way to get the money is a loan. Most lenders are willing to provide loans for purchase of car. Blank check auto loans are one of such loans and has it definite advantage over the others. Some of these merits can be highlighted as below.

Benefits: The blank check auto loan is a type of auto loan which is approved by the bank or the financial institution before you visit the dealer to talk about the car. The major benefit is that you know the limit that you can spend and can accordingly choose a car that fits into your budget. You also know the exact rate of interest you will have to pay and the term of loan for paying it off. Therefore, it will help you to make a proper monthly budget.

It further helps you to avoid the zealous salespersons looking to sell their loan offers. Thus, it helps you to avoid the scenario where you are forced into a loan program which is actually not affordable by you. The depression caused due to rejection of loan application after the things have been finalized with the dealer is also out of the question.

Blank check auto financing gives you the power to negotiate and a better position. You will not only be in a position to choose the car without the worry of financing but also can negotiate the money and other terms and conditions with the dealer of the car.

The only hurdle you may face at getting the approval for the loan if the lender asks for the specific model of the car, its VIN or vehicle identification number and the year of its manufacture. In such case, you may have to go car hunting before your loan gets approved. However, such possibility is much less in normal scenario.

In the process of application, some aspects require specific attention. Few of such factors are:

Credit scores: Credit ratings find its place as one of the most important factors in instant auto loan approval. You will need to have a good history of credit rating, if you want a loan at a lower rate of interest without being perceived as risky investment by the lender. If you have delayed the previous payments on credit and it is getting reflected in the credit statements, then it better to improve your score before making an application for the loan. You can actually try to pay the credit payments in time for next six months prior to making the loan application. This will help improve the score.

Negotiation: When you are looking for the most appropriate auto financing program that suits you the best, it is important that you look for different lenders who can provide various offers. It helps in comparing and choosing the correct program and also to stay within the budget.

Be the first to comment - What do you think?  Posted by ezcarfinance - November 10, 2011 at 4:18 am

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Get Prepared to Apply for Low Rate Auto Loans

Whenever you are thinking of opting for the low rate auto loan, keep some of the factors in mind. These will help you get through the whole process with a relaxed mind. Here are some aspects like budget, credit rating, down payment, lenders which you can take care of from beforehand.

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Be the first to comment - What do you think?  Posted by ezcarfinance - November 4, 2011 at 12:13 am

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How to Qualify for Student Auto Financing with No Co-signer?

Student auto loans can work like magic when you are in college. They help your dreams to come alive and there are several options to get them. Most of the students do not work as a part time employee in any of the institutions. Hence, it makes things complex while processing the loan applications. Auto loans for students that do not demand co-signers are very rare. This is due to the risks involved in making prompt repayments. It is a true fact that students cannot have a good credit history as they have just started their life. The banks and other financial institutions are not sure whether the students will repay the loan amount or not. The entire amount of risk is passed on to the banks in the case of lending auto loans to students without co-signers.

Private financial institutions might be ready to offer such loan amounts to the students. Students those who are pursuing master degree can easily obtain such loans. If they already have an existing car loan or completely paid off loan, it would be an added advantage to get new kinds of loan. The prompt repayments in the existing loan will add up to the credit history. This existing loan should be at its completion stage after which the probability of granting a new car loan without co-signer is high.

There are several financial lenders who are ready to grant student auto loans without requiring any co-signers. It is highly recommended to make the best use of these financial institutions to fulfill your auto dreams. An easy way to convince the lenders is by taking up a part time job. The salary obtained from this part time job does not matter to the banks. However, it shows that the students are ready to accept the responsibility and are considered as prospective clients for these institutions.

One more way to obtain student auto loans without any co-signer is to make a considerable down payment. This money can be obtained from their parents. This will help them to get loans at lower interest rates and with many other flexible conditions. The students who have a good credit score and are able to demonstrate their ability to make prompt monthly payments will be granted auto loan without cosigner. The eligibility criteria differ according to the financial institutions. It is up to the ability of students to convince the officials in order to fulfill their auto desires.

Be the first to comment - What do you think?  Posted by Auto Car Loan Financing Online - September 12, 2011 at 5:47 am

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Merits of Auto Loan Approval Through Online Financing

Are you desperately looking for an auto loan? And you do not want to be entangled in the mesh of paper work? Then Internet is the answer to your worries. Check online for the several finance providers who are waiting eagerly to provide you loan.

Even though there are numbers of private lender who will be willing to finance you, the choice of online loan is a fruitful one. It has many advantages. Among the several merits it holds, the following advantages stand out.

Documentation: The private lenders, dealers and manufacturers require large amount of paperwork to be completed for the application of loan. The preparation for the reports and additional documents leads the whole procedure a feel of much messed up situation. Whereas, in online car financing, all you will have to do is fill out a simple application form and the lender will get in touch with you. You actually do not need to send them any document or report.

Comfortableness: When you are considering the traditional ways of getting a loan, you will have to travel around to seek the private lenders in your locality, neighborhood and nearby town. You will have to meet them and talk to them to collect all the information on the various loan programs they may be providing, it will only add to your dossier making it a tedious task to sort out for the purpose of comparison. And it might happen that many of the lenders you visit are not actually willing to give an auto loan approval. Whereas, when you are seeking information online, you do not have to go out. You can avail all the information right from the comfort of your home or office. It is just a click away.

Interest rates: In real circumstances, the private lenders tend to charge a very high rate of interest because they consider the investments to be risky in nature. Moreover, if you have poor credit scores or low income or if you have past bankruptcy, the interest rates rise like a skyscraper. Applying for such auto loan becomes completely unreasonable making it difficult to get the desired loan. But, there are a number of options to choose from, in case of online easy car financing. Whether you have good credit scores or bad credit scores does not make much difference as they do not have reservations.

Time frame: Time is also one of the major factors influencing the choice of auto loans online. While normal loan application with financial institutions will take weeks to be completed and approved, the online finance providers speed up the whole process. It may be completed in a day.

Comparison: Once you have collected all the information from the various lenders, you will have to go through a gruesome process of comparing each and every aspect of all the loan schemes. And then comes the calculation part which is terrifying if you are not comfortable with numbers. Whereas in automobile financing; you can easily compare the rates and calculate your amortization with the help of online car loan calculator.

Be the first to comment - What do you think?  Posted by Auto Car Loan Financing Online - at 5:43 am

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Subprime Auto Financing – 4 Useful Tips to Get Better Rates

However, if you have no such advantages that can bail you out, try to find subprime auto lenders online who will be more than willing to give you the loan. Though Internet can provide loan with less problems, you will have to be very careful and check their authenticity before letting them know your sensitive information.

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Be the first to comment - What do you think?  Posted by Online Auto Loan - July 23, 2011 at 8:06 am

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Used Car Auto Loans – Alternative Solution

Used car is perhaps one of the best alternatives for someone who has budget constraint and still wishes to own a car. Many teenagers opt for used cars when they are buying for the first time. It is so because they are cheaper than the new cars and fit into their cost range. There are various ways of financing a used car. But one of the best options will be to get a used auto loan.

While making a choice, go through the different used auto loans available. You may find that the easy car loans online serve the best. You can have a varied choice as what to buy. So take your pick on the brand, make, color and features. Once you have decided on what to buy, comes the toughest task assuming that you do not have enough money to bring home your car and you cannot ask your folks and kin for the extra money to finance your car purchase.

Do not lose heart. Have patience and search over the net and you will find numerous options who are ready to offer you with a used auto loan. They can be credit unions, banks, financial institutions and dealers to name a few. Go through the offers they are advertising and choose the one that best suits your needs. Try to find one near to your place or within locality. Buying a used car does not generally involve any down payment but the used auto loans may sometimes involve a higher rate of interest. It all depends on the dealer. However, there are benefits of getting used car loans because the repayment period is not long. This means that you do not have to shell out more than you have anticipated and the loan period comes to an end within a reasonable time.

When you are choosing a used car auto loan program for your used vehicle, make sure that you check whether your car is in good shape or not and gives enough mileage and the parts are working fine because it is an investment you are making even if it is a used car. It is also necessary that you see that the payment to be made every month is into your budget. But do not stop your investigation right here, go ahead and check out the credibility of the both the lender and the dealer you buying from. Sometimes the lenders are not ready to finance cars older than five – six years or tend to ask for higher rates of interest. Whenever you are discussing the terms and conditions of the used auto loan, make sure you have all the clauses covered.

When buying a used car, there are additional expenses waiting for you. So even when you are considering financing your purchase through used car loan, calculate your requirement properly using car loan calculator before applying for a car loan. In this way, you will have adequate resource to cover the insurance, repair and additional cost that you may incur once your car is home.

Be the first to comment - What do you think?  Posted by carloantypes - July 18, 2011 at 11:38 am

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Credit Union – An Option to Get Bad Credit Auto Loan

Whenever you are applying for any bad credit auto loan, look beyond the attractive offers and do a proper search of their background even if it is credit union offering it. Make sure that you know your budget and check the payment terms so that you know that it matches with your payment options.

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Be the first to comment - What do you think?  Posted by Online Auto Loan - June 24, 2011 at 7:36 am

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