Posts Tagged ‘compare’

Colorado Springs Auto Loans – How to Get Guaranteed Approval even with Bad Credit?

It’s great to live in a city that has been chosen as the No.1 Best Big City in “Best Places to Live” by Money Magazine. The award speaks about the facilities that one can enjoy in Colorado Springs. You can make living in Colorado Springs even more pleasurable by driving your very own car.

When it comes to cars, car loans are important. But, do you think your bad credit will make it impossible to get guaranteed approval on car loans? You are worrying for wrong reasons because you can get a car with bad credit. Here’s how you can convert your slim chances of getting a Colorado Springs bad credit car loan to instant approval.

Wrong: Filling Applications Right Away

You must never fill the car loan application as soon as you feel the need of getting car finance. Actually, there are several things that you need to do before applying. We can divide every task related to getting guaranteed approval on bad credit car loans into Pre-application tasks and Post application tasks.

PRE-APPLICATION TASKS

Know Your Credit Score/Payment History

No matter the type of loan, every lender will want to know how you pay your debts. He will judge the credit risk associated with you by understanding your credit report and payment history. So, it is important to know it and improve it beforehand.

We know that credit bureaus mess up credit reports. So, get your free annual copy from Annualcreditreport.com. Analyze the entries and look for erroneous transactions. Under the Federal Law, you can easily remove wrong entries from your report if the credit bureaus cannot prove its precision. Removing wrong entries can definitely improve your credit score and place you in a better place than before.

Set Your Budget

Cars are expensive and if you don’t calculate your budget, you may end up paying more. When it comes to making huge commitments like car loans, you must know your affordability. It will help you avoid an unmanageable Colorado Spring auto financing program.

Calculate your budget by considering the car loan term. If you want to opt for a longer term, estimate expenses of certain future events like wedding, college expenses, home loans, etc.

Save Money for Down Payment

Down payment is important for lenders. If you can put a huge sum as money down, it shows your financial strength. The lender will consider you as a low risk credit borrower. It will also reduce your car loan amount.

But, we all know that getting even 10% of the car cost can be very difficult. So, start saving money for down payment from now.

Search for a Co-Signer

Your bad credit score takes a back seat when your lenders see a co-signer. Someone with a good credit score and decent debt-to-income ratio can work magic for your Colorado Springs car loans in Colorado. Finding a co-signer may take time and that’s why it’s better to start the job now.

Check Your Documents

When you have had financial issues in the past, the lender will be more interested in your income proof. Keep your current pay stubs and/or tax return statements ready. You can even ask your employer to provide an Employment Certificate. Arrange all your utility bills receipts because they can be used by the lender to ascertain your debt repaying ability.

Search for Subprime Lenders

When you have bad credit score, apply with lenders that have copious amount of experience in dealing with credit issues. Your approval chances will improve when you apply with lender that offers Colorado Springs bad credit car loans in Colorado. Also, you save time by avoiding stringent banks and other traditional financial institutions.

Make use of the internet to search for online auto financing that offer affordable car financing options. Most companies have a history of working with bad credit borrowers. So, don’t forget to consider them.

POST APPLICATION TASKS

Analyze and Compare Car Loan Quotes

When you apply with several lenders, you will receive many bad credit auto loan quotes. Analyze and compare each of them on factors like interest rates, monthly payments, APR, down payment, etc. Also, consider other aspects of the Colorado Springs car loan programs like loan term, conditions, fees and penalty.

Negotiate with the Lender

As you choose few auto loan quotes, make sure you negotiate with the lenders. Sign the bad credit car loan contract with only that lender who negotiates and offers you a better deal.

Choose a Reliable Car among the Alternatives

It’s always better to choose a car after securing the car loan because lenders may ask you to choose the car from a pre-decided dealer/s. They may even give you a pre-approved budget. So, select the car later and avoid any wastage of time and energy.

Don’t forget to get the car inspected from your trusted mechanic. It’s important to check the car title and Vehicle History Report because once you sign the papers; you cannot do much.

So, that’s how you can buy a car in Colorado Springs. Once you buy the car, keep making regular payments so that it improves your credit score.

If you follow these tips, getting a car loan and making payments won’t be difficult for you.

Wishing you instant approval on your bad credit car loan!

Rapidcarloans.net is known for offering instant approval car loans Colorado. Our lender-dealer network helps car buyers secure Colorado Springs auto loans irrespective of their credit history. We offer no down payment auto loans which means your car loan process is pleasurable with us. Apply now!

Be the first to comment - What do you think?  Posted by coloradocarloans - October 25, 2012 at 6:39 am

Categories: Services Offered   Tags: , , , , , , , , , , , , , , , , , ,

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

Categories: Services Offered   Tags: , , , , , , , , , , , , , , , , , , , ,

Facts to Remember About New Car Auto Loan

Are you considering buying a new car? Wondering about the various things you have to undergo to finance your car purchase? Do not be so alarmed because a new auto loan is just the thing you are looking for. There are manufacturers, dealers, banks, financial institutions, credit unions, and private lenders to name a few. They are all ready to finance the automobile financing you are keen to get. Whenever you are opting for any of the above mentioned options for a car loan, keep in mind some of the aspects related to loan. Some of these are being discussed below to help your understanding.

Credit score: You should have a clear idea of your credit score before you even attempt to get a loan. Credit score acts as a vital factor in getting car loan approval. If you have ignored the financial statements for long, now is the time to take a careful look at it. You should know where your credit ratings stand. However, if you are a first timer, you will have no credit scores to produce. Whereas, if you have very good credit scores, it will be easy for you to get the loan required for your luxury car. But if you have poor credit scores or no credit scores, you might have to pay more. As, the rate of interests and down payment asked for is high as you are considered more risky than others.

Affordability: Before you apply for the new car auto financing, check your financial condition. It is essential to know how much you can afford to pay on a monthly basis without turning broke. If you take a loan more than your paying capacity, you will end up in defaults. Your financial strength will weaken and your credit rating will take a nosedive. So the general idea is your income should be enough to cover all your expenses and afford a little saving for contingencies.

Terms and Conditions: When you are talking to the dealer or the lender about the loan, make sure you understand all details of the agreement. Get the clauses explained so that there are no hidden costs involved. Clear the terms about the down payments, rates of interest, repayment period. If you are opting for any discount offers or advertised offers, be careful so that you do not have to shell out more than you had calculated. Be confident and do not be tricked into something beyond your reach.

Check Endorsement: When you have satisfied yourself with the details of the car loan program, you are ready to apply. Once your loan gets approved, you will be in hurry to pay and get that car. In the meantime, check out the car carefully and satisfy yourself that it is in good condition. Then get the deal in writing from your dealer stating all the terms and conditions you had discussed with him. Sign the agreement and then only handover the check. If you give away the check early, the dealer may change the terms and conditions which will endanger your position.

Be the first to comment - What do you think?  Posted by ezcarfinance - November 16, 2011 at 5:12 am

Categories: Services Offered   Tags: , , , , , , , , , , , , , , , , , , , ,

How to Get Approved for Used Car Refinancing?

Lots of people are unaware about the process of refinancing auto loans. Car refinancing can be of great deal in saving a huge amount of money. Refinancing can be done even for used car loans. This is not restricted only to new cars and vehicles. Are you going through a series of economic troubles and find it very difficult to repay the loan amount? Have you started to defaulting monthly payments continually in the past? This is the right time to think about refinancing used car loan as your savior. What are you waiting for? Think and act. Go ahead and explore your opportunities.

There are several reasons attributed on why the borrowers might want to refinance their used car loans. Some of the commonly attributed reasons are

1 Not able to repay the existing monthly payments

2. The monthly payments can be huge and leave a hole in your pocket every month

3. The terms and conditions of the existing used car loan are not flexible

4. The interest rates on the existing loan are very high

5. The borrower might want to save some money in the long run and divert that funds for other expenditure

The reasons are many and it will go on. However, the above said reasons are some of the commonly happening ones. It is clearly understood that refinancing used car loans is purely to save money in the long run. It will help you to get relieved from the financial burden and clutches.

It is important to understand that when the borrowers opt for refinancing at earlier stages, they can certainly save more money than expected. One factor to consider while applying for automobile refinancing the used car loan is that make sure the value of the car is higher than the loan amount quoted. Understand that the lenders have all the rights to seize the car if the loan amount is not repaid properly. One more important factor is that having a bad credit will make the task of refinancing completely impossible. Take some time to pay off the monthly payments promptly with the existing lender and gain some credibility. Approach another lender after building up the credit rating.

Whom should I approach?

There are several lenders and banks ready to offer these kinds of car loans. Even the existing lender will be in a better position to help the borrowers in getting a refinance of used car loans. There are several websites available presenting complete information about the lenders offering these kinds of loans. The internet can be of great help in choosing the lenders and the information present will help the borrowers to make wise decisions in picking up the lenders. Comparisons and reviews will educate the borrowers on several aspects.

Be the first to comment - What do you think?  Posted by carloantypes - August 3, 2011 at 7:31 am

Categories: Other   Tags: , , , , , , , , , , , , , , , , , ,