Posts Tagged ‘new car’

Down Payment and a Co-Signer Can Help You Get a Bad Credit Car Loan in New York

New York is truly the Empire State. The State absolutely rules when it comes to travel destinations. There is the world famous concrete jungle of Manhattan and the illustrious Statue of Liberty. You also have other travel options like the magnificent Niagara Falls, wild Adirondacks and wineries of Finger Lakes.

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Wouldn’t it be great to travel to these wonderful places in your car? A car can give you a chance to explore your State. Not only that, imagine going to work in the comfort of car. You don’t have to take the train or bus anymore. No impatient crowd, no haggling for seats, just peaceful car travel. So, buy a car today and add comfort and peace to your life.

Is bad credit holding you back from buying a car? A bad credit score often creates massive problems. You may have a bad memory of lenders. It is obvious because traditional institutions refuse to write bad credit auto loans and even if they agree, high interest rates are charged from you.

But since recession, many New Yorkers have not been able to maintain a good credit score. This means bad credit is quite common these days. There are several people dealing with it. But they still avail auto loans. Let’s understand how people get reasonable car loans with bad credit.

You must remember that every name has significance. It’s called credit “history” because it’s your history, not your present and definitely not your future. A low FICO score is certainly a hurdle but it doesn’t mean your car dream is over.

It is true that banks won’t even touch your loan application if it mentions a poor credit score. But, there are several subprime auto lenders who offer bad credit auto financing in New York. These lenders have understood that there is a wide gap between the traditional lenders’ expectations and borrower’s reality. And, hence there is a great potential of business. It is for this reason that they offer loans to people with poor credit score.

Before applying for loans, know how bad your credit score is. You can avail a free credit report from freecreditreport.com. There are chances of errors and mistakes in the report and so you must check it thoroughly.

After you verify your credit report, apply for a car loan. Internet can be a great help for getting bad credit auto loans. Go online and fill the application form. As lenders have different criteria, it is essential that you fill application on several websites.

Spend a good time doing research. Compare auto loan quotes and then take a decision.

For improving your chances of approval, you can make a down payment. A down payment will prove the lender of your financial capability. You can also ask someone to co-sign your loan agreement. If you get a co-signer for your loan, the lender will have an assurance of getting his money back. Down payment and co-singer will help you bring down the risk.

Buying a car with bad credit score is not impossible. Smart shopping and alertness while choosing a lender can turn your car dream into reality.

Be a smart New Yorker and make a smart decision by availing bad credit auto loans New York from Rapidcarloans.net. Get the best interest rates for new as well as used cars. Apply now and say good-bye to outrageously high interest rates.

All the best!

Be the first to comment - What do you think?  Posted by newyorkcarloans - January 28, 2013 at 9:22 am

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How to secure No Money Down Auto Loans for People with Bad Credit?

As cars are becoming a necessity for us, the importance of auto loans is rising. When someone applies for a car loan, it’s obvious that he has no ready cash for buying the car. This means making a down payment also becomes difficult. The good news is that you can avoid money down by opting for no down payment car loans. This car financing program is perfect for everyone including people with bad credit.

Is it Possible to get No Money Down Auto Financing with Bad Credit?

Yes. You can easily get approved for no money down car loans for bad credit. All you need to do is ensure the lender of his financial investments. If he considers you a less risky credit borrower, instant approval and guaranteed low rates will be a reality for you.

How to get Guaranteed Approval on No Down Payment Auto Loans for Bad Credit?

These tips will help you get easy approval no down car loans. Bad credit will cease to be a problem when you follow these suggestions. Try and use the maximum of them to enjoy low rates and lower car loan cost.

Co-Signer

A co-signer lowers the risk factor. It is because the lender knows that he can recover his money if you stop making payments. So, start your search for a co-signer today.

Income Proof

Having sufficient income to pay-off car loan is one of the important criteria. You can show your pay-stubs or tax returns as income proof. This way lender will be sure of your regular income and also, regular payments.

Inexpensive Car

Choosing an inexpensive car means reducing your car loan amount. And with the reduction in loan amount, lender’s risk also reduces. This way your approval chances become brighter.

Trade-Ins and Rebates

You can avoid down payment by trading your old car. Ask the dealer to deduct the value of your old car from the car loan amount and forget putting money down. You can also make use of rebates for the same purpose.

Shorter Loan Term

If you opt for a shorter loan term, it means you will be able to pay-off the loan before the end of useful car life. This is perfect for everyone because the risk of upside down car loans reduces substantially.

Choosing the Lender

You certainly don’t want to waste your time in applying with lenders who won’t offer you loans. So, start your research for lenders who offer no down car financing programs to individuals with bad credit ratings.

You can make use of internet for searching sub-prime lenders. They work with bad credit borrowers and have no trouble in providing car loans without down payment.

You can select a reputed online car financing company for loans. They have a huge network of lenders and dealers which makes it easy for them to guarantee quick approval on no money down auto loans for bad credit. Don’t forget to check the reputation of the lender/auto financing company before filling the application form.

All these tips will definitely help you in securing no down payment auto loans. When you follow them, it will make your car loan application stronger and lenders will be compelled to look beyond your credit score. So, don’t forget them during the car financing process.

Rapidcarloans.net offers affordable auto loans for bad credit borrowers. People with bad credit score can enjoy no money down car loans by applying on the secure website. Apply now to enjoy low rates and 100% free car loan quotes.

Be the first to comment - What do you think?  Posted by badcreditcarloans - November 10, 2012 at 7:27 am

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How to Buy a Pre-Owned Car in the Beaver State?

The automobile has not merely taken over the street; it has been dissolved in every inch of our culture. We, Americans are totally passionate about our cars. It has totally become a part of our life, a part of our own self.

If you don’t own a car, you haven’t experienced the joy and thrill associated with it. Just holding the steering gives a great adrenaline rush. If you want to buy a car in Oregon, there are plenty of options.

Don’t restrict yourself to new cars. Pre-owned cars can also serve your purpose. Don’t worry about buying a lemon. Oregon DMV now requires the manufacturer to add “Lemon Law Buyback” to the title. So, by looking at the title you will be able to learn about the car’s history.

There is another incentive for buying a used car. As the year is approaching its end, dealers would be more interested in achieving their sales target. It is the right time to buy a used car. You will get several discounts and incentives.

Information Leads to Perfection

You must remember that buying a car is a major decision. Even if you buy a used car, it will be with you for at least 2-3 years. So, it is important that you take time to think about it. You can take a well thought decision only after knowing everything about buying a used car in the Beaver State.

This article will take you through the entire process of buying a used car. Right from budget and finance to registration with the Oregon DMV, you will understand everything. So, let’s start with it.

Money – Wise

When it comes to money, it is important that you stay on top of things. First of all, think how much money you can spend on the car. Well, there are used car loans but hardly anyone will offer you money for paying registration fees and insurance. All the collateral expenses will be borne by you. Make arrangements for it and make regular loan payments.

Needs Are the Basic Drive for Car Purchase

The basic work of your car is to take you places. It is important that it does its work effectively. If you live in the hilly region of Cascades, then you definitely need a sturdy SUV. If your home is near the windswept Pacific region, then almost any car would be fine for you. Not only geography, but it is essential that you consider your needs. If you are student, it is important that you consider a low maintenance car. If you have to travel long distances every day, a fuel-efficient car is required.

Efforts in Gaining Knowledge Is Never Wasted

A well – prepared customer wins half the battle. If the seller knows that you are unaware of car buying concepts, he’ll take you for a ride (a ride which will definitely include exorbitant prices).

If you want to buy an electric car model, Electrifying Times is an information magazine published in Oregon. Sports Car Market is another magazine in Oregon. You must also take opinion from your family and friends. If you are lucky, you may end up buying a good car from your cousin.

Choosing Your Car – Let your mind do the work

Once you get knowledge about cars, it’s time to get out and play your game. Dealers are interested in making profit. So, it is essential that you play your cards right. This is the time to make a rational decision. Let emotions take the back seat.

On the basis of your needs, choose your car. You must never narrow down your search to one. Keep your options open.

Make a choice of 3 or 4 of your favorites cars. Get VIN of each car to know the car history. Avoid car with a salvage title or several accidents.

You must ask your trusted mechanic to inspect the vehicles. Ask him to check for any signs of water and rust. If any vehicle is flooded, it will have moisture in the headlight/tail-light compartment or the engine will be rusted.

Once the mechanic Okays the cars, test drive is essential. You get the best idea when you use it. Pay attention to the car’s steering ability and acceleration.

After test driving the cars, you will be able to select the best one. After you make a choice, it’s time for registration.

Title and Registration

A dealer in Oregon does the work of submitting title and registration. If you bought your car through a private party, you will have to undertake the process. In any case, knowing the process can make things easier for you.

If you are buying a used car, you must get the car title from the seller. Ask the previous owner to release his interest in car by signing the reverse side of the title. The seller will write your name and address, date of sale, sales price on it. Ensure that the information is accurate.

He will also have to sign the Bill of Sale (Form 735-501). It is mandatory for the seller to notify the DMV about the sale within 10 days from the date of sale. As a buyer, it is your responsibility to apply for a title within 30 days of purchase. If you don’t do so, you will be charged a late title transfer fee. The fee is $ 25 (31- 60 days). After 60 days, you will be charged $ 50.

See that the Lien Release (Form 735-524) form is duly filled.

After you receive these documents from the seller, you will have to fill the Application for Title and Registration (Form 735-226). If you are renewing your old license plates, give insurance information. The title fees are $77. It is important to carry cash or check as DMV doesn’t accept debit or credit cards.

There are some conditions if you are renewing your license plates and you live in Portland or Rogue Valley (Medford) area, or if you are trying to register a car with no Oregon registration. It is essential that you pass Department of Environmental Quality (DEQ) inspection. The requirement is as follows:

1. Portland – 1975 models and newer require testing

2. Medford – 20 years old and newer models must be tested.

You will have to undergo the tests even if your vehicle runs on alternative fuels and hybrids. If you decide on choosing a specialty plate, you will have to mention the name in the “Remarks” section.

If you want to transfer the old plates, you can do that. Your license plate should be one that the DMV still issues. Also, it can be transferred to same vehicle type only. The State DMV charges $6 as transfer fee.

Once the DMV headquarters receive your applications and documents, your plates will be mailed to you in 5-10 business days. You will receive car title in about three to five weeks.

So, that’s how you can go from walking on two to cruising on four. Buying a car in Oregon is simple and easy.

So, when are you going to change from tiring walks to comfortable cars?

Change is good when it is affordable. Your car buying experience will be pleasurable when you get the most reasonable auto loans online. No longer a dream, low-interest rates are a reality with RapidCarLoans.Net. Apply now for auto financing in Oregon and feel the difference!

All the best for change!

Be the first to comment - What do you think?  Posted by oregoncarloans - March 12, 2012 at 6:15 am

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How to Buy a Car Being a College Student?

Cars were just a mode of transportation. This was when they were considered nothing but plain-simple automobiles. Today, cars are loved and pampered and they definitely make bold statements.

For America…We are simply a nation of car lovers! From a toddler to the elderly, everyone is just passionate about cars. Car is a dream for many and it’s great when you get to achieve your dream at an early age.

But buying a car in college seems impossible, isn’t it? There are several reasons for it like lots of money, ridiculously high interest rates, deceiving dealers and lenders.

Well, the reality will be exactly opposite for you. Think it’s a gag? It’s time you reconsider buying a car because students now have the option of getting pre-owned as well new cars and that too at affordable interest rates.

How is that possible? The answer is a bit of awareness and some smart work. When you decide to buy your car and probably your first one, it is essential to have an idea of cars and lenders who will finance you. This article is an earnest attempt to help you with car buying. So, let’s start by solving the confusion of buying a new or a pre-owned car.

Old or New – What Do You Like?

Every car buyer has to answer this question. New or old is a major dilemma and is as old as the origin of car. It is essential that you study the pros and cons of every car before buying it.

The major plus point with a used car is its cost. If you have a tight budget, this is your best choice. If you get a manufacturer certified pre-owned car, then it’s like buying a new car at lower prices. As the manufacturer approves the car, you can stop worrying about shady dealers manipulating your purchase. You can buy luxury brands like Lexus and Mercedes with their CPO programs and feel relaxed about your decision.

If you love the smell of a new car, then you can go for a brand new sparkling car. A new car will definitely be low on maintenance and will be covered under manufacturer’s original warranty. If you decide to buy a new car, then there’s some great news for a student like you. Just like the pre-owned cars programs, manufacturers also offer incentives for buying a new car. Nissan offers Signature GRADUATE® for college students and those enrolled in graduate school. Even FORD offers incentives for students. When you buy a new car from FORD, you will receive $ 500. You will also get other current public incentives offered by FORD. All you need to have is the Proof of Student Eligibility.

How to Choose an Auto Lender?

When it comes to buying a car or for that matter any other thing, money is the pre-requisite. Everyone says that ready money is a faithful friend but you must keep in mind what Benjamin Franklin said, “Remember that credit is money.”

All you need to do is find a trustworthy lender. Now, the best and easiest way to get to lenders is the web. There are several online auto lending companies that offer student auto loans. Keep in mind to go for only those companies that offer no obligatory/free quotes.

If you select a company that has a single lender, it would be a disadvantage for you. Why? You will obviously apply on several websites which means there will be many checks on your credit report. It will lower your credit score unnecessarily. So, make sure you select a company that has a network of lenders.

How to Fill an Online Application Form?

Filling an online form is not difficult. The only problem is that you don’t have any one from the lender’s side to solve your doubts. You will have to solve all your queries by mailing the company.

To avoid wastage of time in mailing and waiting for the answer, here are few of the common things required by the lender.

Basic Information

You will have to give your basic information such as name, residential address, cell-phone number and e-mail address. There is one problem when it comes to contact information. Applicants generally give cell-phone numbers which are not working. So, it is essential that you give accurate numbers.

Other than that, you have to specify information regarding your loan. Mention the kind of loan you want. If you want to avail private party auto loans, choose the relevant option. Don’t forget to mention the application type – single or joint.

Social Security Number

The most basic requirement for applying online is having a Social Security Number. It will be required by the lender to run a credit check. It is essential that you choose a reputable online company because you just cannot give your SSN to any shady lender.

Employment and Income Details

Your part-time job can also help you get auto loans. Generally, lenders want you to have stable employment for at least one year.Now, don’t worry if you are employed for less than that. There are certain companies that provide loans even if you are employed for six months.

Lenders want you to be capable of making regular monthly payments. So, they do have a minimum income requirement. It is essential that you at least earn gross$ 1,000 per month.

Pay stubs can be used as a proof for showing your employment status.

Credit Score

Generally, students have a zero credit score. This often creates problem because most companies don’t have the option of zero credit in their forms. So while filling your form, you can choose average credit score. If your application gets accepted, you can then tell the lender’s representative about your situation.

Student Identity Proof

Most lenders don’t require college/ university details at the time of filling the application form. You are supposed to tell everything when the company representative calls you. The lender will require your Student Identity proof at the time of signing the contract.

So, this is how you can fill the application form. Once you fill it, the lending company will contact its group of lenders. They will bid for your application and then the lender with the best deal will call you.

So, don’t wait for anything now. Log in to your personal computers and get a real opportunity of driving your car.

All the Best!

Be the first to comment - What do you think?  Posted by Rock Watson - January 15, 2012 at 3:58 am

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Essential Car Buying Tips To Help You Flaunt Your New Car on the Streets of NY

The most populous city, a known battleground for the Revolutionary War, the signature of American of liberty – Statue of Liberty, diversified landscapes – everything is here. Everything is in New York. The State is nothing short of a spell-binding beauty. It’s great to live in New York, isn’t it? Well, you can make most of your State’s culture and beauty by exploring it. And, what better way to do it than a car?

New Yorkers are total car lovers. The New York International Auto Show is a great example of it. It draws crowds in thousands and that too every years.

Car manufacturers also seem to love New Yorkers. Most cars are first launched in here. Remember Ford Focus was first launched in New York and California in August 3011.

If you are thinking of buying a car too, here’s some important news for you.

Dealers will soon start offering festive discounts. Halloween marks the beginning of the fun-filled holiday season. Dealers want to cash in on the holiday spirit and increase their sales. So, discounts and incentives are offered.

Also, new car launches will take place next year. This means dealers have to get rid of this year’s stock. This ensures that you may get current year models at very less prices.

So, buying a new car now is not a bad idea, right?

If you take few things into consideration, then car buying will be a satisfying experience. Calculated steps will allow you to drive that brand new beauty on wheels.

We choose our joys and sorrows long before we experience them. – Khalil Gibran

Car is a major investment. You are going to put all your savings into it. Plus, the payments will always be there to remind you of your decision-good or bad. Make sure that you take the right decision.

The reason I am stressing on a good decision is because you may not be able to return your car after the purchase. So, if you dislike your car or regret the purchase, things can get difficult for you.

Contrary to the popular opinion, there is no “cooling off” period for car purchases in NY. This is because the Remorse Law doesn’t cover any automobiles, used or new.

There is another law to help you get back your money or a car replacement. But, the New York State Lemon Law is applicable only when the car is considered “lemon”. The only thing that can save you is your sales contract. If the dealer mentioned of a “cooling off” period in the return policy, then you can avail it. Otherwise you are pretty much stuck with your car. So, take a proper decision and read the agreement thoroughly.

Champagne Taste on a Beer Budget

You don’t want to waste your time by searching for a car that’s beyond your reach. So, decide on your budget in the very beginning. Even though you have decided to avail an auto loan, you will need some amount of cash with you. It will pay for all the expenses like registration fees, insurance, taxes, maintenance and fuel.

If you have a pre-decided budget, then it will be easier for you to narrow down your choices. So, first decide on the budget.

This is the perfect time to look for auto loans. There are several options available with you. You can get auto finance from local car dealers and car lenders. You also have the opportunity of getting instant auto loans at the click of mouse. The best thing about online lending companies is that you don’t even have to step out of your house to get a loan. There are many online lending companies which function in the Empire State. You can visit websites of such companies and apply for a free quote.

Whatever option you choose, don’t forget to compare car loan quotes. You may be surprised to know but lenders have their own lending criteria. So, every lender will offer a different quote.

Why You Need A Car?

If you need car for dropping your kids to school, then opt for a car with high safety. But, if you need to travel to work every day, then it is necessary that you focus on efficiency and mileage.

So, decide on your needs and narrow down your search.

Research Is Always the Best Way to Come To a Conclusion

A thorough research will reduce the chances of post-purchase dissonance. So, read expert reviews and also check what other people think about a car. You can also go for magazines like Road and Track, Automobile, Motor Trend, etc. GM High Tech Performance is a magazine that focuses on all GM cars. So, if you are buying a Chevrolet or Pontiac, it can be of great help.

Also ask friends, relatives, colleagues for an honest opinion.

Car Registration in NY

Usually, dealers complete the car registration for a fee. But if you want to register your car at NY DMV, then you need following documents:

>> Your Identity/Date of Birth proof

>> Proof of car ownership

>> Proof of sales tax payments and other fees

>> Proof of NYS sales tax payment, exemption or purchase price

>> Copy, original, or a fax of NYS Insurance Identification Card (FS-20)

>> Completed E-Z Visit Form

>> Proof of the “California Emissions Standards” or exemption, whichever is relevant.

After you get these documents, go to the NY DMV and get your car registered. You can also customize your license plates according to your needs.

Once your registration is done, all you have to do is flaunt your car.

So, are you ready to start your search for a perfect new car?

Keep the New York spirit of Excelsior.

Buying a car is a dream of many, but achieved by few. Fill an easy car loans application form on RapidCarLoans.net and fulfill your car dream. Avail instant car loans in New York at affordable prices.

Best of luck!

Coverage:

Car Loans New York City | Car Loans in Buffalo | Car Financing Rochester | Car Loans Yonkers | Dealership Financing New York | Car Title Loans New York | Car Loan Refinance New York | Private Party car Loans New York

Be the first to comment - What do you think?  Posted by newyorkcarloans - December 8, 2011 at 8:42 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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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

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All That You Wanted To Know About Student Auto Loans

You need not worry about your student status, when you apply for such loans. There are auto lenders who might try to influence you to compromise. However, you do have the right to demand the best for yourself. The market of money lenders is huge and you can always opt for that lender who would offer you the best deal.

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Be the first to comment - What do you think?  Posted by ezcarfinance - November 4, 2011 at 3:21 am

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New Car Auto Loan – How to Finance Your New Car

Having sleepless nights thinking about how to finance your purchase of dream car? Is your dealer giving you very high rates of interest? Do you have low credit scores? Well time to worry is over. You can get a new auto loan without much problem to handle. Follow the simple steps and get your car financed.

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Be the first to comment - What do you think?  Posted by ezcarfinance - October 18, 2011 at 3:56 am

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Car Loans for the Self-Employed Individuals

Well, let me first congratulate you. In an economy plagued by unemployment and debt, it takes great courage to venture out on your own. A self-employed individual not only earns for himself but also provides the same opportunity to others.

Everything in life is somewhere else, and you get there in a car” – Mr. E. B. White

We all have to agree that a car is no longer a means of comfort or luxury. It has become a need for us. But buying a car has become very expensive. A FINANCED car is the only reality now.

So before you search for car loans, you should be aware of the two types of loans offered:

1) Secured Auto Loans

When a lender provides you with a secured loan, you will have to pledge your assets as collateral. Your home, car, stock, bonds, etc. can be pledged against the loan.

2) Unsecured Auto Loans

An unsecured loan is obtained without any collateral. Hence, you will be charged with higher interest rates. When you avail an unsecured loan, you will have to prove your earning capacity. This will ensure the lender of regular payments in future.

What are the requirements for availing Self Employed Car Loans?

Constant Income

A W-2 employee can prove his earning capacity by showing his pay check. But, you are self-employed and you obviously don’t write pay checks to yourself. So, it becomes a bit difficult to prove that you get a steady income every month.

As you are self-employed, you will have to fill the following forms:

>> Form 1040 (U.S. Individual Income Tax Return)

>> Schedule C (Profit or Loss from Business)

>> Schedule SE (Self-Employment Tax)

You can solve the problem with the help of these tax forms. You should provide at least three years’ record of your tax returns. This will assure the lender of your REGULAR income.

Many self-employed individuals write off their profits to reduce the tax burden. But make sure that YOU show the actual profit. A robust profit will ensure the lender of your stability and therefore you will have to pay lesser interest.

Bank Statements

You will have to show your monthly bank statements. Few lenders may want to see your personal accounts and also want to verify your personal assets.

Your Residential Proof

A constant place of residence means you are able to pay your rent and other utilities on time. This shows your stability and instills greater confidence in you.

And so, the lender will require a copy of your recent Mortgage Statement and Utility Bill.

Credit Rating

Even if you are self-employed, your credit rating matters. Your credit score will show your credit worthiness to the lender. If you have a better score (generally 600 and above), then you have a greater chance of getting your car loan approved.

Recommendation From Your Clients

Lenders want to ensure the stability of your business. So they might ask for recommendation letters from your clients. If your client writes it on his Company letterhead, it will prove to have more impact.

These are the major things that your lender will ask from you. The requirements may vary depending on the type of loan you are availing. Unsecured car loans will apparently have more criteria than the secured loans.

If you are a self-employed individual with a good credit score, availing loans won’t be difficult for you. You just need to have accurate financial records and soon you will be driving your very OWN car.

There’s time enough, but none to spare.

So don’t wait. Go online and search for a lender who will value your credentials and give you a loan instantly.

Searching for old or new car, we have everything for you. RapidCarLoans.net is an auto financing company that provides car loans to everyone. Extensive network of lenders will provide you auto loans at low rates.

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