Posts Tagged ‘poor credit score’

Forget Rejection, Bad Credit Auto Loans Are Here To Fulfill Your Car Dream

Bleak economic indicators, depressing hiring numbers, dreary spending and miserable condition of monthly payments are all consequences of the 2009 recession. Well, the recession has created havoc in everyone’s life and everyday is a battle for Americans.

But, Californians have always been famous for hard-work and “never say never” attitude. It is the dedication of Californians that make it the largest economy of the world’s most powerful country.

Knowing the attitude of Californians, several lenders have trust in you. You may think that buying a car is difficult in this economy. But, the case is not so. There are ample opportunities with you to buy your dream car. The option of bad credit auto loan is one of them. This loan type is useful for those who are suffering from a poor credit score.

There are many confused souls who do not understand bad credit score. Well, let’s make it simple for everyone.

Bad credit is nothing but your credit score gone awry. A credit score basically means numerical representation of your credit worthiness. The most commonly used score model is FICO score. TransUnion, Equifax and Experian are three of the largest U.S repositories. They handle your credit scores.

Every credit bureau has separate criteria for calculating your credit score. This is the reason a same individual has different credit scores at the same time.

Generally, a score above 700 is considered excellent. If your credit score is below 500, it is usually a bad credit score. But, this doesn’t mean the doors of opportunity are closed on you. Lenders have their own criteria. Your credit score may be bad for someone and average for another lender.

So, the bottom-line is that you shouldn’t stop searching. Remember a quitter never wins. Explore as many options as possible. All you need to do is search for lenders who offer affordable California auto loans for bad credit. You can seek help from your local lenders or widen your search with the help of internet. Internet allows you to complete your loan process in a quick span.

When you search online, make sure you choose a secured website for filling the application form. A valid security certificate means the site is safe from phishing. So, check the security of the site.

The Down Payment

There are several things that can affect your auto loan. How much amount you put in as down payment is also important. Down payment is the initial upfront amount that you pay while making a purchase. You can increase your loan approval chances by making a huge down payment. This will reduce the lender’s risk and will also ensure him of your financial capability.

The Co-Signer Rule

This is another way of raising the probability of approval. If you ask someone to co-sign your auto loan, the lender’s risk gets divided. If you have a co-signer, he guarantees the repayment of your loan. So, search for someone who trusts you and is ready to co-sign your loan agreement.

What Documents Are Required For Your Bad Credit Auto Loan?

Proof of Income

If you are a salaried employee, then it is important that you send a copy of last two months’ pay stubs.

For self-employed or individual contractor, pay checks are out of question. Hence, it is necessary that you submit your IT returns of at least three years. It will include:-

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

>> Schedule C (Profit or Loss from Business)

>> Schedule SE (Self-Employment Tax)

Bank Statements

Regular bank statements are a proof of your stable economic condition. Lenders want to ensure that their money is going into right hands and hence would be interested in understanding your personal accounts.

Your Residential Proof

A copy of your recent Mortgage Statement Utility Bill like phone or electricity is enough for lenders.

Vehicle information

You will also need to submit details of your car. A new car will require information like the purchase price, VIN, car’s year, make and model.If it’s a pre-owned car, you will have to additionally give information about the car’s mileage, title and also provide a disclosure of any liens, if any.

Now, California is widely known for its car culture. Auto lenders have understood the importance of car in the Golden state and so, they are offering affordable loans. After understanding the easy availability of bad credit auto loans in California, the only thing left for you is to apply.

So, apply now and get ready to enjoy the beautiful scenic vistas of California in your car. Don’t forget to drive on the Golden Gate Bridge and enjoy the panoramic view of the San Francisco Bay.

Avail bad credit car loans California from RapidCarLoans.Net and drive your dream in style. We believe that your bad credit score is no reason to deny you an affordable auto financing option. So, apply now and achieve your car dream.

Be the first to comment - What do you think?  Posted by californiacarloans - December 16, 2013 at 10:17 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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Be the first to comment - What do you think?  Posted by coloradocarloans - April 12, 2012 at 6:51 am

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Buy a Car in Oregon by Successfully Tackling Bad Credit Score

The State of Oregon has pure and ragged coastlines, green forests, rugged mountains, plain desert, breath-taking canyons and interesting cities. It’s simply great to work and live in a State that offers so much.

Like any other American State, a car is the most obvious option for travelling in Oregon. It has become a necessity for the common Oregonian. When you want to buy a car, it is important that you get it instantly. It doesn’t make sense to wait and save for months to buy a requirement like car.

Availing loans is as such difficult but having a bad credit score makes your loan application even more risky. Your bad credit allows you to trudge slowly instead of comfortably cruising in your dream car.

But, don’t think that bad credit score is bad for your car dreams. It is definitely an obstacle, but you can overcome it. In this economy, there are many borrowers with bad credit and so lenders see a market for bad credit car loans. You must be surprised to know that there are several lenders in and around the Beaver State to help you with bad credit.

“Well begun is half done.” – Aristotle

Before applying for a bad credit auto loan, it is essential that you do a thorough research.

First of all, be very sure of your credit score. For that, you must go to annualcreditreport.com and avail your free report. Federal Law has provided you the right to get a free report every year.

Check for any errors. It’s a known fact that credit bureaus often make mistakes while compiling your report. The Consumer Data Industry Association stated in 2007 that two percent of 52 million credit reports have been deleted because of error. So if you find any error, write to the bureau.

Once you are sure about your bad credit score, it’s time to ascertain your budget. Think of how much monthly payment you can afford. Calculate your monthly expenses and don’t forget to consider any huge future expenditure like college fees or a wedding.

How to Apply For Bad Credit Car Loan?

With the advent of internet, things have become very easy for you. All you have to do is log in to your computer and search for a reliable online auto lending company that offers bad credit auto loans.

Once you fill the online application form, the company will send it to its network of lenders. The lenders will bid for your application and the best one wins. The benefit of this process is that you get a local lender without even visiting his office. This means that if you are living in Beaverton, you will get a sub-prime lender of the same city and not Lake Oswego.

Tips for Quick Approval

Don’t consider yourself unlucky for having a bad credit history. Depression and rejection are not your options. You are like your State; you fly with your own wings.

You must understand that a good credit score is just one of the many requirements for getting loans. So if you are short on credit score, improve other aspects.

1. Down Payment

Generally twenty percent of the car’s value is required as down payment. But if you can manage more than that, it’s great. It will reduce the lender’s risk and increase your approval chances.

2. Co-Signer

A co-signer is someone who will co-sign your loan agreement and in case of default will be held liable for the payments. Finding a co-signer with a stable credit history is difficult. But if you find one, your loan application will be easily approved.

3. Stable Income and Place of Residence

It is important that you have a stable income and employment for at least six months. Your recent pay stubs can be used as a proof of employment. In case of self-employment, your tax details can serve the purpose.

If you follow these tips, getting bad credit loans will become fairly easy for you. Remember that there is no failure except when not trying. So, go ahead and buy the car of your dreams.

Bad credit can never define your future. It’s just your credit history and it should never be the reason for not having a car. Avail the most reasonable automobile financing options with Rapid Car Loans. Our bad credit car loans Oregon are a great way to drive your dreams as well as improve your score.

All the best!

Rapidcarloans.net is committed to offer the best and the most reasonable auto loans in your State. Our wide network of lenders allows us to cover each and every city. Few of the cities are listed here: Portland Car Loans, Salem Auto Loans, Car Loans Beaverton, Auto Loans Gresham, Hillsboro Car Loans, Eugene Car Financing, Tigard Auto Financing, Auto Loans Lake Oswego.

Be the first to comment - What do you think?  Posted by oregoncarloans - March 12, 2012 at 6:17 am

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Low Rate Used Car Loan with Bad Credit – Is it Feasible?

It is not that difficult to get used car loan with bad credit. It is very much similar to get loans with good credits. Most lenders approve collateral loans in which the car owner has to owe a property or any other asset to the lenders. In case, if the monthly payments are not made promptly, the asset will be taken under the control of the lenders. The borrowers who are very sure with this procedure alone will agree for this kind of loan as they are aware of the seizure of assets. Financial institutions will find it difficult to allocate loans for people having bad credits and no asset. It is a tough decision to be taken.

The lenders will have to be very careful to safeguard their interests. They cannot give away finance for people those who do not meet any of the bank requirements. This will turn out to be a heavy loss for them. There is a way for people with bad credits and no assets to obtain auto financing in the name of unsecured loans. These loans are the best to offer as the banks can gain higher interest rates and reap more profits. The identity of the borrower must be conformed the records. The lenders will push the borrowers to sign the documents while financing a used car with bad credit.

Most bankers and lenders offer loans to people with bad credits. The loan interest rates are primarily based on the credit rates. The lenders should make sure that the borrowers have to apply the loan with a co-borrower. They are beneficial in many ways. The co-borrower should posses a good credit rating and they have to take up the responsibility if the borrower is not able to repay the monthly payments. If the borrowers can bring a co-signer or co-borrower, they are entitled to get low interest car loan.

The lenders should convince the borrowers to pay a good down payment. This will possibly reduce the risk of the loan amount as it will be meager when compared to the original market value. A good down payment may vary from 15 to 25% of the loan amount. Paying this amount also helps the consumers to pay lesser monthly installments and improve their credit rating gradually. This is a very good option to build up their fame starting from the scratch once again. The bankers must ensure that the auto loan amount does not exceed the existing market value.

The borrowers must ensure about their repayment capacity before applying the loan. Their dream car can be bought easily with the available loans. The repayment schedules must be met religiously. The lenders must be careful about the scammers. With the recession hit economy, it is actually a tough time for the lenders to get used car loans with bad credit. Genuine borrowers and lenders will always find the business very profitable and it is good to repay the monthly payments properly to avail all the benefits.

Be the first to comment - What do you think?  Posted by carloanfinancing - March 31, 2011 at 4:32 am

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