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Tuesday, 12-Apr-2011 07:10 Email | Share | | Bookmark
Cosigning Can Make Your No Credit Car Loan Approval Easy

All first-timers want to know whether it is easy to get a no credit car loan. The answer is both yes and no. Yes, because a person with a no credit history has a higher chance than a person with bad credit to make timely payments. A person with bad credit already has made late or missed payments. But a young college graduate who wants to buy his or her own first car has a better chance of not defaulting on payments. And no because, a person with no credit history needs to convince the lender that he is a responsible and will make regular payments. One way of easing the approval process is by finding a cosigner.

What is a cosigner? A cosigner is a person who will guarantee to the auto lender that you will make timely payments and in case you default, he will be responsible for them. Here are some tips on who can be the perfect cosigner.

>> Requesting a family member, a relative or a close friend to cosign with you is a very god idea. In case you do default on payments you can openly ask him or her to make the payment on your behalf.

>> Find a cosigner with an excellent credit history. The lender will be more comfortable in giving you the auto loan when he is sure that your cosigner makes credit payments on time. So in case you default on your payments, they have the cosigner to go to.

>> Make sure that your cosigner has the financial condition to bear the responsibility of making your payments in case you default. Because if either you or your cosigner do not make payments, the lender can take you to court.

Asking a person to cosign with you for your no credit car loan is a huge responsibility. You need to protect that person from liability as much as possible. Just getting the car loan with the help of a cosigner is not enough. Make sure that you follow a few things to protect yourself and your cosigner.

>> Your cosigner must be aware of his responsibilities and liabilities before he signs.

>> If due to unexpected circumstances you won't be able to submit your monthly payment, you should first call him up and request for an extension. If your car lender refuses, you should talk to your cosigner as soon as possible and explain the situation. Request him to make the payment for you that particular month and promise to pay it back.

>> Since your cosigner has helped you, make sure that your payments are consistent so that his credit account is not tarnished. As much as possible, try to reduce his liabilities.

>> Once you start making regular payments for a few months, you will have your own credit history. For your next loan, you will not need to take the help of a cosigner.

Taking no credit auto loans with the help of a cosigner is a responsibility you need to shoulder.


Tuesday, 12-Apr-2011 07:09 Email | Share | | Bookmark
Used Car Loans with Low Income - Best Deal for College Students


The twenty second century has really got the world moving. Buying a car once was a dream for college students. But now the process is very easy to carry out. As a student you would have a lot of car loan options that are just a click away. This is like a double edged winning sword that gives you freedom, makes you a buyer and all that in a very limited income. The student finance domain helps the student in saving both time as well as money. In the past few years getting a car loan for a used car was very hectic, cumbersome and a worrisome process, but now things have changed.

There are multiple ways of applying for a loan. The students can either directly go to the car manufacturers, car dealers & set deals with them about the rebate on cash, low interest and heavy paybacks. They also have an option of going to the bank and apply for the auto loans. Once when it is approved, they get a check which can be used against buying the car from any car dealer or a manufacturer. Now a days the students can also get loan from the online money lenders. Which ever option they feel is safe, they should go with it.

1. The best way to start your journey is to list down all the options that you have got to buy the car. This research can be carried out over the internet or via magazines. As a student, you must remember the fact that you must invest on a car that fulfills your basic needs and can be the most reliable. Their is no point driving a big SUV or invest in a jazz sports car and end up spending your entire student loan quota.

2. You must make an informed decision when it comes to a used car or a new one. Lets be honest in accepting the fact that the value of the car will get reduced when you take the car out of the dealers building.

Used Car Loans - The students must aim at getting in touch with reliable dealers who can help them to finalize a good deal which will reap profits in the long run. It is preferred to follow the simple tips listed here before buying out a used vehicle:

1. Do a proper checking of the car before taking the delivery so that you are satisfied with the car' interiors(like mileage, car identification number, history of the car, paint, body, lights and other accessories) as well as the exteriors.

2. Try the best dealer whom you think to be the best. Make enough ground works before selecting your best dealer.

3. Then try your best to negotiate to finalize the cost of the used car and ask your loan provider to pay you a check of the right amount.

Students must remember to stick to the basics while obtaining the student car loan and such deals must be dealt with a straight head.


Wednesday, 30-Mar-2011 05:50 Email | Share | | Bookmark
Few Tips for First Time Car Buyers - Finding Best Car Loan Deal


Are you someone planning to buy your first car? Then you must probably be a high school student, a college student or have recently been employed. Buying a car for the first time can be a pretty exciting experience. Here are a few first time auto loan tips below to help you out.

>> Decide on which car to buy first. Be reasonable and choose one that you can make a 20% down payment on. If you can not do that, choose a different car. It is the best if you buy a car that you can pay off within 4 years.

>> Other than the loan payment, remember that you also have to pay for the gas, insurance, batteries and a lot other things.

>> There is nothing shameful in buying a used car. Buying a used Toyota Camry or Honda Accord is actually a pretty good idea since they will give you safety, dependability and freedom from costly repairs.

>> Do not expect to get a car loan financing for a car which is more than 5 years old. You will have to pay cash.

>> There is no return policy for cars. You can not give it back because you do not like it after 2 days. So decide well.

>> Most probably you do not have a credit history if you are a first time car buyer. This is one of the biggest hurdles you will face in getting a loan. You need to establish credit. You can get a gas card and credit card from your local department store pretty easily. When you use them, make sure you pay them off within a month. Do not dare overspend as it is going to reflect badly on your credit history. In fact, the balance should not reach more than 50% of your limit. Do this for 6 months. It will let you show some sort of a credit history to the lender.

>> Asking your parents, a relative or a close friend to cosign with you is a good idea if you do not have an established credit history. This means your cosigner will also be signing the loan papers along with you. It also means that your cosigner will be responsible for payments on your loan if you default. It is a matter of great risk and delicacy and you have to make sure that your cosigner knows what he is getting into before he signs.

>>The most important barriers you are going to face when you apply for an auto loan for your first car are:

>> Your lack of credit history will make it difficult to convince the auto loan lender

>> Finding financing for used car more than 5 years old is difficult, if not impossible

>> Insurance for your car will be pretty high

>> Dealing with car repairs and other maintenance costs will rake off quite a bit of your income

>>As a first time buyer, you should research well before you decide on finding an auto loan for your car. Happy car shopping!


Wednesday, 30-Mar-2011 05:49 Email | Share | | Bookmark
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.


Wednesday, 9-Mar-2011 07:03 Email | Share | | Bookmark
INSTANT APPROVAL ON AUTO LOANS


Getting pre-approved auto loans will help in getting approved for easy or instant car loans. A first time buyer and people having good credit rates must not find any difficulty in obtaining the loans. They have wider opportunities in acquiring a loan. However, it is highly important to shop around for the best prices and make a good deal. Buying a vehicle can be one of the happiest moments and an instant approval would add up fuel to the happiness. Dealerships would like to prey on buyers and it is important to gather much knowledge about all the dealers and their varying prices.

Where to Apply:

There are many financial institutions offering their instant approval on auto loans. The Credit Unions and banks have good reputation in offering cheap auto loans. Lending institutions should be studied carefully and borrowers must go through any of the scams reported against them.

Online applications will have instant approval of auto loans. It will take just few minutes to submit the application and it will be approved instantly. In olden days, borrowers have to fill in several papers and would require so many days to process the loan.

The internet search is the best activity to gather information about various lending institutions and compare their rates. It will help in learning the restrictions on the borrower’s side.

Points to Ponder:

The borrowers must obtain at least 4 or 5 quotes from different financial institutions. A comparison study must be made to find out who offers the cheap rates. Careful study should be made to reveal any kind of hidden charges by any lenders. Instant auto loan approval looks very easy but there can be hard scrutinization taking place behind the screens. Extra attention regarding the interest rate or APR should be given to estimate the monthly payments and duration of the loan time.

How Do They Work?

The completion of the form can be done online. People are requested not to leave any of the fields empty while filling the form to get instant approval on auto loan. This might give a chance to fill by the employees of the company and they may try to play any foul game. Accurate information must be provided, and borrowers must understand that every detail presented, can be beneficial and may also go against him in getting the loan

Instant approval auto loans can be granted within few minutes. The submission of the form and their acceptance will not take more than one hour. The verification and other checking process will get over in one day and the buyers can have the check in their hand while shopping for the dream car. Everything is made so easy and the technology plays a vital role in these kinds of loan. The internet is the best source of information and helps in avoiding so many real life difficulties in processing and approving the loan.


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