Guaranteed car finance may be one way you are able to obtain a loan to buy a new or used car if you have a poor or bad credit rating. It may also be a suitable choice if you have no credit file or you are having trouble obtaining credit due to self-employment.
· Stretching out the loan – if you want to keep down the monthly repayments of your loan then you may be tempted to stretch out the borrowing over a long period. The downside to this is that the car costs more as you are paying out more in interest. Therefore, you may want to give a great deal of consideration as to how long you do take your loan over.
· Paying something towards the car – are you able to put money towards the cost of the vehicle? If you have some money for a deposit, you may have to borrow less and so pay less in interest.
· Comparing loans – just because you have struggled in the past to obtain credit it does not mean that you jump onto the first loan that you are offered. The interest rates that come with a guaranteed loan are usually above the average rates that you may expect to pay if your credit rating is poor. They may also vary a great deal with lenders. If you choose to compare finance options with a specialist motoring website who also sells used cars then you may be able to get a suitable loan.
· New or used car – new cars may cost thousands of pounds more than if you were buying a used car. There are many excellent quality second hand cars on the market so you may want to ask yourself if you really need a new car or if a good used car might suffice. If so, you may have to borrow far less than if buying a brand new model.
· Be aware of penalties – when taking out guaranteed car finance be aware of any penalties that may be included in with the loan. For instance, if you are able to repay the borrowing much earlier than anticipated, there may be a lump sum penalty to be paid.
By: Louis Rix
November, 2009
28
Nov 09
Auto Loans After Bankruptcy
Is it really possible for you to get auto loans after bankruptcy? After all, you know how lenders always look at your credit history first and then decided whether to accept or not accept your loan request.
So how it is possible that someone with a very bad credit succeed to qualify for an auto loan?
The good news is, it is totally possible to get bankruptcy auto loans even with the worst credit – if you only know the secret how. This article is going to help you find out how you can get it too.
You see, the secret to getting bas credit auto loans is to know what type of loan you can easily get and which lenders to get it from.
If you have declared bankruptcy, you know that it had a big effect on your credit. So the best option for you definitely is not going with standards auto loans, because you know how lenders take your credit into consideration so much.
What you can do is to go with no credit check auto loans, so you can easily qualify without your bad credit mattering at all.
These are also called bankruptcy auto loans which are available to you easily through some special lenders, because not every normal loan lender may offer these loans.
There is just one difference these loans have and that is their higher interest rates. Of course this is because the lenders still agree to offer you an auto loan – no matter how really bad your credit may be.
You can still get a better deal and lower interest rates by finding a government lender because they always have cheaper rates comparing to private lenders.
By: Alex C Johnson
26
Nov 09
Car Loans For Single Mothers
Being a single mother… you have a lot of responsibility. There are so many things that you have to go through on a daily basis to make sure that your children are taken care of. It’s a difficult way of life and most likely, it’s not a lifestyle that you ever asked for. With all of the things that you have to deal with on your own, the last thing that you need is to be taken advantage of with regards to an auto loan.
If you have a limited income… there is a source available for you on the Internet that can help you to easily obtain car financing, based upon your monthly income. The payment amount that you qualify for will be based upon what you make monthly.
You should be very careful to avoid scams and gimmicks. Don’t be fooled by the sale promotions at car dealerships. The prices at car dealers rarely ever change. Typically, all a sale for a car dealership is, is a gimmick to get you to walk through the door and to shop. Once you get in the door, the dealership has done its job by providing advertising for the salesman, whose job it is to sell you. So be cautious.
My recommendation to you would be to simply look at a couple websites that can provide you with the information and the easy approval process that will allow you to make a decision about your car loan, in the comfort of your own home. When calculating your total monthly income to base your car payment on, be sure to include any child support and alimony payments that are due to you.
By: Jason Lanier