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Fri, Jul 28th - 12:35PM

Buying a Car after Bankruptcy: Misconceptions vs. Reality

Many people go through financial setback during the course of their life. While some may suffer from a bad credit score, others become a victim to bankruptcy. Usually, a person faces either chapter a 7 bankruptcy or a chapter 13 bankruptcy. A chapter 13 bankruptcy is for debtors who can repay a certain portion of their debt with the help of a repayment plan. On the other hand, a Chapter 7 bankruptcy is useful for debtors who possess little or no disposable income and wish to get rid of their excess unsecured debts.

Many people who file for bankruptcy think it is impossible to obtain additional financial assistance. Misconceptions cloud their thinking and it sways them from the real scenario. However, with the help of certain guidelines and the right mindset, you can obtain an auto loan for buying a car

Buying a Car and Bankruptcy: Common Misconceptions to avoid

1) Misconception: I will not be eligible for an auto loan after bankruptcy.

Reality: Bankruptcy may be a temporary halt but it is not the end of your financial journey. The common misconception is that a person suffering from bankruptcy will not get approval for any loan. However, the reality is different. A bad credit auto loan is the best option available to individuals with bankruptcy. The probability of obtaining approval for bad credit auto loan increases as the loan is designed for individuals with credit issues. Thus, put your efforts in researching for lenders who provide bad credit auto loans and getting your dream car will not seem like a distant dream.

2) Misconception: Bankruptcy ruined my credit score. Improving it is a challenge.

Reality: A credit score is made up of numerous factors such as the types of credit, amount of your debt, credit history and payment history. The situation of bankruptcy helps you to eliminate most of the elements that create a negative impact on your credit report. Additionally, the debt-to-income ratio of people after bankruptcy is better than the one prior to bankruptcy. Therefore, obtaining an auto loan is a chance to improve your credit score provided you make the payments on time.

3) Misconception: My purchase options are limited to used cars.

Reality: While it is advisable to be calculative in making future financial decisions, the options of purchasing the types of cars are not limited. A person who recently suffered bankruptcy is open to purchasing new cars as well as old cars. The best alternative to a used car is a discontinued car model. Purchasing a discontinued car model helps you to obtain a new car for a budget-friendly amount. Also, the car dealers are eager to sell the discontinued car model to free their shelf space. Therefore, a discontinued car model will help you stay in your budget and allow you to get your hands on a new car.

Today, bankruptcy does not carry the negative stigma that it carried two or three years ago. Many lenders are aware that bankruptcy occurs due to business failure, decrease in income, loss of a spouse or any other unexpected crisis. Yet, misconceptions occupy the minds of people and force them to avoid applying for an auto loan. However, with a little market knowledge, enough courage and the right mindset, you can get one step closer to the car of your dreams.

Applying for an auto loan after bankruptcy is not as difficult as you think! Apply with and the guaranteed auto financing expert will find you an affordable loan in no time. Get in touch with the company today to bring your favorite car home. Apply for subprime auto financing today.

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Thu, Jul 27th - 11:06AM

Dealer: A Friend indeed when you need Auto Financing!

Dealership: A One-Stop Solution for buying Car

A dealer is a link between auto manufacturers and car buyers. He obtains franchise from the auto manufacturer and sells new cars and used cars with the help of a sales team. A dealer possesses adequate knowledge of different car models and provides assistance to the car buyers. In order to increase the sale, he provides auto financing as well. He also promises repair and maintenance services to attract more buyers.

Select a Car at First Glance with Easy Auto Financing!

With all the selling and negotiation skills on hand, the dealer goes one step ahead to raise the sale. In todayís world of tight budget, it is difficult to buy a car with cash. But with auto financing easily available at the dealership, you can think of buying a higher model of the car. You can sign the pre-requisite documents and obtain financing with the help of a dealer. It means you will be able to select a car without any financial worry and the dealer will make an easy sale.

Instead of having to go to the bank, the dealer acts as a friend and arranges auto financing for you. Many dealers provide financing to buyers with bad credit score or zero credit history. A BHPH dealer proves to be helpful for those people who are unable to meet the stringent credit standards of traditional banks. However, the interest rates may be high owing to bad credit history.

Jump for joy while you enjoy Easy Auto Financing

When something is available easily, donít fall for it! It is because an easy option isnít always the better choice. When you want to obtain auto financing from a dealer, you have to play smart. Hereís how you can do it:

>>Never pay MSRP and work hard to negotiate a good price for the car.
>>Auto financing from a dealer may be a wrong decision if the interest rates are very high. Ask him to lower the rate.
>>If you have a bad credit score, lower the loan amount with the help of a down payment.
>>A cosigner can help you to improve your credit worthiness.
>>Avoid dealer add-ons to keep the loan amount in check.

Walk into a dealership lot with a well-thought plan for financing the car. A dealer offers auto financing to achieve sales target and boost up his sale. It gives him a strong handle to provide convenience to the car buyer along with an increased profit margin. And as a car buyer, you are able to buy the desired car even with a bad credit score. So donít consider a dealer as a devil in disguise. Step into the dealership lot and buy your dream car with a touch of convenience!

When you want to buy a car and obtain a quick auto loan, is the perfect expert for you. Work with the bad credit auto financing company and get ready for instant approval in no time. The company is experienced in managing no down payment car financing as well. Apply now to buy a car!

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Mon, Jul 10th - 6:59AM

To apply or not to apply for an Auto Loan: Solving the Dilemma of a Subprime Car Buyer

There is no end to a person's desire.

People are always on the lookout for commodities that can make their lives simpler. And most of the people aren't blessed with money, so they opt for loans.

Today, buying a car is easy because of lenders. In order to get approved for an auto loan, you need to provide them with financial information such as:

>>Your income,
>>FICO score,
>>Current loans, etc.

Once a lender analyzes your situation, he will approve you for an auto loan. But, what if you have an extensive history of late payments and excessive debt? Then, he will consider you as a subprime car buyer.

According to the Federal Reserve Bank of New York, the total auto loan amount for the last quarter of 2015 was $ 1.1 trillion. Out of the total auto loan amount, 22% was provided to the subprime car buyers. And, with the rising delinquencies, subprime car buyers pose a threat to lendersí investment. So, lenders charge subprime car buyers with high interest rates in order to secure the principle amount as early as possible. High interest rates put a subprime car buyer in a considerable dilemma of whether he should apply for an auto loan or not.

What should a Subprime Car Buyer do?

Buying a car with subprime credit

If you are a subprime car buyer, you must not be hasty in obtaining an auto loan. Try to improve your creditworthiness. Once you see a considerable improvement in your financial situation, apply for the loan. Here a few tips to help you improve your chances of getting an auto loan:

1. Never Hurry

Lenders are unwilling to pay for your car because of your credit history. So if you hurry, they might reject your loan application. Also, there are chances that they may approve you for a small loan amount and charge a very high interest rate for it.

2. Try to manage your Current Debt

Take some time to improve your creditworthiness by managing your current debt. You can pay off a few of your debts to reduce the DTI ratio.

3. Restructure Your Image at Your Office

It is an indirect way of consolidating your image before the lenders. When you apply for an auto loan, they will scrutinize every detail mentioned in the loan application. If they contact your office to find out more about you, it is necessary that your employers provide them with a positive review. So, it is important to restructure your image at the office.

4. Find a Decent Cosigner

Try to find a cosigner with a good credit history. It will increase the strength of your loan application. Also, it will enable you to get an auto loan quickly.

5. Get Pre-Approval on Auto Loans

Getting pre-approved auto loans can be the most beneficial thing for you. You can get your loan application assessed before visiting the dealer. It will allow you to know your financial situation clearly and help you in making a wise car buying decision.

6. Try New Lenders

Always look for new lenders. They are looking for people to lend money and establish themselves in the market. But, conduct adequate research before submitting your loan application to a new lender.

7. Keep a check on your Salary

Salary acts as the deciding factor for getting a loan, so keep a close watch on it. Also, work hard in order to get a raise from time to time.

8. Arrange a Large Sum of Money for the Down Payment

It is seen that lenders are reluctant to offer money to subprime car buyers. It is possible that they may approve you for a low amount. So, try to arrange as much money as possible for the down payment. It will help you buy a car quickly and reduce your debt as well.

A subprime car buyer can get an auto loan. But, remember that the lenders are going to charge you with high interest rates. So, it is better to establish yourself as a decent borrower and then apply for an auto loan.

If you are a subprime car buyer, obtaining a pre-approved auto loan can become a difficult task. But, will make it simpler for you. It works with several subprime auto lenders to give you lower-than-market interest rates. Apply now and obtain an subprime car loans.

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Mon, Jul 10th - 5:59AM

Car Selling in Ohio: 4 Useful Tips to Understand the Laws and Paperwork Involved

For many years now, Ohio has proven to be an economic asset to the nation due to its well set geographical location. The southern border of Ohio River has largely boosted Ohioís cargo business. Also, Ohioís well-developed highways make it the 10th largest highway network in the United States. A rich economy and easy access to better roads has led to a huge car buying and selling activity in the State of Ohio.

However, very few are aware of the rules that can ease the whole process of selling a car in Ohio. Therefore, if you live in Ohio, you will need to familiarize yourself with the rules so that you can sell your car without any problem.

Here are some useful tips that will help you to understand the laws related to selling a car in Ohio:

1. Providing Accurate Title Information

Ohio Certificate of Title

Under the laws of Ohio, you need to obtain complete ownership of your car before you can sell it. In other words, if you still have a few car payments to make, it is required of you to pay off the loan amount before you sell your car. Also, prior to transferring the title to the respective buyer, it is suggested that you double check that you have the actual title addressed to you. If for some reason you do not have the title, you will have to request a replacement title from your respective County Title Office.

2. Valid Registration Certificate to Gain Legitimacy

Car Registration Certificate Ohio

The Ohio laws do not require you to provide the buyer with a car registration certificate while selling your car. However, providing a valid registration certificate can further convince a buyer to purchase your car. A valid car registration is proof that the license plate and the car, both, are legitimate. Buying a car from an unknown person may give rise to a few doubts regarding the credentials of the seller. However, providing a registration certificate will ensure that the buyer trusts you enough to purchase your car.

3. Emissions Testing Ensuring Easy Car Selling

Emissions Testing

According to the existing law in Ohio, every car that falls under the following seven counties needs to undergo emissions testing every two years:

1. Cuyahoga
2. Geauga
3. Lake
4. Lorain
5. Medina
6. Portage
7. Summit

Therefore, if you are selling a car within the above mentioned seven counties of Ohio, you need to be privy to a few things. If the age of the car that you are selling is four years old or less than that, you are exempted from any such emissions testing. Additionally, electric-powered cars are permanently exempted from emissions testing. Before you sell your car in Ohio, make sure that the emission certificate for the respective car is recent so that the whole process of selling your car becomes easy.

4. Copy of Inclusions for Future Reference

Copy of Car Sale Documents

While you carry out the procedure of filling out the car title for the sale of your car in Ohio, it is suggested that you provide the amount of sale and odometer reading of the car. Also, in the bill of sale, make sure to include the address details of the buyer along with his signature. It is wise to make a photocopy of all the documents for future reference, if required.

Selling your car is not a difficult task in Ohio. But, people find it hard because they fail to consider a few ground rules before selling their car. However, if you want to make an easy car sale in the state, remember the useful tips and get ready to sell your car quickly.

Once you sell your old car, CarDestination will help you to obtain low rate on bad credit auto loan in Ohio. Apply with the bad credit Cleveland auto loan expert to ensure easy auto financing in the State.

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