Sun, Sep 11th - 5:25AM
How to Work around Down Payment while getting Auto Loans?
buy a new car with the help of an auto loan. There are more than a few
steps that you have to follow in order to obtain auto loan approval. You
need to find a lender who offers an interest rate comfortable enough
for you. Also, you must look at the down payment amount, if any, and see
if it is within your capacity. Auto loans usually come with a single
down payment, followed by smaller monthly payments.
You also need to decide whether to opt for down payment or balloon payment as the method for payment.
Down Payment or Balloon Payment
payment is the initial sum of money you pay to the dealer. It is a
sizable part of your payment. It is preferred by the lender because it
lessens the burden of making the payment later. It is a very good option
if you have the money ready.
payment is the opposite of down payment. By opting for balloon payment,
you can pay a considerable sum at the end of the loan term. Doing
either of these things reduces the amount of your monthly payments.
No Down Payment Auto Loan Program
You can also get a no down payment auto loan
program. If your credit history is healthy, and you have a steady
income, you will be able to get a loan where no down payment is
necessary. Use the internet to find such deals in your area of
How to Lower the Down Payment Amount?
1. Selecting a car
of the best methods of ensuring the least amount of down payment is
selecting a reasonably priced car. Especially look at sturdy used cars
instead of brand new ones.
is important to note that if you hold a job with a steady income,
getting approval on a no down payment auto loan program will be easier.
If you have no credit history or a bad credit score, you can research on
how to improve it before applying for the loan. An application built on
a balanced credit history is more likely to be accepted.
you are a teenager or a college student buying your first car, your
application can benefit with a co-signer. A co-signer is generally a
parent or a close family member who can guarantee, on your behalf, that
the loan will be repaid.
in your old car for a new one is another kind of down payment, which is
in kind rather than cash. It is ideal if you do not have cash for down
it comes to auto loans, the concept of down payment is flexible. You
can change the down payment amount according to your convenience. Also,
it can be eliminated with the help of a no down payment auto loan
program. Like always, brush up on how down payment works before applying
for an auto loan and you wonít have any trouble with it.
CarDestination.com allows you to work around down payment. Apply for
no down payment auto loans and obtain easy auto loan approval without
spending money. You can also get in touch with the company if you want
an auto loan without cosigner.
Sat, Sep 10th - 6:22AM
Easy documentation leads to easy approval of Auto Loan for Self-Employed Individual
there is no stability in a traditional workplace. So instead of finding
a full-time job, people are more inclined to the idea of being
self-employed. It helps them to be independent in making their own
decisions. Being your own boss comes with a lot of perks but there can
be a couple of problems as well. For example, a lender may not consider
you worthy for an auto loan. But, do not worry. If you have the required
documents, you will get one step closer to your dream car.
Who is a Self-Employed Individual?
A self-employed individual is not what happens to him but what he chooses to become.
self-employed means you get to be your own boss. But, it also comes
with its own challenges. You have to generate your own finance while
maintaining the expenses of your company. Getting any type of loan is a
challenge as the lender takes your unsteady income into consideration.
time you need to purchase a car, you should arrange an auto loan in
advance. You, as a self-employed individual, may face certain challenges
while applying for an auto loan.
lender will ask you to submit tax returns of at least past two years.
If you donít have two years of tax return, you can present your bank
statements. Be prepared, the lender may ask you for bank statements of
last six months. Now, if you donít have any of the documents, the lender
may consider you nothing but a tax-evader.
Documents Required for Easy Auto Loan Approval for a Self Employed Individual
1. Provide copies of tax returns.
The tax returns report will include all of your taxable income. It
serves as a proof of your income. The lender may ask you for copies of
tax returns of at least past two years. Moreover, the lender takes a
look at your gross income which is not a taxable income. So donít worry
about the tax deductions.
2. Bank statement is yet another method to prove your income.
A bank statement provides information to the lender about your income.
It proves that you have income but do not give information about how you
have earned it. It is possible that you might have bank statements, but
you can not provide the lender with copies of tax returns. In such a
situation, he might charge a high rate of interest on your auto loan.
3. List down all the invoices.
It will provide information to the lender about your past income and also give him an idea about the sources of your income.
4. Itís time to prove your residence.
If you own a home, a mortgage statement will help you to prove your
residence. It should be a recent one to prove that you still reside at
the same address.
5. Are you a tenant? If yes, then provide a cancelled rent check as a proof.
A cancelled rent check can help you prove your residence. Your
landlordís signature is needed to verify that you live at the mentioned
6. A utility bill can also work as a proof.
You can provide an electricity bill or a phone bill, which is in your name, as a proof of your residence to the lender.
7. A lender may ask you to produce Form 1099 which reports self-employed income.
Be a Smart Self-Employed Car Buyer
You can ensure easy auto loan approval by following the smart tips mentioned below:
- Maintain a good credit score by paying off your debts on time.
Stop and watch around; choose your lender smartly.
Get a cosigner. It will increase your chances for getting an auto loan approval.
Be aware of predatory lenders. A predatory loan includes high interest rates.
Examine all the paperwork related to auto loan carefully.
people, with an unsteady income, are believed incapable of making
regular payments towards an auto loan. So, being a self-employed
individual can often prove to be a challenge while applying for an auto
loan. But with the right documents on hand, a lender will provide easy
auto loan approval.
Car Destination is the perfect destination for obtaining bad credit guaranteed auto financing.
The company has experience of working with self-employed individuals
and businessmen. Apply now for easy approval on auto loans for
Sat, Sep 3rd - 7:09AM
5 major sources that can help you decide upon the ideal car
a car is not as easy as buying groceries at the mall. One cannot walk
in, chose a car, swipe the credit card and drive out with it. You need
to analyze the details as it will be one of your most prized possessions
for a long time.
you want to be an expert car buyer, you need to first decide upon the
car model that you wish to buy. It should be in your budget. Once you
are sure about the car model, you will have to choose a source for
buying your car. There are various sources for buying a car. Ideally,
you can look into the following five important sources for buying a car
1. The Online Market
of the many boons of the digital era is the huge online marketplace
which offers you to browse, and scan cars from the comfort of your home.
Instead of going from one dealership lot to the other, you can sit back
and go through every car in detail.
you know what you are looking for, you can type the exact keywords and
refine your search. For example, you can search by brand names to view
different car models of a particular brand.
2. The Dealer
If you wish to avoid the online market, you can have a look at the dealers.
offer more car buying options to you because they have certified
pre-owned cars as well as new cars in their lot. A certified pre-owned
car is a beneficial over buying a new car because you can get the feel
of a new car for less amount of money. The additional warranty is
another advantage that makes certified pre-owned cars a viable option.
you are looking for inexpensive car buying options, you can choose a
dealer who provides used cars without certification. But, remember to
ask a mechanic to check the car before finalizing the deal.
3. Buy Here-Pay-Here Dealership Lot
your credit score is low, it can be an obstacle in buying a car. In
such a situation, a buy-here-pay-here dealership lot can offer you a car
as well as financing solutions. If you are buying a car from a
buy-here-pay-here dealership lot, you need to run a background check and
make sure if the dealer is worth trusting or not.
4. Private Party Seller
of the most crucial and extensive checks are required when buying a car
from a private seller. The seller can be questioned for all the repairs
that have been done in the past and the working condition of the car.
Quick checks on your own, such as a test drive at different speeds,
checking for the functioning of brakes, gears, engine noise, seat-belts,
road safety certificates, etc. must be done.
5. Miscellaneous Sources
can also buy your car at an auction. Recently, interest in such
auctions has increased due to stagnation of economy and stricter credit
rules. Many a times, high-end cars are sold at auctions at a very low
price. It may not be possible to get such cars for a test drive, so it
is advisable to take a mechanic with you for appropriate inspection.
you finalize the ideal car, you can keep in mind these five major
sources for buying it. Remember that an expert car buyer is careful and
investigates both the sides of a coin and look into the pros and cons of
every source available.
an expert car buyer, you must not forget about obtaining an auto loan
for your car. Once you have decided on the source of buying a car, apply
with CarDestination.com and enjoy guaranteed auto loan approval. The company will find you bad credit dealership financing in no time.
Sat, Sep 3rd - 12:33AM
Why Buying A Certified Pre-Owned Car in California Should Be Your Next Purchase?
it comes to buying cars, there is a huge difference between being a
miser and spending efficiently while valuing every dollar spent. Surely,
buying a certified pre-owned car falls under the category of spending
efficiently. Notably, the pre-owned car market of California is large.
Not only does California rank as the richest state in the United States
of America, it is also the most populous state amongst the fifty states.
Typically, a certified pre-owned car undergoes refurbishments,
inspections and authentic certification processes before it is sold. The
processes ensure that the buyerís risk of purchasing a pre-owned car is
minimized. Owing to a wealthy population, the demand for pre-owned cars
in California is booming. Therefore, buying a certified pre-owned car
in California comes with a few distant requirements that need to be
considered before you set out to buy your next car.
So, what are the Requirements of buying a Certified Pre-Owned Car in California?
An Approved Inspection Report
of the core requirements of a certified pre-owned car is providing
proof of authentic certification. According to the law of California,
the seller should provide an approved inspection report prior to selling
the pre-owned car. The inspection report should specify the components
that were inspected by the respective authorities. In case the
inspection report is not carried out before the sale is made, the buyer
can demand compensation for punitive damages under Californiaís
Consumers Legal Remedies Act. Therefore, an approved inspection report
is the basis for buying a certified pre-owned car.
Protection under Californiaís Lemon Law
a lemon law protects a buyer from a faulty pre-owned car; wherein the
car is unfit to use even after making reasonable attempts to repair it.
According to Californiaís used car lemon law, if the certified pre-owned
car contains a warranty of 3 years or has 36,000 miles on the odometer,
the buyer is entitled to a refund or buyback. Therefore, a certified
pre-owned car is covered under Californiaís Lemon Law.
Absolute Knowledge of the Protection Plan
having complete knowledge of the elements of the protection plan of
your certified pre-owned car can give you great insight into the type of
car that you are buying. Amongst the total of 28,686,646 cars sold in
California, 19.6 percentage of cars are pre-owned cars. As California is
the center of wealth and population, it is a good idea to go for cars
with add-on protection coverage. For instance, Chevrolet offers bumper
to bumper warranty while BMW cars include roadside assistance in their
pre-owned car is bound to require some mending here and there. However,
a certified pre-owned car minimizes the potential damage and maximizes
the longevity of the car. As the State of California requires some
requirements to be met, it is best to keep the above points in mind
while buying a certified pre-owned car in California.
you have bad credit? If you want to buy a certified pre-owned car in
California, CarDestination is the right option for you. Obtain quick bad credit auto loans California. Apply now and enjoy guaranteed auto financing in Sacramento.
Thu, Sep 1st - 10:00PM
4 Seller Responsibilities You Should Adhere To While Selling Your Car in Michigan
while selling a car, one tends to forget about the legalities involved.
In order to stay on the correct side of the law, there are a handful of
rules you should adhere to while selling your car. As Michigan is the
tenth most populous state in America, there are many transactions that
involve selling cars. However, there are some important seller
responsibilities that you should undertake while selling your car in
when we talk about seller responsibilities, it points to the primary
responsibility as a seller that you should undertake during the sale of
your car. By adhering to the following seller responsibilities, selling
your car in Michigan will become a smooth process:
Visit the Michigan Secretary of State Office
to selling your car, you and the potential buyer of your car need to
make a visit to the local Michigan Secretary of State office. Primary,
the visit calls for proper transfer of the title of the car from the
seller to the buyer. In order to transfer the title, make sure you fill
in the correct details of current car mileage, selling date and the
selling price of the car. In addition to the transfer of title, you will
also have to produce a bill of sale. Keep in mind that any damages that
occur to the car after the date recorded on the bill of sale are to be
compensated by the buyer of the car.
Registration for Duplicate Car Title
selling your car in Michigan, the transfer of title is your foremost
seller responsibility. However, if your car title has been has been
lost, destroyed or stolen, you are allowed to apply for a duplicate car
title. Under the laws stated by the Michigan Secretary of State,
registering for a duplicate car title can be done either online or in
person. In case you register for a duplicate car title online, the
details required will include the last four digits of your social
security number, your driverís license of Michigan, birth date and eye
Display an Accurate Vehicle History Report
a seller, displaying the accurate history report for your car is only
ethical; if not necessary. The law requires you to carry out a history
report prior to selling your car in Michigan. An accurate history report
of your car can help you to validate your selling price. Therefore, if
the buyer feels the price is fair when compared to the history report,
it can help you to close the deal for the price that you want.
Retain the License Plate
selling your car in Michigan, the license plate of the car should be
retained by you. The law of Michigan permits you to label the license
plate of the sold car on another car that you own or purchase. Also,
once you have sold your car, it is a good idea to inform your insurance
company and cancel your coverage on that license plate.
to rules while selling your car in Michigan is not only necessary, but
also your responsibility as a seller. Keep these above seller
responsibilities in mind as you sell your car in Michigan.
Do not wait for applying for a Michigan bad credit car loan after your sell your old car. It is best to apply for the loan once you choose a new car model. Allow CarDestination in finding you no down payment auto loans in Detroit, Grand Rapids, Ann Arbor and every other city of Michigan.