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Securing New or Used Car Loan with Bad Credit or No Credit History - RSS feed - Add to Google

Sun, Dec 27th - 9:47PM

Getting a Car Loan With No Credit is Easier Than Bad Credit

A lot of people want to know whether it is true that getting a car loan is easier with No Credit than Bad Credit. First of all what exactly is a No Credit and Bad Credit loan? A Bad Credit implies poor credit rating of a person. It may happen for making late payments, exceeding card limits, skipping payments and declaring bankruptcy. On the other hand, a No Credit implies a person with no credit history as is the case with young college graduates who have never taken a loan. The negative effects of a Bad Credit become apparent when a person wants to take a Bad Credit Car Loan.

>> The interest payments of a Bad Credit Car Loan are higher than a normal one. This is because interest rates depend on the persons credibility and since a person already has a history of defaulting payments, the lender has risks which are covered by imposing a higher interest rate.

>> A Bad Credit Car Loan means that the person has a history of debt. The higher a person debt to income ratio is, the greater the chance of his defaulting will be.

>> A person taking a Bad Credit Car Loan cannot declare bankruptcy to write off the loan as in the case of credit card payments and other unsecured loans.

>> A bad credit auto financing is made available to people who have made late or missed payments. But it is much more expensive than a no credit auto loan. It is also tougher to get as lenders fear of default payments. Here are a few things you need to remember if you are in the market for a No Credit Car Loan.

>> Do open a savings and checking account. This will prove to lenders that you are responsible and you have not overdrawn.

>> Get a credit card for yourself and make sure you pay up. Department and gas store cards are easy to get and doing this you can have a credit history. A deposit will enable you to get a secured credit card. Make sure that your credit cards are reported to the Credit Bureau.

>> Make sure you can show a steady background to your potential lenders. Things like a permanent residential address, employment proof and a phone number in your name are necessary.

>> Getting a no credit car loan is not easy, nor is it too difficult. Follow the steps below to improve your chances of being considered for a loan.

>> Open a saving account and cell phone account in your name.

>> The place you work at should give you a statement about your eligibility for an auto loan.

>> Find someone with a good credit rating to cosign with you for the loan.

>>When you do get your no credit auto loan, make sure that you make timely payments. This will increase your credit rating and make it easier for you to get more loans in the future.


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Sun, Dec 27th - 9:42PM

Used Auto Loans for Students - Buy a Car With Limited Income

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 loan. 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 Loan - 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.


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