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Sun, Apr 10th - 9:57PM

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 automobile loans 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 loans 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.


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Sun, Apr 10th - 9:56PM

Used Car 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 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. There 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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