Creating Communities. Connecting People
Welcome, Guest      Bookmark and Share
 
 
Tell a friend about this site Invite    
 
Car Loan Types - RSS feed - Add to Google

Sat, Sep 3rd - 4:16AM

Criteria to Consider Before Availing Self-Employed Auto Loans

Well, let me first congratulate you. In an economy plagued by unemployment and debt, it takes great courage to venture out on your own. A self-employed individual not only earns for himself but also provides the same opportunity to others.

"Everything in life is somewhere else, and you get there in a car" - Mr. E. B. White

We all have to agree that a car is no longer a means of comfort or luxury. It has become a need for us. But buying a car has become very expensive. A FINANCED car is the only reality now.

So before you search for car loans, you should be aware of the two types of loans offered:

1) Secured Auto Loans

When a lender provides you with a secured loan, you will have to pledge your assets as collateral. Your home, car, stock, bonds, etc. can be pledged against the loan.

2) Unsecured Auto Loans

An unsecured loan is obtained without any collateral. Hence, you will be charged with higher interest rates. When you avail an unsecured loan, you will have to prove your earning capacity. This will ensure the lender of regular payments in future.

What are the requirements for availing Self Employed Car Loans?

Constant Income

A W-2 employee can prove his earning capacity by showing his pay check. But, you are self-employed and you obviously don't write pay checks to yourself. So, it becomes a bit difficult to prove that you get a steady income every month.

As you are self-employed, you will have to fill the following forms:

>> Form 1040 (U.S. Individual Income Tax Return)

>> Schedule C (Profit or Loss from Business)

>> Schedule SE (Self-Employment Tax)

You can solve the problem with the help of these tax forms. You should provide at least three years' record of your tax returns. This will assure the lender of your REGULAR income.

Many self-employed individuals write off their profits to reduce the tax burden. But make sure that YOU show the actual profit. A robust profit will ensure the lender of your stability and therefore you will have to pay lesser interest.

Bank Statements

You will have to show your monthly bank statements. Few lenders may want to see your personal accounts and also want to verify your personal assets.

Your Residential Proof

A constant place of residence means you are able to pay your rent and other utilities on time. This shows your stability and instills greater confidence in you.

And so, the lender will require a copy of your recent Mortgage Statement and Utility Bill.

Credit Rating

Even if you are self-employed, your credit rating matters. Your credit score will show your credit worthiness to the lender. If you have a better score (generally 600 and above), then you have a greater chance of getting your car loan approved.

Recommendation From Your Clients

Lenders want to ensure the stability of your business. So they might ask for recommendation letters from your clients. If your client writes it on his Company letterhead, it will prove to have more impact.

These are the major things that your lender will ask from you. The requirements may vary depending on the type of loan you are availing. Unsecured car loans will apparently have more criteria than the secured loans.

If you are a self-employed individual with a good credit score, availing loans won't be difficult for you. You just need to have accurate financial records and soon you will be driving your very OWN car.

There's time enough, but none to spare.

So don't wait. Go online and search for a lender who will value your credentials and give you a loan instantly.

Searching for old or new car, we have everything for you. RapidCarLoans.net is an auto financing company that provides car loans to everyone. Extensive network of lenders will provide you auto loans at low rates.


Comment (0)


Sat, Sep 3rd - 4:08AM

Military Auto Loans - Best Option for the Armed Forces

Every man wonders if he has created a distinct place for himself in this world. But the military personnel shouldn't think of it. You all have already made a difference.

Freedom isn't free. Our nation will remain free as long as we have heroic people like you. The entire nation applauds your efforts and courage. You stay out of homes so that we can be safe in our homes.

While you are away, you want to fulfill all the needs of your family. A car is one of them. With growing distance between work and home, a car has become indispensable in every household. It is an expensive necessity. So, an auto loan has become essential these days.

Don't worry about higher interest rates, high processing time and complicated loan terms. You can easily buy your car with the help of military auto loans. You will get several benefits with it.

Lower Interest Rates and Charges

These loans are often available at lower interest. The reason is your job and income stability. The lender is assured of regular future payments and so has greater faith in you. This translates into more benefits which are as follows:

>> Longer duration to pay off your loan

>> 100 % financing of your car

>> Less charges for tax, licensing, etc. and lower origination/activation fees

Loan without Collateral

The lender won't ask for any collateral so you don't have to worry about pledging your assets. You get a loan without any burden.

Does Not Require U.S. Domicile

Typical auto loans will require you to have a permanent place of residence. This is just impossible for you. But with military auto loans, you can get finance regardless of your deployment location.

No Pre-Payment Penalty

Lenders won't mind if you decide to pay off your loan early and hence, won't penalize you for the same. But, it is essential that you check the pre-payment penalty clause before taking any steps. Better to be safe than sorry, isn't it?

Car Loans for Bad Credit or Low Credit Scores Available

The qualifying credit score is lower than the usual credit score requirement for civilians. Lenders do understand that your life-style and needs are different than other people. It is absolutely unjust to judge you on the same platform. And so your credit score is of less importance. Your income stability also plays an important part here.

Flexible options

Missing a payment is an absolute sin.

But you are in military and overseas deployment is a reality for you. It will obviously become difficult to make payments during that time. In this scenario, the lenders will offer you to postpone the payment. You can delay it even when you are in some financial difficulty. This flexibility is not available to others.

You also have the option of giving the Power of Attorney to someone trustworthy. By doing so, he/she can take decisions on your behalf and also make your loan payments.

After knowing all the benefits, you must be eager to know the criteria for availing military auto loans.

CRITERIA

Active Duty Military Personnel

To avail the auto loan, you should be actively serving in the military. You can get loan even if you have recently joined the Armed Forces.

The lender may ask for your latest Leave and Earnings Statement which has all the monthly details of your pay and leave status.

Don't fret if you are a veteran, you can avail a loan under Veteran Military Loans at lower rates.

Contact details

You will have to provide your contact details. Do remember to inform the lender of your current deployment and ensure that he is aware of change in location, if any.

You will be required to give the following details:

>> Address where you are stationed

>> Personal Contact Information- address, cell phone number and e-mail ID

>> Social Security Number(SSN)

Credit Score

Your credit score will determine you credit worthiness. The lenders will pull out your credit score to ensure that you have a good credit. You will be able to avail loan even if you have a low score.

There are few lenders who offer No Credit Check Military Auto Loans. This is particularly useful when you have a bad credit score.

How can you pay for the loan?

You have several options of making payments. A few are listed below:

>> Direct Military allotment so that your regular payment is done without any disruption

>> Credit card or checks

>> Cash

The requirements for military auto loans are quite few. They are very easy to obtain.

And now with the advent of internet, it has become easier. Several companies will provide you easy car loans just at the click of a button. So do a thorough research of these companies and don't forget to compare the quotes provided by them.

Get online and get an instant auto loan to buy a car of your own with the help of RapidCarLoans.net . We are dedicated in providing affordable car loans. One click and you can avail car loans at low interest rates. Visit our website(www.rapidcarloans.net) to know more.


Comment (0)


September 2011
        1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30  
prev   next

  • All Blogs
  • Messenger
  • Member Search
  • Who's Online
    WebRing Bloggers: 9271

    ONLINE:
    Members: 0
    Guests: 0

    Today: 7


  • Archives
    Recent Posts
    Oct 2011
    Aug 2011
    Jul 2011

    What's New | Popular | Auctions | Blogs | Webspace | Discuss | ShopDragon | Newsletter | Powered by R360 | Contact Us
    Copyright © 2001-2012 WebRing®, Inc. All rights reserved. Terms of Service - Help - Privacy Policy