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

Thu, Jan 10th - 2:19AM

With These Bad Credit Auto Loan Tips, Get Ready To Drive Your Dream Car in Michigan

Nothing in this world has changed our lives like a car. Every other invention has come and gone but none has matched the car revolution. Right from the first model T to the new power packed machines, cars have come a long way. And, which State has witnessed it all? The State of Michigan is where it all started. Ford, GM and Chrysler are all located in the State. Hence, Michigandersí love for cars is well understood.

Buying a car is a great experience for everyone; itís phenomenal if you are in the State of Automobiles. Donít you remember buying a car with your parents? Being in the car hub of America, there used to be the excitement of walking into the lot and seeing several amazing cars. Your family chose the perfect one after a thorough analysis. Back then, things were pretty simple because you didnít know much about credit history. Now, things look complicated and the fun has turned into uncertainty -uncertainty of choosing that perfect car, uncertainty of getting loans. Even if you got a loan with a poor credit score, there is the uncertainty of getting reasonable interest rates.

But, hereís something to remove all the clouds of doubts and uncertainty. This is an article to help you get an affordable car loan even with an imperfect credit score in Michigan.

Money Comes First, Wherever You Go

Whenever you have to buy something, money comes first. You must know your affordability. For that, prepare a budget. Calculate the surplus that remains after paying all the bills and expenses. If you have a sufficient amount left with you, then making monthly payments will be very easy.

Now, your loan amount depends on your car. A brand new car and pre-owned one have substantial difference in pricing. If you buy a new car, then your loan amount will increase. This decision is good only when you are able to make regular payments. So, think twice before deciding on the car.

Know Your Score

Every lender checks your credit score. But, before he does and wrongly charges you high interest rates, you must check your own score. According to the Federal Law, you have the privilege of getting your free credit report once in a year. Annualcreditreport.com is the name of website where you will have to apply for it. Now, this site will only give you the credit report and not the score. For that, you must apply with any of the three bureaus.

Go through your report and search for any errors. In case you find any, report it to the credit bureaus. You must apply for any loan only after the discrepancies are taken care of. Also, ask your current lenders to report your regular monthly payments. This will definitely improve your credit score.

The economy has suffered a lot during recession. Many have not been able to keep up with their payments and as result their credit scores have taken a toll. There are many people tackling bad credit scores, just like you. How do they get loans? Well, the answer is sub-prime lenders.

You must know that your credit score is just one aspect of the approval criteria. There are many other things that the lenders consider before taking a decision. Income, employment details, residence, down payment amount, co-signer and many other factors help lenders in taking a decision.

What Documents Are Considered For Bad Credit Auto Loan?

Income Proof

You must be currently employed. Lenders are fine if you are individual contractor. The only thing that is important for them is your income. Your gross monthly income should be at least $ 1,000.

If you are employed, then you must present a copy of your pay stubs. Most lenders will ask you to send them a copy of last two months.

If you are a self-employed contractor, you will have to submit IT returns of at least three years, although it all depends on the lender.

The following documents will be considered income-proof for self employed

Michigan Tax Forms
1. MI 1040 (Michigan Individual Income Tax Return)
2. MI 1040 ES (Michigan Individual Estimated Tax)
3. Michigan Business Tax

Federal Tax Forms
1. Form 1040 (U.S. Individual Income Tax Return)
2. Schedule C (Profit or Loss from Business)
3. Schedule F (Profit or Loss from Farming)
4. Schedule SE (Self-Employment Tax)

Bank Statements

Bank statements are a proof of your regular financial transactions. Lenders want to be assured of the safety of their money and hence would be interested in your bank accounts.

Residential Proof

If you are living in the same house for at least six months, it means you have been paying your utility bills regularly. Lenders will require a copy of your recent utility bills like phone or electricity.

Tips for Getting Approval

Co-Signer

When you have a bad credit score, you must make up for other aspects of the lending criteria. If you get a co-signer on-board, the lenderís risk will be reduced. Lenders generally ask for co-signer so that when you miss a payment, the co-signer can be held responsible.

Anyone can be a co-signer as long as he has a decent credit score.

Down Payment

Down payment is the initial upfront amount that you pay while buying a car. When you make a down payment, you lower your loan amount. This reduces the lenderís risk and thus, approving your loan application wonít be a problem for him.

These two factors play a very crucial rule when it comes to a bad credit car loan. If you can manage them well, getting a loan will be very easy for you. These tips will help you buy your dream car in the Wolverine State.

So with all the information available, donít wait for anything. Apply with a lending company that offers low rate auto loans in Michigan.

Rapidcarloans.net is an online auto lending company that offers bad credit car loans Michigan at reasonable rates. We have a large network of sub-prime lenders in Michigan. Take advantage of our robust coverage and get ready to drive your car in style.

All the best!


Comment (0)


Thu, Jan 10th - 2:18AM

How to Buy Your Dream Car in Detroit?

Cars have been the best invention ever! They have brought a greater change in our life than any of us could ever imagine. Our lives are altered and our social existence has undergone a great change because of the four-wheels. And, well what has been at the center of everything? Detroit. It is the city in which the dream of automobiles was conceived.

Since the establishment of Ford Motor Company by Henry Ford, Detroit has never paused. The Hockey town has steadily grown from a sleepy residence to the hub of sleek cars. Detroiters are known all over the world for their love of car. Their passion for cars can be seen by the huge turnout in the ongoing 2012 Detroit Auto Show.

When automobiles are your passion, you want nothing but the best. This article is an attempt to help you get that best car. It will give you a detailed explanation of making the perfect car purchase.

New or old - car buying can spell trouble if done haphazardly. So, letís set the ball rolling and begin our journey of buying a splendid automobile.

How Will You Bring It Home?

Thereís no such thing as a free lunch. You have to pay for each and everything. And, cars are no different.

Buying a car is not like ordering Jetís Pizza. You need to think a lot more and prepare a budget. You must understand that a car requires huge commitment on your part. Several expenses will have to be borne. Not only the cost of car, but there are other expenses like registration and title fees, State taxes, insurance, fuel, maintenance, etc.

Make sure you donít have any major expenses coming up? If so, you will have to save on it and making a decent down payment will become difficult. So, take a wise decision.

Old or New Is like Smokes and Mirrors

The question of choosing an old classic or a sparkling new beauty can be clearly declared as the dilemma of the millennium. If you have simply loved the new 2013 Acura RDX or the Ford Fusion at the Auto Show, you can think of buying a new car. A new car means high investment in the beginning. But, it will definitely have lesser maintenance cost in future.

If you are someone who believes that cars tell a story, pre-owned cars is your option. The Motor City provides you several alternatives when it comes to used cars. Detroiters simply love cars and experiment buying several different makes and models. This means people sell their cars every year. With the beginning of the Auto Show, there are higher chances of trade-ins so that people can buy cars that were on display. This makes the best time to buy a used car as there will be high supply of used cars and on the other side, less people will be asking for it. This puts you in the commanding position. You can negotiate more fiercely.

Detroit is blessed with four distinct seasons. You need a car that can combat the cold and stormy winters and the occasional summer down pour. So, choose a car that is well suited for all seasons.

The Detroit householdís median income for 2005-2009 was $ 29,447 (U.S. Census Bureau). This means monthly income comes to something around $2400. If you consider all expenses of rent and utility, there will still be $200- $ 400 which can be spent on monthly payments. So, you must set your eyes on a car that is well within this range.

New or old- it all depends on your choice. The clearer you are; the easier it will be to narrow down your choices.

How To Cherry Pick Your Car?

While selecting a car, you must do a thorough research. Ask your friends. Also, read expert comments and reviews about a particular model. Websites like the autofocusdetroit.com, detroitnews.com and freep.com can help you with new developments in the automobile industry.

Hedge your bets by selecting few cars. If you choose just one car and it doesnít have a good history, you will have to make a fresh start.

If any of the chosen cars is a pre-owned, make sure that you get its VIN. Check its history. If itís been salvaged, itís better to stay away from it. Also, ask your trusted mechanic to check it.

Last But Not the Least

Once you are sure about your car, all you need to do is get it registered at the Detroit SOS Branch Office. The city follows laws of the State of Michigan. Hereís a list of offices located around the Rock City.

1. SOS Branch Office
550 Washington Blvd.
Detroit, MI 48226

2. SUPER!Center Branch Office
3046 W. Grand Blvd.
Detroit, MI 48202

3. SOS Branch Office
8717 Joseph Campau Street
Hamtramck, MI 48212

4. SOS Branch Office
7760 W. Vernor Highway
Detroit, MI 48209

5. SOS Branch Office
14301 Woodward Ave.
Highland Park, MI 48203

Most branches are open on weekdays from 9 to 5. On Wednesdays, the office is open from 11 to 7. This is only true for those located outside the city buildings. You must remember that the SUPER! Center and PLUS offices are open for more hours.

You will have to get the vehicleís title within 15 days of the purchase. Late registration fees are $15. Title transfer fee is $15 and you will also have to pay 6% use tax.

Applying for the title requires you to have the proof of vehicle ownership and valid identification. The Michigan Law and Federal Law require the disclosure of actual odometer reading while transferring or assigning car title. You can avoid it if your vehicle is not self- propelled, is older than10 years, or weighs more than 16,000 pounds.

If you want to buy a new license plate, a valid Michigan no fault insurance certificate is required. It will be fun to choose your plate from several designs. If you have 1984 model or a newer vehicle, license plate fees will be calculated as a percentage of the MSRP. If itís older than that, the fee is calculated by taking into account the weight of vehicle.

You also have the option of transferring your old license plate. You will need your current valid registration and title of the new car to which you want to transfer the plate. This will cost you $8.

You will go to the SOS office without a car to your name, but will leave with your dream car. So, this is how the car buying process can be done.

Donít wait anymore to drive your dream car. Allow yourself the privilege of a car and revel yourself in the glory of a city that breathes and thrives on cars.

Paint the town red in your very own car with Rapidcarloans.net. We offer the most reasonable auto loans in Detroit. New or old, bad or no credit - our wide network of skilled lenders and dealers allows us to serve one and all. Apply on our website and say yes to the best car loans in town.

Best of Luck!!!


Comment (0)


January 2013
    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 31    
prev   next

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

    ONLINE:
    Members: 0
    Guests: 0

    Today: 0


  • Archives
    Recent Posts
    Mar 2012

    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