Car Loans for People with Bad Credit – Getting an Auto Loan after Bankruptcy

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Car Loans for People with Bad Credit – Getting an Auto Loan after Bankruptcy
Getting credit after a bankruptcy is not easy. This includes credit for mortgages, vehicle loans, consumer loans, etc. In this circumstance, individuals who have recently filed bankruptcy may opt to pay for everything in cash. While this may appear to be a good solution to credit problems, if you need to purchase a new car, paying for the vehicle in cash may be impossible. In this case, you will need to obtain an auto loan.

Can You Get an Auto Loan after a Bankruptcy

A bankruptcy on your credit report justifies a credit application denial. As a rule, lenders do not want to offer money to bad credit candidates. The probability that you will default on the loan is high. Nonetheless, some creditors are willing to make an exception with auto loans. The vehicle secures the auto loan. If you do not pay back the auto loan, the lender can easily take back your vehicle.

Criteria for Obtaining an Auto Loan after Bankruptcy

If you are interested in receiving an auto loan after bankruptcy, be ready to pay a higher percentage rate. Moreover, lenders have specific qualification criteria’s. For example, some lenders require that individuals with a recent bankruptcy have a minimum monthly income. This amount varies lender to lender.

In addition, a lender may require you to have the same residence and employment for at least six months. To obtain a car loan, you must also be at least 18-years-old, or have a co-signer. Additional criteria’s include not having a previous repossession within the last year, and the bankruptcy must be discharged.

How to Improve Your Chances of Getting an Auto Loan

Auto loans are great for individuals hoping to rebuild their credit. After a bankruptcy, it is vital to open new accounts. In addition to obtaining a car loan, you may consider getting a secured or unsecured credit card. The interest rate you receive on your auto loan may be a few percentage points higher. However, if you work towards improving your credit rating, you may have the opportunity to refinance the auto loan. Refinancing for a lower rate may decrease your monthly payments.

Here are our Recommended Bad Credit Auto Finance Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

Source: www.articlecity.com

Bad Credit Car Loan � Even Bankruptcy Cannot Deter You From Getting A Car Loan

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Bad Credit Car Loan � Even Bankruptcy Cannot Deter You From Getting A Car Loan
Everyone needs a car irrespective of his or her credit score. Having a bad credit score does not take away your right to own a car. A bad credit history may include arrears, default, county court judgements, bankruptcy, etc. Due to some unavoidable circumstances, you may miss out at your monthly repayments. This is bad for your credit score. A late payment has an adverse effect on your credit score. Default on the loan repayment is even worse.

Another thing that has a negative effect on the credit score is bankruptcy. If you find it difficult to pay monthly installments because of high rates of interest, you can take out a low rate loan and consolidate your debt into a single, affordable loan. If even this does not help, then you will have to file for bankruptcy. When you are declared bankrupt, you are discharged of all your debt obligations. However, bankruptcy remains on the credit score for a number of years. During all this period, you will find it very difficult to obtain a fresh loan.

Do not get depressed. You can take out a bad credit car loan to buy a car. Bad credit loans are specifically given to those who have a bad credit history. The rates of interest on bad credit loans are higher than the rates on other loans. Before applying for a bad credit car loan, take a look at your credit score. You might be able to repair your credit score. Talk to your lender and he might help you repay your loan. He might even waive off some part of your unpaid loan balance. Explain your reason for default and the new lender might offer you a loan at a better rate of interest.

Your next step is to find a bad credit car loan. You can apply for a car loan over the internet. Get a car loan as per your needs and financial position. Once you get a bad credit car loan, make regular payments as per the loan terms. This will improve your credit score. Once your credit score improves, consider refinancing your car. The second loan will carry a lower rate of interest than your first loan. This will help you save a lot of money.

About the Author:

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting bad-credit-auto-loan as a finance specialist.

For More Information: Please visit us at http://www.bad-credit-auto-loan.co.uk/

Source: www.a1articles.com

An Easy Way To Buy A Used Car Despite Bad Credit

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An Easy Way To Buy A Used Car Despite Bad Credit
It�s quite obvious for people to buy new cars but not everyone can afford to buy one. There are lots of people who prefer to buy used cars rather than new cars because of monetary constraints. But, even a used car is not so cheap that you can buy it an a few hundred pounds. You need to avail a used car loan if you don�t have funds to buy the car. In case you have bad credit problems you can avail a bad credit used car loan to buy the vehicle of your choice.

Bad credit used car loan is specially meant for those people who have a bad credit record. Bad credit can occur if you are not regular with your loan repayments. Defaults, arrears, missed payments, County Court Judgement against you, bankruptcy, any of these can cause bad credit. Once you have bad credit it is difficult to get a loan on low interest rates. Still, there are many lenders who provide bad credit used car loans at competitive rates.

The interest rate on a bad credit used car loan is high. In fact it largely depends on a borrowers credit records as to how bad his credit record it. The APR (Annual Percentage Rate) is fixed on the basis of the borrower�s credit record. The repayment duration, monthly installments and the loan amount depend on the nature of the loan i.e. secured or unsecured.

To avail a bad credit used car loan you can follow the online loan application process. This will also help you make comparison between different loan deals.

About The Author : The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Uk-Direct-Loans as a finance specialist.

For more information please visit at: http://www.bad-credit-auto-loan.co.uk

Source: www.isnare.com

Bad Credit Car Loan: Grab the Opportunity of Owning a Car

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Bad Credit Car Loan: Grab the Opportunity of Owning a Car
Bad credit car loan is designed for people with bad credit problems. Bad credit situations like defaults in repayment, County Court Judgment�s, bankruptcy, arrears, etc., can lead to bad credit. Lenders often feel reluctant in offering car loans to bad credit holders as lots of risks are involved. But, don�t worry, you can avail bad credit car loan for purchasing your dream car.

Everyone wants to own a car. But, due to some financial problems or for want of money, it seems impossible for them to own a car. Another problem that borrowers face is bad credit. Bad credit is now a general problem in UK as people generally face situations like high credit card bills, store card bills, other loan burdens, etc. But, still lenders pose problems in availing loans. Considering these situations, bad credit car loan has been designed especially for people having bad credit problems.

Bad credit car loan can be either secured or unsecured type. In case of bad credit secured car loan, borrowers would need to pledge collateral against the loan amount. In case of unsecured bad credit car loan, borrowers need not pledge any collateral against the loan amount.

Some of the features of bad credit car loan are:

� You can avail both secured as well as unsecured bad credit car loan .
� You can avail loans for purchasing either used car or a new car.
� You can apply bad credit car loan through online process to save time as well as money.

So, why to wait! Get your dream car now and go for a long drive with someone very close to your heart.

About The Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Bad-Credit-Auto-Loan as a finance specialist.

For more information please visit: http://www.bad-credit-auto-loan.co.uk

Article Source: http://EzineArticles.com/?expert=Amanda_Pane
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Bad Credit Auto Loan Financing – Should You Arrange Private Financing?

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Bad Credit Auto Loan Financing – Should You Arrange Private Financing?
Should you arrange for private auto loan financing when you have bad credit? The simple answer is yes, if you want to save money. Relying on dealership financing makes you the victim of high rates and limits your car buying options. By securing your car financing before you shop for a car, you get the chance to find the best available car loan.

Limited Options With Dealership Financing

Dealerships would have you think that there are very few financing options if you have poor credit. They let you pick a vehicle at what you think is a reasonable price. Then they turn around and charge you excessively high rates and fees to finance the purchase. Dealerships make thousands with these poor loans.

With dealership financing, you don’t have the power to negotiate a better deal on your car or loan. You have to take what they give you, which isn’t very good.

Take Control Of Your Financing

To get the best deal on your auto loan, check out private lenders ahead of time. Use the internet to search across the country for lenders who are willing to work with your adverse credit rating.

You can also request car loan quotes, so you can better compare lending companies. Without hurting your credit score, you can ask for estimates on a number of loan terms, helping you decide what is your best option in regards to loan terms.

Getting pre-approved for your car loan also gives you more control during the car buying process. You can go to any dealership or person to purchase your car. Sellers treat you like a cash buyer since you have a blank check ready to sign over to the dealership or individual. So not only do you get a better deal on your loan, but also on the car’s price.

Quicker Results Online

Shopping for car financing only takes a few hours. And the loan application just takes minutes to complete over the internet. In just a few days, your application can be approved with a blank check and contract express mailed to you. For the savings you’ll see, time spent searching for online car loan lenders is well worth it.

Visit Car Loan Sense to view our Recommended Auto Loan Lenders online. Also, visit Car Loan Sense for more information about Bad Credit Car Loan Financing.

Source: www.a1articles.com

Is Getting An Auto Loan Online A Better Deal?

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Is Getting An Auto Loan Online A Better Deal?
This question gets asked a lot, some will say yes you can get a better deal online when looking for an auto loan. While others prefer the sit down face to face approach.

Today with everyone and every business putting information out on the World Wide Web you absolutely can get a better deal on line. Of course there are pros and cons to everything. When you go online to get an auto loan, you can compare rates with several lending institutions within minutes. Try that driving around. So, you definitely will save time, and not to mention money in the long run.

The benefits to getting an auto loan online are numerous to say the least, but some that stand out are, a response within minutes. With competition being so fierce on the internet, companies want to seal the deal fast. Therefore they want to get you all the information you ask for within minutes, and the final answer to the all important question, did I get the auto loan.

Another plus to going online to get a better deal is you are finding out everything you need to know in order to make a good decision right within your own home, no running around all over the place. You can get free online, no obligation quotes, right there in your home. Good credit, bad credit, no credit auto loans are all over the internet, and you can find one that suits your needs instantly. You can usually find the very best rates, often 1% to 2% lower than the national average. So yes, you can get a better deal online when obtaining an auto loan.

Matthew Henderson is editor at Auto-Fleet.com. Stop by for a huge selection of information regarding auto warranties, online auto loan, improving your credit, vehicle history reports, drivers ed, traffic school and much more!

Source: www.isnare.com

Bad Credit Refinance Car Loan – You Are Not A Pariah Anymore

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Bad Credit Refinance Car Loan – You Are Not A Pariah Anymore
Are you one of those who feel that bad credit refinance car loan is a near impossibility? Many of us are so despondent about our bad credit that we begin to feel that it is the end of the world and that no financial institution will ever have any faith in us anymore. Well, it is not so. Bad credit car loans are available to those enterprising persons amongst us who are willing to put in some effort to look around.

Getting Low Cost Loans

There are several ways of getting bad credit car loans. The first of these is the most common sense statement that you can probably hear – pay the largest possible down payment you can. This proves to the lender that you are solvent and that you have a large personal stake in the vehicle. Naturally enough, this increases the lender’s confidence in you, and you get a decent rate of interest even if what you are looking for are bad credit car loans. Further, if you can offer the lender some security, your interest rates can get better. Many lenders are satisfied with the car itself as security; others look for a house or something similar.

If You Have No Credit History

Do you know why some vendors balk at lending money to people with no credit history? Its simple, they do not want to be the first to lend you money. This is why no credit auto financing can sometimes be a difficult proposition. If you have the time, it is best to go in and get a credit card first, build a decent history and then apply for a loan. However, if that is not possible, you can still get low rate auto loans by proving that you have just begun to work and you have someone as a guarantor.

Do not be content with merely getting no credit car financing. Even after you have acquired your wheels, you can lower the cost of ownership by looking around to see if you can get your loan refinanced at a lower rate of interest. So long as you have been regular with your payments, and the market value of your car is reasonably high, you can get a bad credit refinance car loan and improve your finances considerably by saving on your cash outflow every month.

If you have financial difficulties, opt for bad credit refinance car loan and bad credit car loans facilities. No credit auto financing can save you a considerable amount every month and low rate auto loans make your payments much easier.

Source: www.articletrader.com

Auto Loan – Why Is It Important To Have The Best Car Loan Rate?

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Auto Loan – Why Is It Important To Have The Best Car Loan Rate?
There is something that you should have crystal clear before you wish to opt for the best car loan rate. It all depends on your credit score. Remember those seven words because they are going to decide whether you get the best cat loan rate for your auto loan or not.

Many people look for a low down payment or low monthly payments when searching for an auto loan, but you shouldn�t. I�ll tell you why. Auto loan rates decide how much you will end up paying. If you get a low down payment but have a high auto loan rate then in the end you�ll need more money to pay for your car. Generally, you�ll wind up paying around 20 to 30 percent more than the original price. Some times is can climb up to 40 percent if you�re not careful.

One Small Tip and�

If you want to go for the best car loan rate you will need to know a few tips and tricks to get the job done. Here is one tip that works out for many people, however it depends mostly on the auto car dealer.

At the end of the month, many car dealers offer some kind of contest or special deals to their clients. You have to make sure to apply for them even though the truth is that these proposals only reach a small percentage of people� you never know! These are often better financial deals and sort.

�a Powerful Trick!

Everyone knows that if you have bad credit and wish to apply for a bad credit auto loan, you�ll have to be prepared to face high auto loan interest rates. This is why all the mayor financial authorities suggest you spend a few months on getting that score up before you apply for you car loan. A great trick for this is to apply for smaller loans; loans you know you can afford to pay back with no difficulties whatsoever.

The credit bureaus will see that you�re doing a good job paying off the loans and pump up you score. This will let you get a better auto loan with the best car loan rates available for you.

Michael Phelps just bought his new car! Even though he had bad credit he opted for an auto loan private seller and was able to get his brand new Range Rover. This just proves that bad credit automobile loans aren’t as bad as people think and even you can get away with it if you read what Micheal has to say in his website.

Source: www.articlecity.com

Bad Credit Secured Loans – Security to Secure Loans for You

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Bad Credit Secured Loans – Security to Secure Loans for You
When your run is in the bad credit turf, could you believe that there are very good and brightly colored loans available for you which are available for almost any of your personal needs. And, they are affordable enough for anyone. They are bad credit secured loans, with cheap and convenient rates attached.

Bad credit secured loans speak of one very good phenomenon rambling in the loan industry of today. It says, your bad credit history is no matter with the lenders here. You have the security pledging attached in the bad credit secured loans. This is the thing that lets you have the loans without any hassle. The lender remains assured that his money will be paid back timely, since there is the collateral attachment involved. So, it does not matter if you have a bad credit record.

Bad credit secured loans are available for a range of requirements like debt consolidation, business, car buying and holiday going etc. And, you can grab the amount of bad credit secured loans ranging from � 5000 to � 25000 for a term of 5 years to 25 years.

Bad credit secured loans online has got yet, another unique facility attached for the bad credit holders. Bad credit holders can easily regain their good credit status when they pay off refunding installments regularly and timely. Regular installments get counted as positive response and therefore, do have the capacity to soothe your credit record.

Online is the best way to go for bad credit secured loans. Applying online for Bad credit secured loans is free of cost and the pace of loan approval is optimum here.

Bad credit secured loans are available irrespective of bad credit history of the borrower and it can remake the credit rating you have. So, you can say, this is one of the best loans the bad credit holders have these days.

George Bell has been associated with Online Secured Personal Loans. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles that have been found very useful by the residents of the UK. To find Bad Credit Secured Loans, online bad credit secured personal loans, secured personal loans, fast secured personal loans, cheap secured personal loans visit http://www.onlinesecuredpersonalloans.co.uk/

Source: www.articlealley.com

Post-Bankruptcy Mortgage Refinancing Myths

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Post-Bankruptcy Mortgage Refinancing Myths
When it comes to getting a mortgage refinance or other types of credit after bankruptcy, there are a lot of misconceptions. Here are a few of the most common post-bankruptcy mortgage refinancing myths specifically for Alaska residents.

Myth #1: You Can’t Get Approved for a Mortgage Refinance After Bankruptcy

Because this is such a common myth, many people avoid bankruptcy out of fear that they will never get any type of credit again. The truth of the matter is that even after bankruptcy, you will continue to get offers for credit cards, auto loans, and yes, even mortgage refinances. There are many lenders out there who will be willing to work with you to get you the Alaska mortgage refinance loan you need.

Myth #2: You Can’t Get a Good Rate on a Mortgage Refinance After Bankruptcy

While it is true that you may be asked to pay a higher rate on your Alaska mortgage refinance than someone with good credit, a bankruptcy may not affect your interest rate as much as you think it will. A recent survey of lenders showed that borrowers in Alaska who have a bankruptcy on their credit were asked to pay a rate that was only half a percentage point higher than someone with bad credit.

Myth #3: You Can’t Get a Mortgage Refinance for at Least Two Years After a Bankruptcy

Only the strictest of lenders will make you wait two years after your bankruptcy has discharged. Other lenders will be willing to offer you an Alaska mortgage refinance during or immediately after your bankruptcy proceedings. You can take advantage of these offers, as well as the Alaska guidelines that allow you to get an extra large jumbo mortgage, to refinance your home and get cash back at closing. Any cash you receive can go towards paying off your bankruptcy debts and rebuilding your credit.

Visit Alaska Lending Center to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Alaska, whether you are looking for home purchase, refinance or a home equity loan.

Source: www.articlesbase.com