What Can You Do About Your Upside-Down Car Loan?

Used Car Loans For Bad Credit » Upside Down Car Loans

What Can You Do About Your Upside-Down Car Loan?
If you put ten people who have bought a new car in the last couple years in a room, chances are that four of them are upside-down on their car loans.

An upside-down car loan is the less onerous euphemism for saying that they owe more on their car than they could ever get if they sold it or traded it in. Is this a bad thing? And if you are one of the four upside-downers what, if anything, can you do about it?

Owing more on your car that it is worth is not necessarily a bad thing if you intend to keep the car until it�s paid off, and you have the auto insurance coverage to satisfy the loan if the car gets totaled in an accident. Doing nothing is always an option.

If you are looking to replace the car then you have to do something to close the gap in the unpaid balance of your current loan and the car�s resale value, or be prepared to eat the difference and go even deeper upside-down on your next car purchase.

Some new car lenders will add the amount of the unpaid principal on your old loan to the principal amount on your new car loan. In effect you would be paying that much more for your new car, or still paying for the old car you no longer own, which ever way you want to look at it. Do that a couple times and you�ve paid for somebody else�s Hawaii vacation.

If your current car loan contract doesn�t have a prepayment penalty, you can refinance your current car loan. Refinancing home mortgages to get a better APR is a national pastime but not nearly as many people have done the same with the second most expensive thing they own. Interest rates change all the time and it may be worthwhile to investigate this route. Even if you refinanced at the same rate for a shorter term, your monthly payment would be higher, but you would get out of the negative equity situation faster too.

Pay your current lender extra every month. This can close the gap in a hurry but only if your lender has agreed ahead of time that all the extra money you send will go to paying down the principal balance on the loan. If you just add something extra to your loan payment without working it out first, the lender will most likely just credit the extra toward a future payment. There is no advantage to you paying extra unless the principal portion of your car loan is being reduced proportionately.

Pay off the car loan with a real estate equity loan or a loan from another source. The main advantage to this approach is that you go instantly from upside-down on the car to 100% ownership. You can now sell the car yourself to raise cash for a substantial down payment, or you can trade it in toward the new car.

Car loan amortizations are set up so that the money from most of your early payments goes almost entirely to the interest portion of the loan. During the first two years of the loan, the resale value of the car plummets while the principal portion of the loan barely budges. The sooner in the loan cycle you address your upside-down loan the better off you will be.

(c) 2006 by Peter Boston. Peter is an attorney, writer, and the editor of the profacere.com website, a tips and resource site for car loans, credit cards, improved credit scores, and consumer credit information, updated daily on the Profacere Blog.

Source: www.a1articles.com

Bad Credit Car Loan Rates

Used Car Loans For Bad Credit » Barrie Bad Credit Car Loans

Bad Credit Car Loan Rates
Are you in a financial turmoil? Did you just file for bankruptcy some time ago? Were all your properties repossessed by a financial institution? Having trouble getting around because your car was repossessed along with the other things you owned? Are you considering trying to get a car regardless of whether it is new or used, but you are concerned about sky-high interest rates?

Your situation is not hopeless. It is untrue that it is impossible for you to get an approved application for a car loan given that you have a bad credit history or that you filed for bankruptcy. The threats sent your way by your debt collector are old fashion threats that worked decades ago.

Now, finding a financing company to help you with your loan problems is very easy. There are many online financing companies that give you very competitive loans and interest rates. They specialize in cases where people like you are caught in a financial jam.

Though it is untrue that you will never be able to get an approval in your loan application, it is true that you will have higher interest rates than you would if you had good credit. Even if you opted to purchase a used car instead of a new one, because of your bad credit history, financial institutions will give you higher interest rates to act as a safeguard for the company. Financial institutions have access to your credit history whether it is credit cards, utility bills, mortgages, etc. to check on your payment behavior. You can opt to get direct financing from the dealers themselves. You have to be very careful because it may be easier to get your loan from the dealer, but the rates are much higher than getting a loan elsewhere.

Bad Credit Car Loans provides detailed information on Apply For Bad Credit Car Loans, Bad Credit Car Loan Rates, Bad Credit Car Loans, Bad Credit Car Loans Online and more. Bad Credit Car Loans is affiliated with Bad Credit Auto Loan Refinancing.

Source: www.articlecity.com

A Car Loan Calculator Is Your Reliable Friend To Get The Best Deal On Car Loans

Used Car Loans For Bad Credit » Car Loans Calculator

A Car Loan Calculator Is Your Reliable Friend To Get The Best Deal On Car Loans
The secret of any correct decision is the speed with which you can gauge various options available to you and a car loan calculator can certainly provide all the information that you might need to know before you make your decision regarding cheap car loans. All that you need to do is to feed certain basic data into the calculator and you will get results in a jiffy. It�ll become easier for you to compare the various options that you might be faced with and to decide what would be best for you.

How A Car Loan Calculator Can Help You

Car financing involves so many varied aspects such as the amount of the loan, the interest rate applicable, the duration of the loan, the amount of monthly payment and the other expenses involved in servicing the loan. When you are planning to take a car loan, you can obtain the information regarding various offers for auto car loans and then use the car loan calculator to compare the various offers and indicate the best option for you. The basic concept of this system is that if you know one of the variables like the amount of monthly payment that you can afford, you can easily find out the amount of loan that you could take and the time period.

Conversely, if you have decided that you would like to take a certain amount of loan, the car loan rate calculator will provide you with the amount of monthly payment that you would have to pay and the time period of the loan. By comparing these variables of various offers, you will know exactly which offer will suit you best. A car loan calculator will also be very helpful in deciding whether you should buy a car or simply lease it.

Availability Of Car Loan Calculators

You can find many free car loan calculators on the Internet as Excel Spreadsheet Download Areas. Capital One Auto Finance and E-LOAN also offer these calculators online. They can also be downloaded on your Pocket PC type PDA. The Internet is full of such free car loan calculators that will help you to work out various options and compare them. However, it�s important to remember that these are not quotes.

While using the car loan calculator, you should not miss out various other aspects of car loans such as maintenance, insurance and other expenses that you might incur while taking a loan. All these expenses must be fed into the calculator in order to get the true picture. These calculators can also be very helpful in deciding whether you should go in for a new car or a pre-owned one. Each decision that you take boils down to whether the deal will be financially advantageous to you and a car loan calculator is your best friend in this regard.

A car loan calculator can give you the pertinent figures regarding car loans and compare various offers in no time at all, making it easy for you to make your decision regarding auto car loans or car financing correctly and at the opportune moment.

Read on Low Interest Car Loan to find out more about getting the best deal on car loans.

Article Source: http://EzineArticles.com/?expert=Andrina_James

Hope Again For Your Dream Car With Adverse Credit Car Loans

Used Car Loans For Bad Credit » Car Loans For No Credit

Hope Again For Your Dream Car With Adverse Credit Car Loans
Adverse credit car loan is designed for the people who have adverse credit record against their names. Cars definitely have become more of a need than being a luxury and an adverse credit car loan turns out to be the perfect way to grab the keys of your dream car, in spite of your poor credit record.

It’s right to say buying a car is an expensive affair and the not so impressive credit history of yours, further ruins the situation. The four main reasons that contribute to poor credit are as follows-CCJ, defaults, arrears and insolvency. But, adverse credit car loan takes care of your interests and helps you to buy a car of your choice.

Adverse credit car loan has two major division-secured and unsecured adverse credit car loans. Low interest, small monthly installments and long repayment time are the benefits of secured adverse credit car loan. However, your property is at stake if you are not able to repay to the lender. And if you don�t want to loose your property then opt to unsecured adverse credit car loan where there is no requirement of collateral. But high interest rate, big monthly installments and short repayment period are its negative features. To get in touch with lender without any hassles and in a direct manner searching the Internet is the most advisable option.

Forget your worries now; a car of your own is still possible!

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 Adverse Credit Car Loan as a finance specialist.

For more information please visit:http://www.adverse-credit-car-loans.co.uk

Article Source: http://EzineArticles.com/?expert=Amanda_Pane

Advantages of Using a Credit Union

Used Car Loans For Bad Credit » Credit Union Car Loans

Advantages of Using a Credit Union
If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union. A credit union is a not for profit cooperative financial institution. They offer financial services to members that are extremely similar to banks. If you are interested in joining one, but aren’t sure just what the advantages are, here are few reasons why you might want to join.

Membership is Easy
Credit unions are cooperative financial institutions and are governed by its members. It should be noted that these institutions are not opened to everyone, but just those that are affiliated with the group that it serves. For instance, if you are part of a labor union, chances are the union has a credit union that allows all union members and their families to join.

They Offer Plenty of Financial Services
Just like a bank offers savings accounts, checking accounts and ATM cards, so does a credit union. In fact, most are extremely competitive with the list of services that a bank offers. While they obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans.

Loans at a Credit Union
Since the credit union is not for profit and owned and operated by its members, they are usually able to give extremely attractive rates on most loans, such as car loans and even mortgages. They are usually at the low end when it comes to interest rates and many of these institutions don’t charge large fees like most banks do. In many situations, the ability for a family to afford a car loan or mortgage is based upon a lower interest rates and a reduced amount of fees.

Credit Unions are Safe
Finally, you can receive all the perks of a good bank including lower interest rates and lower fees and still save and grow your money safely. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent. If you are affiliated with a group that has a this type of financial facility, definitely look into the many products and services that a credit union can offer you.

Connie Barker is the owner of several informational financial websites including those dealing with Bad Credit Loans.

Source: www.articlesphere.com

You Dont Have To Risk Your House For A Car – Take Out Unsecured Car Loans

Used Car Loans For Bad Credit » High Risk Car Loans

You Dont Have To Risk Your House For A Car – Take Out Unsecured Car Loans
At the nearest car dealer�s showroom you see your dream car everyday. You want to buy it but either do not have a property to offer as collateral to take out a loan, or do not want to risk your house for a car. So, what do you do?

Well, you take out an unsecured car loan. Unsecured car loans do not require you to furnish collateral. As a result, the risk in these loans is more to the lenders. They are forced to secure the loan indirectly. Indirect securing involves taking the deal papers of your car. You will get back your deal papers once you have fully repaid the loan amount. Lenders may not go for such indirect securing methods if they find that the credit record of the borrower is sound and he is capable of repaying the loan within the stipulated time.

The amount you can borrow by securing unsecured car loans depends on your credit history and your capability. If the lender is satisfied that you will be able to repay the loan without much hassle, he may grant you a big loan amount. However, if your credit history is not good, you will have to be satisfied with a small amount, and that too, at a high interest rate.

Since most of the unsecured car loans are profitable for the lenders, they refuse very few loan-seekers. As a result the success rate of applicants for unsecured car loans is high. Also, due to absence of collateral, the processing, sanction and disbursal of the loan is faster than secured car loans.

Please make it a point to compare the terms and conditions of the lenders you wish to apply to before making the application. Once you have selected the lender and the loan, apply online. Your chances of getting the loan approved quickly are greater if you apply to online lenders.

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 Loans-Bazaar as a finance specialist.

For more information please visit: http://www.loans-bazaar.co.uk

Source: www.articlecity.com

Bad Credit Unsecured Business Loans – Cover Up Business Needs

Used Car Loans For Bad Credit » Landers Bad Credit Car Loans

Bad Credit Unsecured Business Loans – Cover Up Business Needs
There are many who want to spruce up their business in order to battle the bad credit problem. But, everyone does not have enough money and some of us do think of loans. Here, in this matter, bad credit unsecured business loans are of immense importance and benefit, since here you are not pledge any collateral for your loans. Also, loans without collateral means burden-free loans for the bad credit holders.

Bad credit unsecured business loans are available for doing anything in business. You might have been already running a business of your own or you may want to set up a new one. Whatever be your choice of doing business, be it small or a big one, in every case you can have the bad credit unsecured business loans.

However, there is something really big for the bad credit holders in bad credit unsecured business loans. Regular repayment of the installments gets counted as positive marks in bad credit unsecured business loans. So, if you pay off your installments regularly, there is every chance that you can have your credit record far improved afterwards.

In bad credit unsecured business loans, one has to place a detailed layout of his business before the lender. The amount and term of the bad credit business loans are determined on the basis of this layout. So, the better your layout would be, the more money you can grab from the bad credit unsecured business loans.

And, one has to go online to grab the best deals of bad credit unsecured business loans. Online application is small, easy and totally free of cost. Most of the lenders are flocked there round the clock. So, you have always got a chance to grab the best deals of cheap and affordable bad credit unsecured business loans.

Bad credit unsecured business loans are having all the benefits that a business might need to flourish. So, bad credit unsecured business loans help you actually, in flourishing business.

Peter Taylor is a senior financial analyst at Bad Credit Unsecured Loan with an acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles. To find Bad Credit Unsecured Business Loans, bad credit unsecured student loan, new car loan, home improvement loan, bad credit unsecured loan visit http://www.bad-credit-unsecured-loan.net/

Source: www.articlecity.com

Realise Your Dream Car With Personal Car Loans

Used Car Loans For Bad Credit » Loans Against Car Titles

Realise Your Dream Car With Personal Car Loans
Personal car loans as the name suggests are taken for the purpose of buying cars. You always had a dream of buying your own dream car. But, shortage of funds has always stopped you from purchasing your dream car. You need not get dishearten as personal car loans are specially designed to fulfil your dreams.

Personal car loans are used to finance for either new car or for a used car. Personal car loans are of two types i.e., secured as well as unsecured personal car loans. If you can offer collateral as security, you can avail secured car loans at low interest rate, small monthly repayments, flexible repayment terms, etc.

Unsecured personal car loans on the other hand, require no collateral. Lenders offer such loans at comparatively high rate of interest. But, with cut-throat competitions in the financial market, borrowers can avail unsecured personal car loans at competitive rate of interest.

Personal car loans are not only for people with good credit history rather it is also open for people having bad credit records. Persons having bad credit record are people who have faced problems like County Court Judgments (CCJ�s), defaults in repayment, arrears, etc.

You should always remember that buying a car involves a good amount of money. So, shop around for the best loan deal. Also make a budget for your car loans. This practice will really help you in getting one of the best personal car loans.

You can fulfil your dream of purchasing a new car. Personal car loans are there to help you facilitate in getting the funds. So, drive home your new car and go for a long drive with your near and dear one.

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 Apply-4-Personal-Loans as a finance specialist.

For more information please visit: http://www.apply-4-personal-loans.co.uk

Source: www.articlesbase.com

Used Car Loans

Used Car Loans For Bad Credit » On Line Car Loans

Used Car Loans
Don�t have time to go down to a bank or car lot to apply for a car loan? The internet may be your answer.

Used car loans have gone in the same direction as so many other business practices and sought out the internet for consumers. The time when folks went down to the local used car lot is not gone, however the times when you could spend literally hours while purchasing a vehicle can be.

Car dealers and used car loan specialists advertise their loans and loan rates over the internet with more frequency. The process is simple and does not require the potential car owner to trek down to the lot. This is especially appealing to those folks who aren�t sure of their credit. The process used to require that the potential car owner go to the lot, pick out a car and then wade through the mountain of paperwork, possibly only to be turned down. Now car purchasers can go to the comfort of their own living room and turn on their computer. Instead of wading through paperwork the potential used car owner can now fill out all of the paperwork online. This streamlines the process and makes it easier for the customer to fill out the paperwork without the hassle of waiting.

One of the benefits to applying for a used car loan on-line is that you can compare rates. Most online used car dealers will provide a potential customer with a quote. The car purchaser can then take those quotes spread them out on the kitchen table and compare. There are no hard sells this way and customers can take their time without feeling like the car dealer is standing off in a corner tapping their foot with impatience. Used car customers should compare car loans like they would any other large purchase. A small difference per month can save a car purchaser a lot of money on a 60 month loan. Some lenders charge fees and have hidden costs, so shopping and then applying for that used car loan on-line affords the customer to really consider both the purchase and the terms of the loan.

So if you are thinking about buying a used car any time soon, consider applying for the loan on-line. It may save you that little extra bit on money and we know it will save you lots of time.

Connie Barker is the owner of several informational financial websites including which deal with Used Car Loans

Source: www.articlesbase.com

Loan Amortization Schedules

Used Car Loans For Bad Credit » Principal Payments On Car Loans

Loan Amortization Schedules
An “amortization schedule,” in general, is a record of loan or mortgage payments. This record includes the payment number, date, amount, breakdown of principal and interest, and the remaining balance owed after the payment. An amortizing loan�s periodic repayments contain an amount designated for the reduction of the principal, so that the balance will eventually be reduced to zero. The time necessary for the balance to reach zero is calculated in an amortization schedule.

What is Fixed Rate Amortizing Loans?

The monthly payments for interest and principal remain consistent and never change in fixed rates. The monthly payments will typically be stable even if property taxes and homeowners insurance increase. In a fixed rate-amortizing loan, the interest rate remains fixed for the life of the loan. The monthly payments remain level for the life of the loan and are prearranged to pay off the loan at the end of the loan term. An example of a fixed rate loan is a 30-year mortgage that takes 22.5 years of level payments to pay half of the original loan amount.

Importance of Principal and Interest in Amortization Loans

The method in which the principal and interest are applied is very useful to understanding amortization loans. For example, in an amortization schedule, the majority of the payment applies to interest early in the loan, with a small amount applied to paying off the principal. As the loan matures and there is less principal remaining to be repaid, more of the payment is applied to repaying the principal since there is less interest owed to the lender. Only a small amount of interest is paid by the monthly payment by the end of the loan, and most of it applies to the principal.

Amortization Schedule provides detailed information about amortization schedules, amortization schedule calculators, create an amortization schedule, free amortization schedule calculators and more. Amortization Schedule is the sister site of Best Interest Only Loans.

Source: www.articlecity.com