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

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

Refinance Your Car And Set Free From Old Loan

Used Car Loans For Bad Credit » Refinance Car Loans Au

Refinance Your Car And Set Free From Old Loan
Car refinance is an easy way to get rid of your expensive monthly payments and high rate of interest that you are paying presently for your car loan. It not only helps in lowering your monthly payments but also can help you bring down the high rate of interest.

Many people who had been paying a high monthly installments for their auto loan have turned to car refinance. They are taking advantage of this by paying a low rate of intrest in their new auto loan. Car refinance loan is a right way to save a lot of money that you were earlier paying for your auto loan.

Refinance car loan can help you to pay your existing car loan. You will be paying lower rate of intrest that you were paying before. It also helps in saving your money and time. The money that you saved can be used in long terms. People with a bad credit history, can also apply for refinance car loan there are many lenders who are not affected by your past history.

Refinance car loan is popular among those who are tired of paying monthly installments and high rate of intrest. There are different lenders who offer you different deals in car refinance, to get complete information regarding refinance car loan and about different lenders you are advised to make a thorough search through internet. You should acquaint you with all terms and conditions, as you should have a clear idea about what you are getting into.

The process can be more convenient if you go for on line car loan. Besides all such thing one should keep in mind refinance car loan should not be more than the value of your car. Refinancing your car can save a lot of money. It�s always a wise a decision to refinance your car if you want save your money from high rate of interest.

Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. She has done her masters in Business Administration and is currently assisting Ecar-loans as a finance specialist. For more information please visit: http://www.ecar-loans.co.uk

Source: www.articlesphere.com

Bad Credit Used Car Loans – Funding for Luxury and Comfort

Bad Credit Used Car Loans – Funding for Luxury and Comfort

A running dream on its four wheels by any means would soothe to any pair of eyes. If you lack adequate funds and still dream of a car, your dreams may come true with bad credit used car loans.

What is Bad Credit Used Car Loan:

Bad credit used car loans are the loans tailored to help you buy a used car. However, it may be possible that apart from inadequacy of the funds, you had bad credit scores. As these conditions are indicator of a very poor credit history of yours, money lenders tend to be suspicious over your financial commitments. To help you avail the facility of loan for a used car in such poor financial conditions, bad credit used car loans have been designed.

These are secured types of loans and hence lenders find themselves at ease in granting you the loans. The used car for which you are applying the bad credit used car loan, itself serves as collateral against the loan.

However, it must be noted that if you falter in the defrayal of the loan, your car may be seized for the repayment of the loan. Hence, you must always have done a proper analysis of your defrayal capacity before applying for the loan. The loans are generally provided for a period of 3 to 15 years.

Interest rates and the loan defrayal

Since, you already have a bad credit score, these loans come at a little extra interest rates. Even though, your repayment capacity and the condition of the car for which you are applying the loan must be good. And if the car for which you are applying the loan is not older than 5 years, it may bring you interesting interest rates.

To avail these loans, all you need to do is to search for the bad credit used car loans, best suited needs of yours and apply online then, if available. A proper search may fetch you better and economical interest rates. And hence, Bad credit used car loans may be the most reliable way to have your own car.

Christian Phelps is a Masters in Accounting and Financial Management from Lancaster University Management School . He has been working with loan for self employed since his academics got over. To find bad credit car loans, used car financing, car loans online, Bad credit used car loans, car loan for people with bad credit visit http://www.badcreditcarloansuk.co.uk

Source: www.articledashboard.com

Refinancing Car Loans

Used Car Loans For Bad Credit » Refinancing Car Loans

Refinancing Car Loans
Refinancing a car loan is much easier than refinancing a home loan because of the little or no extra cost involved. As interest rates continue to drop, car loans can be refinanced, which help to lower payments.

Before refinancing, it is always advisable to check if the refinancing option will actually be beneficial. If you have had the loan for only a short period of time, like maybe half of the entire term of the loan, and if you can lower your interest rates by at least 1.5%, then refinancing is a good idea.

It would be advisable not to obtain another car loan for the same length of time as the original loan since that would mean paying more in interest charges than what was being paid on the original loan.

When shopping for a loan to refinance your existing car loan, you should be aware of the fees being charged. You will be charged anywhere from $4 to $40 to change the name of the lender on the car?s title. Some lenders absorb that charge while others pass it along to the customer under the guise of processing fees.

Before shopping for another loan, it is important to make sure that your original loan is a simple interest loan and there are no prepayment penalties.

There are a few things to be aware of when shopping for a refinancing car loan. If the loan is a pre-computed loan that is normally offered by second-rate lenders, there?s a good chance the lender will make use of a formula called ?Rule of 78s.? This formula is used to determine what amount of each month?s payment goes into interest and principal.

If the lender calculates a rebate of finance charges that he says is for early prepayment, it?s best to get up and walk away from that loan. This so-called rebate is in reality a prepayment penalty, which one shouldn?t have to pay.

Car Loans provides detailed information on Car Loans, Car Loan Calculators, Bad Credit Car Loans, Used Car Loans and more. Car Loans is affiliated with New Auto Loans.

Source: www.articletrader.com

Bad Credit? No Problem, Get Your Dream Car Now

Bad Credit? No Problem, Get Your Dream Car Now

Are you facing problems in getting car loans? Do you have a bad credit record? You need not worry at all. Bad credit is not a thing to be embarrassed. Anyone can have such type of problem and it can end up just like a seasonal cold. By timely repayment of loans, you can easily boost up your credit record.

The good news is that borrowers having bad credit record can now easily get bad credit car loans from the lenders in the financial market. Bad credit record means you are facing any one of the situations like County Court Judgment�s (CCJ�s), defaults in repayment of loan, arrears, lack of income proof etc.

There are many ways through which you can get a bad credit car loan. If you are working in a company and getting a good package. You can definitely apply for a bad credit car loan. A steady income can get you the dream car that you are looking for.

Large down payments can also help you in getting a bad credit car loan. Down payment will largely depend on the car models and of course the cost of the car.

There are two types of Bad Credit Car Loans that lenders provide in the financial market, they are as follows:

� Secured bad credit car loans
� Unsecured bad credit car loans

Secured bad credit car loans, as the name suggests are taken against collateral. You have to pledge your property against the car loan. It saves your money as the interest rates are low as against unsecured car loans where no collateral is required and interest rates are high.

So why to wait!! Drive home your dream car in spite of your bad credit record. Go for a long drive with your loved ones.

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 Ecar-loans as a finance specialist. For more information please visit: http://www.ecar-loans.co.uk

Source: www.articlecity.com

Are You Looking For A State Farm Home Owner Insurance Quote

Used Car Loans For Bad Credit » State Farm Insurance Car Loans

Are You Looking For A State Farm Home Owner Insurance Quote
It�s no secret that State Farm Insurance is a huge insurance company in America. State Farm Insurance offers automobile, life, health, disability, long term care, business, boat, farm and ranch, volcano damage, personal, and community organization insurance policies. Of course, they offer home owner insurance as well, which branches out to mobile home owner insurance policies, renter insurance policies, and condo owner insurance policies.

So, if you�re looking for a State Farm home owner insurance quote, it�s probably safe to say you�re going to be in good hands. You can obtain a State Farm home owner insurance quote online, or you can search for your nearest State Farm home owner insurance agent by providing your home state and zip code.

Aside from being able to obtain a State Farm home owner insurance quote online, or being directed to your nearest State Farm home owner insurance agent, State Farm Insurance also offers you the ability to manage your insurance policies online, make payments online, and file claims online � all regarding your State Farm home owner insurance policy.

State Farm Insurance also provides information to help you better understand the worth of your home, how to safeguard your home by taking a look at your home�s roof and creating a disaster survival kit, and even offers a �Free Property Information Organizer.� Most of the little extras that State Farm throws in are all available via State Farm software, which makes these useful resources even more user friendly.

Choosing to get a State Farm home owner insurance quote is a safe way to go when searching for a home owner insurance quote. Plus, the helpful perks make getting a State Farm home owner insurance quote even more appealing. So, when you�re looking for a State Farm home owner insurance quote, you will likely get more than you bargained for � even if you decide not to purchase a State Farm home owner insurance policy!

To get free quotes and learn more about insurance please visit the following recommended sites.

Are You Looking for a State Farm Home Owner Insurance Quote?
Home owner’s insurance can be cheaper
Arizona insurance information that can help you save money

Source: www.articlecity.com