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3 Things You Should Know About Bad Credit Car Loans
If you plan to obtain a car loan and you have a history of bad credit, you may find that getting approved is more hassle--and expensive--than
you realized. Here are three things you should know about bad credit car loans:
1. YOU'LL PAY MORE
Because you have bad credit--which usually means a history of late or missed payments on other loans--lenders will consider you a riskier
borrower. To offset this risk, they'll charge you a higher interest rate. In some cases, you may get charged extra fees, too, because of the
additional paperwork associated with your loan. In general, expect to pay about 3% more on your interest rate, depending on your credit history,
but be wary of any lender that wants to charge you an exorbitant rate. Compare quotes from various loan companies to ensure you're getting a
decent deal.
2. YOU'LL HAVE TO BORROW LESS
Because you're a bad credit borrower, most lenders won't want to take the risk of lending you a large sum of money. In many cases, they'll put
a "cap" on the amount you can borrow, and it's likely to be less than the average cost of a new car. Chances are you'll only qualify for enough
to buy a small economy car or a used vehicle. The amount you can borrow may also be based on your current income.
3. YOU'LL HAVE TO FILL OUT MORE PAPERWORK
Not every lender is willing to work with a bad credit borrower, and those that do often require additional paperwork. You'll have to
demonstrate solid proof of your employment history and your income so the lender knows you're financially capable of paying back the loan. Your
loan terms may be stricter than usual, too, which means you'll have to sign agreements about the terms. Here is a list of recommended Bad Credit Car Lenders online. It's important to use a reputable lender online to make sure your personal information is
secure.
You may find that most lenders don't want to work with you because of your bad credit history, but it is possible to find a loan company that
will approve you for a car loan. Try searching online to find a lender that meets your special needs.
ABC Loan Guide, a loan information website, can help you in your research with Bad Credit or No Credit Car Loans, as well as provide lists of lenders that offer Vehicle Financing in general.
More Useful Resource and Updates on classic car refinance auto loans
- Mortgage freeze hard on self-employed (Rocky Mountain News)
The government?s recent moves to backstop the mortgage market have made it easier for many people with decent credit scores to get a loan. But for many self-employed people ? even those with pristine credit ? the mortgage freeze has yet to thaw.
- Business briefs: Dec. 4, 2008 (Rocky Mountain News)
Productivity slows to 1.3% in third quarter Calif. congressman might be trade rep Mortgage application volume more than doubles Yahoo plugs int to CBS Harvard endowment down
- Florida leads nation in fraudulent mortgage applications (Miami Herald)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle the problem of home loan fraud during the second quarter of theyear, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.
- Mortgage Refinance Applications Soar As Rates Fall (Nasdaq)
NEW YORK -(Dow Jones)- Applications to refinance mortgages soared last week as interest rates dipped by almost 1 percentage point after the Federal Reserve announced that it would purchase billions in mortgage related debt.
- Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
- Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news
- Proposal could drop mortgage rates to 4.5 percent (The Monterey County Herald)
Mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.
- Home builders see shares rise (The Record)
U.S. home builders, including Hovnanian Enterprises Inc., Meritage Homes Corp. and Standard Pacific Corp., saw shares rise in New York after mortgage applications surged and a report said housing supply is tightening in California.
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