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Wednesday, 11-Aug-2010 11:19 Email | Share | | Bookmark
How Can One Get An Auto Loan with No Credit History?

There are millions of people affected by the recent credit crunch and the global economic recession. No wonder, there are bountiful numbers of persons who have got a staggering bad credit history because of the job loss and pay cuts. However, the world economies are gaining back their momentum sooner than expected. The governments still support the stimulus packages which create a healthy atmosphere for the banks to offer more numbers of loans. People are very much encouraged to take up loans at cheaper interest rates. Generally, lenders will hesitate to offer loans to borrowers with bad credit history or zero credit history. Lenders will try to neglect auto loans for people with no credit history. One of the best ways to obtain loans is to start building a good credit score.

A co-signer might help to obtain the loans. A co-signer is the person who is willing to pay the loan in case if the borrower fails to do it. He acts as a guarantee while obtaining the loan. Building a good credit score will not take too longer and there are lot more easier ways to do it. The first step to be done is obtain a secured credit card. It is important to make the first few payments very promptly. Repeating this process for fewer months will substantially improve the credit scores. This might be a supporting factor at the time of obtained bad credit auto loans. This condition does not exist when you make your credit cards payment properly.

Online lenders can be of immense help to obtain the loans. Online auto financing will save time and money in a better way. This is due to the fact that most of the online lenders work below the subprime rates and act as subprime auto lenders. Individuals who have zero credit history can approach such organizations and get approval. However, the interest rates might be higher. Making comparisons and obtaining quotes from 3 or more online lenders will put the consumers in the driver’s seat and help them to secure a better interest rate. The market faces a stiff competition from various lenders. Hence, the consumers should make use of this opportunity to buy their dream vehicle.

The present market conditions help the consumer to obtain online car loans with zero credit history or even after bankruptcy. This comes at a cost of higher interest rates. A co-signer will help to obtain the loan hassle free. Times have changed now and it is not mandatory to have a co-signer to get the loan. These can also act as the stepping stones to build up the credit history. The monthly payments can be adjusted according to the income level. The loan amount might go up if it is an unsecured loan. Gone are the days where lenders and banks demanded lots of documents and procedures to sign up for an auto loan with zero credit history. People can easily step down their streets to take delivery of their dream vehicle within 2 or 3 days of time if they do their research work efficiently.


Wednesday, 11-Aug-2010 11:18 Email | Share | | Bookmark
Auto Loans - Frequently Asked Questions

Getting auto loans is a daunting and an uphill task amidst the global recession. However, with the intervention of government and federal banks to ease the liquidity and money circulation, the loans can be obtained at a cheaper interest rate. The loans obtained can be used to purchase a brand new car or any other type of used vehicles. There are so many factors that come into the picture while obtaining a new car loan. Here are some of the Frequently Asked Questions to help you understand the process and terms much better.

INTEREST RATES:
Get to know about the interest rates charged for the loan amount. The credit history will have a definite impact on the determination of the interest rates for an auto loan. It is good to maintain a higher credit score to obtain car loan with low rates. A credit score above 680 is preferred as a good score. One must repay his loan amounts properly and should clear off his debts at the right time to improve the credit scores.

PRE-PAYMENT PENALTY:
It is important to find out if there exists any kind of penalty fees before obtaining the loan. Make sure that you are not penalized for an early payoff. Make sure you get the lowest possible penalty and fees rates. Most lenders will fix the time period as 3 to 5 years for the early payoff.

FEES:
There are umpteen kinds of fees which are applicable for instant auto loans and they will vary from each lender. The application fees will be higher which are involved in the loan process. You have to make special request to the lenders to waive off certain fees. This is an exact term which brings huge amount of profits to the lenders. So be watchful in its terms.

TERM:
Do some effective research in exactly coming up with the fixing up of terms. It is important to have an installment that will fit within your budget level. It usually varies from 3 to 6 years. Loans for new cars will be quite longer than the used vehicles.

PROCESSING TIME:
Consumers are entitled to know the time taken to finish up with the application procedures when applied for the car loan. Usually, online applications will be verified in 24 hours. There are certain lenders who can even grant the loan in few minutes of time.

IS ALL THE INFORMATION SAFE WITH THE COMPANY?
Make sure that the company’s websites use the latest 128 bit SSL encryption certificates for all its transactions. This will protect the unauthorized entry and hacking of your personal data.

IS THE LOAN AMOUNT BASED ON THE TYPE OF CAR?
Most auto lenders determine the loan amount for the auto loans based upon the credit history of the consumer. If it is good, then the customer can have the requested amount of money to buy his dream machine. However, there are lenders to offer unsecured loan to the extreme users.


Tuesday, 16-Mar-2010 04:41 Email | Share | | Bookmark
Securing an Auto Loan with No Credit or Zero Credit

The internet is a treasure trove of information regarding various lenders and lists their features of lending. The no credit auto loans for borrowers who try to build their credit are an uphill battle. It requires a lot of effort in obtaining this kind of loan. The internet is a great platform to connect the prospective buyer and seller. There are certain online auto loan vendors who do not require any kind of major documents to process the loan amount. The market is facing a stiff competition from various lenders and hence a borrower with poor credit rating will obviously end up with meeting a lender of his choice and requirements.

The terms and conditions state that the monthly income for the borrower must be a minimum of $1200 to $1500 a month. Certain lenders do not request the credit information from the customers. Things are made even easier under these circumstances. Online lenders make the job hassle free and one may get the loan in few hours of time. No credit auto loans can be easily obtained by this way as they take lesser time to verify the documents and sanction the loan. Getting quotes is always done at free of cost. As long as the borrower meets the initial conditions, the loan is at their hands. They will help the people to achieve their dream.

One more important way to find loans is to use the online portals which would host multiple dealerships. These companies will the borrowers to find the lenders those who offer with no credit. Never mind if the user has got no credit or bad credit. The auto loan will be offered in a matter of hours. These loans will help the borrowers to build up their credit ratings. This can be taken as the initial steps to create a healthy financial atmosphere. It is important to fix up the monthly installments according to the salary. This will ensure that there is no delay or default in the payments made to banks.

The common problems that people often face with no credit vehicle loans are higher interest rates and the introduction of co-signer or co-borrower. Co-borrower is a person who has to sign the document along with the borrower. By signing the document, he or she takes up the responsibility of repaying the loan when the borrower defaults it. However, the absence of a co-signer can be easily solved at the cost of higher interest rates.

In case of auto finance, no credit or bad credit auto loans can be easily obtained as the new vehicle itself can be mortgaged. This will eliminate the need for a co-signer. If the borrower has got enough amount of income, then the loans can be obtained a cheaper interest rate based on his past credit history. If he is defaulted or opts for an unsecured loan, then the higher interest rates will come in to the picture. The ultimate requirement that every lender will seek is the potential future earning of the borrower. If that sounds healthy, the borrower has got no problems in obtaining the no credit auto loans.


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