Friday, December 31, 2010
Monday, December 20, 2010
Blank check auto loans can help the potential car buyers in great ways. It offers enormous amount of time in selecting the right kind of vehicle according to their requirements. It is rather easy to obtain blank check auto loans when compared with traditional loans. The borrower need not step out of his home to obtain this kind of loan. The borrowers can get pre qualified for a specific amount of money with which they approach various dealers. They look for cars which will fit their budget and drive home back happily. This will save enormous amount of time for the buyers and they can concentrate on learning about the features of the make and model. The loan terms are very flexible and are offered to people from all walks of life.
Let's have a look at the pros of getting blank check auto loans.
Ignore the lenders: Having pre-approved with blank check car financing, the borrowers can bypass the dealers without worrying about financing. The borrowers have the desired amount in hand and can straight away ask for discounts or rebates which will save them huge amount of money. The complete process of buying the car becomes hassle free with blank check auto loans. The borrowers will not be scammed by faulty credit scores and other procedures.
Reliable lenders: Most of the traditional lending institutions have started offering blank check auto loans considering the rise in demand for such types of loans. Established banks and private lenders are adding themselves to the list of lenders offering blank check auto loans. It gives enormous trust to the borrowers and makes them free from worries of extra interest rates.
Know your limit: A blank check car loan will fix up the budget and borrowers can search for models that will fit in this budget level. It saves them huge amount of money in the long run. It is a wrong concept to buy a vehicle based on the monthly payments.
Any kind of auto loans might have its own pros and cons. I think it's high time to discuss some of the disadvantages in getting blank check auto loans.
Higher interest rates: Lenders try to grab the attention of lower income groups and people with bad credit rate to offer these kinds of loan. They charge higher interest rates for people having less than stellar credit rate.
More paper works: The borrower has to complete the procedure in getting pre approved auto financing. After this, the borrower has to choose the desired car and has to run back to the lender to sign in more number of forms to complete the procedure. It becomes an additional burden for the customers.
It is up to the borrowers to analyze these pros and cons and obtain the loan. The loan should be obtained purely depending on the individual requirements after a thorough financial assessment.
Do you have a car loan?Do you want to save money?
Do you want to lower your monthly payments?
Refinancing your existing car loan can be a wise option to save money in the long run. It is highly recommended to trade in high interest rates loan to low interest car loan when you have a better credit rating. This will also help you to lower your monthly payments and relieve you from the financial clutches. I have tried to shed some light on refinancing automobile loans and the facts that will help you to make informed decisions.
Trade in high interest rates: Refinancing car loans become sensible when the interest rates drop. Another factor is the tenure of car loans that will help you to make a decision. If you still have only a year to complete the loan term, it is not sensible to opt for refinancing. Since you have paid most of the loan amount, you cannot save more money in this process.
Interest rates can be reduced to certain extent by refinancing it for a shorter term. If you can reduce the loan tenure by 2 years, it can save you thousands of dollars on interest rates by still having the same rate of interest. For example, if you have taken a loan for a car that values $10,000 presently at 8.9% interest rate, you will end up paying $2500 as interest amount over a period of 5 years. However, if you can reduce the interest rate to 6.9%, you can save up to $575 over the lifetime of loan. This amount can be diverted to other funds which will be very useful on several occasions.
Better credit rate and better rates: If you have repaid your existing car loan promptly, your credit rating should have improved drastically which gives better credibility. This allows you to qualify for better rates even if the interest rates have not dropped in general market. You can also improve your credit rating by reducing the debt ratio apart from paying the loan amount promptly.
Lower repayment and longer term: Reducing the interest rates is not the only option to be considered to refinance the car loan. You can reduce the monthly repayment amount by rolling over the term to extended period. However, it is important to remember that you will end up paying more when you opt for this. This option should be considered when you feel like you cannot afford to pay exorbitant monthly payments and want to get relieved. This could certainly save some bucks which can be used to pay off other bills.
The timing of automobile refinancing is an important factor. Do not refinance at a wrong time which will not allow you to enjoy the benefits. It is important to take your time and analyze the situations after which the decision should be made.
Monday, November 22, 2010
Instant approval: It is a known fact that students do not have good credit history in fact they have no credit built up. They cannot afford extravagant amount as upfront payment and they have to buy their car with a limited amount in hand. Lenders are aware of this fact and are lenient while offering these loans. Student auto financing with zero credit history are absolutely possible in today's scenario. Thanks to the recession and lenders are aggressively looking out to improve their business sales. Lenders offer instant approval on all student auto loans provided if they meet the minimum eligibility criteria defined by the lenders.
Low interest rates: There is yet another advantage in getting student car loans for no credit history. The rate of interest is relatively kept low and is affordable to most of the students. This reduces the monthly payments for the college students. Lenders might give additional benefits and flexibility to the student loans. Giving more flexibility helps them to gain more business.
Lower Down Payments: Sizeable down payment becomes a huge burden for the students. Lenders will be happy to see the parents supporting the loan process as it will give better credibility on students. If the loan is obtained with collateral security, there are more numbers of chances to reduce the down payment to a greater extent. However, it is highly recommended for the students to arrange for the initial funds which will differ from 15% to 20% of the total vehicle cost. If not, this amount will be added in the loan amount and the student might end up paying a huge amount as interest and will complicate the process.
Co-signer is not obligatory: A lender will usually demand a co-signer if the down payment is very less. However, the lenders are lenient for students and try to avoid this circumstance. This rule depends on the lenders and not all might compromise with this factor.
Online auto financing: Online auto financing are a better option for students. This will help them to obtain quotes from different venders and compare their features. As the competition is very high in the online market, they offer loans at reduced interest prices.
The above said factors will help the students to obtain no money down auto loans and fulfill their dream.
Thursday, November 18, 2010
Thursday, October 28, 2010
Thinking as how to get better interest rates than what is being offered to you especially when you have no credit score to bail you out? Getting car loans for no credit is not an impossible work, but a tedious task to undertake. You have a disadvantage on which you have to work to make it your strength by some means.
One of the initial steps will be to find as many lenders as possible. And I am not talking of financial institutions or banks because most of them will not like to deal with you. The reason is simple - you have no credit rating. Not having credit rating is not a crime, it just increases the risk. So the traditional financial institutions are afraid to take that risk as it involves an uncertainty of default on loan. Hence we are aiming at those institutions, banks, credit unions, lenders and dealers who are offering the no credit vehicle loan services.
These lenders are willing to take the risk and so they expect a reward. They will offer no credit auto loan at a higher rate of interest than the usual loans. Are you hesitant about the no credit automobile loan after seeing the rates? Do not be alarmed because you have to keep in mind that they are practically taking the risk to finance regardless of your credit history. When you come across such high rates, do not get upset. Instead use your negotiation skills. You can actually bring down the higher rates of the interest offered by the lender by showing your positive points such as your income or paying down payment.
In no credit auto loans, collateral plays an important role. In car financing, the car is part of your collateral. The lenders who are offering no credit auto loan may ask you to put down additional collateral and sometimes ask for a co-signer. The additional collateral should be such that it covers the value of the loan and its interest. They trend to ask for additional collateral comes from the conception that the value of the car depreciate with time. The collateral can be anything from a house, land or another vehicle you may have.
However, it might be that you do not possess collateral. Even then you can avail no credit vehicle loan if you are employed and have regular source of income. Your employment history, amount of income, investments made, etc will come into forefront. Lenders may actually go through the process of checking this information to satisfy them. Your annual salary for the previous year will be looked into because your annual income will be one of the deciding factors. You will have to keep your patience and go through all the paper work if you want to secure no credit car loans.
Once your paper work is over and the no credit auto loan gets approved, visit the dealer of your choice to get that dream car of yours.
Thursday, February 18, 2010
Wednesday, February 17, 2010
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