Despite the recent news reports that borrowers with bad credit risk paying more for their auto loans, there are ways to beat the price squeeze if you have a credit score of 550 or lower. The increased cost of poor credit car finance is being attributed to volatility within the asset-backed bond market, an area which creates capital for car loans to consumers that have so-called “subprime” credit needs.
With the average cost of a new car pushing $30,000, car loans are a necessity for many Americans. Understandably, the process of obtaining car finance is relatively simple due to the high demand. But what you may not realize is that it can be straightforward for people with bad credit. Although those with low credit scores might think that an auto loan is off-limits to them, this couldn’t be further from the truth.
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Bad credit doesn’t have to mean that you are forced to take an expensive car loan that drives your monthly budget sky-high. According to the National Automotive Finance Association, now is a great time for people with challenging credit scores to look into more competitive finance possibilities.
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Recently, the U.S. economy has experienced even more upheaval with the news of the City of Detroit’s Chapter 9 municipal bankruptcy filing. This has sent shockwaves throughout the nation – it is one thing for an individual or even a corporation to go bankrupt, but an entire city doing so takes financial hardship to a whole new level.
Municipal bankruptcy all too common at the moment and can plunge thousands of jobs, millions of families and countless people’s financial futures into total uncertainty.
STEP 1: Understand how a credit score is calculated
The first step is to understand how credit bureaus calculate credit scores. The credit score calculation is comprised of five different components. Those are:
For the majority of people, buying a car in cash is not feasible due to the price of a new topping the average yearly wage of most Americans. In fact, the average price of a new car in the U.S. reached an all-time high in 2012 of a massive $30,748 according to TrueCar.com.
Finding and selecting the right auto loan is a smart and necessary option for a growing number of motorists from all kinds of credit backgrounds.
If you are not employed at the time of applying for a personal loan with our lenders you will not get approve. In order to be approved you have to be employed and earn at least a 1000$ a month.
Well, we can never really guarantee the loans which our lenders gives out. Although we specialize in finding lenders that giving out loans even to individuals and firms with bad credit histories, it does not in any way qualify each and every such entity that comes to us, for loans. After all, our lenders also have thier own unique mechanisms which deploy to check for creditworthiness.
At the same time, we would also like to add that the rejection rate in our case is low. Practically alot of our users does manage to obtain the personal loan which they happen to be seeking. That being the case, there is really very little reason to believe as to why you too should not be able to obtain the loan which you are seeking. Therefore, please feel confident to approach us with the unique loan requirement that you might have in the very first place.
Well that is perhaps the best part of working with us since you will not need any kind of collateral or security while working with us. We will send your aplication to lenders that will be able to determine your credit worthiness all by themselves and therefore you can easily avail the personal loan which you need, with minimum documentation and fuss.
That is also indeed the reason for which there are more and more customers looking to avail of personal loans through us in the first place.
After all, arranging some sort of a security or collateral is in fact a major issue with a lot of our users. And that is indeed the reason for which they come to us and not go to other services, all of whom require additional security and collaterals. With our matching service, you can be completely rest assured that there will never really be any such requirement, by the lenders that work with us, at all in the first place.
No we do not look into the purposes for which our customers seek out personal loans. In fact, we would go so far as to say that you need not make any kind of a declaration about the purpose for which you are seeking a personal loan. As long as your loan approval is processed, you are completely free and independent to use the funds leant out to you, for whatever purpose deemed suitable.
Again, we would like to add here that this is a flexibility which few customers out there have with other services and that is indeed the primary reason for which they keep coming back to us again and again. Otherwise, there are many miscellaneous expenses and purposes for which loans are sought; people can’t really be specifying the purpose in those cases, each and every time. We completely respect and appreciate that fact and therefore do not particularly seek out reasons for which personal loans are sought from us.
All you need to do is to file the online application and we will match you with a lender for your loan.