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Tuesday, 3-Sep-2013 06:14 Email | Share | | Bookmark
Poor Credit Car Loans – Learn the 4 Cs for Quick Approval

For some people, finding a poor credit car loan is harder than finding Waldo. Constant rejections and high rates dampen the spirits of poor credit car buyer. But, don’t think that your credit score will make it impossible to get auto loan approval.

With the recession, poor credit history has become very common. Today, lenders cannot ignore car borrowers with credit issues because they represent a huge market opportunity. So, don’t think that auto loans are not made for poor credit people.

To get quick approval on your poor credit car loan application, here are 4 Cs. Easy to remember and essential to follow, make sure that you work on them before starting your car loan quest.

Credit Score

Seeing is believing!

Never believe what others tell you about your credit score. Check it yourself before assuming any financial responsibility. By knowing your credit score, you can know the average rates that you will receive. This way you can stay away from lenders who offer exorbitant rates on bad credit car financing programs.

Also, don’t forget to analyze your credit report. Credit bureaus are infamous for making errors in credit reports. You certainly don’t want any erroneous entry to reduce your approval chances.

Cash

Even if you are getting a poor credit auto loan for your car, you need to know how much money you can direct towards monthly payments. You must remember that loan programs are good only when you can make on-time payments.

You must also consider down payment. Paying cash and reducing the loan amount can decrease your loan rates. Also, down payment will show your financial capacity to the lender. This will reduce the negative effect of your poor credit score.

Co-Signer

Most people consider co-signing a pain. But, having a co-signer can actually improve your chances of getting poor credit car loans. A co-signer ensures the lender that his money is safe. So, it is important to convince someone to become your co-signer. It can be anyone with a good credit score and a debt-to-income ratio below 40%.

Car

A vehicle provides convenience. It shouldn’t become a burden for you. Opt for a car by keeping your budget in mind. It is important for a poor credit car buyer to keep his car cost in control. If you opt for an expensive car model, your car loan will be higher. This will make monthly payments difficult for you. So, make sure that you choose an economical automobile.

So, these are the 4Cs which can help every poor credit car buyer. These factors have been designed after considering the car loan approval factors. If you take care of them, instant approval on poor credit auto loans will become totally stress-free.

Best of Luck!


Thursday, 29-Aug-2013 07:09 Email | Share | | Bookmark
Poor Credit Car Loans - 4 Cs for Instant Auto Loan Approval


For some people, finding a poor credit car loan is harder than finding Waldo. Constant rejections and high rates dampen the spirits of poor credit car buyer. But, don’t think that your credit score will make it impossible to get auto loan approval.

With the recession, poor credit history has become very common. Today, lenders cannot ignore car borrowers with credit issues because they represent a huge market opportunity. So, don’t think that auto loans are not made for poor credit people.

To get quick approval on your poor credit car loan application, here are 4 Cs. Easy to remember and essential to follow, make sure that you work on them before starting your car loan quest.

Credit Score

Seeing is believing!

Never believe what others tell you about your credit score. Check it yourself before assuming any financial responsibility. By knowing your credit score, you can know the average rates that you will receive. This way you can stay away from lenders who offer exorbitant rates on bad credit car financing programs.

Also, don’t forget to analyze your credit report. Credit bureaus are infamous for making errors in credit reports. You certainly don’t want any erroneous entry to reduce your approval chances.

Cash

Even if you are getting a poor credit auto loan for your car, you need to know how much money you can direct towards monthly payments. You must remember that loan programs are good only when you can make on-time payments.

You must also consider down payment. Paying cash and reducing the loan amount can decrease your loan rates. Also, down payment will show your financial capacity to the lender. This will reduce the negative effect of your poor credit score.

Co-Signer

Most people consider co-signing a pain. But, having a co-signer can actually improve your chances of getting poor credit car loans. A co-signer ensures the lender that his money is safe. So, it is important to convince someone to become your co-signer. It can be anyone with a good credit score and a debt-to-income ratio below 40%.

Car

A vehicle provides convenience. It shouldn’t become a burden for you. Opt for a car by keeping your budget in mind. It is important for a poor credit car buyer to keep his car cost in control. If you opt for an expensive car model, your car loan will be higher. This will make monthly payments difficult for you. So, make sure that you choose an economical automobile.

So, these are the 4Cs which can help every poor credit car buyer. These factors have been designed after considering the car loan approval factors. If you take care of them, instant approval on poor credit auto loans will become totally stress-free.

Best of Luck!


Monday, 19-Nov-2012 04:35 Email | Share | | Bookmark
Bad Credit Car Loans - Get Guaranteed Approval and Low Rates

A car is every man’s need and every woman’s style.

Anyone who lives in America knows the importance of automobiles. Car loans are necessary for buying new cars or used cars. Most Americans often have a misconception that bad credit score can ruin their chances of getting guaranteed approval auto financing. But, the reality is something else. Getting guaranteed approval on car loans is easy even when you have poor credit. You just need to know how to reduce the lender’s risk and increase his faith in you.

Know your Financial Affordability

Buying a car is a big decision and you must be very sure of it before signing the contract. You must understand that auto buying process involves several costs. You will have to incur expenses like taxes, DMV registration fees, insurance, fuel charges, repairs and maintenance, etc. If you are financially ready for paying all these expenditures, only then opt for buying a car. Otherwise, you will end up harming your credibility and your credit score to a further extent.

Clean up Your Credit Report

Reviewing your credit history is extremely necessary before applying for any loan. When you have bad credit score, it becomes all the more important.

You must review your credit report for any discrepancy and unwarranted transactions. If there have been any unauthorized inquiries, you must immediately report it to the credit bureaus with valid proofs. Also, try and pay-off few debts. Both these actions will help in improving your credit score.

Go for Reliable yet Cheap Car

When you have bad credit, it is best to build your credit score by opting for a car loan with lower amount. If you go for extravagance, you may have to face tough time in paying off the loan.

Choose a car that satisfies your needs. If you have to travel longer distances, go for a fuel-efficient car. If you have a band, then a huge car with enough space for musical instruments is required.

So, take some time for thinking about the purpose of your car.

Co-Signing can Help

A bad credit score means lenders have less trust in you. They may shy away from you by looking at your credit report. But, you can get guaranteed approval by asking someone to co-sign your car loan contract.

Remember that not everyone can co-sign. It is essential that your co-signer has a good credit score and a decent debt to income ratio.

Down Payment is Another Factor

Down payment can be best used to combat bad credit score. Make a down payment in the range of 10%-20% of the car cost. By doing so, lenders will know that you are financially capable of handling payments. The logic is simple. When you can pay such a large amount, smaller monthly payments won’t be any problem for you.

Research for the Best Lender

Not every lender in your area will offer bad credit auto loans. Only subprime lenders offer car financing programs to people with bad credit. So, you must do a thorough research before applying with lenders.

Online car financing can serve you best in getting a bad credit car loan. These companies work with several sub-prime lenders which makes it easy to get guaranteed approval. Also, you can expect quick results because the entire process is online.

Once you are assured of company’s reputation, apply and get approved for affordable bad credit car financing.

Don’t take a hasty decision in choosing your car loan. You must spend time on every aspect of the auto loan process because it will have a major impact on your credit score. Improving your credit score can be possible only when you choose the right car loan for you.

Rapid Car Loans provides low interest car loans for bad credit. You can fill the guaranteed approval bad credit auto loans application on our secure website and get guaranteed approval. Apply now to enjoy simple approval process and free auto loan quotes.

All the best!


Monday, 19-Dec-2011 03:36 Email | Share | | Bookmark
Bad Credit Car Loans - Don’t Feel Dejected, There Is Still Hope


The economy is facing the worst crises since 1930. Unemployment is close to 10%. People have no money to make payments. This is taking a toll on their credit scores and availing loans is getting very difficult.

But, a car is an absolute necessity. The distance between home and offices is constantly increasing and so is the congestion in public transport. You just cannot work without a car.

Are you finding it tough to avail car loans because of a bad credit score?

Well, you are not the only soul suffering from this problem. Almost every American is going through the same crisis and fighting the very same battle. There are quite a few who have been able to tackle it effectively.

All that matters is how you approach the problem. It's time to take the bull by its horns. Here are few tips to deal with bad credit score. Follow them and you will soon be driving your very own car.

Determine Your Affordability

Have an idea of future, so you can spend your present accordingly.

Buying a car is a major investment. There are many things in addition to the cost of the car. You will also have to shell out money for finance, taxes and registration fees, car insurance, fuel, and maintenance. So, be wise and don't spend your entire money on the cost of the car.

Decide how much you can spare for down payment. If you can come up with a higher down payment amount, your probability of getting loans will definitely increase. You will benefit more if you go for a trade-in.

Personal Finances

It is necessary to go through your account books before applying for the loan. Check for any unpaid bills of the last month. Every bill is going to affect your credit score, so pay them at the earliest.

It is also important to have a stable job with a consistent income. This will ensure the lenders of regular monthly payments.

Analyze Your Credit Report

It is necessary that you review your credit report every year. Don't worry; your score will NOT drop if you run your own credit report. You can get a free report from the website annualcreditreport.com. The website is dependable as it operated by the three major credit reporting agencies - Equifax, Experian and TransUnion. These same companies calculate your credit score.

Check for any discrepancy, fraud or identity theft. Pay attention to unauthorized inquiries. If there are any, notify the credit bureau immediately. When you do so, you should include copies of documents which support your complaint. You must also make sure that you give your complete name and address.

Don't apply for loans during the investigation, unless absolutely necessary. If you apply for any loan, then write to the lender about your situation and submit the same documents to him.

An Important Tip for Bad Credit Score Holders

You are having a bad FICO score, but your Auto Industry Option Score may be very good. This score gives more importance to loan payment history. If you have a great auto loan payment history, you will have a better chance of getting a lower interest rate. So, ask the lender to consider your Auto Industry Option Score.

Complete a Certified Driver Education

A driver education course makes you ready for driving on the road. It will reduce your chances of getting into accidents. You will be considered a low risk driver and hence, you will get a reduction in your interest rate.

Search for the Right Car

Your right car doesn't mean the most lavish car. It depends on your needs.
There are quite a few car types available with you like Sedan, SUV, Convertible, Compact, Coupe, Minivan, etc. You can go for an old or a new one. Think logically and then decide. Remember that you have a bad credit score. If you go for an expensive car; you will have to pay even more.

It is advantageous that you go to a dealer at the end of the month. Dealers have to achieve their monthly sales targets, so they may offer you greater discounts.

Co-Signer

It is important to ask someone to be a co-signer for your loan. It will eliminate risks from the lender's mind. Ask your parents/ friends to co-sign as it is the best option available.

Explore for the Right Lender

Many lenders offer car loans for bad credit borrowers. But to get the best deal, you will have to work harder and smarter. This is possible with a comprehensive research only.

You can cover wide area within less time by using the web. Companies do provide online auto loans. All you need to do is fill a simple online form and hit the submit button. You will get free quotes instantly. Compare them and choose the one that suits your needs.

Just because you avail instant quotes, it doesn't mean that you apply anywhere and everywhere.

The reason being too many pulls can make your credit look even worse than before.

Consider Car Loan Refinancing

If you think you have got a raw deal, then you can always go for car refinancing. Go for this alternative only when you have improved your credit position. You can substantially lower your interest rates with the help of a refinance loan.

Rome wasn't built in a day.

Don't lose your sleep over a bad credit score. Remember everything takes time to improve. Keep working meticulously and you will be able to improve it.

Be in charge of your finances today and ensure a better tomorrow!


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