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Credit Cards - Friend or Foe?
At one time or another most all of us apply for and get more credit cards than we need. We feel like we have to be able to purchase almost any type of item at anytime, whether we can really afford it or not. Having several credit cards allows one to...
How to Get a Secured Bad Credit Loan
If you need money now, but have been repeatedly turned down for unsecured personal loans, you may still be able to get the cash you need with a secured bad credit loan. A secured loan is one in which you offer something as 'collateral' to guarantee...
How To Pay Credit Card Debt Off
If you are determined to pay credit card debt off you are making the best financial decision of your life. The reason credit card debt is so bad is because it carries such a high interest rate. The quickest way to take back control of your...
Update your computer system with bad credit computer financing
The moment I placed myself in front of the computer screen a whole new world beckoned me to join it. And years of strolling have proved incompetent to get me acquainted with the full panorama of computers. You have always wanted one in your home....
When You Are Eligible For A Free Credit Report
By Federal law, you are entitled to one free credit report per year directly from a credit-reporting agency only if you certify that:
1. You are unemployed and seeking employment in the next 60 days.
2. You are receiving public...
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Auto Loans with Bad Credit
Certain types of loans are very hard to get approved for if you
have bad credit. For example, if you have poor credit, getting
approved for an unsecured loan or unsecured line of credit is
out of the question.
However, there are also types of loans that are not difficult
for poor credit applicants to get approved for. For example,
auto loans are fairly easy for people with bad credit to get
approved for. In fact, there are many companies that will grant
financing to individuals with the worst credit. People that have
experienced bankruptcy, repossession, divorce, foreclosure can
get the car loan they need!
You may ask, 'How is it possible to get approved for a bad
credit auto loan if I have such bad credit?!'. It's easy! A car
loan is a secured loan. This means that you are guaranteeing the
loan provider that you are going to make the auto financing
payments. If you do not make the payments, your new car is going
to be repossessed from you by the lending institution. When you
lose your automobile to repossession, you also lose any money
that you already paid for financing, as well as any add-ons that
you invested into your car like a new stereo, wheels, etc..
The interest rates for bad credit auto loans are obviously going
to be higher than the interest rates associated with a good
credit car loan. However, if you show a positive payment history
for your auto loan, you can refinance this loan with the same,
or
another company after one year. When you refinance an auto
loan with bad credit, you can obtain rates that are considerably
lower than the loan you first received. The fees associated when
you refinance are minimal. Typically, all you will have to pay
is a transfer fee and a state fee. The fee ranges between $5 -
$10. The state fee can be between $5-75. The transfer fee is
usually $5-$10 and the state fee is usually $5-$75. Refinancing
your existing car loan is definitely something you want to
consider if your interest rate is anything over 10%.
In conclusion, auto loans are a great way to turn your credit
history around. However, if you do not make your payments on
time, your credit will be adversely affected. If your car
becomes repossessed because of non-payment, your credit will be
severely hurt. So, if you take advantage of the second chance
offered to you by utilizing an auto loan on a new car, make sure
you buy a car that is in your budget so that you don't have to
worry about making payments. Be practical. Don't buy something
that you can no afford.
About the author:
Jacob Andrews is the webmaster/marketer of Premier Auto
Financing. Premier Auto Financing provides auto loans for
people with good and bad credit. You can use your loan to buy
from a private seller or from a dealer.
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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