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Bad Credit? Can you still get a bad credit car loan?
Thinking of applying for an fixed auto loan or car loan? You
should start requesting for your credit report as soon as
possible. All creditors, commercial banks, finance companies and
even unconventional loan sources where you apply for an...
Making a Credit Card Work For You
Boosting Your Credit-Rating With A Well-Managed Credit Card
A considerable obstacle standing between many Americans and the consumer goods they consider a necessary or desirable part of life is a ready way to pay for them. From a new piece of...
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The Right Way To Credit Repair by Dan Farrell If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished. Once you have a bad credit rating, it might seem like there's...
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Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. This...
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Don't Let Bad Credit Stop You
Don't Let Bad Credit Stop You
When I worked as a loan officer, it wasn't unusual for me to
come across people who thought they were out of luck because
they had bad credit.
This is really not the case, although it is fair to say that you
would not be able to walk down to your local bank, have a seat
in the branch manager's office and walk out with a mortgage.
However, there are alternatives, and you do have choices.
If you contact a broker, tell them your situation, be completely
honest and up front with them, otherwise you are just wasting
their time as well as your own, and believe me, whatever your
situation may be, they have heard worse. Nine times out of ten
they will be able to help you.
Conventional banks are not the only ones that lend money.
Brokers have access too literally hundreds of banks with a wide
variety of programs for people in unique situations from
foreclosure buy outs, to 100% financing with poor credit scores.
I speak from experience, because when I was a loan officer I did
mortgages for people
in unique situations.
Foreclosure buy outs, bankruptcy, late payments on prior
mortgages, the list goes on.
I would sit down with my customer, take down as much information
as possible, than present their information to many different
lenders for them to review. Most times I would find one with a
program to help my customer.
Keep in mind, with unique situations, there is risk involved on
the part of the bank, so you can't expect to get the best rate
in the world. But if it is reasonable, and can put you into the
situation you want to be in, than it is well worth it.
So if you think your credit, or a bad situation is preventing
you from getting a loan, think again, there is probably a
program out there for you, you have nothing too loose.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
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| News and resource directory about credit unions. |
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| 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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