Car Loans After Bankruptcy – 3 Tips On Financing Your Car With Bad Credit

If you have recently filed bankruptcy, you may wonder if its possible to get auto financing again. There are more and more loan companies all the time that have new programs to help finance people with bad credit. An auto loan is easier to get financing for than a personal loan or an unsecured loan … Continue reading Car Loans After Bankruptcy – 3 Tips On Financing Your Car With Bad Credit

If you have recently filed bankruptcy, you may wonder if its possible to get auto financing again. There are more and more loan companies all the time that have new programs to help finance people with bad credit. An auto loan is easier to get financing for than a personal loan or an unsecured loan because the lender can use the car as collateral against the loan, in case the borrower ever defaults or doesn’t make the loan payments.

Here are some tips to help you when getting financing to purchase or refinance a vehicle after a recent bankruptcy.

1. Get Financed To Re-establish Your Credit – Getting a new car loan can help you re-establish your credit when you make your payments on time. Once you have made payments on time for about 6 months or longer, you should be able to refinance your car at a much lower rate. As you make your payments on time, your credit score will increase.

2. Buy The Lowest Priced Car You Can – When financing a car after a recent bankruptcy, you can expect to see interest rates as high as 14-19% or more. It is not wise to buy a car that is more expensive than you need because, initially, you will be paying such a high interest rate on the amount you are borrowing on. If you do want a more expensive car, wait until you have made payments on time for a year or two, after your credit rating has increased. Then, you should be able to get an interest rate of around 9-10% or less.

3. Get Multiple Offers – There are many lenders online that will offer you up to 4 offers from one application. Most of these loan companies will not even pull your credit with the initial application, they will just ask you to describe your credit. This way, your credit score will not drop from being pulled too often.

Fast Home Equity Loan – Benefits To Applying Online

With home equity at your disposal, you can get a home equity loan fast by applying online. The streamlined process online gives you results in just a day. After submitting your application, your loan will be processed the first business day. Your funds can be dispersed in less than two weeks.

Speedy Information From Home Equity Loan Lenders

One of the benefits of working with online lenders is that you can quickly compare their loan rates and fees with others. In a matter of minutes, you can have several loan estimates from different lenders by working with an online mortgage broker. With more time, you can investigate individual lender sites.

When looking at home equity loan costs, consider factors including terms, possible future refinancing, and upfront costs. Picking the right terms for your unique financial situation is just as important as finding low rates.

Fly Through The Application Process

After you have selected an appropriate lender, you can fly through the application process. If you have already requested a loan quote from the particular lender, most of the information has already been submitted. You just have to give permission for your credit report to be accessed by the financial company to verify your credit score.

Otherwise, you will just need to take a few minutes to enter basic personal and financial information. Then the lender will validate your information through their databases. By beginning the process online, you save days off the loan application process.

Waiting For The Next Step

Once your application has been submitted, you just have to wait for your forms. Many lenders will call you the following business day to review the process.

In most cases, you will receive the loan contract through the mail in a day or two. You just need to sign the forms and have them notarized. Once your lender receives their copies, your funds will be dispersed either through a check or wired directly to your checking account.

While the application process is speedy, take the time to investigate lenders. With thousands of dollars in the balance, time spent researching home equity loans can save you a lot of cash.

Get Quick and Cheap Money with Low Cost Secured Loan

Shopping around for various lenders and comparing them with each other on the basis of the cost and interest involved in it. Have you ever thought why we follow this procedure? Obviously, so that the best deal comes your way; best in terms of the rate of interest and terms and conditions.

While planning for secured loan the person may get confused as to where to look for a lending company. Nowadays the market is full of lenders providing Low cost secured loans. Only your sense of choosing is required to get the best loan. First step in locating the lenders is getting the addresses and numbers of various financial lenders. Their contacts can be easily obtained from the telephone directory.

Another source for determining the lenders is through the online mode. Online process makes the search more convenient and faster. Online facility also enables the person to compare various lenders in regard to the terms and conditions of the loan.

After the person has finished up with locating the lenders, the next thing that the borrower has to consider is the loan amount and the type of collateral he will place with the lender. In fact, the borrower must choose a high value collateral, which will enable him to get the low rate of interest and flexible loan terms and condition.

Once the person has decided how much he wants to borrow and the type of collateral he will place, the next thing will be to collect the quotations from the various lenders by visiting each lending company and requesting those companies to provide a rate quote. After getting the quotations from different lender, the last step is to compare them. Comparison will let you know that which one suits you the best.

Basically, every loan whether secured or unsecured has its own importance; but if we compare secured loan with any unsecured loan, secured loan offers lower rate of interest and flexible terms and condition as compared to unsecured loans. Secured loans help the person in getting the larger amounts and longer repayment period. However, it is not the case with unsecured loans. Though, sometimes the secured loan may take long time to get approved; the reason behind this is the evaluation of the asset and the involvement of paper work.

It is generally seen that the people with bad credit history face difficulties in getting the loan. But, the secured loan lender is also interested in providing loan to borrowers with bad credit history.

In Debt Over Your Head? These 5 Simple Steps Will Help

The next 5 steps are not difficult. They only take commitment. You can do it. The feeling of freedom and success when the bills are not hanging over your head will make this all worthwhile.

Ready to get stated? Let’s go.

Step #1. Work out where you are now

You may not have looked at your financial position for a while. Maybe that’s why you are suffering under a load of debt presently. But you need to take stock of your financial position now. Unless you know where you are now, it’s hard to work out how to fix things.

Just get a pen and paper and all your credit card bills and look at the situation honestly. List out all your debts and their interest rates and the minimum monthly repayments.

Don’t get worried about how much you owe. It’s been said that anyone can get rid of all their debt within 5-7 years, including their mortgage. That means you too.

Step #2 Stop spending more than you earn NOW

This is the first thing that must be done to start the ball rolling for your financial success. This is most probably the reason you need to take action now. Look at your living expenses and cut out those things you can’t afford.

Also cut up all the credit cards except one for emergencies and commit yourself to only spending what you can afford from your own income.

Step #3. Find some cash to pay down those debts

Once you have come to grips with Step #2, the next step is to work out ways to put some money aside every week or month to start paying down those debts, preferably faster than the minimum monthly requirement. Pay as much as you can. It’s better to pay down these debts than to put the money in the bank. This is because the credit card interest is a lot more than you can receive from the bank for funds on deposit. The aim is pay down the highest interest debt first.

If you have 2 credit cards with the same interest rate, pay off the one with the smallest balance first. That will give you a boost and the resolve to keep on going.

Step #4. Build a Savings Fund

Once you have those credit cards under control it’s time to think about putting some funds aside to start building some savings. You’ll be surprised how fast your money grows if you religiously keep adding to the balance and don’t touch it. If you really need to purchase an expensive item like furniture or car it is better to save for it than to borrow, if at all possible.

Step #5. Pay Down That Mortgage.

Since the interest rate on your mortgage is usually a lot less than credit card and store debt you can leave this item till last. Also it is increasing in value over time – unlike your car, TV, Video, furniture and boat. You will be surprised how many years you can cut off your mortgage repayments by just adding a few extra dollars each month to the payment.

These a just a few basic rules to help you get back on your feet financially. The main principle here is to work on reducing your credit card debt. Once that is done use those freed up funds to build your nest egg and pay off the mortgage. That’s the plan that works.

Now get those documents out, do the sums and start on your road to financial freedom.