Article by crestcarloan
In present time automobile industry is in boom. The only reason behind increasing demand is necessity. So, in order to fulfill this necessity numerous industry include themselves in car loan and financing field, who are ready for financing car loan either for personal or business use.
Banks, financial institutions and various other professions are the major source of getting a car loan financed. This service provider provides complete assistance for car loan. It hardly matters whether you choose to go for new or used car loan.
Car loans are one of the most common loans available in the loans market for which there are number of lenders and service providers. But still, it is seen that the people are not able to get the best car loan deal. That is, the person does not dedicate his time and resources in finding the different lenders and service providers.
Whether the person consists of good credit history or bad credit history, he can get an instant car loan on easy terms. But, it may be possible that the person with bad credit history has to pay higher rate of interest.
In major cases, it is also seen that lenders or car loan providing companies asks for insurance on the vehicle. It is helpful since payment to loan can be made through the payment protection.
Now it is fraction of time to get the loan quotes from various lenders and service providers through online car loan application method. For this, the visitor on website is only required to fill an online application form. Loan quote is also available and will help the person to compare various car loan deals and can get the best deal out of many. A loan quote is a method which basically gives an idea of the cost involved in the car loan deal. At the end, you will be left with the car loan companies offering the best and competitive rate of interest.
To get bad credit car loan these days has become fairly simple. There are many lenders that can meet your requirements. However while taking bad credit auto loan you should be careful because you would be charged an interest rate slightly higher than the usual and the terms of these loans would be strict.
www.cambridge-credit.org — If you’re like me, you find no pleasure in shopping around for car insurance. The process can be mind numbing, confusing and downright annoying, but it’s something you have to deal with if the state you live in requires that you carry an automobile policy. So, if you’re going to put the time and energy into shopping around, you might as well do so armed with the knowledge that can help you save some money. We did a little digging, and found some interesting things that can affect your premiums – some of which may shock you. Watch this week’s webisode from Cambridge Credit Counseling Corp. to learn more. Host Community Outreach Director, Thomas J. Fox.
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Question by tiffanyirene_2003: Tips for a bad credit car loan….please help!?
I got in an accident over Memorial Day weekend where I was stopped at a light and someone hit the car behind me, which hit me causing me to his the car in front of me. My insurance company went and did a estimate on the repairs and filed the car as a total loss. My car was pretty new a 2009 and I actually had bought it brand new at the end of 2008. However, now I’m in a situation where I need to buy a new car but the issue is that I have HORRIBLE credit. When I graduated from college I had numerous private loans through different lenders that merged with other companies or where completely bought out by other companies. I was never contacted to make payments and I tried to find all my loans and who they were through but I failed at that. So to make a long story short they only contacted me once they reported to a collection agency. Finally I got them all figured out through a Graduate Recovery program and have started making payments. But obviously the issue is that I have these delinquent marks on my credit. Additionally, I have some other credit issues that I just put into a debt management plan that I started paying this month.
So, I guess my question is I need to get a car loan, I have no way of getting to and from work without one. I don’t have strong cosigner, but I could probably put together $ 2,000 for some cash down. What else should I do? Or where else should I look? I’ve been declined for 0 down at 2 dealerships right now. I’m hoping to avoid an extremely high APR if at all possible. This is really frustrating because I’m trying so hard to get my credit together 
.
Thanks for the ideas, I live in CA I have looked for $ 2000 cars and haven’t found any that would work for me, I travel pretty far for work and I need a reliable car. I have already had 2 car loans that I went through that were NEVER delinquent and the second will be completely paid off within the month (insurance is paying for it).
I’m considering doing a cosign with my fiance, however I don’t want any of my past credit issues to effect his, so I’m hesitant to do this and mess with his good score.
I know I was really irresponsible with my credit and this is why I have really sat down and started to put all of my finances in order and I was actually really optimistic about establishing good credit for once and then this happens.
What would be the credit score of a cosigner that I would need to help me get a car loan?
Who is that number for? I’m working on my credit BUT I need a car to get work and one that is dependable! Ugghhhh
Best answer:
Answer by My Take on It
You won’t get a car loan in your situation. You would do better to take the 2k you can save up and buy a car that gets you from one point to another in one piece.
Also, since this accident is not your fault, wouldn’t the insurance company (the one of the guy who hit you) pay you some money? I would get with a personal injury attorney and see how you can be made whole again.
What do you think? Answer below!
EDIT–The number in that answer you are asking about is a scam. Once something is on your credit report, if it is legitimate you can’t get it removed until it drops off over time. You cannot legally delete bad items from you credit report. Those guys charge a hefty fee, most don’t do anything, and if they do…if it was a legitimate (bad) item that was deleted it constitutes fraud. Because someone had to lie to get it removed.
-Your bad credit won’t affect your fiance’s credit. His credit is his and yours is yours, even after you get married. If he cosigns only this car loan with your name on it as well will be on his credit. Your score won’t lower his. This loan will affect his debt to income ratio if he goes out and trys to borrow money himself though. Anytime he goes to open a line of credit they will see this loan too. So that could possibly knock him out of getting a car loan himself, or you two buying a house after you’re married.
-And although I am in Florida, across the country from you, if you keep looking you can find a $ 2000 car. Check the paper, craigslist, autotrader. Generally, try and find a toyota, honda, nissan, or subaru. Any big name japanese import should be very reliable. At least enough to get you through a couple years till you can save up more and move up in car.
It sounds as if credit has not been too kind to you. So now it seems silly to me that you would want more of it. I am not trying to beat you up, you are where you are and now you have to deal with it. I don’t know what credit issues you were speaking of that put you into a debt management plan but you should know that on your credit report, that debt management plan looks almost as bad as a bankruptcy. The delinquent student loans and whatever the credit issues were, those have dented your credit report pretty bad, and now the “debt management plan” has just totaled your credit report much like your old car.
Most likely with the credit situation you are in, you are going to have to use a cosigner if you are wanting to get a good rate. Just know that if for some reason credit trouble sneaks up on you with this new loan, your cosigner will be as liable as you. I wouldn’t want to run the risk of making someone else be on the hook for something I owe. And I have had to use cosigners before and I have been a cosigner more than once. I will not do either ever again and everything went smoothly in all my situations, I just won’t do it.
Now as to you needing a replacement car, if you can get the $ 2000 together like you said, why don’t you shop around for a $ 2000 dollar car? There are plenty of good, reliable, cheap cars out there for that money. You won’t have something new, nice and shiny but you will have a good car with no payment. Think about that for a few minutes before you walk into a car dealer hoping to get a loan. And if you really like a car payment, still buy a $ 2000 car and make the new car payments to yourself (I’m guessing you have been paying $ 200-$ 400 a month for a car payment). Just make that payment to a savings account and don’t touch it. Try that for 6 months to a year, then if it just isn’t for you and you have to have a new car you will have a good amount saved up, plus your car would still be worth the $ 2000 you paid for it. I know this, because that is what I have done. I have bought a few cars in that price range for cash, been great cars with no problems, and I haven’t had a car payment in 2 years. And I am not driving a beater car either, I have a GMC Yukon with all the options.
All in all, if you have been turned down at 2 dealerships, without the cosigner, you are not going to get a good rate. A dealership is the worst place to get financed (you can get a better rate by going to your hometown bank or credit union) and a dealership will do whatever it takes to put you in that car if they can. You are going to have to have a horrible rate from a finance company or worst yet have to go to a “Buy Here, Pay Here” car lot which is the last place you want to get a car.