Bad Credit Auto Loans – Bad Credit Car Loans Blog

Helpful tips and information about bad credit auto loans, bad credit car loans, car loans after bankruptcy, and first time buyer car loans

Places To Get A Car With A Tax Return

January 9, 2012 No comments

Tax time is here and many people are hoping to use their taxes as a down payment on a car.  Is there any way to make this a smoother process?  New Start Auto Loans partners with dealerships all over North America that can help people with bad credit, limited credit, no credit, and hard to finance situations like self employed income.  Since New Start Auto Loans partners with dealers with special finance programs, may of the dealers in our extended network can help you use your tax return as a down payment on a car.  Some of the dealers in our extended network can even match you directly with a tax preparing expert to get you a refund quickly.

To get started today, just complete the easy steps on our get a loan pages and you could be matched to a finance manager in your area today!

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Bad Credit Auto Loans In Chicago IL.

November 1, 2011 No comments

Finding someone to give you an auto loan when you have bad credit can be tough.  People in Chicago and it’s surrounding suburbs may now have help thanks to new programs with local lenders and finance managers teamed with New Start Auto Loans.  New Start Auto Loans has teamed up with finance programs in the Chicago area in order to better serve the auto loan needs of those with bad credit or bankruptcy.Bad Credit Auto Loans In Chicago IL

Illinois has different repossession laws than many other states and has changed those laws which may make it easier for people with bad credit to find the financing they need.  If you live in or near Chicago Illinois and need a car loan don’t let bad credit stand in your way.  Just complete the easy, two step application to be matched to a finance manager.  Once matched you will need to gather up some documents that will be forwarded to your auto loan lender by your finance manager.  These documents may include proof of income such as check stubs or award letters, phone bill, and utility bill.  Gathering these documents before you look at cars will likely speed the process for you when you are ready to take a car home.

Click here to complete an auto loan application

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If I write a bad personal check that will bounce, what happens?

September 22, 2011 No comments

If you write a bad check (one that will definitely bounce) you will at minimum, get charged one or two late fees.  These late fees are usually about $30 to $40.  You can get charged two because most banks will try to process the payment twice before it gets kicked back.  You now owe the original 300 and about another 70.  The retailer you write the check to may also charge bad check fees, let’s say that is the same amount, you could then owe 400+ for your $300 check.  The retailer may also decide to press charges.  Depending on your history or how aggressive they are you will likely end up with a fine possibly even jail time.  If you have done this before the penalty will be more severe.  A small ticket for this might be $250 fine.  Total these up and you now owe $650 for a $300 check.  Worst case scenario might involve something along the lines of fines, penalties, jail time, a permanent criminal history, closed accounts with the bank and difficulty finding someone that will give you a new account, a derogatory mark on your credit report, harassing calls from collection agencies, and a tarnished reputation.

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Why Do People With Bad Credit Get High Interest Rates?

July 3, 2011 No comments

So the question is, Why Do People With Bad Credit Get High Interest Rates? I hear this so often that I feel Like I will never be able to get the message through.  People also say not to go a dealer for your auto loan because they will scam you with a high interest rate.

I’m not sure how the the idea that dealerships can sucker people into high interest rates got started.  This idea though is at minimum, outdated.  Sure their are dealerships that are not on the up and up, these days, with all of the regulations though, it is hard for a dealer to do shady business, but this almost never carries over into the loans for one very important reason.  Unless the dealer is a buy here pay here dealer, they don’t have much control over your interest rates.  A dealer may be able to assist in getting you a lower interest rate or advise a certain vehicle situation that will make your deal work better but rates are set by the lender that they go through.  Lenders will place you in a risk category based on your history, employment, income and other factors.  The lenders do not want an interest rate to to too high.  Rates that are too high will, one, put them at a disadvantage when competing for your business with the other lenders the dealer uses, and two, make the loan unaffordable and cause higher rates of default.
Would it make sense for a lender to do something that causes higher default rates?  I think not.  Yes, I’m sure that it’s no fun to have a higher interest rate with bad credit.  If you have bad credit you do not qualify for the best rates, how could you?  Like I said before your interest rate is set by the lender based on risk, they put you into the lowest risk category possible so they can secure your loan.  Investors borrow the lenders money by investing, these investments are also based on risk.  Since the investors borrow the money at higher rates, it would be impossible to lend the money to the buyer at a lower rate.

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Bad Credit Car Loan Question

June 27, 2011 No comments

I would like to ask for questions that anyone who has bad credit, no credit, bankruptcies, or just plain needs an answer, to car loan questions to place them in the comments area and I will respond one at a time.

Thanks,

Admin

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Bad Credit Auto Loans

June 9, 2011 No comments

How to and repair your credit and get bad credit auto loans!

(part 1)

Bad credit can mean different things to different people but in general, bad credit is anything that will make it harder for someone to get the best finance rates or even get approved for an auto loan.  Have things in your credit history that would make it hard to get an auto loan could include late payments, going over your credit limit, repossessions, charge-offs, foreclosures, bankruptcy, credit counseling, and even having a high debt to available credit.

Bad credit doesn’t mean that you are a bad person, bad things happen to good people too.  The first thing that you should do once you come to the realization that you have bad credit is repair it.  The remedy for your bad credit depends on the problem.  To break it down I will separate these things and tell you what to get your credit back on track so you can get an auto loan.

Applying For Bad Credit Auto LoansLate payments:  We all know how what this is.  You’ve got a bill that’s due and you either forget or come up short when it’s time to pay.  If you have a late payment, whether is on bad credit auto loans or any other type of bill, you should contact the company you owe and explain as well as you can the circumstance.  Let them know you will pay them immediately and ask them to not report it on your credit file; then, pay them as soon as possible.  In the future make sure you make your bills a priority.  Pay bills before you do anything else; you don’t need to wait until a bill is due to pay it, in many cases that’s just asking for trouble.  Pay your bills as soon as you can and it wouldn’t hurt if you got a little ahead of schedule.

Going over your credit limit:  Going over your credit limit can be a problem for many reasons.  First, you are using up all of your credit and won’t have any available if you need it.  Second, your credit card company can penalize you for going over your credit limit; the penalty is usually higher interest which means higher payments and less of your payment going towards your balance.  Finally, If you have a high percentage of your credit line used, your credit score will go down making things worse all around.  If you are in jeopardy of going over your credit limit something needs to change.  You need to figure out a way to reduce your balance before it gets out of control or you need to get your credit limit raised.  Raising your credit limit may not be an option but if it is this is not a solution you should consider if it will be difficult to pay off your balance.

Repossession:  A repossession is most commonly associated with cars but can happen with anything you have a loan on.  If you don’t comply with the terms of the agreement you could have that object taken back by the company who gave you your loan.  To avoid this make sure your payments are on time.  Some people make the mistake of thinking that if they let the car or object get repossessed they will be done with the whole situation but this is usually not the case.  If you have your car repossessed it is most common for the lender to send the car to auction for sale.  Whatever the car brings at auction minus costs will be subtracted from your balance and you will be left with the remainder and a very negative mark on your credit file.

 

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Bad Credit Auto Loans (Part 2)

June 8, 2011 No comments

How to and repair your credit and get bad credit auto loans!

(part 2)

Charge-offs:  Charge offs happen when a creditor considers a debt uncollected on the write it off as a loss.  This could happen after repossession, if the lender has difficulty collection on the remaining balance.  This could also happen if there is no tangible product but a balance remains and is unsatisfied.  To avoid a charge off, make sure to settle all outstanding balances as quickly as possible.  The best case scenario would be if you contact the company you owe and ask them to remove all negative standing from your credit if you satisfy the debt.  If they agree ask them to provide this offer in writing.  If you don’t have it in writing you might have a hard time fighting that if they don’t follow through.

Foreclosures and bad credit auto loans.Foreclosures:  A foreclosure is when a lender takes a house or other building because they borrower did not abide by the terms of the loan.  A foreclose can be a very negative mark on your credit history as home loans and auto loans are usually the two biggest influences on your credit and credit score.  To avoid a foreclosure make sure to keep your mortgage payments up.  If you fall behind, make it a priority to get back on track.  If necessary, you can contact the lender and request a loan modification.  A loan modification can take the past due balance and add it to the end of your mortgage and possibly reduce your interest rate to make your payments more affordable.  The lenders may be open to this because they don’t want to foreclose on your property, foreclose in usually a lose-lose situation for everyone.

Bankruptcy:  A bankruptcy is the legal discharge of some or all of a person or business’s debt.  There are several types of bankruptcy, some are quick like a chapter seven and some are more drawn out like a chapter thirteen.  We won’t get into the specific differences now; I’ll save that for another time.  If you are considering filing for bankruptcy, you should consider your options first.   If you only have a few thousand dollars in debt, it will likely be better for you to just buckle down and pay it off.  If you owe so much that you won’t be able to pay it off even if given several years, you might benefit from a bankruptcy more.  Bankruptcy will show up on your credit history for ten years so keep this in mind; Most other items will disappear from you credit in seven years.  Before filing for bankruptcy, make sure you are not going to end up back in the same situation.  Get your monthly spending under control and reduce ALL unnecessary spending such as premium phone plans, premium cable packages, if your kids are going to have extras, make them either earn it at home or pay for them out of their own pocket.   If you have had a bankruptcy, make sure that you stay on track from here on out.  Some lenders can see past a bankruptcy but if you have negative credit after a bankruptcy you might as well forget it.

Credit counseling:  Credit counseling usually involves negotiating with creditors to settle on a lesser debt paid over a period of time and may include educating the people in credit counseling to help them prepare for future debts.  Credit counseling is often in place of filing for bankruptcy.  Anyone considering credit counseling should know that this can also be a negative mark on credit and may disqualify you for an auto loan or other credit especially while you are in credit counseling.  The reason this is a negative mark on your credit is because you negotiating for a lower balance with your creditors and breaking the original agreement. Many people that start credit counseling are not able to finish and are left in an even worse position with creditors.  If you are considering bankruptcy or credit counseling know that they can both be negative mark on credit and make it hard to get an auto loan.  You should educate yourself before jumping into either situation.  If you are in credit counseling, follow your plan carefully and stick it out.

The key to getting good credit and keeping it is always paying your bills on time and don’t spend more than you make.  Of course this isn’t always as easy as it sounds.  Watch for my article on spending for advice on this later.

Once you have implemented some or all of the tips in this article, know that getting bad credit auto loans are not impossible; In fact,  getting an auto loan may actually help you build your credit more than just about anything else provided you stick to your payments on time.  The two biggest influences on your credit as I mentioned earlier can be a mortgage and an auto loan.  If you secure an auto loan, just make your payments on time and after a year and a half or so you might be shocked at how much higher your credit score is.

New Start Auto Loans understands that bad things happen to good people and can help you get an auto loan if you have bad credit.  To apply for bad credit auto loans, just click on the link below.

 

Easy Two Step Bad Credit Auto Loans Application

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Bad Credit Car Loan In Nashville Tennessee

May 16, 2011 No comments

Bad credit car loans in Nashville Tennessee

New Start Auto Loans Has opened it’s programs for the Nashville Tennessee area! If you live in Nashville, Hendersonville, Gallatin, or any of the surrounding areas and need a car loan but have bad credit, limited credit or no credit, you can apply for a car loan at New Start Auto Loans.
New Start Auto Loans is a premier provider of auto loan assistance across the United States and Canada. New Start Auto Loans can help people with bankruptcies, limited credit, no credit, or just plain bad credit by matching their application to a special finance program in their area. Once the application is matched, a special finance manager will work to match you to the right loan package.
In the past, it may have been difficult for residents of Nashville, Hendersonville, Gallatin, Tennessee and surrounding areas to get a bad credit car loan because of limited options. To get approved for an auto loan today, just click on the link below and complete the easy two step application. You information will be securely matched to a special finance instantly.

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