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People from every walk of life can end up in a situation where credit has slipped out of their grasp. Credit can be brought down by so many things but only a few scenarios can bring that score back up. Millions of people have bad credit and need to rebuilt their credit but only a small portion of these people either know what to do or actually do what they know they should. I think that there are generally two types of people in this boat we call bad credit and a few that are somewhere in-between; People that have had good credit for most of their lives and something life changing happened and credit sunk despite their best efforts, and people that have bad credit because they are too lazy to take care of their bills or make the types of decisions that will get them to a better place.
How To Get Good Credit
The following tips can be used by everyone here but mostly focuses of the second group. I’m going to be harsh here and give some though love because it’s needed. The biggest influence on credit is generally going to be YOUR decisions! If you’ve had terrible credit as long as you can remember, it probably means you make poor decisions. Your priorities are out of whack and you need to get them in line before you can make any progress. What kind of decisions am I talking about? Have you spent more on pimping your car than what it cost you in the first place? Do you have a giant flat screen T.V. but less than its cost in savings? Do you seek less hours at work because it would reduce your government payments even though you could make more money at work? Do you spend more on clothing than paying your bills?
If you answered yes to one or more of the questions above, you may need to ask yourself if you make bad decisions. It’s time to get out of your rut and make a difference in your life! The time is now, don’t tell me you can’t because times are hard, things could always be worse. You are the only one who may be able to change your destiny and you need to take charge. Here is what I think you should do… 1) Tithe. 2) Pay your obligations before you spend one dime on yourself. 3) Live within your means, no if’s and or buts. 4)Buckle down, it may be hard for a while.
I restrained myself from detailing each of these things because I want to keep it simple. The fact is, you may already know all of this and just don’t want to do it. The time is now! Turn this around, it’s been done before and you can do it too.
People that have bad credit sometimes ask if money down will help their chances in getting approved for a car loan. When sub-prime lenders review an application for an auto loan, they asses risk. Anything that will lower their risk factor will increase your chances of getting an auto loan. Long job time, a long time at your current address, low debt ratio’s, and a good equity position in the loan that your applying for are all things that can help you get approved. When I worked at a dealership, I would tell customers that they can get just about any car they want with the right amount of money down. Sometimes lenders will only approve your loan if you have a very good equity position. This may means that you need to finance less than what the car is worth.
Lets say a dealer buys a car at auction. The car has a value of$ 10,000. They only pay 8,000 but by the time they ship it, fix it, and clean it they own the car for $9,500. They will certainly need to make a profit so let just assume that profit is $500. That means that they need to get no less than $10,000 for the car. Now, since you will need to pay taxes, let’s assume that is $600. Now they need to get a minimum $10,600. We can further complicate this by assuming that since you are a high risk borrower, the lender will asses a fee to the dealer to allow your loan. This fee will vary but lets assume the fee is 10%. If they have the car listed at $11,600 and the lender will give you 100% of the value in loan, you will need $1,600 down in order to drive away with that car. Since risk varies from person to person, and car to car, the fee can vary a lot.
Since more money down will lower risk for the bank, you may be able to get better finance rates and terms if you put more money down. Lets compare two loans. Let’s say you take the $10,000 car from above and put the minimum of $1,600 down and your loan starts at 100% of is value. The lender offers you 20% interest for 5 years. Your payment will be about $265 a month. In another scenario, you put $2,500 down and the lender offers you 15% interest because of the better equity position and lower risk for the bank. Now you are only financing 91% of the value. You pay less interest of course, you payment is lower by almost $50 a month, you save over $2,000 not including the $900 you put down, and you have a better equity position in case you decide to trade the car of before the loan is done. Why would anyone try to buy a car with less money than they have available for a down payment?
Bad credit car loans are available in Milwaukee Wisconsin. If you live in Milwaukee WI. and have had hard time getting the car loan you are looking for you can now find the car loan you are looking for with New Start Auto Loans. New Start Auto Loans has been helping find car loans for good people with bad credit for years. Now anyone with bad credit living in Milwaukee or surrounding areas can get matched with a car loan.
Bad credit is in the eye of the beholder but if you’ve had a bankruptcy, a repossession, limited credit or no credit you may have had a hard time finding a car loan. New Start Auto Loans has teamed up with local finance managers to serve Milwaukee and the surrounding areas to help match anyone with bad credit with the car loan they need.
If you make at least $1,800 a month or $2,000 with your co applicant, you are well on your way; If you have just been discharged from a bankruptcy, even better. New Start Auto Loans has program for just about every bad credit situation you can think of.
Isn’t it time to have the car you need rather than going on just hoping your situation will improve? Gather up your proof of income , proof of address and apply to be matched with a finance manager in your area. Having a good car is not optional for anyone who whats to see their family or get to work so don’t let your credit stand in the way of your life.
Just fill out the easy 1 minute car loan application now to be matched with a finance manager in your area!
Living in Georgia has many advantages: mountains, warm-weather and ocean access. Another advantage to living in the tenth most populous state is having so many options when it comes to buying a car, particularly if you live in the Atlanta region. Even if you have had a bankruptcy, foreclosure, divorce, or other circumstances that would force you to seek out a bad credit car loan, there are still plenty of places to help you. The key is to know where they are.
When you need a car, there are many decisions to be made. Do you need a truck for hauling lumber or a minivan for hauling children? How much of a down payment can you come up with or how long do you want to make payments? All of these things are going should be thought about before you even step foot out the door. Making a few simple decisions ahead of time will help the salesperson to find the vehicle best suited for you and narrow down what may seem like a football field of full of inventory on the car lot.
Then there is there is the decision of where to buy a car. Yellow Pages has over 800 listings for car dealerships in the Atlanta area. If you have perfect credit score that is a lot places to choose from, but if you are in search of bad credit auto loans that number may be significantly reduced. The important thing to remember is that not every dealership has the ability to work with your situation. Many dealerships won’t even look at your request without a credit score near 700. If you fall below that number (as many do) you could actually harm your credit by applying at several dealerships and having a lot of inquiries on your show up on your credit report. Once that happens, it becomes even more difficult to get a loan.
That’s why using NewStartAutoLoans.com, makes so much sense. By applying through a service that matches you with a dealership in your area, be it Atlanta or wherever, you save yourself time and possibly your chance at even getting a car loan. The service will match your information with dealerships near you that already have programs in place to work with your situation. They know what it will take to get you into your new vehicle. Spending a bit of time online will be well worth it in the end.
With unemployment still high and the housing market flipped on it’s head, you may have found yourself in a bad spot as far as your credit is concerned. The good news is, Lenders have opened the flood gates on Auto Loans For Bad Credit.
The need for auto loans for people with bad credit has spurred a rise in lenders seeking to finance loans for those with less than perfect credit. Lenders receive their money from investors. Investors seek the types of investments that are performing well. Millions of people now being considered bad credit causes a need for billions of investment dollars. This money has arrived and lenders can now approve more loans than ever. Don’t let bad credit stand in the way of the auto loan you need. Just complete the easy application to be matched to a finance manager near you that can help you get your loan approved.
The struggling economy has affected all Americans in some form. For the majority of us, we have experienced less income and more debt, adversely affecting our credit scores. Thankfully, there is hope to get back on track with the advent of new programs offered in the finance industry.
Go back to the bank. If your credit and/or checking history has been flawed causing you to be denied a checking account, go back to your bank and explore new options. Banks perform a review of “Check Systems” which monitors your checking history. They are now offering fresh starts for those that may have had some bad marks on their history appear, with entry level checking programs. These programs generally start by offering you a somewhat limited debit card account, designed to be a step level to a regular checking account. This entry level accounts generally include a small fee for the service, and the bank will monitor your account activity to determine eligibility for better programs progressively until you have established yourself. They look to see that you can maintain a minimum balance without any overdrafts, before being offered paper checks. With time, the bank that one turned you down for a checking account will have you back to regular fee-free banking. It is important to note that these banking fees are almost always minimal and pale in comparison to the outrageous rates offered by chain or small business check cashing shops or currency exchange shop that take a bite out of each and every check you cash that in the long run are a quick fix rip off.
Do NOT be tempted by pay day loans. Only in a dire emergency should one even consider a loan of this type. It is merely trading one financial debt or need for another debt, except at an exorbitant interest amount that can easily equate to double or triple your original loan, especially if you fail to make the payments on time, or do not pay it off before the first payment is due. Even if you pay it off immediately, there is still a substantial minimum interest charged on your original loan that will still make the process a bad move for you.
If you need a car, research bad credit auto loans in your area. Car dealerships have adapted more and more to the economic changes that have prohibited many people from financing a car. Purchasing a car with cash is no doubt the favorable option, but an automobile is a major purchase that generally requires assistance from a financial source. Even if you have enough cash to purchase a heavily used auto from a friend or some other source, you are essentially buying someone’s problems in owning a car that will usually nickel and dime you to death in repairs. A dealership has to perform a full inspection of all vehicles they take in for sale, and disclose any problems to you up front. A bad credit car loan or no credit car loan will enable you to purchase a newer, more dependable model, and give you a chance tore-establish your credit if you make your payments on time.
Find a secured credit card. There are many financial institutions that offer credit cards with a major logo such as Visa, or MasterCard, which will enable you to have an actual cash secured CREDIT line, (not debit). These cards are accepted anywhere as any credit (non-debit) card are accepted. The credit card company you choose will ask for a certain amount down to secure your credit line, and these amounts generally range anywhere from $100.00 dollars up to $1500.00. By making your payment due each month, the credit card company will progressively raise your limit. At a certain point you will qualify for other non-secured cards at lower interest rates.
Pay special attention to any business that you owe that reports to a credit bureau. It is these businesses that report on a monthly basis to the major credit bureaus your payment activity. Late payments are being watched and will immediately deteriorate your score. In contrast, pay your bills on time and you will be rewarded with a higher score the longer you can continue to responsibly and consistently pay your debts. One way financial advisers recommend to pay bills, it to use your banks “auto bill pay’ option. By setting up monthly bills on a an automatic withdraw to pay bills at a time of your choosing, it takes a lot of the work and stress out of making timely payments. A bill that is auto-deducted from your account is paid like clockwork and keep you from the temptation of avoiding payment when you have the money in your hand and may choose to delay payment and spend the funds elsewhere.