Auto Financing For Used Cars – Is Bad Credit Weighing You Down?

Buying a car is almost a rite of passage in today’s world of continuous rush. People need their own transportation to get by through their busy days. Yet most people will find it a huge daunting task to buy their first cars what with all the financial planning that goes in to the process. Fortunately, you can opt for buying used cars for quite a substantially reduced rate. Yet, even that solution will be troublesome if you have a bad credit situation. So, if auto financing is your most likely option and you need to deal with your bad credit score here are a few tips and information that will really help.

First of all, a bad credit score does not mean that you cannot apply for any financing arrangements or even not consider buying from a private owner. All it means is that you have to make special considerations and strategic plan for your auto financing.

Why opt for used car loans

Buying used cars means you do not have to deal with the hassles of sales tax.

Again, used car loans are in general, much cheaper than new car loans. This is why the rules for used car loans are a bit more lax than general auto financing rules.

How to get approval for Used Car auto financing on bad credit

Start by taking a self-inventory. Where does your current financial capacity stands. This will be a status check – details that most auto financing organizations will want to know from you. While submitting the paper work is important, so is knowing about all of it yourself. This will help you answer any and every question thrown at you, with confidence.

You have to take note if you are in the financial condition right now to make the auto loan payments periodically. Also, your budget will be a huge deciding factor on the limit of your auto loans that you should take out.

Reliability is a hugely important factor. So, make sure to research all your auto finance options to understand their customer satisfaction record, their experience in the field and their usual way of handling accounts of new customers.

You can opt for a private dealer purchase and for this, make sure that you have searched options of auto moan dealers who offer subprime credit. This will help you get the best budgetary considerations in the end.

Checklist of Important documents to carry for authentication of loan with a bad credit

Your credit report
Your SSN
Recent pay stubs, proof for income and employment status
Documents showing credibility of your banking history – credit card details, bank statements, utility bills
Title of the car
For used cars, you will need to show the odometer statement, car’s asking price, VIN and the year of manufacture.
You will also need to provide details of the car- make and model.

Auto Finance – Six Steps to Follow When Financing a New Vehicle

If you are planning to buy a new or a used car, the first thing you would require is proper auto finance at a reasonable rate. However, in order to get the best deal, it is very necessary to do the required research and homework before getting your car financed. Following are six steps you should follow when financing a vehicle:

Step 1:
Compare and contrast all the available models from different automobile manufacturers and choose the one that best suits your interests, needs, as well as your budget.

Step 2:
Once you have chosen the vehicle you wish to purchase, look out for discounts and special financing rates available on it. Generally, most of the manufacturers offer attractive interest rates, such as 2.9% for 5 years and 0% for up to 3 years, on their new models to lure customers. The current incentives and rates offered on different makes and models of automobiles can be easily found online on popular automotive websites.

Step 3:
The next step is to decide the duration for which you want to finance your vehicle. However, this decision largely depends on your budget and present income. If you can afford to pay bigger amounts as monthly repayments, it is always advisable to opt for shorter repayment duration. On the other hand, if you cannot afford big monthly payment amounts, you can reduce them by getting the automobile financed for a longer period of time. However, bear in mind that with longer repayment periods, you would have to bear the burden of auto finance for a much longer period, and in due course of time, you would owe much more on your auto loan than it is worth in the open market.

Step 4:
The fourth step is to decide the amount of the down payment you want to make on your new car or truck. Here are a few guidelines to help you take this decision:

- If no special incentives are offered by the manufacturer on the model you are targeting, it is advisable to make a large down payment as it will help you save big by reducing the total amount of interest required to be paid on the total loan amount.

- However, if special interest rates are offered on your vehicle, it is better to put as little money down as possible. In such a case, it is advisable to invest any down payment and get the entire car financed at 0% or 2.9%.

Step 5:
The best way to obtain auto finance is to get it from a car dealership. However, before you get in touch with local auto dealers, it is not a bad idea to get pre-approved to finance it through a local bank, credit union, or an online bank. This will help you in two ways:

- It would prompt the dealer to offer you a rate lesser than the one that you have already been quoted.
- It would give you an estimate of the interest rate you qualify for and thus help you negotiate a better deal.

To get pre-approved, get in touch with a local financial service or an online loan officer and negotiate a low selling price.

Step 6:
Choose the most reliable, local car dealership that has the vehicle you want to purchase on its list. Get in touch with the dealer and try to negotiate a rate lower than the one you have already been approved at by the financial service. If the dealer agrees at a lower rate, get your vehicle financed through him without a second thought. If you could not negotiate a better deal, get back to the bank that you are already approved with.

Need Bad Credit Auto Financing?

If you need Bad Credit Auto Financing for a new or used car, making sure you have your auto financing ready before heading to the dealership will give you the piece of mind knowing what cars you can afford. Also By doing so it eliminates many possibilities that a salesperson can slip in any extra money.

A few avenues are available when considering your bad credit auto financing needs. If you go with a bank or credit union loan you may be approved prior to ever looking at vehicles. Banks more often than not tend to offer lower interest rates while credit unions are usually lower still. Just know finding one that deals with auto financing in your situation may take some time and effort.

Heading to the internet for bad credit auto financing has become very trendy. Lending institutions offer online lending that offers longer pay back periods and some of the best interest rates. In just a matter of days you can have a check available. Being preapproved and having this check it permits you to walk into any showroom as a private-party customer.

Since you’re here, I have to assume you have less then perfect credit or maybe someone you know does. Well if you own your house, there are a few different options to consider for help with bad credit auto financing. Home equity loans are one. You’ll end up with a very low interest rate if you go this route, meaning you will actually pay less in the long run for the car and the payments are tax deductible. Twice as good, Right. Now buy no means am I saying to put yourself in a situation to lose your house because you didn’t take a bad credit auto financing loan.

If you’re NOT like me and can still find someone in the family to help you out this may be an option. Pleading for enough cash to pay for the car in full certainly isn’t going to happen is it, unless you want a clunker? But can you find a member of your family to co-sign your loan, never know till you ask. OK so you find someone to co-sign, now it is very important that everyone involved with this auto loan reads and understands his/her responsibilities should troubles come up down the road.

To guarantee you’re getting the best bad credit auto financing, entering the dealership with a preapproved loan, will put the stress on the dealer to beat the interest rates and terms of the loan you walked in with. (Yes stick your chest out.) You’re in control now.

The best thing to bear in mind when searching for bad credit auto financing is that interest rates vary. Used cars as a whole have a higher interest rate than a new car and the loan on a new car can be financed over a longer period of time.

If you’re unable to get auto financing at a bank or credit union do to your situation there’s still hope. Online companies get it done everyday. Just make sure they’ve been around awhile, has a good reputation with the Better Business Bureau, and good testimonials from customers and you should be in good hands.

Auto Credit After Bankruptcy is a free resource for Americans and Canadians with bad credit looking to finance a car loan while bankrupt or get an after bankruptcy car loan. The website has informational tips on getting approved for bad credit auto financing. As well as numerous bad credit tips and advice.

Top 6 Advantages Of Student Loans

It is just a common myth that only the federal loans provided by the UK government are cheaper and easier to repay than the student finance options provided by the private direct lenders. However, if you see the APR and repayment modes, then you come to know that private student loans are the clear winner! Let’s have a quick look at the top 6 advantages of education funds offered by the direct lending companies:

Borrow Short-Term and Long-Term Funds

Whether you are looking for a big amount to complete the higher education course, or need short-term funds, to give just hostel and tuition fees; both options are easily available and you can access the required funds in less than 24 hours without facing any hurdles. You can ask the lender to transfer funds directly to your bank account or deliver to your doorstep.

No Documentation to Waste your Time

The time of a student is very precious and instead of taking stress about the cash, he should focus on studies. Direct lending companies know the importance of young generation in the development of the UK and hence they offer paper free student loans plans. You are not required to submit your last class mark sheet or the address proof.

Apply Online in Just 2 Minutes

You don’t have to bunk classes or take leaves from the college, just open your laptop or smartphone and apply for the student finance loans on any reliable direct lending website. You would need just 2 minutes to complete the online application procedure. No hard copies or soft copies are required.

Avail Funds with No Guarantor

Students don’t have a big network to arrange a guarantor. They are dedicated towards their studies and interact less with people. Arranging a guarantor is an embarrassing task for them as people are not ready to co-sign their application. They can easily access student education loans with no guarantor and no broker by applying to a reliable direct lender.

No Hurdle of Bad Credit History

Some students have bad credit issues due to pending credit card bills or some other reasons. Banks and conventional lending companies don’t entertain their funding requests. However, they can easily secure the cash by applying student loans to a bad-credit friendly lender. There are no hidden charges. You can compare various deals and grab the best one with the lowest APR.

Easy and Flexible Repayment Modes

Everybody knows that a student can’t repay funds during his education time. He doesn’t have a steady source of income. Direct lenders offer various student repayment plans that can be chosen as per comfort. You can either start repaying in installments from the next month or repay the total debt in instalments after completing your education.

Does Social Media Help In Getting An Auto Loan?

We live in a world dominated by technology and social media. Whether they are your shared posts, status or your connections, social media platforms play a key role in carving your virtual personality. A well-known fact is that technology is an inevitable yet an integral part of our lives. When it comes to financing your car, social media is building its way and becoming a relevant medium of profiling. For instance, John walked into a dealership to purchase and obtain financing for a car. The quickest and easiest way to search for a tentative background of John would be to get a grasp of his personality on the basis of his behavior on Facebook and Twitter account, respectively. Currently, a small percentage of lenders use social media for judging an individual’s creditworthiness. However, the developing presence of social media is gaining mind share of the lenders.

Can Social Media help in ascertaining the Creditworthiness of an individual?

1) Facebook can build your Credit Circle

The very essence of Facebook lies in networking. A creditworthy profile does not require millions of posts or many friends. However, if you have a genuine profile and do not pose any abnormal social behavior, your profile is likely to get approved for an auto loan. Additionally, the presence of certain contacts in your friend list with a clean history and a strong credit score further add to your creditworthiness. Lenders can look for mutual contacts that have been previous customers. The payment history of the mutual contact can then be used as a basis to judge your creditworthiness. In order to get the most out of your circle, seek a person with a good credit score and make him a cosigner and your auto loan process will become smooth.

2) With LinkedIn, lenders can check your Employment Stability

A stable employment speaks volumes about your personality and trustworthiness. LinkedIn can serve as the best source of obtaining information regarding your job history, duration, professional position and interests. The documentation of an auto loan requires you to display evidence of a source of income through pay stubs. However, there is less proof one can gather regarding the stability of employment. Social media can become a tool to ascertain not only if there is job-hopping, but also the financial strength of the individual. A person with a 500+ connections, long duration of employment history and a considerable profile activity can become a favorable applicant in the eyes of the lender.

Buying a Car: Making the Most of your Social Media Profile

Social media has made its way into the minds of auto buyers as well as lenders. As primary sources of guides, nothing comes above your credit score, current income status and payment history. However, virtual platforms such as Facebook and LinkedIn are starting to occupy mind share in terms of creditworthiness. Once the primary sources of information seem insufficient, lenders may turn to social media to get an idea of your personality. A few helpful ways to make sure your social media positively adds to your credit score is to be careful with your online posts, invite only genuine friends into your virtual circle and to always keep your professional profiles updated.

Sip Calculator Magnetizing The Investors Towards Online Investing

Online investing option has reached to a higher level with the introduction of SIP calculator. Making the calculation of SIP amount easy, the tool is handy to use as well. Let us understand the concept of SIP calculator with a story. There were two friends Yash and Rohan. Both had passed out college and were placed in MNCs. With the commencement of their career, they took a resolution of initiating their investment also. Yash was very trendy, and new technologies magnetized him. On the contrary, Rohan was simple and was not much of a techie. As both of them decided to invest, Yash did all the research online and also prompted Rohan to take up the online investment method. But, as for Rohan, it was not his area of expertise. So, Rohan relied on the mutual fund agent, and Yash went for online investing. When it came to deciding the amount to invest as SIP monthly both were confused. Yash took the help of an SIP calculator, and Rohan trusted the agent. But, the outcome was that Yash got the exact amount required for investment and the agent failed to calculate the precise amount and thus took an approx figure. Thus, for the same scheme Yash paid the correct amount that was required and Rohan had to pay a little more due to the inaccuracy of calculations.

The story signifies the importance of SIP calculator in the investing process, because the amount of SIP decides the corpus (the main aim of investing). Especially in the online investing the role of an SIP calculator is of vital importance. The investor advances towards being free in order to make the optimal use of their money. SIP calculator acts as a catalyst in aggravating the process investment through proper channel.

Features of an SIP calculator:-

There are a lot of features which motivates an online investor to use SIP calculator. A few amongst them are stated below:

Easy to use:

SIP calculator is an easy tool to operate on. The user-friendly approach is the striking feature of the tool. Providing an environment of smooth functioning and quick calculations, an SIP calculator in India is making online investments attain new heights with each passing day. The main reason of the increasing inclination towards online investment is the handy tool (SIP calculator), which ease out the complex calculations manifolds.

Using CAGR:

SIP calculator uses the formula of CAGR (Compound Annual Growth Rate) to calculate the returns. CAGR is the most widely accepted concept for the growth calculation of investment over a period extending one year. The calculation of CAGR is very complex and not beyond the grasping power of non-financial people. It is a mind wrecking concept and takes time to understand. But you need not worry. The CAGR calculation is simplified with the help of SIP return calculator. Paving the way for quick and easy calculations, SIP return calculator has become a defining point of online investment.

Targeting accuracy:

The goal of an SIP calculator is to provide results that are 100% accurate. But, it works on the inputs that are fed to it. Any mistake in the input data leads to an erroneous result. Otherwise, the result shows the exact and accurate outcome without the mistake of a decimal place. A perfection of that level is surely a strong feature of SIP return calculator.

Top 5 Benefits Annuities Can Bring Except The Lifetime Income

Earning a consistent income in their retirement life is a major concern for the seniors approaching their retirement and many of them invest in different annuity insurance plans. These annuities help the insured to receive a guaranteed income for life protects from the fear of outliving their savings. Also, if a senior couple hasn’t saved enough or doesn’t have someone to support after their retirement, these policies help greatly to take care of their daily expenses and maintain a better lifestyle. However, the majority of seniors isn’t aware of all the benefits an annuity can bring. Most of them buy an annuity solely to receive a guaranteed income in their retirement life but the annuities have a lot to offer. Here, we are going to explain five more benefits of a retirement annuity plan that you might not be knowing.

Benefit to your loved ones

At times, seniors pay a long series of premiums to earn them back during their retirement but die at an early age without receiving the complete benefits. Many seniors die soon after their retirement and insurance providers keep their share of investment with themselves. But, the new additional feature allows transferring the benefits to the beneficiaries, if the insured dies early. Along with the immediate annuity plan, you can choose a guaranteed period of 10-20 years that are calculated since the time you start receiving the payments. If you opt for a 20-year guaranteed period with the annuities, your insurer will provide a series of payments for exact 20 years. You can name your spouse or kids as the beneficiary and they will receive the benefits for rest of the period, in case you die early.

Tax deferral on earnings

Most of the investments are applicable for state and federal taxes, but the investments such as interests, annuities, dividends and capital gains earn a tax-deferred status. These investments are tax-free until you withdraw the accumulated amount. The tax-deferral is similar to 401(k)s and IRAs, but there isn’t any limit on the amount and you can put any amount into the annuities that you assume enough to spend your retirement comfortably. Moreover, the minimum withdrawal criteria have more flexibility than that of to 401(k)s and IRAs.

Tax-free investment transfers

Market performs differently at a different time and an investment performing strong today may perform poorly after a certain period. Hence, investors keep transferring their investment amount form one to another fund and there are financial advisors to help with the same. Usually, these investment transfers or rebalancing are applicable for taxes but the annuity retirement plan has no such tax consequences. That means, you can rebalance your investments as per your financial advisor’s suggestion and you won’t have to pay any taxes on that.

Protection from lenders

People take different types of loans to match a better lifestyle and pay the due amount in installments. At times, people reach a stage where they only have the money enough to take care of their fundamental requirements and aren’t able to pay the loan installments. In such cases, if the lender files a lawsuit, they may lose the return on the investments made. Annuities insurance policies also help protect your investment return even if you can’t make the installments. Usually, the premiums you have made to your insurance provider, belongs to them and there are laws that restrict that money to be accessed by the lenders.

Variety of investment options

Insurers help the investors with a range of annuity options at retirement including the fixed and variable one. The first one credits a certain rate of interest on the amount you deposit while with the later, your money is invested in the stock or bonds like mutual funds and provide a return based on the market performance. Also, various insurance providers have introduced different types of floors that set a limit by which your investment value may not fall further. That means, if you have invested in a variable annuity, you return won’t fall below a certain value, despite the fluctuations in the market.

Do it Yourself, No Money Down – Bad Credit Auto Financing For Cars, Trucks Or Motorcycles

A rumor that has been spread since the 1960′s is that whatever a car dealer gets for a down payment is nothing more than profit. This rumor is in part, true.

An Example

The following example applies whether you’re buying a car, truck or motorcycle with bad credit.

Let’s say that you want to purchase a used car that has a selling price of $15000.00 and the dealer is telling you that because of your bad credit history, you have to put down a 10% down payment of $1500.00. In cases like this, it is very likely that the loan company approving you will only “advance” $13,500.00 on the vehicle in question and this is generally based on loan value. Typically, the dealer will have paid somewhere around loan value for the car and if they sell it at this price, then they aren’t making any profit. So in this common example, requesting that you make a cash down payment of $1500.00 is in fact, $1500.00 of dealer profit and nothing more.

Dealers do have to make money and $1500.00 is a reasonable profit. It’s disheartening however, to fork over a couple weeks worth of income just to make that happen, though.

How to Get A Car with No Money Down

If you have bad credit and need auto financing, and you don’t want to put any money down, there is a solution. Now, hear me out on this, because this information can really benefit you and this information comes from 20 years of experience working in car dealership finance departments…

Buying a car from a private owner. This reduces the amount financed by around 7% or whatever your local tax rates are. This reduces the amount needed to buy the car and less money that has to be borrowed. There are also no dealer “doc” fee or dealer “prep” fee, which also reduces the amount needed to be loaned by $99 to $599 typically charged by car dealerships. Reducing the amount needed is good!

Negotiating with a private seller on the sale price is MUCH easier than negotiating with people that do it for a living (car dealers). If the seller doesn’t have a large amount owed to the bank and is frustrated with taking time to show the car, you may be very surprised to find some really great prices on cars for sale by owner. This can be in your local newspaper, bargain paper or online classified.

“Do-It-Yourself” auto financing. This is the most important part. Bad credit doesn’t mean that you can’t get a car loan from a loan company outside of a car dealership. If you deal with a loan company directly, you’re only dealing with them on the finance side of the purchase, not the price of the car. This enables you to qualify (get approved) for a specific dollar amount that you can base your car shopping on. There are online resources to do this from the comfort and privacy of your home.

Summary

Buying a car from a private owner reduces the amount you need to borrow significantly and if you shop a little, you’ll have no need for a down payment, whatsoever. Also, this involves arranging your own financing which is very doable if you have bad credit and know where to go.

The Benefits Of Trading The Commodity Market

Like trading in the Stock market, trading in the commodity market is also very interesting. While one trades on the basis of Stock Cash Tips in the stock market, the trader can trade on the basis of commodity tips in the commodity market. ProfitAim Research is one such advisory firm, which provide both the best Stock Cash tips as well as commodity tips to the traders.
Commodity market seems to be a lucrative avenue to a lot of traders and Investors. In the Commodity market various commodities are traded and one can take benefit of the price fluctuations to trade effectively in the commodity market. Various commodities are listed on the Commodity exchange and the relative prices of various commodities are traded on the exchange. There are various benefits of the Commodity trading like a trader can make huge profits by trying to forecast the Commodity signals. The most important part of the Commodity trading is to anticipate the Commodity trading signals.
Scalping: Intraday Trading Strategy For Commodity Market
One of the important benefits of the Commodity market is that the trader can form a strategy and trade on the basis of it. The Intraday strategies like First hour strategy or scalping techniques can be followed to earn good profits from the trades. Scalping is a technique to look at the price range during the first hour of trade and then look for a breakout from this range. Thus, if the prices break from the high it’s a buy call and a rise in the prices is anticipated. On the other hand, if a breakout from the lower limit of range is observed a down trend is anticipated. Thus, scalping is an important strategy in achieving good profits from the Commodity markets.
Also, there are other strategies available like trading for small profits. In this case small changes in the Commodity signals are generally traded for the profits. Also, a large number of trades are executed to add up to large profits, this will be applicable in Stock cash tips as well. The Commodity trading signals are unassuming but still with a proper plan and a proper strategy good profits can be made through Commodity markets. The trader can also base their trade based on the advice from the advisory firms who provide free Commodity signals initially and then charge a nominal amount for their services. Thus, the Commodity trading is beneficial if done with proper planning and strategy.
Trading based on the Charts
Trading in the stock or commodity market is an art difficult to master. People use various methods and strategies to trade in the stock markets. Trading based on the charts is one of the ways out of them. Various types of charts exist like Candle Stick charts and line charts. These charts can be plotted with varying time scale. The price movement depicted by chart can be an important way of forecasting future prices.
Thus, one can trade on the basis of charts and by applying suitable indicators of the technical analysis, one can anticipate the price movement. Trading on the basis of intraday Stock Cash Tips is the other way of trading.

Top Five Intra Day Trading Tips To Become A Better Trader

In words of Warren Buffet The stock market is a device for transferring money from the impatient to the patient. Let’s read between lines. The investor or trader who is impatient (frequent buy/sell strategy) transfers money to the patient (holding strategy).

Find below herewith five tips which should be followed by a day trader:

Take advice of professional trader

Before one starts day trading it is better to take advice from experienced and expert day trader trainer. Every trainer will have different teaching method and style. See for one who has good teaching method. He should also suit your trading style. They may be ready to teach in their free time. He may charge the fee. As he is spending his free time with you. But it is worth. You can assume that paid fee as an investment, which you need to get knowledge. They are the best share tip providers when you trade.

In future when you grow big, many newbies’s will come to get knowledge from you. At that time you can charge them likewise.

Gather information from financial news

One has to gather news from across the globe. Segregate relevant news, which affects your business. Analyze and set priority which news will most affect your business. Stay updated on news like meetings, change in government policies and rules. Local, national and international news should be followed.

M&A, financial results, entry/exit of members of BOD, etc. These types of related news of the company one have shares in, make sense.

Though the news does not impact a common man but may have an impact on your investment in the concerned company. This news helps to take a smarter decision, especially while trading shares. Through nifty future tips also one can gather information.

Treat trading as any other business

Take day-trading as any other business. It is not a hobby, but a serious business. It is not for fun that one is in day trading. Like any business, it needs devotion and dedication. Trading is a part. One has to devote a lot of time preparing a plan. Study different charts before coming to any conclusion. Follow news on TV, read business magazines, study reports etc. It is a full day activity.

Keep eye on professionals

One should study professionals. What they are buying, when they are selling. For how much time do they hold the script? Since they have experienced one can learn a lot by keeping eyes and ears open and mouth shut. If one makes mistakes, then analysis the mistake. What went wrong and where? You can find them in many share market advisory companies.

Patience

It needs time, energy and devotion to master the skills. As the old saying goes Rome was not built in a day It was destroyed and then rebuild. This process was repeated many times over. Even if one makes loss he has to get up again for a fight.

Traders do not profit all the time. Many a time they incur losses. So one has to be prepared for losses and have patience during the time of loss. Commodity tips are also helpful to know the market trends.

Today’s successful traders were also novice once in a while. They got success by their hard and smart work. They had put in their efforts, made mistakes, but kept up their learning process.