The Need For Speed And Car Loans

These days, everyone has to have a car. Even with global warming on the rise, the demand for cars does not seem to be falling. Instead, we are seeing the development of environment-friendly cars. And people are still rushing to the stores to buy their very own set of wheels. The need for speed has become a necessity today. Snail mail is completely passé as email has taken over from it almost completely. The rise of the Internet has made speed an absolute necessity. Nobody today would walk if he had the option of flying. The twenty-first century is the age of speed.

The need for speed makes it necessary for everyone to have a car, or at least aspire towards one. Moreover, these days most of us can afford to buy a car. Auto loans have become very easy on the pocket. As a result, more and more potential car buyers are rushing to make the most of the current situation. If you own property or some other valuable asset that can act as collateral, you are lucky. Secured car loans generally offer much lower interest rates than do unsecured car loans. Thus, if you can avail of a secured loan, your repayment costs will be reduced considerably.

Of course, unsecured car loans are not necessarily a bad deal. These days, with the proliferation of loan providers on the Internet, it is quite easy to find low-priced car loans. Even people with a history of bad credit can avail of competitively priced auto loans. The loans that are offered to people with bad credit histories tend to charge higher interest rates. But with the immense competition in the field of loans these days, getting a cheap auto loan may not be too difficult.

In fact, while purchasing a car, one must take care to find the cheapest car loans possible. After all, a car will require a good deal of maintenance. You will have to fill fuel and send the car for regular servicing. Moreover, you will also have to invest in some good car insurance. As in the case of loans, cheap car insurance is not too tough to locate these days. However, you cannot just sit around and expect cheap insurance (or loans for that matter) to fall out of the sky. Instead, you must do your share of research before making the final decision on the insurance policy. Only then can one come across the best one.

Scam Artists Want To Finance Your Next Car!

If you have shopped online for car loans recently you may have found hundreds of tempting offers. Many offers promise you guaranteed financing regardless of credit history, bankruptcy, divorce, and the end of the world … (well maybe we exaggerated that one a bit), but you get the idea.

Presently, over 100,000 people per day apply online to receive car loans from companies that promise financing with bad credit or no credit. What you need to be aware of is that not all of the websites out there are legitimate. If you are unfamiliar with the term, “Phishing Website” you should Google it today and learn what it is. You could be giving your information to someone that wants to steal your identity!

You might think, “Well if I have bad credit, then who cares if they steal it, won’t do any good for them anyhow.” That is not entirely accurate. Once they determine that your credit will not work, maybe your medical information will. Medical identity theft is rapidly growing due to increased health care costs and outrageous insurance premiums.

We recently heard of a victim who after applying for several car loans with no luck, and no return calls, she began receiving collection notices from a cancer treatment clinic in California. Since she lives in Maine, and is physically unable to travel, she got concerned.

Several months later, and several thousand dollars in attorney’s fees she found out that her social security number, income information, birth date, and other pertinent information was harvested from the internet and sold to scam artists that know how to generate medical insurance cards good enough to pass the “adequate” hospital screening process. All of this information harvesting was tracked to a website offering “guaranteed auto financing regardless of credit or income history”.

The worst part is her blood type was changed, because the person receiving cancer treatments on her information was type B and she was type A. Had she not caught this before going in for emergency treatment, she might have been pumped full of the wrong blood!

The moral of the story is, if you do not have the best credit and you want to get financing for a car or any other item, do some digging first to check on the credibility of the source you are working with. Your best bet will most likely be finding a dealership or local financing company that works with people to reestablish credit; or has other programs available that will fit your situation.

Can I Get A Car Loan After Bankruptcy?

In our business we often have clients ask us, “Can I get a car loan after a bankruptcy?” It seems that we have more and more people asking this same question now days. The answer to that question is yes, you usually can get a car loan after a bankruptcy.

It all depends on your personal circumstances. Every person and their bankruptcy is different and needs to be approached that way.

Due to the increasing demand, there are many lenders who will offer a subprime car loan to help those who are in need begin to rewrite their financial history. In fact, securing a car loan after a bankruptcy is a great way to begin the ascent toward a higher credit score.

Let’s investigate a couple solutions to help you answer yes to the question “Can I get a car loan after bankruptcy?”

Begin by locating a couple different subprime lenders through local dealerships. Because not all dealers offer special financing, ask this up front when you call the dealership. The following tips can help you speed up the process of getting a car loan.

Prepare For Your Visit

After an interview I conducted with an auto consultant that specializes in helping people find car loans after bankruptcy, I learned it could be helpful to prepare for your visit. Nancy explained to me that getting pre-qualified can help her tailor-fit an auto loan to a person’s specific car-buying-DNA.

Nancy suggested to collect the following pieces of information before taking a trip to the dealership.

*Proof of Identity – Bring a current state issued driver’s license.

*Proof of Income – Bring a couple of your most recent pay stubs.

*Proof of Insurance – Bring with you your current insurance card.

*Proof of Residency – Bring a couple utility bills in your name with your current address on them.

Take A Visit To The Dealership

Now, you are prepared for your appointment. Go meet with the expert auto consultant, present your information and begin a discussion on the type of car you are looking for. An added bonus working with an auto consultant is that because they care about your specific needs, they will do all they can to find a car that suits you. This is better than being given a choice of having only three cars to choose from.

Consider a newer model car that has lower miles. A slightly used car can save you hundreds to thousands of dollars by avoiding the immediate depreciation that comes with new cars.

Ask to see a history report on the vehicle. You want to see a Carfax or AutoCheck report to see if there were any previous problems with the vehicle. Next ask to see a safety inspection report to ensure the vehicle is safe for you and your family.
Being prepared and working with someone who is an expert can help you answer, yes to the question, “Can I get a car loan?”