Auto Loans For Students: Helping Students Own Vehicle

In student life often usage of public transportation hurts you. You get tired of having to walk to class in wet, cold weather. Maybe you need a car to get to and from a new job that you just started. You can apply for an Auto loans for students, even if you have no credit or bad credit!

The most striking feature of the auto loans for students is that they are specially made for the students keeping in mind their comfort and discomfort. There are very less percentage of students who has good credit history. Hence, these loans are meant for students with no or bad credit history as well as good credit history.

The amount for the loan should be applied carefully. That is, you must not take excess fund just spend on other less important things. The amount is dependent on the choice of the car that you want to buy.

Repayment period is usually of 5 years but it can be stretched up to 7years. The student car loans are of secured type. Your car is kept as collateral which will be possessed by the company for reselling. You should always try to make your down payment as high as possible for you. This will leave you with smaller amount to be paid as monthly installments. Down payment of 20% is advisable.

The auto loans for students are best availed through website. There are countless lenders websites offering you such loans. Just a small formality is required. You will have to submit online application. However, you need to keep in mind to tally all the terms of loans offered by various lenders before committing.

How Not To Get Scammed On Your Car Lease

Bad Credit automobile leasing has been praised as a more attractive option to purchasing a car, offering in the process the flexibility to drive a new car for less. The reality, however, is that leasing is an option that is fraught with many pitfalls for the average customer. Leasing regulation does not require as much disclosure as buying a vehicle. This has given rise to many leasing scams that trick the customer into believing they are into a good deal when, in effect, all they are getting is a rough deal on the dealer’s terms.

Take a peek at a few of the common scams and how you can avoid being ripped off by them:

1. Unnaturally low interest rates:

Some bad credit auto dealers will offer up a lower interest rate when actually it is a good deal higher because they are quoting the money factor as the interest rate or possibly estimating the loan without amortizing some fees into the loan lease. For instance, the money factor is generally expressed as a 4 decimal figure, something like 0.004. Many of the less reputable bad credit vehicle lenders cite this as a 4% rate of interest when, it really should be multiplied by 24 to reach a closer approximation of the interest rate on your loan. Therefore, the interest rate is very much higher at 9.6% and not the rate of 4%.

Make a point of understanding all the numbers and what method the lender used to arrive at their interest rate. Look out for any additional fees, such as amortization costs, not added into the calculation. If you’re not satisfied, do not sign any lease aggreements without a better understanding.

2. You may end your lease early for a low fee

This is the biggest scam of all and the one that I fell for the first time I ever took out a lease. The lender told me I could definitely end my vehicle lease early and it would only cost me an ‘early termination fee’ of $400. Guess what… that was only the small administrative penalty for early termination, NOT the actual ‘early termination fee’. This can run into the thousands of dollars.

Do not confuse the early termination administrative penalty with the termination fee. Read the small print carefully and know exactly how much you will get charged should you terminate your lease before its scheduled end.

3. Why pay for an extended warranty

Another game that the car dealers like to play is offering you an extended warranty – to protect your investment. The only investment that will be protected here is the dealer’s profit. 99% of the time on auto leases, the extended warranty is included in your monthly lease payments. So obviously you don’t need to pay for it again. If they do convince you to go for the extended warranty, which by the way, you SHOULDN’T, you need to look carefully at the contract you’re signing as you may be buying a 3 year warranty for a 2 year lease. Not too smart – on your part.

There are some more things that the dealer can add onto your lease, or even sneak in on you. Just be careful that you examine all the documents thoroughly before you sign on the dotted line. I hope you have gotten some new knowledge from this article on auto lease scams.

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?”