Bad Credit In Your Past? Get a Bankruptcy Auto Loan Fast!

You may think that a bad credit history means no auto loans for you. You probably already know that bankruptcy is to be avoided if at all possible; that it should be used only as a last resort, because it so severely damages a personal credit profile. But, if it was an unavoidable circumstance, you may still find ways to get a bad credit auto loan for the transportation that is so necessary in the four-lane free-way world of today.

Bankruptcy Auto Loans Have a Market

If you have filed for bankruptcy within the last ten years and need a car, you need to get organized. First, you need to find out who would be willing to extend credit to folks with a bankruptcy in their past. On first consideration, it might seem the odds are pretty small for such a lender to exist. Look at it this way: There are thousands of people with bad credit, especially in the rough and tumble financial milieu of today. Among them, there are thousands of people who need transportation. So, there is certainly a market for bad credit or bankruptcy car loans.

Searching for Bad Credit or Bankruptcy Auto Loans

As you look for car loans set up for those with a bankruptcy, it is easy to get discouraged. Chances are, the terms for these loans will not be nearly as good as those for folks with good credit. Many strings may be attached. Interest rates will be higher, loan amounts will be lower. It might seem unfair that lenders charge so much more, with far fewer benefits and higher miscellaneous fees. You just have to deal with it until your credit recovers from your bankruptcy crash.

Bankruptcy Auto Loan, A Repair Kit for Bad Credit

You have to understand that lending money to people who only have failure to repay written all over their credit reports is a big risk for a lender. They are giving money to folks who have not been able to make payments in the past. Also, consider this, even though the terms and conditions of your bankruptcy auto loan may be almost outrageous, you are being handed a repair kit that will help you get out of your besmirched financial situation. It will be proof that you can be counted on to pay your debts in full. Paying the loan off in a timely manner (With no late payments!) will put your credit score back on track in a timely manner.

Help for Finding Bankruptcy Car Loans Fast

Nowadays, getting auto loans is not so difficult, even for those with bad credit or bankruptcy in their credit history. To save yourself time and money, it might behoove you to approach a lender researcher. Make one application to a bankruptcy or bad credit auto loan broker and let them do the shopping. You will be able to pick among the bad credit or bankruptcy auto loan lenders so you get the best possible interest rates and repayment terms to fit your pocketbook. Shop for a broker as carefully as you shop for any product or service.

Do Not Get Discouraged

As you struggle with your bad credit history, do not get discouraged. Shop to find the best deal. Find a lender who is willing to work with you. A bankruptcy car loan you can live with will make your first steps toward credit repair rewarding. Once given your bad credit or bankruptcy auto loan, stick with your payments. You will have transportation now and a better credit rating down the line.

Online Back-to-School Shopping Attracts More Men Than Women

A new July 2010 poll put out by Visa Canada found that more men are shopping online than women. On average, men intend to spend about $151 on back-to-school items between now and Labor Day, where women figure they will spend around $78. This year’s items that are being purchased are clothing, health and beauty products as well as books, and computer products, while an additional 24 per cent of online shoppers will be making their travel arrangements.

Stephanie Wallat of Visa Canada said in a release, “As parents and students prepare to return to the classroom, many are powering up their PCs, laptops and smart phones in the search of back-to-school must-haves and deals rather than heading to their local shopping centre to take advantage of the convenience that online shopping offers.”

Online shopping has increased by seven per cent with the average Canadian shopper forking out about $621 each. The survey also found that 74 per cent of Canadian shoppers would be doing so via Canadian websites. Regionally, however, the survey did note that Ontarians and the Atlantic provinces would be the ones to spend the most online shopping for their back-to-school products, averaging $164 each while Quebec residents will spend about $83.

With many students needing more school supplies, especially in the higher grades, finding the money to get these items can be a challenge. Back-to-school sales are easy enough to find, but when it comes to higher cost items such as clothes, uniforms and computer and software products, the fees can really add up. Factoring in additional expenses such as school lunch programs, bus fees and education costs can set a family back financially if they are not prepared.

The recent recession has not affected everyone to the same degree, however, many of those families that have been affected a little more than everyone else and have been finding it difficult to get enough money together for those back-to-school products, have been considering small loans as a way to bridge the gap.

Purchasing higher priced items such as new desktop computers, laptops or software programs can be a challenge for anyone. Perhaps you’ve moved since the last school year and your teenage student is now in need of a car to get around. If you have bad credit and are considering a small loan to get you through the start of school, but traditional banks are not an option, a bad credit loan may be the answer.

Shopping for Bad Credit Mortgage Brokers

You like to shop. You know you do. It’s nothing to be ashamed of. You like to get out there bedecked in your fashionable hot pants and flip flops, scout the malls and markets, and find the best deals there are. Shopping takes a great deal of time and effort but you’re perfectly happy to do it anyway. If only you put half as much heart in searching for the best mortgage deals there are! You would never end up with an unscrupulous bad credit mortgage broker.

The Sweet and Sour of It
Bad credit mortgage brokers don’t offer mortgages themselves. If they say that they do, they’re probably lying, so go run as fast as you can in the other direction. Bad credit mortgage brokers are basically middlemen who specialize in matchmaking financially-challenged borrowers to money-wise lenders. Bad credit mortgage brokers earn money on commission and are often independent, smooth-talking sales people. They are often licensed to work. Licenses, however, are very easy to obtain. Well and good for the bad credit mortgage brokers who deserve them, but how about the dodgy characters? Not all bad credit mortgage brokers have your best interest at heart. Because they’re paid on a commission basis, they may push for certain deals that are not exactly right for you. That’s why you should be extra careful in choosing a bad credit mortgage broker. The right one can make your life easier. The wrong one could make your life a living hell.

A Lender for the Legwork
Searching for the right mortgage lender can be hard and boring work. Bad credit mortgage brokers can do the work for you and more. They are always privy to the best mortgage deals available and can work out really good deals for you. This is because most bad credit mortgage brokers, especially those who have been in the business for a long time, have built relationships with the lenders. Also, if you have an undesirable credit rating, these brokers can even find lenders that would take you – not out of the goodness of their hearts but because that’s what they specialize in: poor credit.

A’shopping You Go
Shop for the perfect bad credit mortgage broker the way you would a pair of shoes or a new La-Z-Boy. Don’t put all your eggs in one basket. Talk to a number of bad credit mortgage brokers and compare what they have to offer. You can ask for references. Make sure that their promises are put in writing. Always pay close attention to the fine print. Check the accuracy of the information given to you. All fees – hidden or otherwise – should be disclosed prior to committing to anything, and make sure you know what all these fees are for. You can take note of the quotes given to you by bad credit mortgage brokers and call the lender directly to verify the information. It’s not tacky to be a stickler for details. You’re only safeguarding your undertaking and it is perfectly reasonable to do so. Remember, once contracts are signed, there is not turning back.

Your mortgage is not a joke. It deserves as much attention as picking new eyeliner because if you don’t like it, you can’t just give it your teenage niece.

Bad Credit Car Shopping Through the Eyes of an Insider

A car is a vital necessity for most people to get basic things done in life: commute to work, shop for groceries, and travel. This is especially true for people who live in smaller cities and towns with underdeveloped public transit system. Buying a car is a large investment, with most people having trouble coming up with out-of-pocket cash to cover the price of the car. For many people, taking out an auto loan is the only way to purchase a vehicle. Shopping for a car loan is similar to any other kind of shopping, and bargain-hunting may save you tons of money. This especially applies to people with bad credit, whose options are more limited compared to good credit borrowers. While many people think getting auto loan with bad credit is impossible, it is quite feasible if you know how finance companies and auto dealers work.

Dealerships Do Make Money on Loans, Too

Many people know that auto dealers mark up the cost of the cars to make a profit. Very few, however, realize that dealers also mark up the interest rates on loans for vehicles purchased through them. You come to the dealer, pick the car you like, and complete the car loan application. Many dealers, knowing that your credit is not great, may increase your interest rate by a couple points, even if you have been approved for a lesser APR. If a lender approved you for 10% interest, a dealer may confront you with an interest rate of 12%, thus making an additional profit of 2 points on your interest throughout the life of a loan. Many people would settle for it, since they believe their options are very limited.

A Credit Report Review Is the First Step in Getting an Auto Loan

Reviewing your credit history is the first step in shopping for any loan, not just auto loan. Many people do not realize that a few small errors on their credit may serve as a basis for loan rejection or higher interest and fees. That is why it is important to go through your credit report and verify all the information listed. If some of it appears to be incorrect or missing, contact the credit bureau to make necessary changes and adjustments immediately. Also, always focus on improving your credit scores by making timely payments on all your loans and credit cards, as credit scores play a leading role in loan-granting decisions.

Plan Your Expenses Far Ahead

Do not overextend yourself by buying a more expensive vehicle than you may afford. Many people rely on monthly payment amount rather than on a vehicle purchasing price when judging their ability to afford it. This is a common mistake that prevents people from seeing a whole picture. Lower monthly payment may cause you to pay more in interest and fees, and that is what you should avoid. A smart move would be to choose a car that has good reliability, low repair costs, strong residual value, and lowest price possible. An online research may help you to address all above. Reading customer opinions, reviewing blue book values, and getting online price quotes from dealers is a key to a great bargain.

Never Take the First Offer

Once the car is chosen, it is time to shop around for loan. You are in no way obligated to take financing offered by a dealer. Before agreeing to the terms proposed by a finance manager at an auto dealer check around. Contact independent financing companies and get loan quotes from them. Internet allows you to do it quickly and efficiently. This way, you may ensure yourself best deal possible on your auto loan terms, without having to overpay in interest at a dealership.