Expensive Legal Fees Can Make a Car Title Loan a Great Option

If you must hire an attorney for any reason, you'll quickly realize how expensive they can be. Whether you are going through a divorce, enforcing a contract or hiring an attorney for any other reason, you will have to come up with a substantial amount of money relatively quickly if you wish to keep your attorney around.

If you are unfamiliar with title loans, these are loans that are issued based on the value of an owned vehicle. The owner provides the title as collateral and is given a loan based on the vehicle's value. Of course, there are other requirements, but these are typically minimal. Also, the owner usually gets to retain possession of the vehicle throughout the entire process.

How Could a Car Title Loan Work For You

To illustrate how this loan could help you pay for legal fees, let's suppose that you are going through a divorce. This is something that most people would never want to go through, but it happens.

To land a divorce attorney, you can expect to pay $1,000 to over $10,000 upfront plus $100 to $500 per hour. Unless you are very well off financially, that is probably a lot of money to you. On average, you'll end up paying approximately $20,000 to this attorney - a very hefty price tag.

You probably already have some money saved up, so this could contribute to paying your legal fees. You may also be able to use a credit card for some of the fees. However, if you end up falling short of that $20,000 in expenses, you'll have to get the additional money from somewhere else.

This type of loan can make up some or all of the difference. They are typically much easier to obtain that traditional loans. Also, if your credit report has been damaged because of the ongoing divorce issue, note that some car title lenders will not require a credit check.

Of important note is that the process of getting this type loan is usually faster than other methods. Some lenders will have you in and out in around an hour.

So, this is one way that you could keep your attorney on your payroll and get this divorce mess over with. You can apply this example to any other type of attorney fees that you may have to pay, as well, whether they be for a criminal attorney, a contract attorney or any other type of attorney.

Is a Car Title Loan a Good Option?

Car title loans have received some bad press. Typically, the fact that their interest rates tend to be higher than those offered by banks is mentioned. However, the fact that car title loans fill a void in the market is often ignored.

Car title loans offer several advantages over traditional loans. These include speed, convenience and lower requirements. What good is a bank loan for you if you can't get it on time or at all?


Article Source: Clay Wyatt

Are No Co-Signer Auto Loans Possible For Everyone?

When you can't get an auto loan easily and have been troubled by rejection, co-signer becomes your answer. A co-signer is a back-up for somebody who's doesn't qualify for an auto loan. From the car loan borrower's perspective, co-signing is a great way of securing auto financing options. Co-signer vouches for you when the lender has doubts about you.

Getting a Co-Signer Is Finding a Needle in the Hay-Stack

A co-signer is great for someone with credit problems like bad credit scores, no credit history, etc. As a co-signer will infuse trust in the lender, your weakness will be over-shadowed. But, is finding a co-signer easy? The answer is a big NO. From the perspective of a co-signer, you are a risky proposition. If you don't make the payments, his credit score will have to take the dent.

Also, his assets would be in danger. In this economy, when everyone's credit score has taken a hit, no one wants to assume the risk of someone else. Also, for ` co-signer, you need someone with a decent credit score and a good debt-to-income ratio. These criteria make the search all the more difficult.

No Co-Signer, No Car Loans?

Think all these problems hampering your car dream? Well, auto loans without co-signer are your answer. Most car buyers consider no co-signer car loans to be a privilege and reserved for the excellent credit score. But, the reality is not so. You can get a no co-signer loan even when you are surrounded by credit crises. For understanding the situations in which you can get an auto loan without co-signer, you must understand the loan approval criteria.

Most auto loan borrowers commit the fatal mistake of considering credit score as the single most important factor for getting no co-signer loans. But, there are many other factors which affect your approval chances:

Credit Score - Higher score improves approval chances.
Credit Profile - A longer term gives lender a good chance to ascertain the risk.
Term of Loan - A shorter term means less risk and thus, lower interest rates.
Loan to Value Ratio - Lesser the ratio, better the chances of approval.
Down Payment - 10%- 20% will work.
Employment Term - You need to be working for at least six months.
Income - A decent income is a necessity. $1500 per month is a must for most lenders.
Time at Residence - Half year criteria applies here as well.
Age of Vehicle - If you are buying a used car, it shouldn't be older than six years.
Miles on Vehicle - Most lenders won't finance a car which is older than 80,000 miles.

Can Bad Credit Shatter My Car Dream?

All these requirements decide your loan approval, not one. So, when you have a bad credit score and want to avail car loans without co-signer, other factors should be strong. If you have good income or have a stable job, approval would be easy for you. If you decide to buy a less expensive car, approval would not be difficult.

When You Have a No Credit History

You have no credit score when you have never availed credit or are new on the credit scene. This makes your credit profile non-existent. When you have a zero credit history, lenders are not able to ascertain the risk associated with you. You must give them a reason to trust you. You can do so by increasing your down payment amount, going for a cheap car, opting for a shorter loan term, etc. If you improve on other approval criteria, getting a no credit no co-signer auto loan will be possible for you.

Student Auto Loans without Co-Signer

When you are a student, a car is a requirement and searching for a co-signer is quite a trouble. For getting a car loan with no co-signer, you must have a job that pays you well. Also, a down payment would help you. Get better on other factors so that your loan application will be accepted even if you have a no credit score.

First Time Car Buyer's Tryst with No Co-Signer Vehicle Loans

When you are buying a car for the first time, you can avail a car loan without co-signer. All you need to ensure is spice up other requirements. If you have a good paying job and have been regularly paying your utility bills, then the lender can establish you as someone who is regular in paying-off liabilities. This will increase your chances of getting no co-signer auto financing.

A no co-signer auto loan is great for almost all types of credit problems and situations. Getting it is easy when you know how to tackle the approval criteria.

So, next time you think of auto loans without co-signer, highlight your strong points to the lenders.

Remember that car loans are easy when you have the will to achieve it.


Article Source: Rock Watson

Understanding Car Loans and How It Works

Owning a shiny new car is something that most folks would dream about. With regards to life's biggest purchases, buying a car is certainly one of the most common big-time investments. You are probably well-aware by now that purchasing a car is no small feat as it involves a good deal of money, this becomes more apparent if you are buying a high-end model. But let's face it, not everyone has the financial capability to purchase a car in cash. For this reason, financial institutions that provide car loans exist. But applying for a car loan is not something that you would want to dive into blindly. Read on and you will understand more regarding auto loans and how it works.

First off, you will of course need to know what exactly is an auto loan. Keeping it simple, this type of loan is offered for folks who are in need of financial help with regards to buying a car.

When it comes to an auto loan, the borrower is usually presented with plenty of options. If you apply for an auto loan and be approved, you have the choice of using it to purchase a brand-new or used car. In addition, it may also be used to buy from an official seller or from an independent car dealer. Would-be borrowers also have the options of securing a pre-approved loan or it could be provided on-site after the vehicle acquisition. There are many cases where lenders will send-out pre-approvals to their clients in order to motivate them into purchasing a car.

Since a car loan is considered to be a secured loan, a collateral has to be provided prior to its approval. In this instance, what counts as the collateral is the vehicle itself. This is the most preferable form of car loans because the interests are much lower as compared to an auto loan sans the collateral. So why not just apply for a personal loan and purchase a car? If you don't want to deal with having higher interest rates, it is best that you opt for a loan specified for purchasing vehicles. Keep in mind that the vehicle is not completely owned by you unless the loan is paid in full.

Applying for a car loan is not that much different than securing a personal loan from financial institutions such as banks. But this doesn't mean that you should carelessly deal with it. Purchasing a vehicle is a big investment, so you do not want to end up with a loan that you will have difficulty paying back. This is why it helps a lot to do your research first and gather information before going applying for this type of loan.


Article Source: Keith M Wingate

Car Loans 101: Paying Your Debts on Time

In today's fast-paced environment, cars are no longer luxury, but a necessity. Without one, how do you expect to get to work? Cars are also important in cases of emergencies. It also provides more security and convenience for your family. While most people are lucky to buy a brand new car, others cannot for one reason or another. Those who cannot afford to get a car usually have financial problems. In times like these, applying for car loans is your best solution.

Unless you have cash up front, you can't easily get the car of your choice. In some cases, most people look for other options. Some of them pay their cars through car loan financing. If you consider this option, you should keep in mind to pay your debts on time. If you think you can't handle this responsibility, its better not to apply for one. Some people who end up defaulting on their monthly payments have a hard time improving their credit score.

There are many ways to consider to make sure you can pay for your car loans. To give you more ideas, here are some guidelines you can follow:

Look for the best car loan financing companies

Your first step is to find the best firms offering the loan. The best way for this is to search online. You can easily find reliable car loan companies by simply browsing through their website. Check their policy and review their services. Choose the best package that will suit your needs. Review their rates and inquire about their payment options. Do not settle for one company. Look for more options. Before you go to their office, make sure you have everything you need.

Consider the interest rates

You should also know the interest rates. Ask for initial quotation and compare the rates from other companies. This will help you find the best car loan financing companies for your status. If you have a good credit history, they can easily approve your application. Remember, getting approved is easy. The difficulty may start when you begin paying your debts.

Know your priorities

You should know by now how to cut on unnecessary expenses. This is the time when you have to save money for more financial obligations. Set your goals and know your priorities. If you are a little tight with your budget, do not buy unnecessary things and focus more on your needs. You should also know your budget when applying for car loans.

Choose the best vehicle

Most people take this for granted. They always go for the "hottest wheels." Always remember your reasons why you're loaning for a car. If you have kids, consider looking for SUVs. Simple things like this can help you find the best vehicle.

Use a loan calculator

You can use this device to keep track of your deadlines. Most loan calculators have calendars to remind you of your payments. Through this calculator, you can easily organize important details and compute your debts accurately. Knowing your bills ahead of time can help you prepare for your obligations.

These are just some of the things you need to consider when looking for car loan financing companies. If you want to know more about the policy, it's better to consult a professional.


Article Source: Mark Spencer Allan

There Is No Need to Give Up Hope Of Driving A New Car Again If You Have A Poor Credit History

We are living in a very fast paced world and it has become very important to get used to it. Every luxury has been provided in an easy way to people. There comes a time when a person would over use those facilities and they would then have to suffer the consequences. A very useful facility that we have all been accustomed to using regularly is the service offered by banks. Banks nowadays deal with almost everything whether it is car financing, house loans, agriculture loans etc. It is for your own good if you stay in the good books of your bank because if not, you might have to face serious consequences such as a poor credit history. You may not be able to obtain loans from other banks also because the user data is available to every bank. In most bad credit cases these were the result of a default on car financing which has lead to a new industry of bad credit car leasing and bad credit car loans.

It was a source of worry in the past if you had a bad credit car loan history because you might have to give up the hope of driving a new car and adjusting to life driving older cars. It meant that because of the financial crises and other problems that people in this situation could never drive a new car again. Nowadays, many companies have emerged that came up with an alternative solution for the people who have a bad credit history. They came up with a way, which will benefit everyone, even the banks. Those with a bad credit history will be offered a loan at a higher interest rate than conventional borrowers.

Some companies who offer these services act as a middleman for those with a poor credit history. The companies will buy the car for them but will register it in the company's name. It also provides a safe situation for them as well because whenever these people fail to provide the lease amount to the bank, the company will confiscate the car from them. These companies can be found on the internet but you have to make sure they are genuine and honest because a number of fraudsters have also been using this technique to offer this service and instead of you getting the car they end up vanishing after the down payment has been made. It is advisable to consult with people who have been already used thee services in the market so that you do not become the victim of this fraud.

These finance companies have acted pretty well and have gained a lot of respect from their customers. It is advisable in the first place to keep a clean record of your bank statement but if for some reason you have not been able to do that and want to get a new car, these finance companies will come in handy.


Article Source: Saleem Gilani

Guide and Facts on Getting a Bad Credit Car Loan

A car loan is often hard to get for people with bad credit. Majority of traditional lenders consider credit score and rating as their primary evaluation criteria. For people with bad record on car loans, loan approval often becomes challenging. Fortunately, there are now lenders accommodating individuals with poor credit history. New lenders now provide bad credit auto loans to give other people the chance to afford a car. If you are considering getting a bad credit car loan, there are several things you have to keep in mind.

Overview

Typically, not good credit loans offer higher interest rates. Because people can apply for it easier compared to traditional loans, the costs can be higher. This type of loan has fewer conditions compared to loans only accepting good credit score and ratings. Re-payment conditions are also different.

Most bad credit auto loans do not allow early payment or other interest hikes in case you are late with payment. For people still recovering from their finances, this may be the best loan option.

Deb Consolidation

If you still have other debts and need to compensate for a car payment, get a bad credit car loan. This makes it easier to track of all your payments. Most of the time, dire credit auto loan providers allow you to pay off different types of debts with one big payment. This means you only have to track one monthly due. You can significantly ease stress if you pay a single loan compared to smaller multiple debts.

Credit Score Improvement

When you have a bad credit car loan, you also have the chance to improve your credit score. Credit score improvement and debt consolidation go together. Most of the time, when you pay off your debts including a car loan using a bad credit grant, you can prevent late payments or missed monthly dues. When you maintain your payments with this type of loan, you can enhance your credit score.

Getting the Loan

Lenders of bad credit loans have different requirements, though, they will ask for collateral. Collateral includes home, car, jewelry and even important documents. If you want lower interest rates and faster loan transaction or approval, put in collateral. Likewise, the lender may need your bank account information including source of income. Most lenders of this loan will not ask for credit history but they need assurance you have a steady source of income to pay for monthly dues. Accomplish an application form; provide your personal information together with bank and employment information. Many lenders approve loans immediately as long as you provide complete information.

Looking for a Lender

There are many ways to find a lender. One of the best ways is through the internet. Most lenders are now online. You can find out about the loan and requirements quickly after checking out their page. You can also check client ratings and feedback through the internet. If you know people who have applied for loans, ask them for recommendations.


Article Source: hMark Spencer Allan

How To Choose The Best Cheap Car Loan From The Available Options

When you want to buy a car, there are several factors to consider and the most important one is the financing. Unless you have ready cash, you will need to apply for a car loan before you can make the purchase.

There are many available loan options and you can find one that suits your needs whether you are buying a new or used car. The loan amount you apply for will depend on the cost of the car you want to buy. There are many options to consider when looking for a loan. You can contact your bank for a personal loan, you can go through a company that specializes in car loans, or you can get the car company or dealership to arrange for financing.

The car financing options available are numerous and can be found virtually everywhere. It is important to compare the car loans carefully in order to find a cheap car loan that is most appropriate for your financial situation.

By comparison shopping among the loan providers, you will be able to make an informed decision. You can decide whether the best option would be to deal with your credit union, your bank or the dealership.

Another financial option that many people may not be aware of is internet lenders. A number of internet sites offer auto financing. When dealing with the online sites, you have to carry out thorough research in order to make sure that you are dealing with reputable financers. Do not give out your financial and personal details online until you have confirmed it is a reputable site.

Today, some car manufacturers have their own lending divisions through which they are offering financing. They offer financing to their customers through their dealerships. Toyota Financial Services and GMAC (General Motors) are examples of this arrangement. A number of online sites offer loan-comparison services. The sites offer calculators that can help you to compare the loans available quickly and efficiently.

The sites are also able to compare the loans, factoring in the annual percentage rate, the term of the loan and other terms including any penalties for early repayment. The calculators are able to evaluate the entire transaction process including any special dealer offers or rebates. By comparing the total amount you will pay for each loan, you can make the best decision.

While the online calculators offer very pertinent information, you should take the research further to determine how good the loan company is. Knowing the best rates can give you options to work with, but you need to ensure that the loan company is reputable. Once you have selected the most viable options, read consumer reviews. The reviews will give you information that you cannot obtain from the car loan company. Many online reviews can give you all the information you need. Some sites have gone further to compile different reviews and have them on one convenient location. You can get details on the company's customer service record, the speed of response, and everything else you can expect from the loan service.


Article Source: Clint A Mckay

Finance a Car, Get a Home Loan, or Secure Small Business Funding - Welcome to the Bank of China

Many people complain that it is too hard to get a loan these days. Further, I would submit to you that as the Frank-Dobbs Law gets going, and more regulations in the banking sector come into play, we will see less borrowing and fewer loans, not more. Is there a solution?

Without financing it makes things tough for small businesses to get funding, and for startups to get going. It makes it difficult for people to buy a car, or buy a home - meaning there will be fewer autoworkers, and fewer people working in construction, as no one can afford to buy those automobiles or a personal residence.

Now then, here is something out of the blue; it appears that Chinese Banks are coming into the US and being approved by the Federal Reserve, but one has to ask if China's banks are legitimate, well-funded, and if so, by whose standards I ask?

There was an interesting article on this in the Wall Street Journal titled; "Chinese Banks Get Nod In US," by Jon Hilsenrath, Robin Sidel, and Lingling Wei on May 10, 2012. The article stated that; "The FED effectively is giving its seal of approval to China's banking regulation."

One bank mentioned was ICBC which is actually 70% owned by the government.

Okay so, let me get this straight. A nation which has been playing us in trade negotiations, manipulating its currency, and giving false financial data now has a good chunk of our money, and holds a large portion of our nation's debt - still, we wish to trust them in our consumer lending markets. China now has so much money due to the imbalance in trade deficits, and economic shenanigans that today the Chinese are looking for a place to put their money to work, as China's growth is slowing down or so it seems, so they want to lend money to the US consumer.

On one hand our government is making it so hard to be in the banking business that our own banks cannot survive. And since they cannot survive and thrive, and therefore are not making loans, we are going to let China come in to lend money to consumers, who will then have the money to buy more goods, albeit probably Chinese goods, or homes constructed in the US, but made with building materials coming from China.

The banking community is not opposed to this because they also want China to open up their markets, and their consumers for US Multi-National banks. What we have now is more intermingling of financial resources to the point that we will be acting, financially speaking that is, as one economy, not two. Is this a global economic conspiracy, no, but if you look behind the scenes, you can understand why various groups are pushing for this.

Will you buy a Chinese car, built in China, and take out a loan from a Chinese bank with a local office around the corner from where you live? You just might in the future. Indeed I hope you will please consider all this and think on it.


Article Source: Lance Winslow

How Does a Novated Lease Help Me With Discounts and GST?

When the Howard Government introduced Goods and Services Tax back in 2000 Australians from Perth to Hobart and everywhere in between let out a collective groan. Nobody likes paying more for the same and equally nobody enjoys paying more tax. So what has this got to do with Novated Leasing? Simply put Novated Leasing is your shield to avoid any unnecessary GST payments on the purchase and maintenance of your new or second hand vehicle. The minimisation of GST is one of the most important elements of Novated Leasing and knowing how it operates can help you maximise your savings.

The vehicle purchase price

As well as saving with fleet discounts Novated Lease customers can also save GST on the purchase price of their vehicle. This saving is significant especially on new vehicles as the price always includes extras and additions.

Ordinary finance agreements do not cover this GST saving. Adding this GST saving to bulk and fleet related purchase discounts takes a lot of the sting out of new car prices.

Fuel purchases

Saving with discounts on fuel purchases is like the gift that keeps on giving. These savings can be made where your Novated Lease provider is also a Fleet Management provider. In these cases standing agreements with fuel providers can bring discounts on fuel prices so it's important to ask about this from the outset. Continually saving in this area can mean that fuel cost rises are less painful and fuel efficient vehicles are even more cost effective. In this sense diesel, petrol and LPG vehicles should see a real saving.

Servicing, parts and labour

Like purchase price GST can also be saved on servicing, parts and labour costs. This is again significant as it means that you pay less for these services than would otherwise be the case. While fuel and purchase price can see good discounts as a result of bulk buying these discounts are smaller in comparison to the discounts which can be achieved by a bulk buying fleet management company for servicing, parts and labour.

Final thoughts

Making savings in any area is highly satisfying. While this is true of almost all situations it is especially true for saving money on tax. Thinking ahead and planning with a Novated Lease means that you can avoid GST on a large range of transactions. Yes, Novated Lease holders need to be aware that they need to pay Fringe Benefit Tax (FBT) however this charge is not as significant as the savings which can be made. Discounts and GST free transactions work for everyone involved and they can make the difference between a little spare cash and a lot.


Article Source: Jack Haymaker

Own a Car of Your Choice With Bank Loans

Loans offer an opportunity for everyone eligible to buy the dream car. With the increasing demand of cars in the market, a car loan is an ideal way to buy a vehicle of your choice without draining your personal financial resources.

While visiting the nearest car retailer, you saw a car of your dreams. Now, all you want is to buy the vehicle and drive it away to your parkway. But, what about the money which you need for a vehicle of your choice? If that is the question which is haunting you then visit the nearest bank which offers loans for people like you. But before you avail a loan for yourself, always check with the banks about the loan rates and compare it online with competitive banks. Online car loans study helps in zeroing a deal which is favorable for you and makes sure you do not pay more than you have to.

General Features

Check the following features which will allow you to understand the different aspects associated with car loans.

• Loan amount covers 90 percent of the cost if the car is new. But if it is a used car then the amount provided is 80 percent.

• For salaried employees, the amount provided is 3 times the annual salary but the rate increases for self-employed professionals and stands at 6 times the annual income.

• Apply for a loan from a bank where you have a bank account, most banks prefer such customers.

• There is a fixed time period and the premiums are decided accordingly. But in case you want to settle it before the closing date, you need to pay a penalty.

• Rate of interest differs from bank to bank, hence check and compare it before applying with any bank.

Eligibility Criterion

Before you apply for a loan with a bank, check if you are eligible or not. Banks have a set of conditions which need to be fulfilled by the applicant. Though these might differ from bank to bank in India, here are some general criteria which are applicable for all bank loans:

• The applicant must be 21 years of age and more.

• The loan applicant must not cross 58 years when the loan matures.

• He or she must be employed for minimum one year in the current job.

• Most Indian banks do not give a loan amount without checking the annual net income which must be INR 100,000.

When applying for loans, the applicant must submit documents proving their eligibility. The list of mandatory documents include an Identity proof which can either be a Passport, PAN card, Voters Card or a Driving License. You also need to submit an Income proof which includes salary slips and Form 16 for employed individuals. But if you are self-employed or own a business the IT returns foe two financial years is required. Other than this, an address proof is mandatory. You can submit any government document which has your present address inscribed such as Ration Card, Driving License, Voter ID card, Passport, Telephone Bill, and Electricity Bill. Lastly, a bank statement for the last six months needs to be submitted. This has to be submitted even if this is the bank where you have a bank account.


Article Source: Abitha Deepak

Need Money For College? Consider a Car Title Loan

Let's face it - getting a college education is expensive for many people. While it would be nice if everyone could hit the lottery and pay for it easily, that's not how the world works.

According to the National Center for Education Statistics, the average annual cost of tuition, room and board for a college student is $17,633. If you are a full-time college student, you probably don't earn that much in an entire year. You probably have several other expenses to cover, as well, which may make it tough to keep yourself in school.

To make matters worse, you probably have little to no credit if you are in college. This could make obtaining a traditional loan difficult or even impossible. Even with grants and education loans, it may be tough to make ends meet.

What options do you have?

Consider a Car Title Loan

You may have heard of car title loans on television. They are also called u-drive loans, pink slip loans or title loans. The commercials may be funny, but a title loan can help you get through a serious financial matter.

A title loan is a loan that is given based on the value of your vehicle. Even though you are in college and may not have a lot of money, you may own a vehicle. If this is the case, you may be able to get a loan based on it.

How it Works

To obtain a title loan, you can take your vehicle's title and a few other relevant documents and items to a car title lender. The lender will assess your vehicle's value and may offer a loan based on it. Some lenders will offer up to 50 percent of the value.

Car title lenders often offer loans without running a credit check. This is key, as your credit history won't be of concern in many cases.

Also, note that car title loans are usually processed much more quickly than traditional loans. Car title loans are typically processed on the same day that they are applied for, meaning that you could walk out with cash in a relatively short timeframe. This could be important when it comes time to purchase books or to pay an urgent tuition bill.

You'll typically have to provide some minimal income verification. This may include a pay stub from a part-time job or another verifiable source of income.

How Will I Get Around?

Most car title lenders require the borrower to hand over the title, not the vehicle. This means that you'll probably hold on to your vehicle for the duration of the loan.

In this case, the only way that your vehicle will leave your possession is if you do not repay the loan properly. This happens 4 to 8 percent of the time, so the odds are very high that you'll avoid this situation. Still, it is important to borrow just enough to cover your expenses and make sure that you can pay it back on time.

Conclusion

College education may be overpriced these days, but it is a reality that you'll have to deal with if you hope to get a college degree. With this in mind, consider a car title loan as one of your borrowing options, especially if traditional lenders have shunned you.


Article Source: Clay Wyatt