How much does a small used auto loan impact my credit?
Question by beetle1283: How much does a small used auto loan impact my credit?
I am about to buy a 2003 Honda Civic from my uncle for approximately $ 10,000. I had intentions of putting down 5,000 or 6,500 dollars (depending on what I sell my current car for) and take out a small auto loan for the remaing 3,500 or 5,000 for about 36 months.
The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven’t done anything that would have given me bad credit. I pay back all my bills and whatnot.
Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I’ve heard a few times that a small loan really helps your credit.
So put down 5,000, take out the 5,000 loan amount, put 5,000 in a savings account and let the loan cycle? What does that mean.
Best answer:
Answer by P J
Put the money to pay off the loan in a savings account, get the loan let it cycle about 6 months then pay the balance off. This gives you a payment history although you will pay a bit of interest it will be a good trade line.
Also initially your score will take a 5-7 point hit for the credit report when getting the loan, rebounds rapidly!
Add your own answer in the comments!
Loan Easy And Convenient Nowadays
Do you know how easy it is to get loan nowadays? And how many convenient ways there are? Some of the people who haven’t given it a try ask if it is indeed easy?
You better watch this video to answer all the questions regarding how to get a loan, how easy and convenient it is to get one. This video will talk about how people usually get approved and how they do so.
It discusses steps and processes which may help you lead to your first loan. By watching this video, information you needed to know will be provided from having a loan to your next loan. In addition, online loans will be part of the options in this video.
Enjoy watching this video and learn more how easy it is to borrow money. But only do so when you are in dire need!
Categories: Loan Videos Tags: Convenient, easy, loan, Nowadays
Q&A: How can you go about getting a personal loan from a bank? What collateral do you usually need?
Question by Mike D!: How can you go about getting a personal loan from a bank? What collateral do you usually need?
I will probably need to replace my car soon, but I don’t know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It’d be about double for me, as I don’t have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $ 3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash.
Now the questions … is this possible, or is there usually some stipulation that you can’t use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!
Best answer:
Answer by WhiteWolf359
I don’t know what state you live in, but in Florida you are required to have collision insurance for at least $ 10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that.
Give your answer to this question below!
Categories: Loan Questions Tags: About, bank, collateral, from, Getting, loan, Need, Personal, usually
24″ FAST CASH LOANS DECAL sticker pawn shop loan
24″ FAST CASH LOANS DECAL sticker pawn shop loan
- Decal Size: 9″ x 24″
- Increase Your Bottom Line!
- Top Quality Exterior Vinyl Graphic
- Weatherproof Graphic – UV Protected
This 9″ x 24″ decal is printed on premium grade exterior vinyl perfect for outdoor use for 5+ years or will look great inside. All decals are supplied with application film for easy installation. These will stick to any smooth surface – aluminum, glass, stainless steel, wood or plexiglas. All sizes are approx. You can’t go wrong with a SignMission decal!
List Price: $ 24.99
Price:
Matters Which Can Effect On Your Chances Of Bad Credit Home Loan Approval
Currently, bad credit home loan score is FICO’s results for an individual whose credit history resulted to a score of less than 620. The national average credit score being 680, while those with more than 700 are considered as good credit scorers.
Some people were unable to avoid incurring poor marks on their credit history during the recent slump in economy. A lot of people lost their jobs and much as they wanted to, they hardly had the resources to pay for their monthly loan mortgage amortizations. Hence they came to be classified as borrowers with bad credit home loan score.
Now some of these people were able to recover and found jobs that could let them start all over again. Their current bad credit home loan score will not disqualify them in applying for a new home mortgage loan. Rather than wait for the economy to pick up which will only result to a rise in the value of real property, availing of a bad credit home loan seems like a good move.
Two Types of Bad Credit Home Loans for People with Bad Credit Home Loan Score
The first type is available to people who have bad credit home loan score but will venture into buying a home during these times while real estate properties have low market values. In fact they are more aptly classified as bad credit new home loans. Borrowers under this type of loan should expect higher interest rates, starting at 10% per annum. It will still depend on the bad credit home loan score that they currently have. In some cases, they can even be disapproved which will depend on the analysis and assessment of the borrower’s bad credit home loan score and credit performance.
The second type of bad credit home loan is extended to those with existing home mortgage loans but was unable to keep their mortgage loan payment up to date. Hence, they incurred bad credit home loan score in the process. Their inability to pay may have stemmed from lack of jobs or slump in their businesses. Since they have already paid at least 20% equity or ownership in the current market value of their mortgaged property, a bad credit home loan will allow them to take out a loan against their equity. This will be used not for the purpose of buying a new home but only for home improvements that will allow them to sell their houses at a better price or as additional working capital for their businesses.
What Can Affect your Chances of Loan Approval In Spite of a Bad Credit Home Loan Score?
The matter of a bad credit home loan score will no longer focus on the score itself. Your credit performance will play an important factor as to what caused your bad credit home loan score. Here are the different aspects that will be assessed in its evaluation:
1. The amount of loan amortizations still in default and your credit history on how long it takes you to settle said payment defaults.
2. Since when were the amortization payments started to be in default? Did they occur even before you lost your job or as a result of losing your job? The point in time when you started incurring the defaults is crucial because it will be indicative whether it was already a bad credit performance from the start.
3. Did you take up residence in the said property under mortgage or held it only as a form of investment?
4. Other negative information on your credit history such as declaration of bankruptcy, charge-offs and collection lawsuits for other loans like credit cards.
Remember that the lending company or bank will be taking a great risk in extending loans to bad credit home loan score borrowers. Some may impose higher interest rates while other will take advantage of your situation. The best thing you should do is to make a research on the lending institution who will give you the most helpful bad credit home loan despite your bad credit home loan score.
For more useful information, please visit our website: THE KNOWLEDGE BASE, and look for the BUSINESS & FINANCE section.
Written by ja_schmidt
How and where can I get a small loan with extremely bad credit?
Question by John W: How and where can I get a small loan with extremely bad credit?
How and where can I get a small loan with extremely bad credit?
I need to pay off $ 15,000 of delinquent bills. But my credit rating is probably less than 500. I don’t know for sure, but it is not good.
I need a small loan to pay off my bills. I just want them all consolidated.
The VA will not give me a loan, all they can do is co-sign a HOME LOAN, not a small loan for little things.
What can I do now?
Best answer:
Answer by longershot97
Have you heard about bad credit personal loans? Such loans are getting a lot of popularity these days. This is the perfect destination to know what a bad credit personal loan is?
You want to carry out home improvement or planning to buy a car or planning a romantic holiday with your spouse, but worried about your bad credit score because of which you might not get the personal loans. A credit score plays a vital role to secure personal loans. But this is not the end of the road. There is definitely a way out of this situation. Thanks to bad credit personal loans that are provided by many moneylenders in U.S. Isn’t this great news?
http://www.creditloan.com/bad-credit-personal-loans/
Know better? Leave your own answer in the comments!
Categories: Loan Questions Tags: Credit, extremely, loan, Small
48″ FAST CASH LOANS DECAL sticker pawn shop loan
48″ FAST CASH LOANS DECAL sticker pawn shop loan
- Decal Size: 18″ x 48″
- Increase Your Bottom Line!
- Top Quality Exterior Vinyl Graphic
- Weatherproof Graphic – UV Protected
This 18″ x 48″ decal is printed on premium grade exterior vinyl perfect for outdoor use for 5+ years or will look great inside. All decals are supplied with application film for easy installation. These will stick to any smooth surface – aluminum, glass, stainless steel, wood or plexiglas. All sizes are approx. You can’t go wrong with a SignMission decal!
List Price: $ 65.99
Price:
Find More Pay Day Cash Products
PayDay Loan Tree
Most of us do rely always on our paycheck, and sometimes comes up short. We have bills to pay and the worst part is to not have money in desperate times like emergency situation.
I’m sure by now you have hear about payday loans? Do you know how payday loan works? Do you wanna know what are the important things you have to remember about this?
Well, in this video it will be discussed and tackled to you the important things or highlights about payday loans. You will learn how you can have payday loan and how you can use it for the future.
From step 1 till the time you can have another payday loan will be given to you in a detailed explanation. You will be given proper education about the information you needed to know about this kind of loans.
So if you need a temporary helping hand, you should watch and enjoy this video about payday loan tree.
Categories: Loan Videos Tags: loan, Payday, Tree
How and Where do i go to repay my federal perkins loan?
Question by Patrick B: How and Where do i go to repay my federal perkins loan?
Although i know how to pay back my stafford loan, I am very confused about how and where to go to repay perkins loan. Is my college the lender of the perkins loan? If so, then do i just call up my school’s financial aid office? Please help!
Best answer:
Answer by NotAnyoneYouKnow
Your college is (or was) the lender, but it’s unlikely that they’re going to handle the repayment. Chances are that they have contracted with a loan servicing company to administer the loan during your repayment obligation.
When you leave school (or when you left school), you were required to complete a financial aid “exit interview”. The point of that interview was to explain your payment obligations, and to introduce you to the loan servicing company that would coordinate your repayment. That company will send you some sort of monthly payment “reminder” – probably in the form of a coupon book that you would use to make your payment each month.
If you haven’t left school yet, then relax – your first Perkins loan payment isn’t due until you’ve been out of school for 9 months.
If you have left school, and you just haven’t been contacted yet, then you could certainly call your financial aid office and ask them for more information about the loan servicing company that will be getting in touch with you.
I hope this helps – good luck!
Know better? Leave your own answer in the comments!
Categories: Loan Questions Tags: federal, loan, perkins, repay
Can you get a personal loan to use as your personal contribution on a business loan?
Question by templeofdoom1234: Can you get a personal loan to use as your personal contribution on a business loan?
I want to get a personal loan as my 20-40% contribution on a business loan. Can I do that?
Best answer:
Answer by imisidro
I highly doubt you can do that
The banks will want to see that you have the 20-40% money when you apply. That means you should have gotten the personal loan PRIOR to applying for the business loan
The problem with that is that the banks do credit checks. They will see that you’ve gotten a loan for the same amount you’re saying as your contribution. And that could jeopardize your chances of getting the business loan
Save up. Or seek out loan from other sources, one that will not be tracked with a credit check — e.g. families and friends
Add your own answer in the comments!
Categories: Loan Questions Tags: Business, contribution, loan, Personal