Category Archives: Auto Loans
How To Obtain Your Bad Credit Loan Easily Today
If you have bad credit, you are probably all too familiar with rejection, possibly being turned down many times for credit that you need. It may seem as if heartless bankers do not care about your needs, just because a few past mistakes have made you appear to be a credit risk. If so, you might want to consider the friendlier lending environment online with lending institutions that specialize in bad credit loans.
Bad credit loans are for those with credit scores that are less than 650. Once your credit score has declined to this level, you can typically expect to pay more interest on any loan that you are lucky enough to qualify for. However, the online lending environment is more competitive with many lenders who are willing to give you the needed second chance to get you back on your feet while rebuilding your reputation as a creditworthy borrower.
Loans For Cars, Repairs And More
Whether you are looking for a bad credit personal loan, bad credit automobile loan, bad credit student loan, online lenders are standing ready to process your application without the hassle of the traditional lending institution in your hometown. Get money for a vehicle, appliances, home improvement, travel, education, etc., from the comfort of your own home without setting foot into a bank.
To apply, you will need to visit the lender’s online secure website, where you will find an application link. You will be asked to verify your identity, income, residence. Most of the material that you will use to document your circumstances can be easily emailed as well as transmitted via facsimile to the lender for quick processing. In addition, you may be asked to prove several personal references on your application.
Amounts Up To $10,000
When you apply, you can ask for any amount that you deem necessary for your needs. Most bad credit loans start out as low as $5,000 or may be for as much as $10,000 – more under certain circumstances.
You can make your application for your bad credit loan look even more appealing by applying with a creditworthy cosigner. Your cosigner should have good, established credit as well as be willing to pay the loan in the event that you fail to do so. Your cosigner can be a relative, friend, co-worker.
Another strategy to enhance your approval is to pledge a security against the loan. This security is known as collateral. Collateral can be your home, vehicle, boat, real estate – any item of true value that you can prove legal ownership of by presenting a title of ownership for. It is important for you to keep in mind that any item you allow the bank to use as security for your loan stands the chance of being taken should you fail to make your payments.
Easy Receipt Of Funds
You can receive your bad credit loan in two convenient ways. You might choose to receive your bad credit loan electronically via an electronic funds transfer to your bank account. You can also elect to receive a paper check that will be mailed to your home address. The fastest way, of course, is to receive the electronic deposit, for which there may be a small fee.
Apply Obama Mortgage Plan -How Do You Qualify?
If you are searching the internet looking for more information on the Barack Obama Home Mortgage Plan or the Obama Loan Modification Plan, this article should help you understand how it works.
With Americans losing their homes left and right, streets are now filled with dead lawns, weeds and “Bank Owned” signs. To combat this foreclosure epidemic, Obama released his Mortgage Plan. Their are many critics out there saying that this plan is not working, but it has helped many homeowners to lower their monthly payments. The trick is filling out the paperwork correctly.
People tend to lie. Simple as that. They think they need to “fudge” their applications and make themselves look dirt poor. Nothing will get you denied faster than that! The bank wants to see that you are still making money, but have suffered a financial hardship – not a financial disaster. You have to be able to show that you could afford your lowered payments – even with the Obama plan. It is still the banks discretion on who they choose to accept.
You might want to seek the advice of experts on this one, because the Obama mortgage plan will drastically lower your monthly payments if you do get qualified.
How low? Not greater than 31% of your total monthly pre tax income. That is a huge monthly savings for most people, especially if they are in a high interest rate loan, which is who this plan was made for. There are a few different ways that your lender will get your payments this low and it always starts in the following order.
The first way your lender will try to get your payments within the 31% threshhold is by lowering your interest rate. This will go down all the way to 2% if necessary. If this doesn’t get your payment low enough, they will move on to the next step…
The second step is to extend your terms. This lowers your payment even more. If you currently have a 30 year loan and extend that into a 40 year loan, you are spreading out your payments over 10 more years. If this doens’t work, they will try step 3.
The final step would be a principal reduction. They could choose to knock some money off of your loan balance to get you under the 31%. This is pretty rare, but I have heard of it. Usually, getting a super low 2% interest rate and extending the terms to 40 years is going to do the trick. Some people want to get a loan modification just to try and knock money off of their principal, but this doesn’t usually happen. The goal is to get your payment low enough so you can afford to stay in your house, not to take money off of a balance that you agreed to pay. But think of it this way, your interest rate will be lower than almost everyones and that has the same effect as lowering your balance in terms of your monthly payments.
If you would like assistance with the Obama Mortgage Plan, you can visit the links below. They have helped people get qualified who were originally denied by their lenders.