Month: February 2021

Car Financing For the Unemployed – 5 Tips

Being both unemployed and without a car is not a happy combination. For most people, just looking for a job requires the use of a car, if just to be able to get to the interview or fill out an application in person. After all, showing up to your first interview in a bus is just not cool.

If you find yourself in the double-whammy situation of being both without a job and without a car, you’re probably anxious to get yourself into your own set of wheels pretty quickly so that you can more easily find work.

Here are 5 tips for car financing for the unemployed:

1. Save as much money as you can for your down payment: Most people who are looking for a job are short on cash. Or, at least they are extremely focused on saving enough cash to survive on until they can find gainful employment again. That’s why, if you are looking for the best car financing deal, you are going to want to get the smallest loan possible. One way to accomplish this is to try to scrape together as much as you can for a down payment. The more you can put down, the lower your monthly car payments will be.

2. Choose as low-priced an automobile as possible: Using the same logic as in #1 above, you are also going to want to buy as low-priced a car as you can. It goes without saying that a smaller purchase price will mean a smaller amount you will need to borrow – and lower monthly payments.

Of course, when shopping for a car, it is always tempting to want to get a model with as many of the available bells and whistles as you can. However, as long as you can find a car that is presentable enough to chauffer you back and forth every day to your new job, it’s wiser to hold off on spending big on a car right now. After all, once you land your job and a bit of time has gone by, you can always buy a better car. Right now, though, it’s all about saving the cash.

3. Be prepared to show evidence of a strong credit score: One challenge with getting approved for car financing is the requirement of many lenders to show proof of employment. However, if you have an excellent, good or even a fair credit score, you should be able to convince the lender of your credit-worthiness. Remember, their real goal is simply to make sure you are can pay back the loan. Don’t have strong credit? Don’t give up: some lenders will give you a loan anyway – just be prepared to pay a higher interest rate.

4. Be prepared to explain your unemployment: Since you are not employed, you will definitely be asked about the reason for your unemployment. To increase your chances of getting approved for car financing, it is in your interest to put your unemployment status in the best-possible light. Avoid lying, of course, but it is important to be ready to explain why you are currently not employed and what you are doing to get a job.

5. Negotiate for the best interest rate possible: In addition to the amount of the loan and the amount of your down payment, the interest rate of your loan is a very important factor in determining your monthly payments. Be sure to negotiate for the lowest rate possible. Hint: when you see your lender’s first offer, trying visibly flinching (if you are with them in the same room; if not, do it over the phone). A well- timed “Ooooooh” and then a nice, long pause after they make you an offer should get them to make you a second, more attractive offer from them at a better rate.…

The History of Auto Financing

The world of auto finance has evolved from the early days where you could only get a car loan for twelve months and were required to put 50% of the price of the car as down payment today where you can finance for 84 months with little or no down payment. The reason the world of auto financing has changed so drastically is because the price of cars keeps going up. Without these extended terms and creative finance programs, no one would be able to qualify for a car loan anymore which in turn would put a hurt on the car makers and our economy.

With the creative finance terms comes the need for the cars to be better made and last longer. Consumers are taking care of their vehicles better and the manufactures are building a much better machine. The introduction of the import brands into the United States helped in this process. Many of the domestic car makers are also forming joint ventures with car companies overseas to learn better ways to build their vehicles.

Still, auto financing is more of a need today than ever before. Without finance companies and lenders offering these extended terms and requiring lower down payments, we would never be able to buy these expenses vehicles. Think about having to walk into a dealership and just writing a check for a low end vehicle. If we were back in the 60’s, you could only finance that $15,000 vehicle you are buying for 12 months making your payments well over $1,000 per month.

Not only can you get a car loan today for a much longer period but the lenders have come up with very creative loan products to help reduce your monthly output. Leasing became popular in the late 80’s where you only have to pay for a “portion” of the vehicle. Lenders got burned however with this product in the late 90’s when it came time for consumers to trade and the car was not worth their original estimates.

Yes, auto financing has changes over time but is still a necessity of everyday life. You can find out more about car loans and the ins and outs of car financing at OpenRoad Lending.…

How To Get Best Auto Insurance

Insurance is something to make life secure easier and clearer. Financial help after any accident whether be natural or man made is very hard to bear. But at this high time if we get any financial help it is enough to console us mentally. The money of insurance works like friend in need is friend indeed. In case of auto insurance we can invest the money and can go for repairmen. The insurance company pays complete compensation for the accident.

These were the basic advantage of insurance company; now let us find the way to get the best insurance deal and what are the formality require for getting an insurance. To get an insurance first you have to go through the companies and give the quote according to your need and want. Make sure that you have gone through a long and detailed search before applying for the one. Go through the price tag and the installment you have to pay for availing the best cover. To know more about car finance and car loan click here.

There will be instances when you have a pressure of your friends or relative to go for a particular insurance company. For instance one of your friends tells you to opt go for xyz car finance in South Florida. For situation like this you do a good search and then confirm his/her request if found suitable.

Generally insurance money is actually your own money because it is deducted from your own salary on monthly basis for a particular period of time. The insurance company on account of that money provides a security circle around your particulars for which you are paying. Natural disasters, at times can churn your life to pieces it can bring to a big halt. Here insurance will work for you. There are insurance companies who take monthly installment on time but never pay the compensation on time. Never ever stick to that sort of company. Always go for that company who deliver right service on right time.

To know more about the best insurance quote it is very important that you have a very warm relation with your insurance agent, many insurance company appoint independent insurance agent to promote and bring the business. Insurance company are very frequent with changes they keep on bringing new changes to attract customer. So, if you will have a good relation with your agent you will be well informed about the profitable deal. By this way you will earn a good profit with minimum investment.

Now when comes about getting car insurance then companies tends to check your previous records. For instance, if you accidentally meet an auto accident then make sure you are not going to get the same deal. So always try to drive safely on the road to enjoy the cheap service.

To sum it all, it is important to take your time when shopping for your Maryland Auto Insurance, interview a representative of the company and ask friends and neighbors if they can refer an insurance can save you time and money in the end.…

Auto Finance Online – The Best Source to Find Any Type of Financing For the Vehicle You Need!

If you are looking for a new vehicle, then you need to know how you can find the financing you need regardless of your credit and your situation. There are lenders that will work with you if you do not have very much to put down or even nothing to put down. There is always a way to find the auto finance online option that is right for you. If you do the right amount of searching and you find the right website you will see how easy it is to get a new vehicle. Here is what you need to know.

1. Avoid the Buy Here, Pay Here at all costs

If you have ever used a buy here, pay here car lot to get a vehicle, then you probably do not need to be told to avoid these lots, but if you have not, then you need to know why. These lots are only good for incredible emergencies and the vehicle you get you will pay twice the value for. They will usually require a large down payment or they will put you in a vehicle you do not want that is not good for you. There is rarely a warranty and they usually give you a car that will break down sooner or later.

2. Auto Finance Online

Getting your new auto loan online is easy. This is a great way to search for the best loan for you when you are ready to purchase your vehicle. If you use the available auto finance online options you will find that there are many lenders that will work with you regardless of credit and they will help you regardless of your down payment. They will also be willing to work with you if you have filed for bankruptcy in the past and if you have had any vehicles reposessed in the past. There is a lender for you and it is just a matter of getting matched up with the proper lender.

3. What are your other options?

You could purchase a vehicle for cash, but if you are looking for a newer vehicle that will not break down on you, then you probably will not like this option. You probably only have a few hundred dollars to use for a new vehicle or a down payment and getting a vehicle for under $1,000 that actually runs well is not easy. This can be a very difficult task and even if it runs, what will you do if it breaks down. You are better of if you have a vehicle that has a warranty because you have some type of protection if it does break down or something goest wrong.…

Car Loans Online – Financing That Car Online Could Help You Find a Better Deal

One of life’s greatest joys is buying a new car. The excitement of looking through those glossy brochures choosing the brand, model, trim and the features is incredible. Ask most men and I am sure they will tell you it is one of the things they enjoy most in the world. It is the same with women as well these days since it is reported that they are involved in over eighty percent of all new car purchases.

However if there is one thing that can detract from the enjoyment of buying a new car it is the financing associated with the purchase. Everyone who steps foot into a dealership hates the finance experience associated with the dealer. More consumers are now flocking to the internet to find their best car loan options. With the web, you are able to shop around with multiple lenders from the comfort of your own home and with much less hassle than the traditional methods. In addition, most lenders doing business online give you the ability to see your approval terms and download you loan documents on the spot. This gives you an upper hand when it comes to negotiating over the price of the car with the dealer.

Some online loan sites are networks of lenders. Here you can submit one application and receive several quotes. This is a good way to compare interest rates with minimal work. Look out for trustworthiness though. Some networks do not guarantee that the lenders on their site are reliable. If you feel more comfortable working with a lender you are already familiar with, you might try the website of your local bank. From the comfort of home, you can get a car loan online with your own bank.

Depending on your own personal situation and how much time you have before you need that car loan, you owe it to yourself to do some research online as well to find the lender that best fits your needs. You can find more information about online car loans and refinancing at OpenRoad Lending. There you can find useful information about negotiating with the dealer and being empowered through the car buying and financing process.…

Questions to Ask the Auto Finance Lender

Someone who needs an auto finance loan from a lender needs to ask some questions in order to get the best value for their money. Therefore, they must do in-depth research and check to see if it fits their budget plans.

Ask about the actual annual percentage rate because this is the most important factor to be considered for a large purchase. You should discuss with your lender the annual percentage rate (APR) that they are charging. Also, ask them how they calculate and figure their APR, because most of them have different methods.

When talking about the APR, they should involve all the charges associated with the auto finance loans. In most instances, the interest rates depend on your credit history. If your credit history is below average, then they can impose higher rates on the auto loan and the vice versa for the case of excellent credit history. Therefore, it is advisable that you contact the credit bureau to confirm the status of your report before going to the lender. If you find that there is any error, then you should focus in correcting it before heading to the lender.

Don’t forget to ask about an additional insurance credit. Some auto dealers impose extra expenses by selling to you unnecessary insurance policies to make the loan attractive. Ask about any extra amount on top of your auto finance loan before committing yourself to the loan. If there is any policy, compare it with others.

Another important question to ask the lender is about the offer they are giving out. They should provide full information concerning their auto finance loan. There are some lenders who impose penalties on loan refinancing or early repayment. However, remember that good lenders do not charge any fee for cases like this. Look into the terms and conditions of the auto loans and don’t shy away from seeking clarification of any terminology you don’t understand correctly.

Remember to ask for the final approval for the auto finance package before you leave. Some lenders may tell you the deal is well done, but then call you later that they failed. They will then give you another lender to do the deal at higher interest rates, and additional charges. If any lender tells you the deals are set, you should ask for a guarantee that they’ll not change the terms in future.…

A Little Known Secret in the Car Business About Bad Credit Auto Finance

Bad credit is really frustrating. What’s even more frustrating is the feeling and the awareness that a car dealer or loan company seems to be taking advantage of you past problems and need to get approved for your loan. You know you can make the payments, if you can just get that loan approved. You don’t want to drive an old car, you want something dependable that looks good. If only you could erase those mistakes on your credit bureau and start fresh.

Well, getting a new credit bureau isn’t going to happen.

You can however, avoid the whole circus of dealing with dealer finance departments altogether. By using this little known secret, you can get approved easier, get approved for more car, have lower payments, eliminate the need for a down payment and of course, a lower interest rate.

You probably have no idea of this… car dealerships mark up the interest rate on a loan to make more money. Just like they can mark a car up a few thousand dollars to make a profit, they can increase the amount that you pay in finance charges even more. The extra money that they get you to pay in higher payments and a higher interest rate is profit for them and less money you get to keep each month. It doesn’t sound fair, does it? It is the truth though.

Let’s say you get approved for a car loan at 10%. That’s a reasonable rate if you have credit problems. What isn’t reasonable is when the dealer sees your desperation to get approved and tells you that, instead of 10%, your rate will be 15%. That extra 5% is an easy sale for a car dealer and results in quick profits for them, higher payments for you.

The way to get a lower rate, lower payments and a no down payment car loan for bad credit is to deal with a company directly that finances cars for people with bad credit. A company that will help you, not hurt you, and look out for your best interests.…