Skip to content Skip to sidebar Skip to footer

Owner died, not one family member care for Broken-hearted Buddy sat quietly in high kill shelter

When lenders look at car buyers, they look at income, length on job, as well as the type of credit that the borrowers are requesting but they are mainly concerned with their credit scores.

Customers need to be aware that these scores are numerical values that are being provided to all the citizens by the three major credit bureaus. The numerical values can be different for each bureau mainly because some lenders only report to one of them so this often causes missing information to the other two and they have different reporting cycles causing periods with different numbers. But if a customer never took out any loans or opened any credit cards, he would not have any credit history to report and hence is often denied financing because he does not have any score at all.

The scores range from 300 to 850. Though there are no specific rules that mention what specific number customers need in order to get an auto loan, the companies generally prefer people who have 720 or higher. Such people can easily get a car financed from any of the lenders at good interest rates. In case the customers have it slightly below 720, their options would be lesser but they would still be able to get a good deal if they make a little more effort. The lenders would change their terms slightly, mainly the interest rates and the amount of down payments needed to secure the loans.

However, with numbers between 650 and 550, the interest rates would skyrocket and the down payments needed would be increased and it might not be worth it for customers to finance at traditional lender for a couple more months. This is till they can get their scores higher or save enough cash for the down payments to offset the high interest rates.

If the scores are any lower than 550, customers are encouraged to turn to buy here pay here financing for their in-house financing programs because traditional and conservative lenders would definitely not be considering applications with credit scores this low. Customers need to remember that in-house financing dealers finance directly and do not need outside lenders which is great since this allows them to approve customers for financing without checking credit scores at all. Instead, they look at the financial situation as a whole. For example. what is the income, how long have the customers been employed, and do they have proof of residency.

So, the right auto score to get a car loan with traditional lenders is 550, but if customers want to land in the safe zone, they should try to be as close to 720 as possible. This can be achieved by several ways.

1. Paying on time.

2. Keeping the amount owed on loans low compared to the total credit limit.

3. Limiting new credit requests because they reduce the score by about 5 points each.

4. Having only 2-4 credit cards with high limits so as to not look risky.

5. Having home mortgage and big items to look stable.

If you are looking for car loan and your credit is bad, then the buy here pay here car lots are right for you.

You can apply online and get a pre-approved loan before you go to the buy here pay here car dealers. The loan amounts vary based on each customer's financial situation and not on current credit scores.

Want to buy a car with bad credit history? Well, you are not alone. Many Americans are struggling with credit score and they still want to buy a luxurious new car. And, that is where they go wrong. There is no problem in buying a car straight out of any of the 2014 Auto Shows; but it is not the best decision for a bad credit buyer. Why buy an expensive car when used cars are perfectly capable of taking you places?

Used cars are no longer what they used to be. With the Cash for Clunkers Program of 2009, really old and decrepit cars were taken off the road. If you opt for a used one, you will probably get a car that is just six or seven years older. This means that you are buying nearly new car only.

Benefits of using a Used Car

Lower Loan Amount

Today, new cars are costlier than ever. Your dream car may cost you more than $30,000. But, you don't need to spend such a fortune on a used car. You can get a decent car for just $12,000. You can even buy a cheaper car from a private seller by eliminating dealer's commission.

Because of the lower loan amount, you will be able to make affordable payments easily. This will result in improvement of credit score as well. Sounds like a good deal, isn't it?

Easy Financing Options

Most lenders do not approve new car loan requests of bad credit buyers. They worry about the safety of their money. But, lenders don't have any problem in providing loans of smaller amounts. So, getting a loan for a used vehicle is relatively easy for a person with poor credit.

Dealing with Down Payment

A down payment or trade-in equity is required to lower the loan amount of a new car. You may even have to take a personal loan or break your savings to put money down. But, this is not suitable for a bad credit buyer. It is because he can use the same money in paying off debts and improving his credit score. You can avoid this situation by opting for comparatively cheaper used cars.

Dealing with Depreciation

Most new cars depreciate between 20%-30% of their cost as soon as you take them out of the dealer's lot. There is no point in wasting your hard-earned money on depreciation. Instead, you can buy an old car with lower depreciation rate and almost the same reliability.

Dealing with Warranty

While buying a used car, you can easily transfer the original factory warranty to your name. Also, many manufacturers provide additional warranty on certified pre-owned cars. This way you can get a reliable car with lower cost. That's sounds like hitting two birds with one stone!

A used car is an obvious option for a person dealing with bad credit issues. It provides the much-needed respite from crowded public transportation. And, because of affordable loan program, you actually have the opportunity of improving your credit score.

So, bad credit buyers! Stop looking for new car and make a logical decision by choosing a used vehicle.

Desperately need a foster.

Buddy's owner passed away. Buddy was inherited by the kids, they did not want to deal with him. They took Buddy to the vet a couple times and wanted him euthanized. He has occasional trouble with vomiting and diarrhea. He was surrendered to the vet the other day. Since then we have found out that poor Buddy has some masses in his intestines. Buddy still has a lot of life and love to give. We are looking for a hospice foster home that will let him live out how ever much time he has left. North Coast Boxer will cover any medical needs Buddy would need. He is dog friendly and absolutely loves people. Buddy is 6 years old, and weighs 65 pounds. Would any Ohio friends be willing to give Buddy a place to stay?? He is currently stuck at the vets with no place to go. Buddy is not currently neutered, and we will have to discuss with our vet if that would cause any other complications or not.

FB threat here
You may be going through a financial crunch since you have taken a huge debt from the bank to purchase your dream home or may be you have lost your job? Whatever may be the reason the fact is we cannot altogether bypass our regular needs or urgent requirements. For many people buying a car is the second most important asset after home. To drive home a brand new car, most of the potential car owners look for a suitable lending opportunity. Auto loans for bad credit is ideal for people who don't have a sufficient amount of money in hand to pay the higher rate of interest. Such a type of car loan comes at a low interest rate for a poor credit holder to easily pay off the monthly amount in a tension-free manner.

When applying for an auto loan, there is no need to travel all the way to the lender's office to collect a hard-copy loan form. It can be easily done online from any place of the world and at any time provided you have an Internet connection that remains steady, 24/7. The online auto loans application procedure is pretty simple. You enter the dealer's website, you will get to see an online loan application form 'view' button or section, as you click on that the online loan application form will open. It is a must to fill up the mandatory sections; you can also fill up the optional sections as well. After you have added all your necessary personal and professional information, you should click on the submit button to let your form get processed. Usually within a day, you will receive a call or an email from the dealer's office asking you to meet personally at a convenient date and time.

The private dealers offer low interest auto loans for bad credit. The traditional lending institutions such as banks and credit unions refuse to entertain a person with a tight finance. In such a situation, a person who needs a car for traveling purpose finds it difficult to fulfill his needs. Private auto dealers lend money at a flexible rate to enable anyone and everyone apply for a car loan.

An executive will sit with you face to face to discuss in detail about your loan requirements. The customer support team can help you choose a loan that is perfect to meet your needs and budget. He will guide you step-by-step through the lending process explaining you clearly about the various aspects of getting a loan.

One of the prime benefits of getting a car loan from a private dealership is that you can be able to repay the loan for an extended period of time if you so request the dealer. While taking auto loans for bad credit ensure you are well-versed with the terms and conditions of the lending process from beforehand to avoid any chances of mis-communication in the future. Before signing the papers, read the smallest of details in the transaction papers and if you have any questions, ask the dealer immediately.

An increased number of people are buying a car and they have their own personal and professional reasons for that. Usually, all people love to pay full cash for the car they plan to buy; nevertheless not many people have sufficient amount of money in hand. For them, the bad credit auto financing companies exist. These companies offer instant cash to people who have an unstable financial condition.

Advantages of taking an auto loan from a private dealership/lending institution.

1. Get Loans at the Lowest Rate of Interest

Usually all dealers charge a low rate of interest from the potential customers. This is because they have to survive amid stiff competition from the fellow dealers offering loans at an attractive rate.

2. Can Opt for a Zero Down Payment

You can easily skip the phase of making a down payment by going to a dealer or lender who has to offer 'zero down payment' option. Yes, apart from charging a low down payment, many dealers also ask for a zero or no down payment at the time of purchasing a four-wheeler.

3. Extended Loan Term

In case, you are unable to pay the monthly amount on time, you can approach your lender with a request for an extension of the loan term. Usually, the lending institutions listen to their customers' plea and allow the borrowers to pay off the money for some more months or years.

4. Compare the Rates

You can always compare the rate of interest of different dealers by asking for an online quote. Companies offering bad credit auto financing will quickly provide you with their rate on bad credit auto loan you are interested to take.

5. Get Any Amount of Money as a Car Loan

There is no restriction on the amount of money you can apply as a car loan. The best part of private lenders is that irrespective of your credit score - bad, poor, or no credit, you will get eligible as a borrower to happily drive home your favorite brand of car.

What you need to check about a private dealer/lender:-

The online financing company must be in the auto lending business for at least some years. A budding company may not know the rule of the trade; hence may be a bit risky for you to deal with.
Regulate your monthly income and find out how much you can afford to spend in order to pay the final lending amount on a monthly basis.
Try to choose a low priced car for which you have to apply for a less auto loan amount. Automatically the monthly payment burden will also be less compared to the amount of loan you will have to take if you select an expensive model.
Have the down payment ready with you from beforehand.
Do a meticulous research about the bad credit car financing companies and the rates they charge before finalizing one.
Tell the auto dealer you have a bad credit; the dealer may help you get a better offer or a vehicle