How Can I Buy a Car With Bad Credit?

According to an article in consumers affairs;

In general, it is better to go with a bank or an auto financing lender rather than the car dealership down the street that is offering a “buy here, pay here” deal. If you do wind up with a high interest rate on your car, work on rebuilding your credit score so that you can eventually refinance.

If you suddenly find yourself without a car you might be asking, “How can I buy a car with bad credit?”, well, You DON’T! I know not having a ride can be a problem, like how do you get to work, or what if you want to go out? Well as far as getting to work goes, see if a work colleague lives near you and chip in on some gas for a ride. As far as getting out from time to time, there’s always Uber.

You want to give yourself a few months to save up some money and pay cash for a vehicle until you can get your credit to a point where you can get a 6% or less interest rate. Your choice of vehicle will be better and the total cost for the vehicle will be a lot less.

Another problem with buying a car with bad credit that most people forget is car insurance. Your insurance premiums unfortunately are also based on your credit score. The combined monthly cost of your car and insurance could be challenging. Again, waiting until you have a good credit score will save you on insurance as well.

Here is an example based on $35,000.00 vehicle purchase at 20% versus 6% on a 5-year loan.

$35,000.00 at 20% interest you will pay over $15,000.00 in interest at 6% you will pay approximately $5,000.00 in interest. Quite a difference.

Your total cost for the vehicle is about $15,000.00 less in interest at 6%, and your monthly payment is approximately $250.00 less per month!

OK let’s play a little game, what if you took that $250.00 per month that you’re NOT paying in interest and invested it each month over the same 5-year time period with a 6% return?

Well you end up EARNING $3000.00 instead of PAYING $15000.00. I’d say that’s a pretty good argument for doing everything you can to avoid a high interest car loan.

Instead, put ALL your resources into getting your credit fixed. This will put you in to position to buy at a good interest rate with minimum money down. This will save you a ton of money and you won’t regret it!

Buy a new car or even a used car is never a good investment, but one you can’t avoid. Buy a car with bad credit, as you can see, is yet a worse scenario. Make sure you do whatever it takes to avoid this costly mistake.

If you considering purchasing a car in the near future and have some credit challenges be sure to check with one of our Credit Experts to see how you can improve your credit for the best interest rates and no money down options.

Applying for a Personal Loan With Subpar Credit – What to Know

Anyone that finds themselves with multiple balances on credit cards that have high interest may consider looking for a personal loan with bad credit. This allows them to transfer those balances and take advantage of a lower interest rate to pay off their cards. Sadly, many banks will turn them down due to their credit. Thankfully, there are ways to get a loan that will help them save money, even with that low credit score.

Whether due to financial issues, job loss, or just striving to build a good credit score as a first time user it is difficult to get a loan. The way credit reports work is always changing and there are many factors that affect a person’s credit. It’s important to stay in the know about how to build it, and what your options are. There are likely more options than they think. Here are some ways to apply for and get a personal loan with bad credit.

How to Get a Loan with Bad Credit

Having zero credit or poor credit is a major issue when looking to secure a loan, because that person is viewed as a high risk customer who may default. It’s important to accept that until the credit score is raised, one won’t be able to enjoy the standard lending guidelines offered by big banks.

For anyone that’s been turned down for a loan or who doesn’t want to pay monstrous rates, here are some options:

Consider a Home Equity Line of Credit

If there is enough equity in owned property, it’s possible to secure a tax-deductible, low-interest loan or line of credit that can be used in any way. The only downfall is that many don’t want to tap into their home equity as it puts the property in jeopardy if they can’t repay it. However, with a steady income and a bit of discipline then this can be paid off and is a less pricey option no matter what the credit score!

Try and Apply to Credit Unions

Credit unions are so much better than a regular bank. That’s because they are member-owned. Usually they are founded by people who have something in common whether it be living in the same area, or working in the same profession. They are nonprofit and have a sole purpose of helping members. They offer great customer service and low fees.

Borrow from a Friend

Consider what’s called P2P or peer-to-peer lending. There are even sites online that let a person borrow from someone directly rather than a bank. This form of lending is getting very popular and is quite simple. It’s a winning situation for both investors who want to earn interest and borrowers who enjoy paying lower rates. It’s the perfect solution when looking to apply for a personal loan with bad credit. Current rates with P2P lending are as low as 6%. That’s far lower than most credit cards.

Family Loans

If an online peer doesn’t pick up a loan request, there’s always a chance a family member might. However, it’s more than important to treat a loan from someone in the family just as a professional loan. It should be documented and recorded. A written agreement should show the interest rate, terms of repayment and collateral that’s going against the loan. It should also lay out all the actions to be taken if the borrower does not repay.

What About a Co-signer?

If one is searching for a personal loan with bad credit and they don’t have a family member or a friend that is available to offer the loan, maybe they would consider co-signing. This is when someone who trusts that the borrower can repay the debt would take a chance on them and be a back up to repay the loan should that person default.

Personal Loan and Its Different Advantages

A personal loan is an unsecured loan which is offered to a consumer for catering their various personal needs such as the renovation of a house, marriage, home appliances, buy vehicle amid others. This is offered after verifying one’s ability of paying especially the income source and also according to their credit history. A nominal processing fee will be charged and the sum as per a person’s paying ability will get credited to their account. In fact the loan payment is made via fixed installments which also includes interest and for fixed time periods. The icing on the cake is these days personal loans are a smart choice as one do not require going through a lot of formalities and tedious paperwork. Most of the financial institutions and banks offer personal loans today and the rate of interest is also quite reasonable.

Discover the different benefits

• Available easily- to get a personal loan is no longer a challenging affair. It is offered by almost all financial institutions and banks at a reasonable rate of interest. Compared to other loans it is convenient and easy to get

• No middleman or agent involved- for availing a personal loan one will not require taking the help of an agent or a middleman. This will avoid unnecessary expenses and delays. A person can approach the financial institution or bank for the purpose directly

• Unsecured loan- this is indeed an unsecured loan. Here no collateral security is needed for availing the loan. In fact, all that is needed is one’s ability of paying back the money.

• Less processing time- because it is accessible devoid of any guarantee or security the processing time needed to get this is naturally less compared to other loans

• All purpose loans- in this form of loan it is not compulsory for a person in specifying the reason for which they will be using the money.

• Minimum paperwork- to get a loan will not need any asset verification or other forms of certificates and proofs which include ample paperwork as none of one’s property is mortgaged

• Offers and schemes- different financial institutions and banks keep announcing offers and special schemes on personal loans, especially for the professionals such as architects, doctors, chartered accountants and the like

• Amount and tenure- these loans generally are provided varying from Rs 15000 to Rs 20 lakhs differing from one bank to another. The repayment can be made through EMIs

The bottom line is, rather than borrowing money from a credit card it is always better to choose a personal loan as the rate of interest is comparatively lower. So reap its utmost benefits.

Bad Credit Auto Loan: A Way to Repair Your Credit Score

Having a car has become a necessity in today’s fast growing world. But to obtain a car you need a good credit score. What do you do when you know that it is not as good as it should be and you find yourself in a tight spot financially? The first thought that comes to your mind is whether you will qualify for an auto loan. And, why would a lender approve loan application of an individual who has a spotty credit score? But the good news is that you can get a bad credit auto loan.

What is a Bad Credit Auto Loan?

The simplest definition is that you can get money for buying a car with a bad credit score. A credit score depends on your ‘creditworthiness’. So when you have a bad credit score, getting an auto loan becomes difficult because a lender thinks that you are unable to repay your debts. Today, owing to online services many lenders offer attractive interest rates on a bad credit auto loan providing the borrower a sigh of relief!

It’s no Picnic!

Getting an approval for a bad credit auto loan is no picnic. It means that when your credit score is not in your favor, it becomes difficult to get approval. But, with the following guidelines, approval becomes easy:

· When your credit score is in question, don’t assume that it must be bad. The wise way is to check it yourself.

· It is the best time to shop around for a bad credit auto loan. Many lenders see borrowers with credit issues in a positive light. So it is important to shop around in order to make the right decision.

· Go online! Various loan options are available online which not only suits your needs but also offer you best interest rates.

· Consider a co-signer. A co-signer provides the security which lenders are looking for in a loan application. Your co-signer’s financial condition should be good in order to compensate for your low score.

Different Lenders have Different Viewpoints

Something that is multifaceted can be looked at from many points of view, with each point of view showing something new.

· You don’t have to worry about your credit score since the lenders are not going to looking at it. Instead, the lenders will look at how likely you will pay off the loan in future.

· The approval rate for a bad credit auto loan is higher than other conventional loans.

· It gives you an opportunity to improve your reputation. If you make timely payments, it can provide you with a chance to build a stronger financial standing.

On the approval of a bad credit auto loan, you will now have the money to buy a new car. You will have fixed interest rate and monthly payments. So now when you make the payments on time, it will not only repair your credit score but also build a good reputation with the lender.

When your credit score is not good, Online bad credit auto financing is the perfect way to buy a car. Apply with EZ Auto Finance and the online loan expert will help you to become a proud owner of your favorite car. Also, it will enable you to obtain no down payment auto loans.

The Key to Benefits Using Credit Card Numbers

Credit card numbers are the key to many benefits on a daily basis. Each credit card has a series of card numbers that are unique to that particular card. In this world, people can go for months now without using cash or writing out a check.

They are important to show the validity of a card and the available purchasing power on that card. People can buy their groceries and pay for meals at the local restaurants so they can remain well fed using the benefits of their credit cards.

Cashier At Grocery Store

At the cashier in the grocery store, a swipe of the card can pay for the weekly groceries and the other items available at the grocery store. At an elegant restaurant or the fast food outlet, a swipe of a card can provide the whole family with an excellent meal.

The numbers will provide necessary information when making purchases on line as well. A person can go without cash for days on end, and they can also make many purchases without leaving the comfort of their own home.

At the beginning of the school year, the whole family can be outfitted without leaving the home computer. The numbers can be entered on a website, hopefully a secure website, and the order can be filled quickly and efficiently.

Types Of Cards

The credit card numbers on many types of cards are good at the local grocery store, but these credit card numbers are also valid at a fancy boutique in a faraway land. These credit card numbers identify an account that can be used for many purchases all around the world.

A card can be used to get you a plane, train or cruise ship trip that can take you to exotic and interesting places all around the world. Once the traveler arrives, the credit card can be used to pay for the hotel accommodations and meals.

A card is good for renting a car, and the traveler can drive away to fascinating places after a few minutes and a swipe of a card. A credit card can also be helpful when cash is a necessity for other purchases or activities. A traveler can pay for opera or football tickets depending on their preferences.

The card numbers provide you with a unique opportunity to move about without a wad of cash or worries about getting robbed. Most credit cards come with a guarantee that the holder of the card will not be liable for any loss of funds beyond their control.

How Can You Prevent Your Credit Card Number From Being Stolen? What To Do If It Is Stolen

As the number of credit card users sees an unprecedented growth, credit card fraud has increased too. It is easy to commit and criminals do not have to be very experienced or professional to execute it. However, it will put you through much unnecessary trouble.

Some ways to steal your CC Number

Some retailers use systems that print your full number, name and expiry date on the receipts. This is all the information required for criminals to make payments online or over the telephone.
Retail merchant or employees may use the details obtained during payments and use them dishonestly.
High-tech skimming devices fixed to ATM machines or point-of-sale processing equipments record credit card numbers and information. This information may be used to make duplicate cards.
Criminals could simply steal your card and use it by forging your signature until you realize it is missing.
Bogus websites marketing products or services may be created just so that interested consumers will provide their details to make purchases. These card details can be then used by the website owner.

Criminals do not always need your card to steal from you. Just having your details will suffice. Now that you know how such fraud can be committed, you are better equipped to prevent it.

Some ways to prevent your credit card number from being stolen

Much is being done in order to stop credit card fraud. Credit card processing equipments are constantly upgraded for this purpose. Some of the latest innovations do not retain the numbers, thus preventing retail merchants or their employees from using them illegally. Ask about the equipment being used before making your payment.
Try to avoid using it if the system used by the merchant prints receipts with your full credit card details.
Always tear up your receipts and bills before disposing them.
Check your statements conscientiously. Make sure you recall making each and every transaction on the statement.
Keep your credit cards safe.
Do not reveal your PINs/passwords to anyone. Ensure that they are difficult for anyone to guess. Store them at a place different from your credit card. If you were to lose your wallet which contains both your PINs/passwords and your card, you would have made it easier for the one who finds your wallet to max out your credit card or make cash advances.
If you are making payments online or over the telephone, be sure that the merchants are trustworthy. Check the security features available and know that they are reliable.

What should you do if you realize your credit card number is stolen?

If you find transactions in your bill that you don’t remember making, report it to your credit card company immediately. This will prevent you from being responsible for the total bill. The company will contact the authorities and help them to catch the criminal.
If you realize that it is missing, report it to the company as well as the police as soon as possible.

As you can see, there is not much you can do once the number or credit card had been stolen. The best thing to do will be to prevent it from happening. Be fussy and particular if you have to. It is better to be safe than sorry.

What Is a Disposable or Virtual Credit Card Number?

Everything from paper cups to cameras have become disposable these days. You can go to your local convenience store and pick up a slew of products such as cameras and even cell phones that can be thrown away. In the credit card world there are also options that are essentially disposable. Virtual credit cards, also referred to as disposable credit cards can be obtained through a variety of credit card issuers on the market today.

A virtual card is essentially a number that will expire within a very short period of time or after just a few uses or even just one use. One time use card numbers are issued for the purpose of shopping online or any form of high risk transaction. The purpose of having a virtual card number is being able to shop securely online or even just over the phone. Perhaps, you are dealing with a less than reputable vendor that you would not want to have your credit card number. Simply contact your credit card issuer and ask for a virtual number. The other big advantage is that if anyone were to hack your number online the card number would no longer be good. This would make it impossible for someone to steal your number and go on a shopping spree with your dollar.. Purchases made with a temporary number will show on your statement as regular transactions or will show separately.

The main purpose an individual or company would want to use a throw away card offer number is for shopping online. Many people still fear shopping on the Internet. The concern is that hackers will get a hold of their number. However, these days, there are many secure websites that use SSL technology to encrypt credit card transactions being made online. Large online retailers such as Amazon and Wal Mart spend large amounts of money every year on online security measures that will protect their customers. Consumers should also be aware that most issuers have a zero fraud liability policy that protects their customers against theft. However, for those that are still skeptical about making purchases online you can always request a temp card number from your issuer.

There are quite a few disadvantages to using a temp or throw away number. When you go to rent a car online for example, you give them a one time use card number and they will only be able to verify it once. At the end of the car rental the rental agency will need to total your millage costs, fuel costs, etc and re charge your credit card. If you give them a disposable card number that can only be used once they will not be able to finalize your charges. The same hold true when you use your card to make hotel reservations or even buy theater tickets online. The other major disadvantage to using these numbers is when you need to make recurring payments online. For example you could be purchasing vitamins online that have refills sent to you every thirty days. Your online vitamin retailer will not be able to charge your card multiple times if the number is going to expire immediately.

These days there is really no need to use temporary numbers for online purchasing. There are many precautions that anyone can take in order to minimize the risk of online identity theft from occurring. Shop online with websites that use PayPal as their card processor. PayPal provides buyer protection against theft. Should you not receive the item you ordered you can dispute it through PayPal. If the site does not offer PayPal make sure that they are using SSL technology. Just look at the URL and make sure the beginning starts with “https//” and not just “http//”. This ensures that you are on a secure site. Also go through your credit card statement every month and report any charges that you did not make. A lot of times can come from other sources besides online shopping.