Sub-Prime Car Loan - Are you ready for it?

In the past, traditional banks and lenders considered sub-prime credit borrowers risky and rejected their loan application. People with sub-prime credit history were often forced to obtain obnoxious rates and horrible car loan terms of buy-here-pay-here dealers. But, today the story is different.

Stiff competition in the auto financing market and increasing number of people with credit issues has compelled lenders to offer their services to sub-prime credit borrowers.

Are you eligible for Sub-prime Car Loans?

Every sub-prime car buyer does not receive car loan approval. If you want to obtain the loan program, you should fulfill the following requirements:

Current Employment

You must be working with your current employer for at least six months. Lenders will need your employment verification letter as well as copies of recent pay stubs to confirm the employment status.

Down Payment

It is important to manifest your stable financial capacity to lenders. It will help them in taking a favorable decision. If you are buying an inexpensive used car, you can make a down payment of ten percent. But, if you are opting for a brand new car, it is wise to save up to twenty percent of the car cost for down payment.

Lower Debts

Lenders won't have any problem in approving sub-prime loan application of car buyer with few financial commitments. So, if you have several loans, it is important that you pay off a few of them and improve your DTI ratio.

No Open Bankruptcy

Every auto lender considers open bankruptcy as a bad sign. He/she will not offer you loan quotes if you are in the middle of a bankruptcy. So, don't apply for a loan during bankruptcy.

What Costs should you consider before signing a Sub-Prime Car Loan Contract?

A recent report published by Experian suggests that auto loan delinquencies rose by 8.6 percent in the third quarter compared to last year. Most experts are attributing this rise to sub-prime car loans.

Many car buyers obtain sub-prime car loans without considering their financial condition and end up in a financial mess. If you are thinking of obtaining a sub-prime car loan, understand your financial condition and take into consideration the several car buying costs.

The Loan Costs

When you have sub-prime credit history, you will receive higher loan rates than the average market rates. It will make your loan expensive. You must consider the increased cost before signing the loan contract. You must also pay attention to other loan-related expenses such as application fees, document charges, pre-payment penalty, etc.

Dealer Fees and Taxation

Fees structure varies from one dealer to another. But, here are the most common fees charged by dealers:

1. Vehicle license and registration fee

2. Title fee

3. Documentation fee

4. Compliance fee

5. Floor plan fee

6. Advertising fee

7. Dealer preparation fee/Shipping fee

8. Sales tax

A dealer charges additional fees such as emissions testing fee, fee for vehicle inspections and smog checks from a used car buyer.

The Car Costs

Once you buy a car, you will have to consider several expenses such as car insurance, repair and maintenance costs, fuel costs, etc.

If you think you can manage the cost of buying a car, only then sign the sub-prime car loan contract. Remember that assuming financial obligation without thorough thinking can cause a financial disaster. So, don't be in a hurry to obtain a sub-prime car loan. Think about it and then say yes.

EZ Auto Finance helps car buyers in obtaining affordable sub-prime car loans. The company will understand your financial situation and provide you with low rate auto loan quotes to fulfill your car dream. Apply on the secure website today.

Different Types of Car Loan Programs

Cars we love but loans we hate!

Every car aspirant feels hatred towards car loans. Each one of us loves the automobile but detests the car loan process. And, the reason is simple. Lenders and dealers often confuse car buyers with different loan programs and leave them distressed. But, you don't have to worry anymore.

Whenever you decide to buy a new car, you must plan for the purchase and understand the different loan program available in the market. This way you will be able to protect yourself from shoddy lenders.

Plan your Purchase

It is very important to plan before choosing a car because it will help you in creating your "Affordability Range."

Affordability Range = Total Monthly Income - (Total Monthly Expenses + Savings)

If you keep your monthly payments in the affordability range, it won't create any problem in making regular payments. It will also help you in deciding whether you should go for a used car or a new car.

Make Financial Decisions

After you decide the amount of monthly payments that is comfortable for you, you have to make a few decisions that will help you in choosing the right loan for your dream car.

1. Loan Amount (Do you want 80% LTV or more?)

2. Loan Term (Are you comfortable with a 60-month loan term or not?)

3. Loan Fees (Are you okay with Application Fees, Process Fees etc.?)

4. Down Payment (Are you willing to make down payment and how?)

5. Co-Signer (Do you have someone to co-sign loan contract?)

Understand Different Car Loan Programs

America is the Land of Choice. Car buyers can choose from several loan programs available. Here are the most common financing programs offered by lenders, dealers and online auto financing companies to car buyers:

1. Good Credit Car Loan

A good credit car loan program is available at low rates for car buyers with:

>> Excellent/Good/Average/Prime Credit Score

>> Gross Monthly Income more than $2000 per Month

>> 10%-20% Down Payment/Trade-in

>> A Co-Signer with Good Credit

>> No Past Bankruptcy

>> No Recent Repossession

2. Poor Credit Car Loan

If you are a car buyer with credit score in the range of 580 to 619, lenders will offer you a poor credit car loan. You will receive slightly higher rates than the usual rates. Don't worry. If you make regular payments on the loan and improve your credit score, you will be able to get better rates in future.

3. Bad Credit Car Loan

These loans are reserved for car buyers with credit scores less than 580. Most bad credit car loan borrowers receive interest rates that are double to those offered to people with excellent credit score. But, all hope is not lost. You can make the loan rates affordable by:

>> Reducing the LTV

>> Bringing a Co-Signer

>> Choosing a Used Car of Lesser Value

4. Sub-Prime Auto Loan

A lender may approve you for a sub-prime loan if your credit score is anything but good (lower than 620). There are few lenders who don't differentiate between bad credit buyers and poor credit borrowers. They simply categorize them as borrowers with sub-prime or non-prime credit ratings and so, offer them sub-prime loans.

5. Zero Down Finance

Zero down finance is the name of the program that lenders approve without asking for down payment. This loan program is available at slightly higher costs because the lenders assume higher risks by providing a loan with higher LTV.

6. No Co-Signer Car Loan

The loan program is usually provided to car buyers with good monthly income and higher down payment. You must remember that both the things reduce lender's risk and so; he/she will not have any problem in approving your loan application without a co-signer.

So, these are the common loan program offered by the lending agencies. Whenever you go out to obtain a loan for your car, ask the lenders about all the different type of programs available with them. Choose the one lender that offers you multiple loan programs because it will give you the power of a favorable choice.

EZ Auto Finance is an online auto financing company that offers a wide variety of loan programs to its customers. Apply on the secure website for obtaining low rate bad credit auto loans and quick no down payment car financing. Apply now.

How to ensure Car Buying Success with Bad Credit History as your Partner?

According to a new report by Experian, a huge number of US consumers are buying cars. The phenomenon is a result of easier loan access and less-stringent approval criteria. The report revealed that lenders and banks financed 85 percent of the total new car purchases and 53.8 percent of used cars in the second quarter. This is higher by 0.5 percent and 0.9 percent, respectively, from the last year.

Everyone is running to the dealership lot for buying a car but you should not do the same thing if you have bad credit score. For ensuring success at the time of buying a car, a bad credit car buyer has to consider several things like your budget, credit score, down payment, etc. But, there is one more important thing that requires your attention and it is the car you are buying.

New Car or Used Car – That is the Question

Whether your car loan will be affordable or not depends on the car that you buy. So, you have to be extra careful because it has the power to improve or ruin your credit score.

Most bad credit buyers receive higher interest rates in comparison to others. So, if you buy a new automobile, you will end up paying more in terms of interest. Also, it will be costly for you because insurance premium amount is higher for new car in comparison to old cars.

It is safe to buy a used car with bad credit history because its low-cost will ensure an affordable loan amount. If you are careful in choosing a used car, you will have the advantage of obtaining a reliable automobile with less maintenance cost.

Options for buying a Used Car

Once you decided to opt for older cars, you have two sources to choose from:

1. Dealership Lot

If you are worried about ending up with a lemon, you can obtain a CPO (Certified Pre-Owned) car. CPO cars are ideal for car buyers who want to buy a less-costly used car that has undergone safety and performance inspection. It usually carries extended warranty.

Although, you must keep in mind that certified cars are a bit expensive than other alternatives because dealers conduct a thorough inspection of the automobiles.

2. Private Party

You can buy a car from a friend, colleague, neighbor or online seller. All such sales are categorized as private party car sales. Such deals are ideal for those buyers who want to avoid the incessant pressure of the salesman. A private party car purchase also leaves more room for negotiation but you have to ensure the reliability of the car as there is no certification available.

Next comes the Bad Credit Auto Loan for buying a Used Car

After you have made a decision about buying a used car, it is time to apply for a bad credit car loan. Before you go to a bank or seek dealership financing, you must consider the online auto financing companies. These institutions work with a lender network and ensure that your credit application reaches several sub-prime lenders and thus, ensure higher approval chances.

Here are few tips for obtaining quick approval on your online loan request:

>> Apply only with a sub-prime lending company with a secure website

>> Make down payment or trade-in your old car for lowering the loan amount

>> Bring a co-signer as it will increase lender’s faith in your loan application

So, this is how you can become successful in buying a car with bad credit history. Remember this bad credit car loan guide before heading out to make the purchase.

For successful car buying, you need a reliable financing partner like EZ Auto Finance. The online auto financing company is experienced in ensuring low rate used car loan to sub-prime buyers. You can obtain quick approval on bad credit auto loans at low rates. Apply now.

Quick Tips before buying a Perfect Car

Many people dream about buying their favorite car. They have pre-defined notions of their favorite car and don’t consider other alternatives. But, you should not let your heart rule when it comes to deciding the car model. You must consider several things by keeping in mind your present and future needs. Remember that the functionality of the car is more important than its looks. Here are few practical tips that will help you in selecting the perfect car for yourself:

Just A Desire to buy a car is not Important

Buy a car only when you need it. If you work from home, then there is no need of buying a car. You can share your partner’s/parent’s car. Also, it doesn’t make sense to buy a car if you have comfortable public transportation service in your neighborhood.

Remember that a car is a huge financial investment. If you commit to it without considering its actual use, you will face economic problems. So, think through because once you buy a car and obtain the car loan, there is no looking back.

Fuel-Efficiency is Crucial

If you are going to use the car regularly for your office, you must consider its fuel-efficiency. Choose a car that provides at least 25 mpg in city and 30 mpg on highway when you have to travel farther distances regularly.

Don’t forget that fuel-efficient cars are usually smaller with four-cylinder engines. So, if you have set your heart on a huge SUV, think twice about buying it.

You also have the option of buying a hybrid car. Such cars include an internal combustion engine and at least one electric motor. But, you have to undertake cost analysis before choosing a car with hybrid systems. If the extra cost of hybrid cars overshadows the fuel-savings of a gas-powered car, you must avoid it.

Expected Number of Passengers determine the Size

If you don’t have a family, you can buy a two-door coupe or a stylish sports car. But, if you will be carrying passengers with you, you need to consider a large automobile.

a. For a smaller family of four people, mid-sized sedans will work.

b. For a large family, a crossover automobile (cross between car and SUV) is suitable.

c. If you have a very large family or several people car-pooling with you, you require SUV or a minivan with optional third-row sitting.

Remember that you will have to consider the safety aspect when traveling with your family. Also, check for adequate space for installing a child safety seat in your vehicle if you have kids.

Cargo Capacity is a Decisive Factor

For most families, the trunk size of mid-sized sedan is sufficient. But, you will need a bigger car if you have a huge family and need to store groceries and other things in the trunk.

The Environment plays a Major Role

It is important to buy a car according to your environment. If you live in the city, you don’t need a four-wheel drive or an all-wheel drive. But, it becomes mandatory for people living in hilly areas and regions that receive regular snowfall and blizzard.

Leisure Activities influence your Choice

Activities that you do in your free time have an impact on your car choice. If you like boating on weekends or like to go camping, you will need a car with sufficient towing capacity. On the other hand, a person who enjoys going to clubs doesn’t require a huge SUV. He/she needs a small compact car that can be parked effortlessly in the city.

After you consider all these practical tips, you will be able to choose the car that suits you perfectly. Remember that once you buy a car, you will have to use it for a considerable amount of time. So, don’t make an emotional purchase. Buy a car after making a practical decision because it will provide you incredible pleasure and happiness.

Once you choose the perfect car, you need the perfect auto financing program. Apply with EZ Auto Finance for quick approval and low rate car financing process.

All the best! Hope you choose the perfect car.

EZ Auto Finance – It’s Time to say Good-bye to every Car Financing Worry

Bad credit history, bankruptcy in past or no money for down payment in present – every auto financing problem will no longer be a problem for you. EZ Auto Finance is here to provide you easy approval on car loan programs.

The online auto financing company follows the “no discrimination policy” and so, you don’t have to worry about getting high rates because of your bad credit score. For getting easy approval on your car loan application, simply visit the website. Submit your loan request and let the company find the best car loan program for you.

EZ Auto Finance has helped several Americans in becoming happy car owners. Apply now, and you too can own a car of your dream today.

Poor Credit Auto Loans - Financing a Car with Bad Credit History is possible now

Bad credit score has become a common phenomenon. Almost, everyone has had his/her share of encounter with the dreaded bad credit history. It acts as a major deterrent in getting credit. Loans become difficult because of bad credit. But, it never means that you cannot get an auto loan with bad credit history. Thankfully, poor credit car financing is very easy.

Initially, lenders refrained from offering poor credit auto loans online. They considered bad credit borrowers very risky and that’s why rejected most applications with bad credit. But, with changing times, lenders have understood that many Americans are dealing with bad credit. And, it’s common sense to offer poor credit auto loans to such a large population.

If you want an auto loan with bad credit, it is important that you convince the lender of being a low risk credit borrower. If he is assured of the safety of his investment, he will easily offer you a poor credit auto loan. Here’s how you can get yourself a poor credit auto loan.

Your Budget Sets Your Boundary

When you prepare a budget, you know the exact amount of money that you can spend on buying a car. It will help you to choose a car without much trouble. With a budget in hand, comparing auto loans programs for poor credit will become very easy. You can easily ascertain if the monthly payments are affordable or not with the help of budget.

Get Your Documents Ready

After deciding on your budget, you must get together all your documents. Lender will require you to have Income and Employment Proof. You can use your current pay stubs for this purpose. He may also want to see receipts of utility bills. All this will give him a picture of your debt repaying ability.

A Used Car is a Better Option

A new car is expensive than a used car. So, when you buy a new car, you will have to pay more. When you have a poor credit score, your interest rates may not be very low and so, it’s best to avoid a new car.

It’s better to search for a car after getting approved for a poor credit auto loan. It is possible that the lender may want you to buy a car from a specific dealer only. If this happens, all your hard work of searching a car will go waste. Hence, apply for a car loan first.

However, do remember to buy a used car after getting it inspected by your trusted mechanic. Also, check the car title. Do not buy any car that has been salvaged or flooded.

Apply with Subprime Lenders

When you are ready with your budget and documents, it’s time to apply for a car loan. Now, traditional lenders and banks may reject your car loan application for having bad credit. This is because they usually offer auto loans to borrowers with good credit scores. So, you must not waste time in applying with all lenders.

Instead, devote some of your time in research. Search lenders who offer poor credit auto loans and have a high approval ratio. You can easily avail a poor credit auto loan from sub-prime lenders. These lenders have expertise and experience in dealing with bad credit scores. They are able to handle credit issues better than anyone else.

Web to Your Rescue

You can find many subprime lenders with the help of internet. There are numerous online car financing companies that have huge network of subprime lenders. All you need to do is search for a reputed car financing company and apply on its website for a poor credit car loan. Once you apply by submitting an online car loan application form, the company will search a lender for you.

Compare and Then Sign the Contract

When you apply with online subprime lenders, you will get several poor credit auto loan quotes. Now, it’s your time to choose the best option for you. Choose a car loan quote by considering important factors like interest rates, loan terms and conditions, pre-payment penalties, additional fees, charges, etc. You can make use online car loan calculators to calculate exact monthly payments.

You must choose a poor credit car loan program that offers you great ease. You have to make regular monthly payments to pay-off your low credit automobile loan. It will improve your credit ratings and help you in availing lowest possible rates in future. So, search for that perfect poor credit auto loan and start improving your credit score.

EZautofinance.net does not discriminate anyone on the basis of credit score. We offer affordable poor credit auto loans to bad credit borrowers. With our reasonable automobile financing options, you will even get to improve your credit score. Apply now!

1st Time Auto Buyer Loans – What makes Qualification Easy?

Age and status don’t matter when it comes to buying a car. Car is a requirement for every American. Most automobile purchases are made with the help of car loans. When you buy a car for the first time, you may have several doubts. But, once you know the entire car loan process, it will all be very easy for you.

Buying your first car is a great experience and you shouldn’t get overwhelmed. A first time buyer needs to get a first time auto buyers loan. This car loan program can be availed by a teenager, a college student, or a person with no credit, a good credit borrower etc. The only common factor among first time car buyers is that they are buying a car with auto loans for the very first time.

Criteria for Getting Approval on First Time Auto Buyer Loans

Employment

Your job plays a major role in getting a first time auto buyers loan. You can be employed part time or full time but, you will definitely need employment proof. You can show your recent pay stubs as a proof. If you are self-employed, you can use your tax statements as proof.

Lenders have simple logic when they ask you to have stable employment. If you have a regular job, you will be able to make timely payments. This will increase safety of lender’s investment.

Income

Income and employment are very closely related. When you have stable job, you are able to earn a regular income. Most lenders require you to earn at least $1,000. This number changes according to the lender.

Income is an important criterion because you can make regular payments to the lender only when you earn enough. If your income is insufficient to pay your expenses, getting first time car buyer loans is not a good idea.

Credit Rating

Your credit score determines your credit repaying ability. Lenders are able to know your financial history by taking a look at your credit report.

Now, it is always better to know your accurate credit score. Before applying for a first time auto buyer loan, you must check your credit report and remove all errors and mistakes. If you find any discrepancy in your credit report, you must inform to the respective credit bureau.

Higher the credit score, better it is. So, work on your credit score.

Down Payment

Down payment has a very significant relation with your car loan approval chances. When you make a substantial down payment, you reduce the auto loan amount. This increase lender’s trust and decreases his doubts and risks. Making a down payment of 10%-20% can significantly reduce your interest rates.

Co-Signer

Co-signer is a person who guarantees the car loan by signing the auto loan agreement along with the primary borrower. Though co-signers are not compulsory, a co-signer adds significant weight to your first time buyer car loan application. You can actually avail higher amount of loans at lower rate of interest when you have a co-signer.

All these factors are important in getting first time auto buyers loan. When you apply for a car loan, you have to convince the lender of being a low risk credit borrower. If you can do, instant approval will very easy for you.

EZautofinance.net believes in offering affordable car financing to each and everyone. Our first time auto buyer loan program is perfect for first time car buyers. Apply on our website and get instant approval!

All the best!

5 Powerful Reasons to buy a Used Car with Bad Credit Score

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

1. 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?

2. 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.

3. 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.

4. 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.

5. 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 auto financing 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.

EZ Auto Finance provides maximum benefit to bad credit buyers by providing bad credit used car loans program. Submit your loan application today for 0 cost auto loan quotes.

How to Buy a Car with Pre Approved Auto Loans?

A pre approved auto loan is an easier and an excellent way to buy the car. You will not only save money but will also save yourself from dealing with dealership financing. It is possible that dealers who may not offer you lower rates. You certainly don’t want to get a raw deal. But with a pre approved automobile loan, you can stay away from higher interest rates and last minute changes in loan terms and conditions.

With a pre qualified car finance, you know the exact amount of money that you can spend. You automatically remain in budget. As you know each and every detail of the car loan, there are no chances of unpleasant surprises in the future.

Pre approved auto financing is good because it gives you greater negotiation power. The dealer knows that you have ready money and so, he won’t have any problem in reducing the car price. Also, you will be able to negotiate better terms and conditions.

How To Get Instant Approval on Pre Approved Auto Loans?

Know Where You Are

Assessing your financial statements should be the first step in getting an auto loan. You must have your current pay stubs with you. It can be used as a proof of your income and employment. Your utility bills can ensure the lender that you have been making regular payments.

Study your credit report. Identify the mistakes and report it to the credit bureaus. Your credit score will improve as soon as wrong entries and unwarranted transactions are removed from your report. Paying off old debts and making regular payments can also help in increasing your credit score.

Shop Around

Once you have all the necessary documents, you can apply for a pre approved car loan. Don’t apply with a single lender. Instead, apply with several lenders and then, compare car loan quotes. When you apply at several places, you have the opportunity of choosing the best pre-approved auto loan program.

It is time consuming to visit local lenders and dealers and apply for a pre-qualified car loan. You can make use of the internet and get your free car loan quotes. All your work will be done at the click of mouse and you won’t even have to leave your home.

Choosing The Best Pre Approved Auto Loan Quote

When you receive auto loan quotes, compare them and find the best car loan program. Don’t choose an auto loan quote because it has the lowest monthly payments. Consider several aspects like interest rates, loan term, APR, car loan conditions, pre-payment penalty, additional fees and charges, etc.

Once you choose a car loan quote, the lender will give you the check. It is generally valid for a limited period such as two or three months.

With a check in hand, you have the freedom to choose your favorite car. Truly, pre approved car loans are a perfect way of avoiding any unpleasant surprises in future. So, don’t waste any time and apply for a pre approved auto loan today!

Make your car buying process perfect with pre approved auto loans. EZautofinance.net has a huge network of experienced lenders. This makes it easy for us to offer guaranteed instant auto loan approval. Apply now and get a pre-approved car loan today!

How to Qualify for Car Loans after Bankruptcy?

Chapter 7 or Chapter 13- Every bankruptcy is a very challenging situation. It causes embarrassment and financial troubles but it doesn’t mean that you cannot buy a car. Many people think that they will never get auto loans as bankruptcy ruins credit scores. Thankfully, this is not true. Post bankruptcy auto loans are a boon for borrowers who have just come out of bankruptcy.

A bankruptcy stays on your credit report for ten years and so, it has such a huge impact on car loan approval chances. It is for this reason that you must work strategically in order to get a car loan. The key is to reduce the lender’s risk. If you are successful in lowering the lender’s risk, he will easily offer you an after bankruptcy auto loan.

How to Get Car Loans after Bankruptcy?

Patience is the Key

You filed for bankruptcy because you were unable to pay-off your debts. You certainly don’t want to get a car loan with unbearable monthly payments. So, you must have patience in getting an after bankruptcy car loan.

There are many lenders who offer auto loans to people in bankruptcy. But, they often charge high interest rates. So, it is best to opt for car loans after coming out of bankruptcy. Once you have discharged bankruptcy, you get the opportunity of availing car financing at reasonable rates. You can lower your rates by waiting for two to three months. During this time, you must concentrate on increasing your credit score.

Employment and Income is Important

When the lender is ready to overlook your bankruptcy and bad credit score, he is taking a risk. If he considers your car loan application very risky, he will not offer lower interest rates. But, there is a way of reducing his risk.

If you have a stable job and regular source of income, the lender will be assured of regular monthly payments. This will help you secure a post bankruptcy auto loan without much difficulty.

Lenders also consider your income as an important factor for approving your post bankruptcy auto loans. If you are able to pay your expenses and still save, you will be able to make easy monthly car loan payments. So, lenders ask for sufficient income and a decent debt to income ratio.

Search For Lenders That Offer Car Loans After Bankruptcy

Traditional lenders and banks shy away from borrowers with post bankruptcy because they are considered a huge risk. There is no point in applying with those lenders who are going to reject your car loan application.

So, research and then choose your lenders. Apply with those lenders who are experienced in offering after bankruptcy auto loans. You can even go for online auto lenders. There are many online auto financing companies that offer affordable auto loans. They even offer auto loans after bankruptcy because they have a wide network of lenders and dealers.

Inexpensive Car

When you have a just come out of bankruptcy, you mustn’t buy a new car. A new automobile is costly and will increase your car loan amount. Instead, choose a reliable used car. Don’t forget to get it checked by your local mechanic.

Put Money Down

When you make a substantial down payment, you reduce the car loan amount and the lender’s risk. This prompts the lender to offer you lower interest rates and instant approval. So, start saving money for down payment. Usually, 10% -20% of the total cost of the car is enough. But, there is no harm in going for a higher amount.

Co-Signer Can Help You

Getting someone with a good credit score to co-sign your car loan contract reduces the lender’s risk to a considerable extent. Find someone who is ready to co-sign your after bankruptcy auto loan. A co-signer can be anyone from your parents, friends, or relatives.

All these points will definitely improve your chances of getting approval on auto loans after bankruptcy. These points will help in reducing the lender’s risk which means you will get reasonable interest rates.

A post bankruptcy car loan is a perfect way of buying a car. It will also assist you in building your credit score after bankruptcy. So, it is important that you take a well-thought decision.

EZautofinance.net is a reliable online car financing company that offers low rate online bad credit auto loans. Our huge lender network helps us approve after bankruptcy auto loans. Apply now and begin your car journey today!

All the best for an after bankruptcy auto loan!

Blank Check Auto Loans – A Definite Advantage over Traditional Car Financing Options

A blank check auto loan is easy to understand. When you apply for a car loan with a lender, he will study your car loan application. If he perceives you to be a less risky borrower, then he will offer you blank check auto loan. It means he will give you a blank check with a specific spending limit. When you find the car of your choice, you can fill the amount and buy it.

Benefits of a Blank Check Auto Loan

Keeps You In Budget

The blank check auto loan is approved by the bank or the financial institution before you visit the dealer. The major benefit is that you know the accurate amount of money that you can spend. This helps in choosing an affordable car. Also, the lender provides you exact rate of interest and the term of loan for paying it off. Therefore, it will help you to make a proper budget.

Helps You Avoid Unaffordable Car Loan Options

Blank check auto loan helps you avoid situations in which you are forced to get an unaffordable car loan. When you have a blank check in your hand, car sales persons will stay away from offering you high interest car loan deals. Also, there will be no question of rejection of car loan application after the things have been finalized with the dealer.

Negotiation Power

Blank check auto financing gives you the power to negotiate. You will be in a position to choose the car of your choice without the worry of financing. It will also give you the power to negotiate money and other car loan terms and conditions with the dealer.

What Car Details Are Required By The Lender?

The lender is giving you a blank check auto loan. But, that doesn’t mean he won’t ask for car details. A car is used as collateral and he may repossess it if you miss out on payments. So, it is important that he knows all about it. He will ask all car related information like the car make and model, its VIN or Vehicle Identification Number, year of its manufacture, odometer reading, car title, etc. So, whenever you set out to buy a car, don’t forget to know everything about it.

How to Get Instant Approval for a Blank Check Auto Loan?

Credit Scores

Credit history is an important factor when it comes to blank check car loan approval. If you want a loan at a lower rate of interest, you must have a good credit score. Delayed payments on your credit report won’t be good for you. So, it is better to improve your credit score before applying for blank check auto loans. Make on-time payments for at least six months before filing a car loan application. This will help you improve the score.

Search and Negotiation

When you choose a blank check auto loan program, it is important that you look for different lenders who can provide various car loan quotes. It helps in comparing and choosing the correct program and also to stay within the budget. Don’t forget to negotiate with the lenders so that you get the best deal.

So, that’s how you can get a blank check auto loan for your next car purchase. If you can secure such a loan, it will provide you great ease in completing the entire car loan process.

So, don’t wait anymore! It’s time to make your car loan stress free!

A blank check auto loan really simplifies the entire car loan process. Apply for one at EZautofinance.net today. Our simple car loan process and instant approval auto loans will make it easier to buy a car!

4 Tips 4 Better Rates on Sub-prime Auto Loans

A car is a requirement for each and every individual. It is a necessity for a borrower with good credit score. You need a car even when you have a subprime credit history. Yet, most bad credit borrowers complain of constant car loan rejection. But, things are changing with subprime auto financing.

Subprime Auto Financing – A Common Phenomenon

People with good credit scores are called prime borrowers. And, people with bad credit scores are known as subprime borrowers. Lenders that offer auto loans to subprime borrowers are called subprime lenders.

Subprime car financing is common these days as many Americans are having a bad credit history. Lenders know that they cannot shy away from offering auto loans to bad credit borrowers because there are so many of them. They would lose a considerable amount of business if they didn’t offer subprime auto financing options.

Important Tips to Get Guaranteed Approval on Sub-Prime Credit Auto Loans

Yes! It is possible to get guaranteed approval on subprime car loans if you understand these important tips and follow them.

Credit History

Your credit scores play an important role in getting any type of loan. Even if you have subprime credit, it is necessary that you check it. An accurate credit score can help you avoid scams. There is a possibility that lenders may con you by not offering lower rates under the pretext of a bad credit score. So, always check your credit score.

When you check your credit ratings, you must go through your credit report as well. Look for discrepancies. If you find any error, report it to the concerned credit bureau. It is better to remove all errors from your credit report because it will improve your credit score. You can also increase your credit score by making regular monthly payments.

Down Payment and Co-Signer

A large down payment increases your chances of getting a subprime auto loan. When you put money down, the car loan amount reduces. There is also a decrease in the lender’s risk. As a result, getting lower interest rates becomes easy for you.

When you have a co-signer, the lender is sure that his investment is safe. This will increase his trust in you and your car loan approval chances will increase.

Search for Lenders after Making a Budget

When you make a subprime car loan budget, you get an idea of your affordability. A budget is a necessity because a planned credit purchase is easy to manage.

Once you know how much you can actually afford as monthly payments, start your search of finding a subprime lender. It is always better to search for car loans first and then choose the vehicle. When you have a pre approved auto loan, it takes pressure off your mind and you are able to make a better car choice. Also, you avoid unpleasant car financing surprises at the dealer’s lot.

Submit your car loan application at many places because lenders don’t have common criteria for subprime auto loans. It is possible that few lenders may consider your score very bad while others may think of it as average. So, it is always better to apply with several car lenders.

Traditional financial institutions and banks are reluctant in offering auto loans to subprime credit borrowers. So, it’s better to avoid them. You can apply with a credit union if you are its member. You can even opt for online subprime auto loans by applying with online auto financing companies. These companies offer instant approval because they work round the clock with a large network of lenders and dealers. Remember to check the authenticity of the website. Apply with only reliable car financing companies.

Comparison and Negotiation

After receiving several car loan quotes, compare them on factors like interest rate, monthly payment, APR, car loan terms and conditions, pre-payment penalty, etc. When you compare on all these aspects, you get a clear picture.

Once you have chosen the best subprime easy auto financing program, negotiate with the lender. If he is convinced that you will make regular payments, he will definitely lower your monthly payments.

Subprime auto loans not only allow you to buy a car but also help in improving your credit score. With simple yet extremely effective tips, getting subprime car financing will become very easy. Don’t forget to use them while applying for your next car loan.

Getting Subprime car financing is simple with EZautofinance.net. We have several subprime auto lenders in our network who help us offer instant and guaranteed approval on subprime auto loans. Apply now and get an opportunity to own a car!