Friday, 6 December 2013
Buying a car is an important decision in anyone’s life. If a wrong decision is taken, you have to keep making unaffordable payments till the very end of the loan term. But, now Missourians do not have to worry about choosing the best car loan program. Missouri Auto Loans are ideal for every car buyer because of its highly customized options.
If you have bad credit score, Missouri sub-prime car financing at low rates is available to you. This auto loans program is designed to provide ease to bad credit car buyers. The monthly payments are absolutely affordable and it will certainly help you in improving your credit score.
You can qualify for Missouri Auto Loans without down payment/co-signer easily. Just submit your auto loans application form on the secure website and get no obligation loan quotes today.
Wednesday, 27 November 2013
“Necessity never made a good bargain”
Times were different when Benjamin Franklin said it. And, he certainly wasn’t talking about cars. If you are in need of a car today, you can definitely get the best auto loan deal. The odds are in your favor. Just take a look at the present car financing market and you will know why.
CURRENT AUTO FINANCING SITUATION
Federal Reserve has implemented the low-interest-rate policy. This has reduced the cost of borrowing funds. Now, getting a car loan in such a low-rate environment is good for every Missourian. Not only will you get the benefit of buying a car but also enjoy the most affordable loan rates in recent years.
Higher Investor Confidence
The delinquency rate as of Sept. 30 is 2.58% compared to 2.67 % a year ago. Americans have been regular in making monthly payments. This has increased investor confidence. Today, more lenders are willing to offer auto loans due to on-time payments. Even, the sub-prime car financing programs are available easily because of the same reason.
Large Option of Cars in Minnesota
Missouri is a large state. All major auto manufacturers sell cars in the state. You can opt for new cars or pre-owned automobiles according to your requirement. So, you have a plethora of options to choose from. Also, there are many lenders and online car financing companies that offer car loans in MO. This means driving your dream car is extremely easy.
Now that you know how easy it is to get auto loans in the state of Missouri, here are few tips to help you secure a great car financing program.
HOW TO GET THE BEST CAR LOAN PROGRAM IN MISSOURI?
A car financing program is best when you get lower rates and affordable monthly payments. To secure the perfect deal, you must assure the lender of regular payments. This will reduce his risk. Read this section of the article for it will show you ways of getting an auto loan in the Show-Me-State.
1. Improving your credit score will have a positive impact. The lender will know that credit ratings are important to you and that you will keep making regular payments to increase your score.
2. Down payment of at least 10% will show your financial capacity. The lender will deduce that when you can afford a huge payment amount, smaller monthly payments will be a piece of cake for you.
3. Co-signing can help every Missourian with a car dream. If you have bad credit history, a co-signer with a good credit score will definitely provide you better chances of approval.
4. Trade-ins lower the loan amount and most lenders won’t have any problem in approving smaller loan amounts.
These important tips will help you in tracking down an excellent Missouri car loan program. So, remember them while getting your next auto loans program in the state.
Tuesday, 26 November 2013
Here’s some encouraging news for bad credit car buyers of Kansas City, Missouri. In the second quarter of 2013, 35.2% of the outstanding auto loans were subprime loans. This pleasant change is because of lower delinquency rate. In the same quarter, only 0.36% of car loans resulted in repossession. Lower rate of missed payments and repossession has provided optimism to auto lenders. This means you get easy approval and better rates on bad credit Kansas City auto loans, right? NO. You may get approved but interest rates will hit you hard.
MO lenders have increased sub-prime lending but they address the increased risk by charging higher interest rate. But, all is not lost. You can still get better rates by reducing the risk factor. How do you do it? Well, this article will help you in your car buying pursuit.
Reducing Risk Factor to get Reduced Rates
Bad credit borrowers in KCMO are offered higher rates because lenders consider them risky. People with credit issues have a history of making late payments. This increases the fear among lenders. If you can show the lenders of Show-me-State that you are capable of making regular payments, your interest rates will be reduced automatically.
You have bad credit score because you have few missed/late payments. Now, you can increase your score by clearing your debts. It is quite understandable that you cannot make payments for all debts. But, ensure that at least a few are paid-off. This way you can show your improved financial capacity to the lender of Kansas City.
Get Down Payment
Down payment works like magic. Your KC auto loan amount is reduced by down payment. It also reduces the risk factor because it ensures the lender of regular payments. How? MO lenders consider that car buyers who can manage a decent down payment can definitely manage regular monthly payments of smaller amounts.
Search for Co-Signer
Subprime car financing companies ask most credit borrowers to bring a co-signer. But, persuading someone to become a co-signer is difficult. If you miss out on payments, it becomes the co-signer’s responsibility to make them. So, people shy away from co-signing the Missouri auto loan contract. You must convince your friend or relative to become co-signer. You have to assure the co-signer of regular payments. You can convince him/her by showing your pay stubs. It will show your regular income and manifest your financial capacity.
So, these are the ways in which you can reduce the damages done by your bad credit score. Use them to have a positive impact on the lender. Don’t fall for easy approval instead check for better rates and a better bad credit car loans deal in Kansas City.
Best of Luck!
Monday, 25 November 2013
For bad credit borrowers, there are sub-prime auto loans in Jefferson City. But, credit score is not the only factor that creates problem in getting affordable auto financing options in the city of Missouri. Down payment is another thing that causes trouble and stress to car buyers. But, don’t worry if you do not have sufficient money to make down payment. JC lenders have introduced another variant of auto loans to help you buy the car of dreams. It’s called No Money Down Auto Loans.
Lenders of the city came to know that even though auto loans were available in abundance, car buyers were still avoiding car financing. And, the reason was simple. People could not afford higher amounts of down payment. And, so lenders customized auto financing options with optional down payment.
Am I eligible for No Money Down Auto Loans in Jefferson City?
18 years of age and valid SSN is necessary to apply for 0 down car financing. It’s okay if you have low income or earn a part-time income. Lenders even offer auto loans to people with past bankruptcy.
Although your credit score is not the most important thing, it is will be considered for determining your loan rate. So, if you have bad credit history, improve your score before applying for a JC auto loan.
Tips for getting Easy Approval
Even though no money down car loans are available in the market, getting quick approval is another story. Lenders may stall your loan application if you are not ready for the car financing process. Here’s how you can prepare for the loan.
Keep your Documents ready
It is important to have a complete list of documents ready with you. This way lender won’t have any excuse of not approving your loan request. You will need the following paperwork:
1. Age Proof
2. Income and Employment Proof
3. Receipt of Utility Bills
4. Financial Records
5. Details of the Vehicle, if you have selected any.
Find a Co-signer
A co-signer assumes the responsibility of making payments if you miss them. Most Jefferson City lenders require a co-signer. Co-signing becomes all the more important if you have bad credit history or limited income. So, ask someone with a good credit score and lower DTI (lower than 40%) to become your co-signer.
Opt for Trade-in
Jefferson City no money down car loans help you avoid cash down payment. But, you can always go for down payment-in-kind. Trade-ins will reduce the loan amount and you will also be able to get real worth of your old car. This will work just like down payment but you won’t have to spend a penny from your pocket.
*Special Tip for Bad Credit Car Buyers
If you have bad credit score, JC lenders may charge slightly higher rates on no down car loans. To nullify the higher rates, you can opt for used cars. Used cars are available at low cost. This means the overall interest amount will also be lower. It will aid you in making regular payments and improving your credit score.
With these tips, getting an affordable no money down auto loan program will be very easy. Quick approval will be a reality for you because you are now well-versed with the way lenders think. So, go out there and get yourself the best car financing program in Jefferson City.
When you apply for no money down auto loan, you need Rapid Car Loans. The expert car financing company has been offering no down payment Missouri auto loan options in Jefferson City. Car buyers with bad credit history have receive low rate auto loan quotes from the company since 2008. Apply now and get ready for zero down car purchase.
Friday, 22 November 2013