Wednesday, 30 November 2011
“It Isn’t Over Till It’s Over” - California Bad Credit Auto Loans Are A Ray of Hope for Bad Credit Borrowers
Bleak economic indicators, depressing hiring numbers, dreary spending and miserable condition of monthly payments are all consequences of the 2009 recession. Well, the recession has created havoc in everyone’s life and everyday is a battle for Americans.
But, Californians have always been famous for hard-work and “never say never” attitude. It is the dedication of Californians that make it the largest economy of the world’s most powerful country.
Knowing the attitude of Californians, several lenders have trust in you. You may think that buying a car is difficult in this economy. But, the case is not so. There are ample opportunities with you to buy your dream car. The option of bad credit auto loan is one of them. This loan type is useful for those who are suffering from a poor credit score.
There are many confused souls who do not understand bad credit score. Well, let’s make it simple for everyone.
Bad credit is nothing but your credit score gone awry. A credit score basically means numerical representation of your credit worthiness. The most commonly used score model is FICO score. TransUnion, Equifax and Experian are three of the largest U.S repositories. They handle your credit scores.
Every credit bureau has separate criteria for calculating your credit score. This is the reason a same individual has different credit scores at the same time.
Generally, a score above 700 is considered excellent. If your credit score is below 500, it is usually a bad credit score. But, this doesn’t mean the doors of opportunity are closed on you. Lenders have their own criteria. Your credit score may be bad for someone and average for another lender.
So, the bottom-line is that you shouldn’t stop searching. Remember a quitter never wins. Explore as many options as possible. All you need to do is search for lenders who offer affordable auto loans for bad credit. You can seek help from your local lenders or widen your search with the help of internet. Internet allows you to complete your loan process in a quick span.
When you search online, make sure you choose a secured website for filling the application form. A valid security certificate means the site is safe from phishing. So, check the security of the site.
The Down Payment
There are several things that can affect your auto loan. How much amount you put in as down payment is also important. Down payment is the initial upfront amount that you pay while making a purchase. You can increase your loan approval chances by making a huge down payment. This will reduce the lender’s risk and will also ensure him of your financial capability.
The Co-Signer Rule
This is another way of raising the probability of approval. If you ask someone to co-sign your auto loan, the lender’s risk gets divided. If you have a co-signer, he guarantees the repayment of your loan. So, search for someone who trusts you and is ready to co-sign your loan agreement.
What Documents Are Required For Your Bad Credit Auto Loan?
Proof of Income
If you are a salaried employee, then it is important that you send a copy of last two months’ pay stubs.
For self-employed or individual contractor, pay checks are out of question. Hence, it is necessary that you submit your IT returns of at least three years. It will include:-
>> Form 1040 (U.S. Individual Income Tax Return)
>> Schedule C (Profit or Loss from Business)
>> Schedule SE (Self-Employment Tax)
Regular bank statements are a proof of your stable economic condition. Lenders want to ensure that their money is going into right hands and hence would be interested in understanding your personal accounts.
Your Residential Proof
A copy of your recent Mortgage Statement Utility Bill like phone or electricity is enough for lenders.
You will also need to submit details of your car. A new car will require information like the purchase price, VIN, car’s year, make and model.If it’s a pre-owned car, you will have to additionally give information about the car’s mileage, title and also provide a disclosure of any liens, if any.
Now, California is widely known for its car culture. Auto lenders have understood the importance of car in the Golden state and so, they are offering affordable loans. After understanding the easy availability of bad credit car loans in the State, the only thing left for you is to apply.
So, apply now and get ready to enjoy the beautiful scenic vistas of California in your car. Don’t forget to drive on the Golden Gate Bridge and enjoy the panoramic view of the San Francisco Bay.
Avail bad credit car loans California from RapidCarLoans.Net and drive your dream in style. We believe that your bad credit score is no reason to deny you an affordable auto financing option. So, apply now and achieve your car dream.
Monday, 28 November 2011
When you live here, you get a little bit of everything. Beautiful weather, sandy beaches, almost 52 weeks of golden sunny days- the State of California is truly the Golden State. It is a beautiful place to live. Californians believe in living life to the fullest and this belief holds true even while buying a car. In 2010 alone, there were a staggering 1.17 million new vehicle registrations.
Buying a car is an investment and a very strenuous process. It can be exhilarating and worthwhile only when you find a perfect car at affordable rates.
When you are buying a car, you can either go for an old classic or a contemporary model. But buying "fresh off the lot" is a personal aspiration for many. It is like a status symbol. If someone buys a new car, he is considered to have "made it" in the big land of Uncle Sam.
Latest engineering, chic style, fuel efficiency, and innovation will be offered by a new car. It will also have superior safety devices. And to top it all, who doesn't enjoy the new car smell? Isn't it thrilling to own a car that is truly yours, one that's never been driven by anyone else?
The best thing about a new car is that it gives you peace of mind. You need not worry about the car's history and doubt whether the car was salvaged or not.
Most dealers will offer you attractive incentives for buying a new car. It can be anything from a cash rebate to 0% financing. Manufacturers are also offering strong incentives on new car sales.
It is easier to buy a new car than ever. So when you can afford the Real Mc Coy, why go for a pre-owned washout?
An overwhelming number of cars are launched in California every year. 2012 Toyota Camry was launched on August 23, 2011. Even Ford is set to launch its all electric car-Focus in California next year. You will soon be seeing the Italian beauty back on roads as Fiat is re-entering the U.S. market after a 27 year hiatus.
All this is quite intimidating. You have quite a lot of cars to choose from. So, it becomes essential to research.
There are several options to search for a car. Most dealers give their ads in local dailies and TV channels. Ask for opinions from your friends and family. Californians are passionate about their cars so taking opinions from them will definitely refine your perspective.
Also make use of the internet. There are multiple sites that offer new cars for sale and others who provide a detailed review. You can also get an idea about the safety of a car by comprehending several articles and safety reports about the particular model. Insurance Institute for Highway Safety (IIHS) is popular for providing this sort of information.
Understanding the importance of internet, car dealers have started their own "Internet Division". This means you can communicate with the dealer's Internet Administrator via e-mail, fax or phone.
"Tomorrow belongs to people who prepare for it today."
It is essential that you consider the re-sale value of the car. Every car loses its value the second you drive off the lot. There are only few cars that have a high re-selling value. Make sure that the car you choose also has the same virtue. Refer Kelley Blue Book website for a reliable re-sale value.
"Seeing is believing."
So, go to the near-by dealers and explore various car options. Don't buy the first car you like at the very first dealer. Comprehend everything and then go for the kill.
It's great to have that Eureka moment while buying a car. When you know that you have found your perfect car, negotiate the price. The "sticker price" is always higher than the actual worth because every dealer knows that the buyer will negotiate.
The other aspect of buying a car is FINANCE. With interest rates lowering to almost 3% for new auto loans, new cars are a reality.
Before you go for an auto loan, you will have to decide on few other things.
Buying a car is not a one-time expense. You should think of its cost as the total cash outflow over its useful life. You will have to pay for Title registration, insurance, taxes, maintenance, etc. So, do not spend all on the price of the car and do save for the future.
Figure out how much down payment you can afford. Make use of the online car loan calculators to calculate your monthly payment.
You obviously need a robust credit score for availing car loans at lower interest rates. But, you can improve your chances by going for a trade-in.
Owing to the 2009 "cash for clunkers" program, more than 600,000 used cars were taken off the market. And with the economic downturn, the sale of new cars has also reduced. This means that the demand for used cars is increasing and on the other hand its supply is constantly declining. The result is a steady decline in the price difference between the new and used cars. You can take advantage of this situation and trade-in your used car for a higher price.
A higher price means you need new car loan for a lower amount. This will automatically translate into lower interest rates.
When you avail an auto loan, you can go for traditional options like the car dealers or banks and other financial institutions.
But the best way is to use the internet. Your work will be done PDQ. When you have the entire world at the click of mouse, why choose other options? You can visit websites of several companies and get quotes from them. Don't worry if you have a less than perfect credit score. There are companies which specifically deal with bad credit score.
A tremendous effort was put in by you to reach the position where you are now. You are not only capable of buying a new car, but you also deserve one. So, buy a brand new car and paint the town red.
When you have struck gold in California, why not enjoy it?
We, at Rapid Car Loans offer you hassle free auto financing in California. We have a nationwide network of lenders who will provide you car financing at the most affordable rates. All you need to do is fill in the simple application form.
Are you from California and worried about how to finance your car? And your poor credit score is adding to your worry? Residents of California who have poor credit can actually take a break from their worries because bad credit car loans are now easy to get. They are just a click away and can be accessed from the comforts of your home or office with no application charge to pay.
You may come across many dealers who are willing to give you the car even before your poor credit auto loan gets approved. However make sure that you do not fall prey to them. In such a case, you are likely to be called back and will have to renegotiate the rates of the poor credit car loans. Instead, wait until your vehicle loan has been approved and you have signed the written agreement after studying the terms and conditions offered for the loan. This is to ensure that there are no blunders from the part of the dealer and you know exactly what you are getting into in terms of payment, and interest rates. There certainly should not be any hidden costs involved because a car loan is a means of relaxation in your life and not unnecessary tensions.
Getting a bad credit car loan is not a very difficult task in reality. There are many dealers who will find you the right car or SUV within your budget even with bad credit. In California, there are options of securing horrible credit auto loan with the help of collateral. In such cases, the Californians prefer a secured debt for the loan because they have lower rates of interest than the interest rates on conventional loans.
Ensure that you have done a thorough checking on the lender’s credibility. In California, the law covers the risk which the consumers may face when opting for car loans of this type. Federal Truth in Lending Act requires disclosures like APR and long terms to be made. When you are investigating the dealer and the lender, make sure that you know the disclosures that are essential to be made by such lenders.
In case you are looking for bad credit auto loan, you can try reputed ones among the various auto loan dealers. They provide straight and simple solutions to owning autos for Californian residents even when you have poor credit. Getting in touch with a dealer will definitely make your experience a lot more enjoyable and hassle-free.
The Californian auto loan services offer their services at no charge and include most of the paper work like application review, processing, suggesting the most suitable scheme to finance your purchase and finding you a reasonable and dedicated dealer with proper customer services. They are best to work with due to their wide network of lenders and financers. Since there are no limitations in California on the rates of interest, so go ahead and compare the rates to get the best deals.
We, at Rapid Car Loans offer you hassle free bad credit car loans California. We have a nationwide network of lenders who will provide you auto loans at the most affordable rates. All you need to do is fill in the simple application form.
Tuesday, 15 November 2011
Everyone wants to have their own set of Hot Wheels. Cars have been a fascination for long. Even as children, we were mesmerized by the beauty of cars. It is absolutely true that cars are the ultimate American passion.
When you live in a state known for its car culture, you simply end up loving cars. And so is the case with Californians. Who wouldn't want to drive on the famous Golden Gate Bridge?
Now, for all you Californian teenagers who want to feel the rush of driving a car. There will be several questions in your mind. It is better to solve them before you buy your first car because doubts hold back satisfaction.
Am I Legally Allowed To Drive A Car? What Are the Requirements For Getting A Driver's License?
You can drive once you are 15 ½ years old. You will have to apply for the California Instruction Permit. This license is a "provisional" driving license and you will have to follow few additional rules until you get a driver's license.
>> It is vital that you follow all traffic rules and drive without any collision.
>> It is obligatory that you drive in the presence of a parent/guardian/spouse/adult above 25 years of age with a valid driver's license.
If you follow the regulations, you fulfill the basic requirement of taking a driving test in California.
To take your driving test you must:
>> Be at least 16 years old and must have held your permit for minimum of 6 months.
>> Have concluded driver education and 6 hours of professional driver training.
>> Have accomplished a certified 50 hours of practice with an adult who is 25 years of age or older with a valid California driver license. It is mandatory that minimum 10 of the 50 hours must have been done at night.
>> Have minimum insurance coverage.
If you fail the test, your re-test can be scheduled only after two weeks. A Re-Test Fee will be taken from you for the second and third attempts. If you don't pass the test in three attempts, then you will have to apply again.
How Should I Choose A Car?
Well, the California Lemon Law will help you with all new and used cars (if covered under the manufacturer's original warranty). So, go ahead and explore your car options. Only with a thorough research, you will be able to buy a perfect first car.
The need of a car
I understand that all of us are passionate about cars and owning the best set of wheels gives us huge satisfaction. But it is necessary that you let the left brain dominate you for some time. Think why you exactly need a car.
If you need to cover long distances every day, then it important that you go for a car which gives you good mileage.
If you live in the hilly area of Sierra Nevada, you can go for a SUV or any other car with a sturdy built. It will help you cover the hilly tracks. You can go for a stylish convertible if you live near San Diego's Ocean Beach.
If you won't be driving passengers in your car, then a two-seater would also be adequate. So, it all depends on you.
Buying a car is not like buying movie tickets. Believe in saving for the rainy day and don't spend every penny on just the price of the car. You will also have to spend on the title, registration and also on insurance. Also, consider future maintenance cost and so make a wise decision.
A new or used car?
Latest designs, better mileage and advanced technology make us crave for the latest models. There are several new models that cost less with multiple promotional incentives and rebates.
But, remember that cars lose their value faster. So if you are going to spend so much on a new car, you wouldn't want its value to depreciate quickly and put you at disadvantage.
As a teenager, cost is always an important factor and so you can also go for pre-owned cars. They will obviously be priced lower than brand new cars. Request a Vehicle History Report and make sure that the vehicle isn't salvaged or a Lemon.
The trouble with an old car is to identify its exact value. You clearly don't want to pay more than the car's worth. The Kelly Blue Book value of the car will help you here.
It is important that you take someone along with you. A TRUSTED mechanic is the best person in this case. Take a test drive and ask as many questions as you want to.
What Paperwork Is Involved While Buying A Car?
Your work doesn't end by choosing the perfect vehicle; you still have to go through paperwork. It is less taxing if you let the dealer do it. But this doesn't mean you can skip it. Before signing the dotted line, you must understand everything.
The most important is the Bill of Sale. It is document which acknowledges the sale. It will include the entire contract information, the vehicle identification number (VIN), license plate number, car's year, model, the selling price and other details.
The state also requires Californian cars to have a Smog certificate. Only few are considered an exception. You will have to pay a fee of $8 for getting it from the DMV.
It is the duty of the seller to report the change of ownership to the California DMV within 5 days of the date of sale. Only after that, the DMV will revise the records from the NOTICE OF TRANSFER AND LIABILITY. On the other hand, you are also responsible to inform the DMV within 10 days of the transaction.
Can I Get An Auto Loan?
Buying a car is expensive and so financing a car is inevitable. When you are a teenager, getting a car loan becomes a bit complicated. So, here are few tips to help you get loan.
As you don't have any credit history, trusting you would be a bit difficult for the lenders. So, it is important that you assure the lenders of regular payments. This can be done with a steady job and income.
Large Down Payment
If you can afford to put down 10-20% of the car price, it will be easier to avail car loans. A higher down payment amount can prevent you against the possibility of a negative equity. So, even if the value of your car goes down, you will own a lesser amount and chances of an upside-down loan will be lesser.
Find a Co-signer for Your Auto Loan
Although you must be at least 18 years old to sign contracts in California, a minor still has certain rights. You can sign contracts for certain goods and services which are necessary for survival. In some situations, an automobile is also considered a necessity. So, you can sign the contract in such circumstances.
Also if a contract is signed by two parties and one of them happens to be a minor, the contract is voidable at the option of a minor. So, to avoid any unnecessary risk the lender will require a co-signer with a good credit history.
Under the California Law, a co-signer is someone who undertakes the responsibility of the car loan, but doesn't take possession of it. And hence, the co-signer need not be a co-owner of your car. The ownership of your car depends on the names added to the Title of the car.
If you pay off your loan on time, then your co-signer will have no other responsibility or rights.
Knowledge is power!
Buying a car is easy when you know the exact process. You will have the power to negotiate only when you know it well.
All the best for buying your FIRST car!
We, at RapidCarLoans.net specialize in auto loans in California for new and used cars. We want to help you get an auto loan as rapidly as possible. So fill in the details in the online car loan application form and avail loans instantly.
Just an invention yesterday, an absolute inevitability today! Since the simple steam engine automobiles in 1769 to the present day mean machines. Cars have been a thing of awe in past and a total necessity now.
California is the third largest U.S. state. A beautiful Mediterranean climate makes it optimal for road trips. A wide network of freeways, expressways and highways is another reason why Californians truly need a car.
As buying a new car is very expensive, going for a used one is a good option. But most of us are apprehensive of buying a car. We all have been deceived by car dealers for long.
You don't have to worry anymore as the California Car Buyer's Bill of Rights will help you. The bill which came into practice on July 1, 2006 has had a great impact on the purchase of new and used vehicles.
The Law provides you with the following privileges:
Two-Day Return Option On Used Cars
You have the option of returning the car in two days or as per the duration decided by the seller. So, now you don't have the "three-day cooling off period" which was previously offered by the dealers for canceling a contract.
The only condition for availing this right is that the value of the car should be $40,000 or less than that.
If you want to avail the Return Option, the dealer will ask for a Restocking Fee. When you return the car, the dealer will deduct the Return Option Charge and pay back the balance. The Return Option Charge and Restocking Fee are based on the price of the car. Some dealers may also offer you the Return Option for free.
But keep in mind that there are few rules for returning the car. They are as follows:
1) The car should be in the same condition as you purchased it from the dealer. Normal wear and tear is allowed but nothing more than that.
2) You shouldn't drive the vehicle for more than 250 miles. You can only exceed the limit with the permission of the dealer.
3) You must return the car and the original documents vis-à-vis before the due date although you can keep contract copies with you.
If you have bought the used car in a trade-in and the dealer sold your car, you will get the fair market value or the price listed in the agreement, whichever is greater. Keep in mind that you won't get the car back.
Under the new Law, dealers must provide you the following in writing:
>> The actual price of the car exclusive of extra options and add-ons.
>> The price for add-ons like anti-theft devices, safety devices, service contracts, extended dealer warranty, etc. should be given separately.
>> A copy of your credit history if you are getting a car loan from the dealer himself. The dealer will have to mention the credit reporting agency also.
There are several other laws which help you while buying a used car. One of them is the California State "Lemon Law". It gives you the right to refund or replace your new or used car if it has some serious fault.
We have the Bill of Rights, but what about the Responsibilities?
Everyone is responsible for their own fate. The State of California assures that you will be safe while buying a car. But you also need to be alert.
It is essential that you meticulously check the car. A used car may have major problems so it is crucial that you ask your mechanic to inspect it.
Verify that the car meets the California standards and is currently registered in the State.
When you buy a car, make sure that the seller provides you with a Smog Certificate.
Do not sign any documents until you have understood them. You can also get a copy of the contract in the same language in which you communicated with the dealer. This will make certain that you understand every term accurately.
You also have the task of finding affordable financing for a car. You can avail it from a dealer or a financial institution. You also have the choice of internet. When you go for an online search, make sure that you compare car loan rates and go for the best available option.
Alert today, happy driving tomorrow!
Monday, 14 November 2011
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