Get an Auto Loan with No Credit

It's possible to get an auto loan with no credit if you are savvy and determined. With a down payment, good employment history and decent income to support your car payments, insufficient credit doesn't have to be a deterrent to car financing. There are both banks and vehicle dealerships that offer car loans to consumers who simply don't have a credit history. A car loan can even help you build up good credit over time.

Obtain a copy of your credit report. Even if you have very low credit, you should still have a credit report and you'll need to check it for errors or omissions. If you receive a notice that there is insufficient information for your name and Social Security number, that's the same message potential lenders will also see.

Save up for your car down payment to increase your chance of getting a car loan even without good credit. A large down payment will increase your odds of getting a loan.

Calculate how much you can afford to spend on a vehicle. One rule of thumb is that your annual transportation costs, including vehicle payments, maintenance, fuel and tolls, should be no more than 10 percent of your annual income. On a monthly basis, that means your total vehicle costs on a $3,000 income should be only $300. If fuel and repairs are $100, you can potentially afford a $200 payment.

Visit your bank, or if you don't have an account, set one up right away. Then discuss a line of credit or auto loan with the branch manager. Let her know your credit history, income, savings and assets and she will determine if the bank can make a loan for you. An auto loan from your bank is the first choice and you may get lower rates than when you buy from a dealer.

Visit your auto dealer with your budget in hand and the loan offer from your bank if you received one. If you didn't get a loan from the bank, approach the dealership manager with your specifics and find out if the dealership can issue a loan with your vehicle purchase. Be sure to emphasize your down payment, which will hopefully help you secure a auto loan with no credit.

Tips & Warnings

• Consider peer-to-peer lending sites if you are unable to qualify for a car loan through your bank or car dealership.
• Build up your credit and save money for your next car. If you have enough to pay cash, you won't have to worry about qualifying for a loan.
  

By Maria O'Brien eHow Contributing Writer

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Get a Low Interest Rate Auto Loan with Bad Credit

It is possible to get a relatively low interest auto loan with bad credit. There are several steps you should take to make sure you get the most favorable financing available for your credit situation.

Improve your credit rating. If you are reading this article, chances are you looking for a quick fix for your auto loan needs. You might be surprised to find out that there are steps you can take to improve your credit rating fairly quickly. If you are not already doing so, start paying your bills on time. If you are having trouble making payments, see my article “How to Negotiate with Credit Card Companies to Lower Your Monthly Payments.” Try to pay down your balances to less than 50% of the credit limit, and delete recent multiple entries on your credit report. See “How to Delete Inquiries on a Credit Report.” Hyperlinks to both of these article appear in the “Resources” section at this end of this article.

Shop around for a lender. One of the simplest ways to shop for an auto loan is by submitting a quote form online. You can compare multiple offers and choose a low interest auto loan that meets your needs. While you may not receive an offer as low as a good credit customer, you may find that some lenders treat bad credit customers better than others. If you have a long-standing account with your bank, you might also see if the bank would be willing to waive its requirements. The bank may do this if you can convince the bank that you are likely to repay the loan.

Save up for a sizeable down payment. A good rule is to make a down payment equal to ten percent of the purchase price of the vehicle. Lenders are more likely to give you favorable terms with a sizeable down payment, because they realize that you are less likely to default on the loan if you may face repossession of a car in which you have made a substantial investment.

Be wary of high pressure sales tactics. Do not give in to hard sell tactics by auto dealerships. Be sure you know how much car you need and can afford. Remember that the salesman’s job is not to ensure that you receive a fair deal – his job is to make the sale. Car dealerships are notorious for predatory high interest lending.

Tips & Warnings

• If you have bad credit, steer clear of dealer financing. Secure financing before you go to the dealership.
  

By jenajera eHow Community Member

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Get a Good Rate on an Auto Loan

You’ve just found the perfect car to buy, and now you need an auto loan. If you plan ahead, you can get a good rate for an auto loan.

Shop around. Before financing with the dealership see what rates credit unions and local banks have to offer. Auto loan rates vary, and credit unions often have lower rates than banks.

Ask your bank if you can get preapproved for an auto loan. You’ll have better negotiating power with the dealer if you already know how much money you qualify to borrow.

Don’t tell the dealer what you want your monthly payment to be. They can adjust the price of the car or the interest rate to match your figure, but it will most likely benefit them and not you.

Avoid “no money down” or very low down payment options. Without putting money down your loan will be high, and you’ll have to pay a lot of interest.

Go with the shortest-term loan you can afford. Many banks offer low interest rates for short term financing and you’ll pay less interest with a short-term loan.

Tips & Warnings

• Sometimes dealers offer low car loan interest rates but then jack up the price of the car to compensate. Don’t be fooled.
  

By eHow Contributing Writer

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Get a Low Interest Rate Car loan

Car salesmen are all in the business of making as much money as possible. One of the tactics car finance managers use is illegal mark ups on your interest rate. What happens is, you go into the car lot and find the car of your dreams. The car salesman will have you apply for financing. Just by looking at your FICO or credit score, the finance manager has a general idea of what your interest rate is going to be. Instead of giving you the interest rate you qualify for, they add a few points on to the interest rate you qualify for, and the dealerships will then make even more money by pocketing the interest that they have added on. Yes this is illegal, but yes it does happen everyday. Here is how to avoid being a victim of illegal interest rate scams.

Check your credit report. Dispute any mistakes you find as soon as you can. If you have excellent credit, then you should get the best interest rates available.

Learn what the current interest rates are on new and used cars. You can find out this information by simply calling your local financial institution.

When you visit the dealership tell them that you are aware of this illegal interest rate mark up scam and that you will press charges if they try this on you.

Tell the finance manager you want to see something in writing from the bank or finance company with the interest rate that you qualify for listed. Explain to them that you will even call the company yourself and ask about the interest rate they are offering to you, and see if it matches what the bank has qualified you for.

Never sign an agreement that has blank or incomplete information. Especially where the interest rate should be. Make sure that your interest rate is listed on your contract and don't hesitate to walk away from the deal if the finance manage is unable to provide you with the interest rate in writing. Once you have signed a contract, you are now legally responsible for anything they add to those blank lines.

Tips & Warnings

• Call around to find current interest rates on new and used cars
• Tell the dealer that you are aware of the illegal interest rate hike tactics and you will press charges if it happens to you.
  

By coffeefirst eHow Community Member

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Get College Student Loans Fast

Most of the time when a student applies for college they will first try to get a Stafford loan. If that is not approved or it is not enough money, you may find yourself in need of quick student loans to cover your tuition costs. The following article will outline the method for obtaining college student loans fast.

Prepare ahead of time, if possible, so that you can get quick student loans. Gather any financial records such as pay-stubs, and arrange a cosigner for the student loans so that you are ready to go should you find yourself in need of them.

If you need quick student loans you will need to get a private loan. Most people are in need of college student loans that are fast because they are in a pinch and were denied for their Stafford loans. The first thing to do is to find a bank or a loan company which will offer quick student loans. This can be done on the internet or by calling local banks and credit unions.

Ask your bank about the disbursement time. Some student loans can fund in as short as 48 hours from the time that the loan is approved. Loan approval time can vary from bank to bank, but the more prepared you are, the faster they can get it done.

In general private college student loans are funded directly to the student or to the cosigner of the loan. It can be via check, which you may want to request to be sent overnight if you are really in a pinch, or via EFT if the bank or loan company offers it. Step 5
Ask about deferred payment. Most banks are willing to defer payment until up to six months after graduation. Don’t forget to do this in the midst of setting up your quick student loans as it can leave you jobless and with a loan payment if you do not immediately get a job when you graduate.

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Pay Off Student Loan Debt Fast

If you've gone to college and accumulated student loan debt, you're probably concerned about paying them off as quickly as possible. Having a lot of loan payments to make on a monthly basis can really rob you of wealth in the long term. The good news is that there are a couple of different ways to pay off student loan debt as fast as possible. Here's how to pay off student loans fast.

Search for an employer that will help you to pay off your student loan debt. Some companies or government entities will actually help you pay off the balance of your student loans if you agree to work with them for a set amount of time. It may not be a bad idea to ask your current employer if you're already working.

Increase your intensity. Contribute all available resources to your outstanding student loan debt and pay it off as quickly as possible. Take on an extra job or sell things on eBay. Do whatever it takes to raise cash to devote towards pay extra onthe student loans.

If you're still in school, consider beginning to pay off your student loan debt now. Work a summer job or donate plasma to raise cash. Don't spend more than you make and save as much cash as possible.

Avoid taking on any more debt while you're vigorously paying off your student loan debt. Don't strap yourself with additional debt such as car payments or credit card debt. They will only hurt your efforts in the long run.

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Pay off Pay Day Loan(s) Fast

Are you in the payday loan nightmare, believe me you are not alone. With today's economy gas and food prices are increasing. Finding way to pay bills can be stressful and as a last resort many families who don't have good credit are turning to payday loans for assistance but unfortunately sometimes then find themselves in the vicious payday loan cycle.

My advice should only be used as a tool or alternative to help you get out of debt.You borrowed the money, You Owe It. It's the Law.

Things You'll Need:

• Payday Loan Contract
• Reliable Resources

I am sure your well aware that payday loans should be used for emergencies only and as a short-term fix, as the interest on these loans can be ridiculous anywhere from 200 to 500 percent annually. Understand the terms of the loan.

If your having trouble paying the loan because of financial hardship, deal with the problem contact the lender and advise them of your current situation and see what forms of payment arrangement are available, but refuse to take out an additional loan. You never want to take out a payday loan to pay another one.

If you can cut back on your expenses in other areas such as entertainment, eating out, by all means what are you waiting on, do it! Do whatever you can to pay more towards the principal, it is very easy to fall into the cycle of just paying the interest on the loan.

See if you can borrow money from family and friends, I know sometimes it is hard to ask for help, but it is a lot cheaper than paying the interest on the payday loan. Look at the classifieds and see if you can find a second job to earn extra money.

Stop electronic debits from the lender from your checking account if you have not already done so. You can call at anytime during the loan period and request that electronics debits be cancelled. Only few customers are aware of this. The Electronic Funds Transfer Act forbids electronic access to an account as a condition for credit.

Contact a reputable credit counseling agency in your state. You can find one by calling (866) 703-8787 or visiting www.aiccca.org. The agency can assist with helping negotiate with your payday loan lenders, and can help you put together a financial plan to help avoid these financial situations in the future and get your credit back on track.

If your unable to negotiate with the lender, review the terms of the payday loan and keep in mind the terms differ by each state. See if there is a default clause yes I said it Default. Sometimes defaulting on a payday loan can be your best and last resort. Your not the first to default and you sure won't be the last. Contact the lender and let them know your in default, if they haven't already contacted you. Depending on the terms of the contract they can only charge you a certain percentage of interest and then your able to make payment arrangements on the balance due, but you don't have to worry about incurring any further fees on the loan.

Once your out of this debt, you definitely want to review your expenses and start properly managing your finances so that you don't end back up in this current situation.

Start and emergency savings and pay yourself you deserve it.

Tips & Warnings

• Pay the loans off fast as possible
• Get Help from a reputable credit counseling agency
• Start an emergency savings fund to use in the future
• Please review the terms of your contract and know your rights!

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Get Student Loan Consolidation Rates

Getting student loan consolidation rates takes a little research. Student loan consolidation rates can be easily found on the internet. You can calculate an estimate of your student loan consolidation rate. A student loan consolidation will allow a student to combine all of his or her student loans into one consolidated student loan. Student loan consolidation rates are available for most all types of federal student loans. Consolidating private student loans can also be done.

Things You'll Need:

• Student loan consolidation rates
• Student loan debt amounts
• Calculator

Gather information on all of your student loan debt. Find the student loan rate for each of your student loan debts. Write down the total student loan debt amount and student loan rate.

Next calculate the weighted average of the student loan debt interest rates on the student loans you will consolidated into one student loan debt. Multiply each student loan debt amount by its student loan rate. Add the totals together. Divide this number by your total student loan debt amount. Round this number up to the nearest 1/8 of a percent. This will be your estimate of your student loan consolidation rate.

Best student loan consolidation can reduce your monthly payments and help you lock in one low interest rate until you pay off you loan. Best student loan consolidations do not have loan fees or early payment penalties.

Check the resources below for current student loan consolidation interest rates information.

Tips & Warnings

• Consolidating student loans can help you manage your budget.
• Consolidating student loans can reduce your monthly payment.
• Consolidating student loans can give you peace of mind.
• Private student loan consolidation is also available.
  

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Get Private Student Loan Consolidation

Although there are programs to help consolidate federal student loans with lower interest rates, you’ll need different strategies and source if you’re trying to get private student loan consolidation. When you’re trying to determine how to consolidate student loans to your financial advantage, consider your current source of funding and private student loan terms to discover what new loan or discount opportunities are best for you. Use these tips to come up with the best private student loan consolidation plan.

Check your current credit score before you attempt to get private student loan consolidation lenders or terms. You can request a free credit report from one of the consumer reporting companies (Experian, TransUnion and Equifax) or through an official website such as AnnualCreditReport.com. You’ll obtain your score immediately if you request the credit report online or in about two weeks if you want it by phone or mail.

Compare your current credit rating to the credit score you had when you originally took out the private student loans. If there’s been a significant increase in your credit score (about 50 points or more), your current lenders may lower the interest rates on your loans if you indicate that you’re shopping around for new private student loan consolidation rates.

Contact other lenders to find one that offers student loan consolidation that takes your improved credit score into account if your current lenders won’t alter their rates. Or, if your credit score hasn’t improved since you took out the private student loans, find a lender that will combine your loans and extend the term of your loan. This way, you’ll have a single, lower monthly payment with a 25 to 30 year term.

Consider asking a relative to co-sign when you consolidate private student loans if your own credit score hasn’t improved. By using their excellent credit rating, you can get a much lower APR on your student loan consolidation. Be sure they understand that they’ll be liable if you default on the loan, however.

Ensure you find a lender that offers private student loan consolidation without any pre-payment penalties. This will allow you to make larger payments from time to time or pay off the entire student loan if you receive a windfall without additional fees. Although the Higher Education Act guarantees federal student loan pre-payment without penalties, this is something you need to secure under the terms of private student loans.

Tips & Warnings

You can also get student loan consolidation terms that allow you to defer payments for about three or four years if you’re currently active in the military or completing a medical or dental residency program.

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Get The Best Student Loan Consolidation Rates

The interest rates for federal student loan consolidations are based on the weighted average of student loan interest rates. I'll outline the basic steps to get student load consolidation rates.

Things You'll Need:

• Your current student loan information

Complete an application. This can usually be done online. Be truthful with all your information. Student loans are monitored by the federal government, you definitely don't want to be caught by them doing something illegal.

You application will include information about your lenders. This is an important step when looking for student loan consolidation rates. All prior student debts need to be accounted for in order for the company to complete your quoted rate.

Once the terms and promissory note is read and signed, the student loan condolidation company will contact all your student loan lenders for exact payout information. They will then cut checks for the necessary amounts and you will have a consolidated loan. Now you will pay one lender one amount that is often at a lower interest rate than the other lenders were charging you individually.

By tjzerrer eHow Community Member

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