Posts Tagged Auto Loan
!HELP! 24 YRS OLD, TRYING FOR PERSONAL LOAN THROUGH MY EMPLOYERS CREDIT UNION !HELP?
I am 24 years old, i gross about 70K per year, I will be getting married this summer. I am looking to get a personal loan through my employers credit union. I am not yet a member, i just checked my credit report today for the first time really. I have very little debt, about 375 dollars total. I have a currently open auto loan (5500 loan, co-signed by father) that has a balance of 1500 left and the loan term will be ending in 6 months, so i will have that paid off. However in the beginning of the loan i was late often by up to 30 days or more, i have not been late on my payments in the last 6 months. I have 3 negative reports on my credit and only one positive, one of the negatives has been there for 2 years and the other two have been there for 5 years. I will be paying off the 3 negative reports very soon. I am looking to get a $8000-10000 loan though the CU which i verified does provide personal loans at 15 % APR. sorry but i had to provide all the background, but my question is do you think i should settle the negative credit reports before i even become a member of the CU. ( will it make a difference?) Is it likely they will require another Co-signer? or will i likely be turned down? what can i do to help my chances of being able to get this loan by myself? any help is appreciated, i know i am paying for my mistakes when i was younger and more careless with my credit. I appreciate any constructive responses. thank you for your help!
i also forgot to mention I do have a son, my life expenses; Rent, Bills, expenses etc. take up most of the money I earn, but I would be able to afford the monthly payment for the loan. However if i could save the money (8K) in the time i need it i would but I calculated it and its really not possible.
Lydia
simpLe interest Loan payment formuLa
Posted by admin in Average Credit Score on February 12, 2011
If you are in the market for a used car loan, be prepared to negotiate a good deal. Initially, car salesmen try and convince prospective buyers to agree to a huge sales price and interest rate. Of course, this maneuver does not serve to your advantage. Instead, it boosts the dealerships profit margin. If you have good credit, you are in a position to negotiate a better deal. However, if you have a low credit score, here are a few tips to help you obtain a low rate auto loan. Boost Credit Score and Rating Before offering a low rate for a used auto loan, the dealership or financial institution will review your credit report. Credit reports indicate our credit worthiness. If you have several past due or missed payments, lenders will consider you a terrible applicant. If you are approved for credit, the lender will not offer you a low rate. Improving your credit is the best option for getting a low rate used car loan. Although lenders will approve an applicant with bad credit, the fees, rate, and terms are awful. To avoid paying higher fees, delay the car buying process for at least six months to a year. Take this time to boost your credit score. To begin, review your personal credit report. If you have past due or unpaid accounts, contact the creditors and schedule payment arrangements. Plan to reduce your debt to income ratio. Furthermore, pay all your creditors on time, and never skip payments. Get a Co-signer or Down Payment If you have bad credit, having a co-signer is a …
Kim
Getting A Low Rate Auto Loan
Posted by admin in Score Ranges on January 5, 2011
If you are in the market for a used car loan, be prepared to negotiate a good deal. Initially, car salesmen try and convince prospective buyers to agree to a huge sales price and interest rate. Of course, this maneuver does not serve to your advantage. Instead, it boosts the dealerships profit margin. If you have good credit, you are in a position to negotiate a better deal. However, if you have a low credit score, here are a few tips to help you obtain a low rate auto loan. Boost Credit Score and Rating Before offering a low rate for a used auto loan, the dealership or financial institution will review your credit report. Credit reports indicate our credit worthiness. If you have several past due or missed payments, lenders will consider you a terrible applicant. If you are approved for credit, the lender will not offer you a low rate. Improving your credit is the best option for getting a low rate used car loan. Although lenders will approve an applicant with bad credit, the fees, rate, and terms are awful. To avoid paying higher fees, delay the car buying process for at least six months to a year. Take this time to boost your credit score. To begin, review your personal credit report. If you have past due or unpaid accounts, contact the creditors and schedule payment arrangements. Plan to reduce your debt to income ratio. Furthermore, pay all your creditors on time, and never skip payments. Get a Co-signer or Down Payment If you have bad credit, having a co-signer is a …
Paula
Getting A Low Rate Auto Loan
Posted by admin in Negative Remarks on December 18, 2010
If you are in the market for a used car loan, be prepared to negotiate a good deal. Initially, car salesmen try and convince prospective buyers to agree to a huge sales price and interest rate. Of course, this maneuver does not serve to your advantage. Instead, it boosts the dealerships profit margin. If you have good credit, you are in a position to negotiate a better deal. However, if you have a low credit score, here are a few tips to help you obtain a low rate auto loan. Boost Credit Score and Rating Before offering a low rate for a used auto loan, the dealership or financial institution will review your credit report. Credit reports indicate our credit worthiness. If you have several past due or missed payments, lenders will consider you a terrible applicant. If you are approved for credit, the lender will not offer you a low rate. Improving your credit is the best option for getting a low rate used car loan. Although lenders will approve an applicant with bad credit, the fees, rate, and terms are awful. To avoid paying higher fees, delay the car buying process for at least six months to a year. Take this time to boost your credit score. To begin, review your personal credit report. If you have past due or unpaid accounts, contact the creditors and schedule payment arrangements. Plan to reduce your debt to income ratio. Furthermore, pay all your creditors on time, and never skip payments. Get a Co-signer or Down Payment If you have bad credit, having a co-signer is a …
Elmer
Will paying off an auto loan help my credit even though my credit card balances are high?
To provide a little more information, my mother in law will be taking it over via a personal line of credit because the loan is taken out against her vehicle (we actually used the money to pay off some other debt). The balance is just under $10k and we still have another 32 months on the original 5 year term. So even though we’ll technically still owe her the money, as far as our credit report goes it will be an auto loan we paid off. We have 2-3 credit cards each (we’re married but not joint on any of the accounts) that are nearly maxed with really high interest. I’m wondering if getting the auto loan paid off will enable us to qualify for a lower interest high balance card where we could transfer these balances and pay the debt off in a reasonable amount of time. Any info is greatly appreciated!!!
Tracy
3 Simple Ways to Use Online Credit Reports to Improve Your Personal Credit
Like most Americans you may be skeptical of why an unseen online agency would want to “help” you by checking your credit score for free. I mean, aren’t they just out there to get your money? The truth is, these credit checks can really help you, especially if you are trying to improve your credit.
First, by checking your credit online, you avoid “dings,” which lower your score. Many consumers are afraid to investigate their credit because they think their score might drop, putting them in even worse shape. This isn’t true with online credit reports. Thus, without dinging your credit, online sources allow you to check out your score, for better or worse.
Alternately, if you have been denied credit within the last 30 days, you can ask the credit bureau for a free report that won’t ding your credit. You do have to use a local reporting agency, which can take more time than using an online source. Most people go in person to the agency to request the report and then pick it up. Both of these steps seem quite tedious when compared to online credit checks.
Another benefit of online credit reports is the ability to see both good and bad credit you have on your report from the privacy of your own personal computer. No nosy bankers trying to get your a credit card or auto loan. Without sales pressure, you are less likely to get into more debt and lower your credit score.
Lastly, you can verify the accuracy of your credit. The online report will be taken from each of the three national credit bureaus. Occasionally you will see accounts that you dispute, which gives you the opportunity to contact the bureau. To do this, you must write a letter explaining exactly what is incorrect or disputed. The agency must investigate. When they contact the creditor, he has 14 days to respond or the item is deleted off your credit. A little known secret is that if the item is less than $500 or older than one year, most creditors won’t bother responding, whether your dispute is accurate or not. Disputing bad credit is the most direct way you can improve your credit. When your bad credit is reversed your credit score will increase. Most importantly, after your score goes up you have the right to demand that your updated credit report be sent to all those who have denied you credit in the last six months. Good news!
So, if you wonder how good, or bad, your credit score is, don’t be afraid to check it out online. The report is excellent information that arms you with power to change and improve your credit. Most people with bad credit don’t know much about how it gets that way or how to fix it. Your knowing both is a good start to improving your credit.
Kristin