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Other Auto Loan Possibilities if You Can’t Find a Cosigner

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Many auto lenders ask bad credit borrowers to have a cosigner, but not everyone has that type of advantage. Even if you find a cosigner, it’s not a 100% guarantee that you can drive away with a car. Luckily, there are other bad credit auto loan options for you to explore, and ways to improve your credit for when you’re ready to apply.

Get a Car Loan Without a Cosigner

If you’ve been asked to bring a cosigner when you apply for a car loan, it likely means you have a lower credit score. Cosigners help borrowers get approved for auto loans because they lend you their good credit rating, and lower your risk of default.

However, if you can’t find a cosigner, you’re not alone. Having a cosigner means finding someone that’s willing to put their good credit score on the line, and someone that has enough disposable income to qualify as a cosigner. Without a good credit score or enough income, a cosigner is no good and doesn’t improve your approval odds.

If you’re getting turned away for a car loan because you have a lower credit score and can’t find a cosigner, consider these three possibilities.

1. Give Yourself Some Time to Heal!

This may not be what you want to hear, but if your credit score is suffering and you can’t get approved for new credit, you could take some time to repair it.

Building a good credit score can be hard if you’ve never borrowed before, and it’s hard to get approved for new credit in the first place if your credit score is low. The solution? Smart credit building strategies, such as:

  • Pay down your credit cards – Your credit utilization ratio is a large part of your credit score, and it compares how much you owe on your credit cards vs. how much you’re allowed to borrow. If your credit cards are over 30% of their spending limit (or maxed out), then it’s hurting your credit. Pay down your credit cards as much as you can, and then check your credit in a month, since lenders usually report once a month. You can request your credit reports for free at www.annualcreditreport.com.
  • Consider a secured credit card – Secured credit cards are usually pretty easy to get into, because they’re secured with your own cash. To get a secured credit card, you have to provide a deposit. The size of your deposit is usually the spending limit on the card. If you close the account while there’s still a balance, your deposit covers the amount, so there’s not much risk for the lender, making them much easier to get approved for over traditional credit cards. While you have to pay a deposit, these cards are reported like traditional credit cards so they can help build your credit history.
  • Become an authorized user – An authorized user is someone that’s allowed to use someone else’s revolving credit (credit card). If you were to become an authorized user, you typically get your own credit card that’s linked to the primary borrower’s account. Any activity done on the credit card is reported on your credit reports. This can be a great way to build your credit score if you can’t get approved for credit on your own, but you need someone to agree to it.
  • Review your credit reports – Mistakes on your credit reports can cause a lower credit score, so it’s worth it to review them and make sure everything is shipshape. If you find a mistake on your reports, you can dispute it and have it corrected. All three major credit reporting agencies allow you to submit disputes online. If you find multiple errors and you’re not sure where to start, you use a credit repair company that can dispute accounts for you, for a fee.

Regardless if you choose to wait until your credit score is the highest you can get it, you can still use these credit building tips usually anytime. Additionally, one of the best things you can do for your credit score is making all of your payments on time. Avoid getting any accounts sent to collections and getting late or missed payments on your credit reports that sour your credit score.

If you needed a vehicle yesterday, though, then consider the next two bad credit auto loan options.

2. Buy Here Pay Here Dealerships

Other Car Loan Possibilities if You Can’t Find a CosignerBuy here pay here (BHPH) dealerships are a one-stop-shop for many bad credit borrowers. The thing that makes these dealers unique is that they utilize in-house financing, where the dealership is also your lender.

In-house financing means there’s usually no credit check, which draws many bad credit buyers to these used car lots. If you can’t find a cosigner and you’re having issues getting approved by traditional lenders, then in-house financing may be for you because a lower credit score isn’t likely to stand in your way of an auto loan approval.

BHPH dealers require a down payment, sometimes around 20% of the vehicle’s selling price. With in-house financing, interest rates tend to be higher than average. However, the large down payment requirement and a higher interest rate could be seen as the trade-offs for getting into a car loan without the credit check.

However, since the BHPH dealerships don’t generally check credit reports, their loans may not be reported to the major credit bureaus, either. This means your auto loan wouldn’t be helping to boost your lower credit score. To improve your credit score, you’d have to use other credit building strategies. But if you need a vehicle quickly and don’t have time for credit repair, then a BHPH dealer may be just what you need in the meantime.

3. Subprime Auto Loans

Where traditional car lenders typically ask their borrowers to bring a cosigner if their credit score is below their credit score requirements, subprime lenders assist borrowers with credit issues. Subprime lenders are third-party lenders who are signed up with special finance dealerships.

Subprime auto loans are reported, meaning that your timely payments can rebuild your credit score – two birds with one stone (or car loan, rather).

There are many reasons why a borrower may have less than stellar credit, so when you apply with a subprime lender, they examine the many parts of your financial health alongside your credit score. This typically means requiring that you meet a certain income level, have had a stable residency and work history, have a down payment, and a few other things that prove you’re ready to take on an auto loan.

Subprime lenders are typically more concerned about your overall stability, ability, and willingness to pay for a vehicle rather than your low credit score. If you want to repair your credit and get the car you need, then subprime financing could be your next step.

Not Sure Where to Start Car Shopping?

Looking for the right lender or dealer can be stressful, and even more so when your credit score isn’t great. If you can’t find a cosigner to give you a credit boost, you don’t have to go it alone! Here at Auto Credit Express, we’ve made it easier to get the connections you need.

We’ve gathered a nationwide network of dealerships that work with bad credit, no credit, and even bankruptcy. To get matched to a dealer in your area for free, complete our auto loan request form.

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Credit Repair Companies

Bad Credit Credit Cards – Workout My Credit Solutions Rises as an Authority in Credit Repair and Financial Education | Fintech Zoom

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Bad Credit Credit Cards – Workout My Credit Solutions Rises as an Authority in Credit Repair and Financial Education

Quality of life is impacted by numerous factors, and one of its most significant determinants is a person’s financial health. For the most part, financial stability involves the ability to provide for themselves or their family members without putting a significant dent in their wallets. As a concept, financial stability as well as financial freedom is easy to understand but achieving and maintaining it is a whole new story. Today, millions of individuals around the world are struggling with money issues, some of which are caused by the outbreak of COVID-19. However, there are those contending with bad credit, in particular, as a result of ill-informed decisions, mismanagement, and more. Widely acclaimed for the extent to which it helps clients get their credit into shape, Workout My Credit Solutions, LLC has emerged as a go-to venture that is currently making waves in the industry.

Also Read | Top 9 Upcoming Credit Repair Companies

This emerging powerhouse was launched by Nicole Fisher, a 25-year-old serial entrepreneur who has earned recognition for her all-out attitude toward lending people a hand through her initiatives. Highly cognizant of the impact of bad credit on one’s financial health, she started Workout My Credit Solutions in May 2020 and, since then, has been making it possible for clients to get approved for credit cards, mortgage loans, and auto loans, to name a few.

In just a year, the credit repair company has seen impressive growth, reaching remarkable heights due to its consistent delivery of top-notch services. Apart from restoring one’s credit into its former glory, Workout My Credit Solutions also delivers financial education because it believes in the importance of equipping clients with the knowledge they need to handle their money better. It acknowledges the existing gaps in the current educational system where ample attention is not given to arming people with the skills they need to secure a financially stable future. “Our goal is to help clients understand how credit works while they are in the process of getting it fixed,” shares Nicole Fisher.

Also Read | Top 9 Upcoming Credit Repair Companies

Additionally, Workout My Credit Solutions, under the leadership of Nicole Fisher, enables clients to get pre-approved mortgage loans after having their credit repaired by this five-star company. The additional service is strategically designed and incorporated into its inventory of offerings to translate into reality the dreams of those wishing to own a home.

On track to taking center stage, Workout My Credit Solutions has been on the receiving end of excellent reviews from everyone who has come under its wing. It takes pride in the long list of accomplishments it managed to snag under its belt shortly after its establishment and is set to reach the forefront of the industry in the coming years.

With its dedication to pushing people toward financial freedom, Workout My Credit Solutions is bound to remain an impressive force. As it carves a path toward the summit, it plans to continue serving as a leading authority in credit repair and financial education.

Bad Credit Credit Cards – Workout My Credit Solutions Rises as an Authority in Credit Repair and Financial Education

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Credit Repair Companies

How Credit Repairers Work – Do They Really Help? – Latest News, Breaking News, Top News Headlines

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According to the Condusef, credit repair companies, as their name indicates, are companies that can negotiate your debts and even clean up your negative image in the Credit Bureau. The body points out that it does not exist as a legal figure.

Credit repair firms are not supervised by the government and the way they operate is determined by their employees. The offer that they make to erase your credit history in the Credit Bureau in exchange for money is not possible, they cannot do it.

Some repair companies support people whose debts are greater than 30,000 pesos. Photo: My Pocket.

Some repair companies support people whose debts are greater than 30,000 pesos, on credit cards, debit cards, loans or departmental cards. Users may be behind with their payments, or have reached over-indebtedness or inability to pay.

Functions of credit repairers:

The Condusef points out that credit repair companies offer these services:

Legal and financial advice: They consider your income, your expenses and the debts you have, then they calculate the amount of money that you can dedicate to pay your debts or if they can get you another loan to put together the payment scheme. They negotiate on your behalf: They negotiate the restructuring with the credit institutions and also negotiate the reduction to the amount of your debt. They divert the calls of the collection offices to them: An attractive aspect of the service that the repair companies offer is that they free you from the phone calls of the collection offices of your creditors.

The Condusef clarifies that the discounts or discounts offered by credit repairers depend on negotiation and the goodwill of your creditors.

If you consider necessary the intervention of a repair company to solve your payment problems, the Condusef suggests that you analyze the contract, see if you agree with the conditions established there, the cost, in short, everything that they indicate and what would happen if you drop out of the program or fall behind, once again, with payments.

The Condusef also warns that some repair companies charge for each phase of the process and others a monthly fee or a percentage of the decrease in your debt.

The Condusef recommends, if you find yourself in trouble paying your debts, that instead of requesting the services of a credit repair company, you go to any credit institution that you owe and with them you see the possibility of renegotiating the payment conditions .

More information in our Credits Section.



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Intel Credit Consultants launches their new website – Press Release

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With their new website launch, Intel Credit Consultants is seeking to serve its clients better and effectively by providing an easy to navigate platform

Credit repair company, Intel Credit Consultants has launched a new website. While making the announcement, the lead consultant at the company said they are seeking to provide better services to their customers at a time when people have been negatively affected by the effects of COVID 19 on the economy. The new website according to the company representative is easy to use and navigate with visitors finding what they need easily and quickly. “We are providing a platform where our customers and visitors can get all the information they are looking for easily. We understand the pain that people go through as they seek for information on credit repair, our newly upgraded platform is arranged in such a way that answers that you seek are answered and to your satisfaction,” said the company representative while articulating some of the features  they have included  to make their platform more user friendly and informative.

Apart from sections that articulate the company services and other related information, the website also contains a blog section where customers and visitors can find articles written by professional credit repair specialists. “As a company that believes in equipping its customers with information which help them make informed decisions , we will be posting well-researched and detailed articles that educate on credit repair and other financial matters,” said the company representative adding that this information is vital for any individual or business that is seeking to boost financial position.

Intel Credit Consultants has been providing credit repair services to its customers for a number of years growing to be one of the most trusted and reliable companies. According to the company representative, they are highly rated in the Google Reviews, something he attributed to quality services and superior customer support they have been providing to their customers. He added that with the new website, they will reach out to more people who are looking for credit repair assistance.

The credit repair company offers several packages including: Credit Wiz package which is a onetime purchase that allows lifetime access, gives access to documents and an option to become affiliate referrals. Finance plus package offers the customer different ways to remove negative info. Powerhouse package, elite credit repair and Elite financial repair are the other packages that customers can subscribe to, each providing several features which the company representative says are all aimed at providing superior credit repair services. The company spokesperson invites people seeking for credit repair services to visit the website and learn more about the packages.

For more information visit: https://intelcreditconsultants.com/

About Intel Credit Consultants

Intel Credit Consultants is a credit repair company that prioritizes on clients’ needs making sure they are equipped with information that helps them make informed credit decisions. The trustworthy and hardworking credit repair firm aims at helping its clients reach their full financial potential.  They are known for fast credit repair services targeting at seeing real improvement in client’s credit score in less than six weeks.

Media Contact
Company Name: Intel Credit Consultants
Contact Person: Media Relations
Email: Send Email
Phone: 866.990.7175
Country: United States
Website: https://intelcreditconsultants.com/



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