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Rent to Own Cars vs. Subprime Auto Loans

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Sometimes, when you need a car, you need one now. But borrowers with poor credit scores find themselves hitting speed bumps or have trouble finding a lender that gives them the time of day. Rent to own vehicles could be a temporary solution if you need a car with bad credit, while subprime auto loans can repair your credit.

Bad Credit and Car Buying Options

Rent to Own Cars vs. Subprime Car LoansWhen you have bad credit, it can feel like your vehicle options are limited, but that’s not always true! If you have income and can meet a lender’s requirements, then there are ways to get the transportation you need.

Many people consider rent to own cars as a quick solution. However, these agreements tend to be a Band-Aid on a larger problem: bad credit.

Rent to own vehicles aren’t your only option, though. If you’re concerned about credit repair and you want to leave bad credit behind, then a subprime auto loan could be your answer.

Rent to Own Cars

If you want a car quickly and your credit score isn’t exactly stellar, then a rent to own vehicle could be for you. These rental agreements are usually pretty easy to get into because the dealerships often don’t check your credit reports or score. Rent to own cars are available at certain dealerships with in-house financing, which means the dealer and lender are one in the same.

Rent to own vehicles are also called lease to own cars, but it’s not the same as traditional leasing. The end goal with a rent to own agreement is to complete all your payments and get your name on the title.

After you sign a rent to own contract, your name isn’t listed on the vehicle title until you make the last payment. The dealer has all ownership rights, but you’re responsible for maintaining insurance coverage and paying for any possible repairs that come up during the rental period.

With a rent to own agreement, you sometimes make weekly or biweekly payments – unlike a regular auto loan or lease where the payments are almost always monthly.

The payments don’t come with interest charges, since it’s not a loan, which is a plus. However, since there’s no interest and your credit wasn’t likely pulled, you could end up paying more for the car than it’s worth.

Here are a few other things to keep in mind before you head out to an in-house financing dealership for a rent to own vehicle:

  • Rent to own payments sometimes aren’t reported, which means you wouldn’t get a better credit score for making all your payments on time. However, you can bet any late or missed payments are sure to be reported.
  • Late fees are common for rent to own cars. Additionally, one late or missed payment can break your contract, and lead to getting the vehicle repossessed and you losing your chance of officially owning the car at the end of the agreement. Read the rental contract carefully.
  • All rent to own vehicles are used. Before you settle on any used car, ask for a vehicle history report, and try to learn as much as you can about it before you sign anything.

Subprime Auto Loans

Subprime auto loans are made for borrowers who need a car and want to work on their poor credit at the same time. Generally, they aren’t as easy to get into as a rent to own vehicle, but there’s more opportunity as far as credit repair.

If you take on a subprime auto loan, your timely payments get reported so you can improve your credit. After a while, you can complete the car loan, hopefully have earned equity, bettered your credit score for future loans, and gotten the vehicle you needed.

To get a subprime auto loan, you find a special finance dealership. Subprime lenders are third-party, and they’re signed up with these dealerships. You apply with the special finance manager, who sends your info to one or more lenders, and then choose a car with the dealer if you qualify.

With any auto loan, your name is on the title along with your lenders (or your lienholder). Once the loan is complete, the lien is removed and you have sole ownership rights. The whole time you’re financing and after, you’re responsible for maintaining car insurance and any repairs that come up.

Here’s some more info on subprime auto loans:

  • Expect to need a down payment. Most subprime lenders require at least $1,000 or 10% of the vehicle’s selling price, sometimes whichever is less.
  • You’re charged interest, unlike a rent to own car. Since it’s a loan, the lender charges you to borrow the money.
  • Be prepared to prove you’re able to take on an auto loan. This means having proof of income, residency, valid ID, a working phone, and possibly other items. Since these lenders don’t just use your credit score to determine eligibility, expect to need a few documents that prove you can repay the loan.

The Final Decision

Rent to own vehicles can temporarily solve your no-car problem. However, focusing on credit repair so you can get out of the bad credit cycle is a great way to turn around your future car shopping experiences. A better credit score means a higher chance of meeting a traditional auto lender’s requirements and qualifying for a lower interest rate in the future.

To get on the road of credit repair, start with us at Auto Credit Express. Over the past 20 years, we’ve created a nationwide network of dealerships that are signed up with subprime lenders. Complete our free car loan request form to get matched to a dealer in your local area.

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Bad Credit

Loans Bad Credit Online – Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release | Fintech Zoom | Fintech Zoom

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Loans Bad Credit Online – Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release | Fintech Zoom

Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release

Get loans fast with an online application that takes only a few minutes. There is no credit check or collateral needed to get cash to deal with pressing needs

People run out of cash all the time and they need a loan to do so many things. Getting a loan from most lenders is complicated and it takes so much time and effort.  

Slick Cash loan is proud to announce their quick and easy online installment loan services for anyone who needs money for emergency and other purposes. Even people who have bad credit can also apply and get loans.  

The entire loan process is done online. To get a loan go online and apply; it takes just a few minutes. After submitting the form the applicant gets a quick response with instant approval. Cash is then deposited into the borrower’s bank account within 24 hours.  

It’s all about helping people deal with financial situations; no collateral, no credit check. Depending on the state the borrower is residing in, they can get up to $3,000.  

There are so many reasons people need quick loans. It may be for a medical emergency, paying for tuition, buying groceries, paying for rent, auto repair, and so on. When these needs come there is no waiting. They must be attended to very quickly before things get out of hand. But most cash lenders have a lengthy process that makes it hard to get cash to solve pressing needs.  

Slick Cash loan was established to help people deal with their financial needs effectively. That’s why they have created a simple, easy, and quick online installment loan application process that takes just a few minutes. Over the past few years, the company has helped thousands of people get quick loans to solve current problems.  

Unlike other types of loans, installment loans offered by Slick Cash loan are very easy to payback. Borrowers repay the loan with a fixed monthly repayment plan. Such a repayment plan is beneficial because payments will not fluctuate due to an increase in interest rates. This makes it easy for borrowers to manage their financials and avoid getting into debt.  

Every customer that approaches Slick Cash loan is treated with respect, dignity, and complete attention. Borrowers who have issues can contact their customer care line and are assured they will get a prompt response.  

Media Contact
Company Name: Slick Cash loan
Contact Person: Mark Snow
Email: Send Email
Phone: (888) 200-7445
Address:1125 E Broadway, #545
City: Glendale
State: California, 91205
Country: United States
Website: slickcashloan.com

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Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release

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Loans Bad Credit Online – Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release | Fintech Zoom

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Bad Credit Credit Cards – FOMO is fueling a homebuying surge that could become ‘a curse’ | Fintech Zoom

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Bad Credit Credit Cards – FOMO is fueling a homebuying surge that could become ‘a curse’

A pandemic, historically low mortgage rates, and record low housing inventory are helping to drive many homebuyers to skip crucial steps to get in on the hot housing market, according to one financial expert.

“You’re seeing people are feeling this urge to hurry up and get something done for the sake of missing out,” Chris Hogan, a personal finance expert and spokesman for Ramsey Solutions, told Yahoo Finance Live (video above). However, he added, “there’s a process we need to follow to make sure buying a home ends up being a blessing more than a curse.”

Read more: Here’s what to do if you plan to buy a house in 2021

Homebuyers can end up getting in over their heads financially if they get caught up in a bidding war. Others may bypass a home inspection only to discover black mold in their basement after they close.

This all can be avoided, Hogan said.

“I really want to caution people on this because I’m also reading stories of people that are living their nightmares,” Hogan said. “Let’s be honest, the goal is not to buy the home. The goal is to own that bad boy.”

A “sold” sign sits on a lot as new home construction continues in Westfield, Ind., Friday, Sept. 25, 2020. (AP Photo/Michael Conroy)

Hogan offered a three-step process to make sure you’re in the right financial position to purchase a home.

Get out of debt: Pay off credit cards, student loans, and car loans.

Build up your emergency savings: Save up at least three to six months worth of living expenses. “That way you have a cushion between you and life happening,” Hogan said.

Read more: Buying a house: What you need to know about home ownership

Have a game plan for your home purchase: For Hogan, that means knowing how much you can spend on your home purchase within his three guidelines:

  • Get a 15-year fixed rate mortgage

  • Make sure your monthly payment is no more than 25% of your take-home pay

  • Put down 10% at the very minimum, but strive for a 20% down payment to have more equity and to avoid paying private mortgage insurance.

“So having these guidelines in place will ensure that you buy a home the right way,” he said, “instead of just jumping the gun because your parents say so or your neighbors did so.”

Janna is an editor for Yahoo Money and Cashay. Follow her on Twitter @JannaHerron.

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Bad Credit Credit Cards – FOMO is fueling a homebuying surge that could become ‘a curse’



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Checking Your Own Credit Report Is Vital | Fox Rothschild LLP

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These are difficult times.  Some parts of the economy have responded well to the pandemic crisis.  Others, especially those in the travel, leisure, and entertainment industries have experienced enormous financial challenges.  Sadly, this sometimes prompts desperate measures.  You should not become an unwary victim of desperate measures.  You are the best person to protect yourself from that.

Yesterday, a local attorney in suburban Philadelphia pleaded guilty to falsifying credit applications using the names and personal financial data of his wife and mother-in-law to tap an estimated $85,000 of credit, which he spent for his own amusement.  He had recently been convicted of taking roughly $90,000 in client money for similar purposes.  He will be sentenced for these crimes next month.  The crimes go back several years.  They are not related to the current economic crisis, thereby proving once again that crime can happen in good times.  However, desperate times (and many Americans are in desperate times) often trigger people to resort to desperate measures.  History has taught us that many times, the first draw on another person’s funds or credit is accompanied by the desire, indeed the expectation, that the taker will “make good” on the borrow.

The second lesson here is that certain vital information like birthdates, social security numbers, even telephone numbers and credit card data can permit theft as easily as the proverbial unlocked door.  In this case, the lawyer acted as his spouse and mother-in-law to open new accounts they never knew about at the time.  Yes, they are victims, and probably will secure release from these debts.  But, the stain of bad credit travels faster than a good reputation and it makes future borrowing a steep uphill climb.

A few years ago the judicial system embarked on a program to demand that documents filed in court be cleansed of data that could be used to steal.  The program is reasonably effective, although many attorneys forget to obliterate things like full account statements and social security numbers from documents filed with the court.  You can help with that process as well by taking action to remove/redact that data before you hand it to your attorney.  Realize that some of those digits need to be preserved because you may have four different accounts with a bank or a brokerage and they need to be distinguished.  Nevertheless, with rare exceptions, lawyers, their staff, judicial officers and the like do not need all of the numbers.  On those rare occasions when they are required, consider providing the information in separate communications.

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