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The Benefits of Buying a New Car With Bad Credit

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If you have bad credit, it can be difficult to qualify for an auto loan on a new vehicle. It’s not impossible, though, and there are even some benefits to buying a new car in the long run. But, if you have your sights set on a brand new set of wheels, there are a few things you should keep in mind.

Are There Benefits to Brand New Cars?

Getting a new car can be exciting! They typically come with all the bells and whistles: latest colors, styles, and trim levels, infotainment systems, and technology. Brand new vehicles may also come equipped with more standard options than their used predecessors did – in comfort, convenience, and safety.

There are benefits to buying a new car if you can afford it, even with bad credit. Mostly the benefit comes in the form of standard safety features, and overall vehicle performance. In many cases, new cars have less risk for major damage from wear and tear and may go a long time without costly repairs.

But all these benefits come at a price.

Many times, those prices can be tough to swallow if you’re a borrower with bad credit. Not only is it harder to get approved for financing with a lower credit score, but it can also be more difficult to find a lender willing to give you a large loan. With the prices of vehicles these days, it may take a little legwork, and a large down payment to get into the new car you want with bad credit.

New Cars and Poor Credit

The average price of a brand new vehicle rose to over $36,000 in 2020, and it’s the second-largest expense for most Americans behind a home. Since many can’t typically shell out that much cash at once, most people turn to auto financing.

If you have good credit you’re more likely to qualify for preapproval from a direct lender such as a bank or credit union. You may also have an easier time getting a loan with a captive lender through an automaker.

With a lower credit score, it can still be a good idea to try for preapproval, and this may be less difficult if you’re a member of a credit union. They tend to offer lower interest rates and special deals to their members. If you don’t belong to a credit union or aren’t able to qualify for preapproval due to your credit score, you’re not out of luck.

If you don’t qualify for preapproval, and can’t afford to buy a car with cash, bad credit borrowers are left to finance through a subprime lender or with an in-house financier. And, this makes it harder to finance a new car. In fact, in-house financing only deals with used vehicles.

Finding a Middle Ground Between New and Used

When you need to get a bad credit auto loan, there’s still a chance that you can get a new car, but there’s a better chance of qualifying for a gently-used car, instead of a brand new car. A good compromise can be a certified pre-owned (CPO) vehicle. CPO cars are typically only a few years old, have likely only had one owner, or may have just come off lease.

The Benefits of Buying a New Car With Bad CreditThese vehicles can offer you the peace of mind of a new car, including a manufacturer-backed warranty, but without the high price tag found on brand new vehicles. They also tend to have fewer miles and more new safety and technology features than a used car that’s sold as-is.

Vehicles that are sold as-is typically go straight from the previous owner to a dealer’s lot with little more done than a spit and shine to make it ready for sale. A CPO car, on the other hand, is given a rigorous multi-point inspection and refurbished by a manufacturer-certified technician.

The good news is that a CPO can be easier to qualify for with a poor credit score than a brand new car, even if you’re working with a subprime lender.

Getting a Car Loan With Bad Credit

To give yourself the most car loan opportunity, it’s a good idea to stick with financing through a subprime lender that’s ready to work with bad credit borrowers. Not all lenders can finance a bad credit auto loan, but we know where to find the ones that can.

At Auto Credit Express, we’ve cultivated a coast-to-coast network of special finance dealerships that are signed up with the lenders you’re looking for. With our assistance, you can be on the path to your next auto loan without the hassle of searching for a lender on your own. There’s never any obligation to buy, and our auto loan request form is fast and free to fill out. Stop waiting to get the bad credit car loan you need – get started right now!

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Best Cash-Out Refinance Lenders In 2021

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Tapping into your home’s equity can be a smart move, whether it’s to lower high-interest debt, fund a home renovation, pay for college tuition or make progress toward another financial goal. One way you can accomplish this is through a cash-out refinance, in which you refinance your mortgage for more than what you owe and take the difference out in cash.

Many mortgage lenders offer cash-out refinancing, and Bankrate evaluated several to determine the best ones to consider. Here is our guide to the best cash-out refinance lenders in 2021.

Best cash-out refinance lenders

LoanDepot

LoanDepot has refinanced $179 billion in mortgages since its founding in 2010, with more than 200 branch locations across the U.S. serving borrowers in-person, online and by phone. For borrowers interested in accessing their home’s equity in cash, the lender’s cash-out refinance options include:

  • Conventional and jumbo cash-out refi
  • FHA cash-out refi
  • VA cash-out refi

When working with LoanDepot on a cash-out refinance, you can count on the lender’s “no steering” policy to get the best refinancing option for your needs. In addition, if you come back for a second refinance, you won’t have to pay any lender fees, and the lender will reimburse the appraisal fee as part of its “Lifetime Guarantee.”

Refinancing through LoanDepot can take 45 to 60 days, according to the lender’s website, and in a cash-out refinance, you’ll receive the funds one to three days after closing.

On the downside, LoanDepot doesn’t readily provide cash-out refinance rates through its website, so you’ll need to contact the lender to compare your options. The lender doesn’t offer home equity lines of credit (HELOCs) or home equity loans, either, which could be alternatives to a cash-out refi.

PennyMac

Founded in 2008, PennyMac has a range of loan options for borrowers, including cash-out refinancing for those interested in leveraging their home’s equity. The lender’s cash-out refi products include:

  • Conventional cash-out refi
  • FHA cash-out refi
  • VA cash-out refi

Both the FHA and VA cash-out refinancing options also apply to a non-FHA or non-VA loan if you’re interested in refinancing into an FHA or VA loan, according to the lender’s website.

Among its upsides, PennyMac advertises low cash-out refinance rates, which can make it easy for you to do side-by-side comparisons with other lenders. You can also take advantage of the lender’s refinance calculators and a home value estimator to get a better idea of how much equity you have.

While PennyMac already boasts competitive cash-out refinance rates, its “better rate promise” rewards you with a $250 gift card if you find a better offer from another lender. You’ll also benefit from the lender’s closing guarantee, which rewards you a $500 gift card if the lender causes the closing to be delayed.

PennyMac has no brick-and-mortar locations, however, which can be a disadvantage if you’re looking for an in-person experience.

Better.com

Better.com is touted for its 100-percent online process and speedy service. It has somewhat limited loan options compared to other lenders — no VA or USDA loans, for example — but its cash-out refinancing options include:

  • Conventional cash-out refi
  • FHA cash-out refi

What helps set Better.com apart is the ability to review current cash-out refinance rates on the lender’s website by simply inputting information about your home and your desired cash out. The lender also doesn’t charge lender fees, which can further save you money when you refinance.

Better.com was also named one of Bankrate’s best mortgage lenders overall and best online mortgage lenders in 2021, with fast preapprovals (in as little as three minutes), rate locks (in as little as 30 minutes) and closings sooner than the industry average, according to the lender.

Some drawbacks, however: Better.com isn’t available in every state, so refinancing through this lender might not be an option for some. There are also no branch locations.

Bank of America

If you’re looking for a more traditional lender for your cash-out refinance, consider Bank of America, the second-largest bank in the U.S. with thousands of branches throughout the country. In addition to other types of home loans and refinancing, Bank of America offers borrowers:

  • Conventional cash-out refi
  • FHA cash-out refi
  • VA cash-out refi

The bank was also named one of Bankrate’s best mortgage refinance lenders overall in 2021.

Current Bank of America customers enjoy some perks that others might not have access to. FHA and VA refinancing options are only available to current mortgage customers, for example, and customers enrolled in the bank’s Preferred Rewards could be eligible for an origination fee discount up to $600.

Bank of America’s interest rates are posted on its website for quick comparisons, but the bank doesn’t list lender fees online. Like other lenders, it also has a home value estimator so you can get a sense of what your home might be worth and what your cash-out options are.

New American Funding

New American Funding has proven to be a trusted mortgage lender, with an A+ Better Business Bureau rating and five out of five stars among Bankrate users. The lender’s cash-out refinancing options include:

  • Conventional and jumbo cash-out refi
  • FHA cash-out refi
  • VA cash-out refi

With a cash-out refinance through New American Funding, you can expect to receive your funds within three days of closing. Notably, the lender has flexibilities that some others don’t, making it an attractive option for bad credit borrowers. The lender was also named one of Bankrate’s best mortgage lenders for low credit borrowers in 2021.

New American Funding is available in all states with the exception of Hawaii, and brick-and-mortar branches can be found in many of them.

Fee information isn’t available on the lender’s website, but there are some rate offers advertised to the public. To initiate the cash-out refi process, you can call, request a quote online or apply in person.

Cash-out refinance requirements

To be eligible for a cash-out refi, you typically need to:

  • Have a minimum credit score of 620
  • Have a debt-to-income (DTI) ratio below 50 percent
  • Maintain a minimum 20 percent equity in your home following the cash-out (depending on loan type)

Who is cash-out refinancing for?

A cash-out refinance is best when interest rates are low, and for borrowers who meet the previously mentioned requirements and have specific goals for the funds they’re withdrawing. This includes those seeking to consolidate high-interest debt, complete home renovations or fund a college education.

Cash-out refinance vs. rate-and-term refinance

A cash-out refinance is different from a rate-and-term refinance, in which you lower the rate on your mortgage, change the length of the loan term, or both. A cash-out refi can also lower your rate, but it primarily involves withdrawing a portion of your home’s equity in a lump sum, which adds to the amount of your loan and increases the interest you’ll pay. Those funds can be used for a variety of purposes, such as a major home renovation.

Cash-out refinance vs. HELOC

A cash-out refinance isn’t the only way to tap your home’s equity. You can also pursue a home equity line of credit (HELOC).

With a HELOC, your first mortgage remains intact, but you’ll have access to a revolving source of funds throughout the HELOC draw period, which can be up to 10 years. You are only obligated to pay interest on the funds you withdraw during this period. Once the draw period ends, any balance must be repaid, usually over 15 or 20 years.

The advantages of a HELOC are that you’re only responsible for paying what you use, you can access the funds at any time and you won’t incur interest on untapped funds. However, HELOCs come with variable interest rates, which mean they change, and they could be higher than what you’d get with a cash-out refi.

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Pima Supes address eviction protections

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TUCSON, Ariz. (KGUN) — Economic fallout from COVID has cranked up concerns about evictions as tenants have trouble paying. There are Federal protections to reduce evictions in the pandemic but Pima County Supervisors are concerned about evictions that could bypass those safeguards.

Federal restrictions from the Centers for Disease Control restrict evictions if they could increase health risks in general— or the risk of spreading COVID because someone is put out of a home. Those protections are based on whether someone has trouble paying the rent.

Landlords and their lawyers spoke at this week’s Supervisors meeting. They say compared to keeping a tenant, an eviction is a loss for everyone. They want county rental assistance programs to move much faster to channel Federal grants to help tenants pay rent and help landlords cover their expenses.

Steve Huffman of the Tucson Association of Realtors reminded Supervisors tenants will still have to pay back rent and if they can’t it could hurt them long term.

“Many of them have huge judgments that will be issued against them eventually they will owe back rent for the time that they have not been paying rent, those judgments will create bad credit, and will interfere with future housing opportunities, and also future job opportunities.”

Tenants who create other problems beside non-payment or rent can still be taken to court and evicted.

But Pima Supervisors are concerned about reports of people evicted over questionable claims like a car parked in the wrong space or a toilet clogged too many times.

Chairperson Sharon Bronson says these eviction issues are focused by COVID but call for a broader look at how people become homeless.

“We are addressing basically the pandemic issues right now, but this may be, you know, an opportunity to just began the discussion about the larger discussion about homelessness and addiction down the road.”

Supervisors agreed to ask an existing task force on evictions during COVID to take a fresh look at eviction issues, especially in light of possible policy changes under the Biden Administration.



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Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

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Loans Bad Credit Online – PNC Personal loan 2021 Review

Top perks

Low minimum loan amount

Customers can borrow $1,000 to $20,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.

Wide range of repayment terms

You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.

Joint applicants welcome

Whether you need a joint applicant’s high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.

What could be improved

Terms depend on location

The first thing you will be asked is where you live. On its loan homepage, PNC states that “PNC product and feature availability varies by location.” While this may be good news for borrowers in some areas of the country, it could be bad for others. You’ll need to see what it means for you.

Lowest interest rate reserved

If you’re looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC’s lowest advertised interest rate. That’s because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.

Loans Bad Credit Online – PNC Personal loan 2021 Review

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