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Online Car Loan for No Credit, Bad Credit or Poor Credit: Loan Insurance US

Friday, June 20, 2014

Online Loan: Is It That Easy?

If you love folktales, Mullah Nasrudin’s stories cannot have escaped your reading.  While preparing this post on online car loan, I remember one of his stories The Loan. If you have not read or heard it, here it is for you.

A friend came to Nasrudin for one thousand dinar loan for three months. Nasurdin, as usual, said, “Well, I can help you with the half.” The man was glad, “That’s fine. I will manage the half from somewhere else.”  “You cannot understand what I meant,” said Nasurudin. He continued, “I can give you the three months time, not the money.”

In today’s life, this story has not lost its appeal any bit. There are many many lending organizations out there having their doors open for you. You enter them with a happy mood only to return unhappy. They are not the ads that they publish! Despite economists being critical that we are turning into a borrower’s nation because of easy access to loans, the fact remains grim for the borrowers.

Whatever the economists say, it is true you need loans. And you need them because you (really) need them. You need still easier accesses. You need more outlets. It is happy news that newer outlets are there with easier accesses. Online lender are a great option for you then. They are especially helpful when you need larger loan like car loans.

They are hassle-free. They are prompt.  As a result, more people are turning to them these days. There are questions as regards the way they work. Here are some answers ready for you.

Is it really possible to get an auto loan while I have poor credit score?

When you have a credit score anyplace below 640, you are a bad or poor credit scorer. Perhaps you have not paid your installments or/and bills regularly or have simply gone bankrupt. Financially traditionally, you little deserve lender’s trust. However, new market policies are out there to stand by you.For people like you having hard times, there are different way-outs.Online marketplaces are gaining ground nowadays. You have many online lenders ready to lend you irrespective of how your credit card is or if you are able to make a down or not. 

Is credit score necessary?
When it comes to loan, credit cards are necessary. However, you will find places who say they do not look at your credit score. It is good to remember that a 600+ score usually stands you in a stead.
What kind of loan do they provide me?
Lenders are businesspeople. They cannot just lend anyone for nothing, can they? Nor is it in line with business ethics, too. They need some kind of guarantee from your side so they do not go bankrupt into streets. As such, the choice for them is secured loan. Your possessions like your home (equity) or the old car may be the collateral or security for them. 

Do they not provide unsecure loans?
There are thousands of ads on the internet promising car loans to literally ‘anyone’. If you research (unpaid) consumers, you will  just get disappointed. However, a co-signer with a good credit score, a permanent employment, living in a residential area for years may be helpful to get one. 

Feeling frustrated? Read on....
Even if you have no collateral or co-singer or are not able to make a down, you may find these lenders (a list is given below) working for you. A regular job with ability to pay monthly installments is all they often rely on. So, no worries!

Do they provide loan both for new and used cars?
You have both options put forth for you. 
What do I require for getting bad credit loan?

a) US citizenship/legal resident status certificate 
b) Proof of age above 18
c) Proof of employment 

d) Employment details
e) Gross monthly income not below $1500 (variable with lenders)
f) Proof of residence

g) Personal info
h) Social security number (if applicable)
i) Your credit score
j) Collateral 
k) An active checking account

Do I need to make a down payment?
You may as well as may not. Some lenders will like you to pay 10% of the cost, some may ask you to pay a certain amount like $20000. There are some lenders who agree on no-down as well. So you need to research a bit.

How long can it take for me to have my new car then?
You may have to wait two workdays at the average latest.

What would be your advice for my online credit?
a) Visit as many sites as you can
b) Make sure your personal information is secure with the
(the website is SSL-encrypted)
c) The lender has a telephone number
d) Make sure you have searched scam in the name of the site you are contacting
e) Read the loan terms carefully again, again and again.
f) Remember, you are going to have to pay high interest on such loans. So be careful about its impact on your daily life.
g) Do remember that these loans are no way good for new or high-priced cars. 
Who are the marketers for me?
There are pretty many. Here is a list of 10 only for making your shopping easy. Simply click on the logos and enter to sign up for a loan.










Image Credit Goes To: driversapproved.com

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