I need a car, but i don’t have the money to do this right now. Also i heard that financing builds your credit up which is something i am interested in doing because while apartment hunting for 8months my credit score dropped from people running it constantly. Any advise?
I don’t want anything fancy or large, just simple and reliable.

I disagree heartily with the person above–in most cases, financing a car makes all the sense in the world! Any savvy business person will tell you that paying cash money for a depreciating asset like a car is a mistake. Once you spend your cash, it’s gone, and your car will NEVER be worth what you paid for it (unlike real estate, which appreciates…THAT type of asset you’d want to OWN as quickly as possible!). Better to keep your money (if you have it) in the bank, earning interest. Even at today’s lousy interest rates, interest compounded will earn you money and keep you liquid while you pay down on the loan, which you can also insure. Remember that you are making a monthly payment against your principal balance each month on a car loan, so therefore, the amount of interest reduces every month as well, whereas, money in the bank EARNS interest at a compounding rate…so don’t be confused by the fact that your loan APR is higher than your savings APR–the spread usually winds up being negligible.

If you haven’t built up credit already, you’re going to need to eventually…now is as good a time as any. It won’t ever get easier…in most cases, it only gets harder as life comes at you, so you may as well try for some small installment credit now. It’s often not easy, but you need to go through it at least once to get started.

Believe it or not, though, it’s harder to get a loan for a first time buyer with NO credit than it is for someone who has BAD credit. Reason for that is, at least the bad credit person has a HISTORY that the lenders can see, and sub-prime lenders are skilled at identifying where it went wrong in the past. However, lenders are reluctant to grab at first time buyers precisely because there IS no history–good or bad–to gauge your payment performance.

——————————————

Below is my advice for first time buyers. There are several different scenarios because I don’t know enough about you to know which applies, so I included every possible scenario, which is why it’s so long. Sorry for the length:

- If you are a recent college graduate: Car manufacturers are DESPERATE to sell cars, and you may be able to get a great deal on an inexpensive NEW car. Most captive finance companies, like GMAC, Toyota Motor Credit, etc., and even some credit unions and banks, will have a college grad program. College grad programs vary, but usually involve a small rebate of $400-500, and will give credit to college grads (usually graduated within the last 2 years or about to graduate within 6 months) who have no credit, or light but good credit, as college grads are a better risk statistically than generic first time buyers. Some College Grad programs will even give you a special rate. Call around to local dealers and lenders and ask if they have any First Time Buyer or College Grad programs.

- Generic First Time Buyers are riskier, and for that reason, most major lenders have steered away from them…but occasionally, there are lenders that will do First Time Buyers. Call around to different dealerships and ask them if they have any lenders who will do FTB’s. I think Toyota Motor Credit MIGHT have a FTB program, but don’t quote me on that. Any FTB program you may find, though, will almost assuredly have a high interest rate attached to it, due to the risk.

- The BEST way to get a loan as someone with little to no credit is to do so with a parental co-signer. Most people are LOATHE to ask family for help, but I’ve found that most who do muster up the courage to ask–even if they feel their family won’t or can’t help–often DO wind up getting help. Even if your co-signer has marginal credit, a good finance manager can often make something happen. And if your co-signer has good credit, you will benefit from a good rate as well. The caveat to this is, any late pays or defaults appear on your co-signer’s credit as well as yours, so to avoid heartache, be prepared to pay this loan before ANY other bill you have.

- A footnote on co-signers: some lenders require that the person with stronger credit be listed first on the loan. This has caused many co-signers to stress out, but unnecessarily so. Usually this is done because the APR will be based on the credit score of the first person, and obviously, the loan will be more easily paid if the rate is lower. Contrary to popular myth, however, this does NOT affect either yours or your co-signer’s credit ANY differently. Regardless of who’s listed first, lenders report to BOTH parties’ credit, and there is usually no way to determine who was primary or who was secondary.

Bottom line: If you’re only just starting to build credit, absolutely go for it, but do so carefully and cautiously. Your car loan will be your single most important payment, as you will always need a car. So make sure you always pay it before any other bill, and pay it on time. Sign up for bill pay through your bank to insure it automatically withdraws from your account on time each month.

Good luck!

Car Wash Investor Seminar Financing

Duration : 0:9:53

(more…)

Technorati Tags: Car, Factory, Financing, Investor, seminar, sonnys, Wash

DEBT CONSOLIDATION LOANS Bad Credit Debt Consolidation Bills and debts getting a little out of hand? Lower your monthly payments by consolidating them into one low payment. You can consolidate anything. Credit cards, car loans, personal loans, second mortgages anything and everything! We have saved people Thousands of Dollars with this loan program. We will show you how to get out of debt faster, save money and get a possible tax deduction! Complete our online application.
EDUCATIONAL LOANS Education Loans provide additional funding to undergraduate, graduate, MBA, law and health professions students. These loan programs are the smart way for students to round out educational financing needs by making up the difference that isn’t covered by any other financial aid or loans a student may have. Students can borrow up to the full cost of their education, minus other financial aid. Supreme Advances offers competitive interest rates, combined billing, deferment options and flexible repayment plans. Apply today! Supreme Advances is committed to helping you make smart decisions about paying for college. We recommend that you borrow only what you need and only after exhausting all other alternatives. Be sure to use your borrowed funds only for their intended purpose and always fulfill your repayment obligations. VACATION LOANS Thinking of that dream vacation? Think Vacation Loans from Supreme Advances.
Take that dream vacation you’ve long been planning with a Supreme Advances Vacation Loan package. It’s all you’ll need to guarantee satisfaction and our commitment to your happiness. Complete an online application today.
SMALL BUSINESS LOANS In need of hard money, commercial, business loan or start up loan? We are committed to making the financing process as simple as possible and strives to meet the needs of the business & real estate owner. We offer innovative financial solutions for businesses to help spur growth, conserve cash flow, expand, purchase/refinance equipment, or restructure debt. In addition, our team of real estate professionals can assist borrowers by providing funding for all types of real estate throughout the United States. Supreme Advances, program includes – capital resource hard money loans, unsecured start up loans, bridge funding, signature loans & unsecured small business loans & More!
Hard Money Loans – Unsecured Start Up Loan – Bridge Funding – Signature Loans – Unsecured Small Business Loan – Bridge Funding – Hard Money Loans, apply today. PAYDAY LOANS to learn more about this please visit our website at PrivateFastLoans.com

loans personal loans payday loans student loans bad credit loans home loans auto loans car loans home equity loans unsecured loans fast loans countrywide home loans bad credit personal loans pay day loans cash loans small business loans fha loans mortgage loans online loans business loans debt consolidation loans private student loans direct loans loans for bad credit bad credit car loans students loans unsecured personal loans online payday loans secured loans bank loans consolidation loans no credit check loans loans for people with bad credit college loans faxless payday loans va home loans bad credit personal signature loans quick loans bad credit home loans no fax payday loans commercial loans cheap loans unsecured debt consolidation loans bad credit student loans personal loans for bad credit used car loans fha home loans bad credit auto loans loans investment mobile home loans consolidating student loans government loans compare personal loans federal student loans personal loans for people with bad credit military loans equity loans loans with bad credit car title loans countrywide loans real estate loans sallie mae student loans construction loans loans online cash advance loans title loans poor credit loans short term loans va loans astrive student loans sba loans installment loans signature loans easy to get payday loans manufactured home loans same day payday loans quicken loans fast cash loans motorcycle loans bad credit payday loans high risk personal loans stafford loans consolidate student loans chase student loans payday loans or cash advances home improvement loans bad credit installment loans instant payday loans high risk loans home settlement loans school loans instant loans used auto loans hard money loans personal loans with bad credit loans cash unsecured bad credit loans poor credit personal loans personal loans bad credit quick cash loans

Duration : 0:4:28

(more…)

Technorati Tags: auto, Bad, business, Car, cash, countrywide, Credit, day, equity, fast, fha, home, Loans, pay, payday, personal, small, student, unsecured