Credit Finance

Monday, March 22, 2010

Bad Credit Car Finance - Don't Let Low Credit Score Stop You

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Bad credit car finance is the only option for many of us and like any other product, good or service, where there is demand it's highly likely there is or soon will be "supply".

Supply in this case would be the MANY bad credit car finance loan providers willing to consider your loan approval. And believe me, they are hungry for your business and they will compete for your loan - and I'll tell you why.

First, just about everyone needs a vehicle. 99% of us don't have the cash to buy the car we want so we borrow the funds. The problem is more and more applicants are falling into the sub-prime loan category - that is, borrowers with credit score below 680.

How does this help you, the bad credit borrower?

Car dealers and auto lenders simply don't have the volume of AAA credit candidates they need to keep their businesses alive. So, in order to survive and close loans, which is how auto lenders make their living, they must throw a wider net around their pool of potential applicants to also include sub prime loan applicants.

Even if your credit score is between 525 and 680, be assured, there are bad credit car finance programs available that will enable you to borrow the funds you need to get the car you want.

Second, American auto markets are in a sorry state. The big 3 are experiencing extreme competition from foreign auto manufacturers as well as overstocked with high inventories.

In order to compete, American auto makers are fighting tooth and nail to gain market share - doing just about anything to get you in their door and buy something from their bloated inventory. Many dealers are judged on volume of vehicles sold not profit per vehicle so your bad credit will hardly stop a dealer from making a sale.

So don't let bad credit stop you from getting a decent vehicle - see the link below for a good selection of bad credit car finance providers.

If you are looking for a vehicle and have bad credit, use all your resources to your advantage to get the best terms new auto purchase or auto refinancing, all in one place , visit - bad credit car finance information and reviews of bad credit auto lenders.

Article Source: http://EzineArticles.com/?expert=Leslie_Collins

Labels: credit car finance, credit finance, credit stop you

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Credit Card Debt - Monthly Payments and Finance Charges

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Some Australian cards require cardholders to pay off credit card debt in its entirety each month. As benefits, they normally do not charge finance fees and at times, no maximum limit. Most cards being offered today are known as revolving credit. This means cardholders are allowed t carry a balance.

Any outstanding card debt will earn interest that cardholders must pay. In addition, you are given a minimum amount to pay credit card debt. Often, the minimum amount of payment is 5% of your current balance.

Knowing how finance charges are being calculated by card companies is important. This gives you a better idea how your credit is being computed. The following are the three methods used by card companies to determine an individual's finance charges:

Adjusted Balance

This method is widely believed to favour the cardholders. This method takes the balance from your previous statements, adds new fees, subtract the payment you made and then it is multiplied by the monthly interest rate.

Average Daily Balance

This is the most commonly used system by many card companies. First, your card company tracks your balance each day. They add charges and subtract payments as they occur. At the end of the period, they will calculate the average totals of these and then multiple the number by the monthly interest rate to determine finance charges.

Previous Balance

Note that this method is believed to favour the card company and not the cardholder. The card company will multiply your previous statement's balance by the monthly interest rate. This means that cardholders will still be charged interest on their balance a whole period after they pay off credit card debt.

The bottom line is, the amount that a person will pay will depend on the balance, the interest rate that applies and the way additional fees are calculated by his/her respective card companies.

Finding the perfect credit card that suits your needs and exceed your expectations shouldn't be hard. Find out how to get the best credit cards from top rated credit card companies only at http://www.thecreditcardguide.com.au/

Article Source: http://EzineArticles.com/?expert=Lynette_Hill

Labels: credit card debt, credit finance, payments finance

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Saturday, March 20, 2010

Auto Loans - Bad Credit Finance

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Commercials and advertisements are everywhere that says that anyone can get a car regardless of how bad their credit is. Usually this is true, almost anyone can get a car loan but the terms of the loan can often make you find yourself in a rut that you didn't anticipate.

Besides the fact that you will likely need a much larger down payment in addition to a higher interest rate, your auto loan will very much resemble a traditional loan.

The down payment required can often be as much as half and the interest rates can be as high as 26%. This is dependent on which state you live in and exactly how bad your credit really is.

Even with bad credit a person should never accept an interest rate that is more than about 18%. Another difference between those with good credit and those without is that people with good credit can often finance for as many as seven years.

Those with bad credit will usually have to accept much shorter finance option such as two to four years.

If a person is given a chance to finance an auto with bad credit it is very important that the payments are made on time. This means that you will be establishing a good line of credit and the next time that you want a vehicle you will be offered better terms.

Unfortunately those with bad credit are often at the mercy of the lender and fall prey to some unsavory conditions. Lenders know this and some, especially those that deal in offering bad credit auto loans, have been known to abuse the system.

Mainly this is done by artificially inflating the price of the car and the interest rate too. An example of this would be for a lender to take a $4000 car and inflate the cost to lenders as an $8000 car.

They would accept a $2000 down payment and finance the rest at as much as 26% interest. This forces the buyer to pay often as much as three times the price that they would pay for a car under normal conditions.

To protect yourself you must be armed with knowledge. Another thing for a buyer with bad credit to consider is that many times it is in the buyer's best interest to go for the gold and try to buy a new car rather than a used one.

Believe it or not, it may be easier for two reasons. One, there are better incentives offered by the manufacturers and secondly because the dealers are pressured to dump new cars all the time.

Use this information as part of your knowledge base so you always get the best auto financing, bad credit or not!

Get approved for your auto loan in minutes at Auto Loans Approval In Minutes [http://getyourautoloannow.com].

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Chimezirim Odimba is a finance expert.

Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba

Labels: bad credit finance, credit finance, credit finance loans

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How to Improve Your Credit Score - Personal Finance Basics

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The health of your credit score is incredibly important to your finances for a number of reasons. To begin with good credit scores are exactly what banks are looking for when deciding whether or not they will lend you money.

More often than not insurance brokers or landlords often look into your credit when determining whether or not to choose you as a potential client or possible tenant. This article will describe to you a number of ways of improving your credit score and will assist with your personal finance basics.

1. Pay Your Bills On Time

The reason why this is first on my list is because this is likely the most important rule to follow when trying to boost your credit score. If you visit a bank and want to apply for a home mortgage the first thing the bank will search for is if you regularly make bill payments when they are due.

These bills include everything from your cable, home or cell phone, credit card or any other types of bills. Your credit score will directly reflect if you pay for, miss or are late on your bills. If they discover that you always miss or are late for payments, there is a good chance they will not approve you for the loan.

Helpful advice so you will make every bill payment:

-Create a new checking account and allocate enough cash at the beginning of each month for your bills so you always have enough.

-Create automated email reminders a few days prior to when your bills are due.

-Create automatic payments through your online banking.

-Keep a written calendar of when each bill is due. Update and check it regularly.

-Purchase everything possible with cash. Not having a credit card means one less bill to forget.

2. Never Let Bills Go To Collections

This may seem very simple but these collection agency's exist because thousands of people allow their unpaid bills to go this far. You can't forget about your bills.

Your bills won't just disappear. If just one of your unpaid bills go to collections you will have to pay surcharges, major interest and your credit rating will be tarnished.

3. Keep Credit Card Balances Low

The most simple of personal finance basics is if you must use a credit card, keep the balance at zero or as low as possible. The less of your available credit you use the better.

The number that most reflects your credit score the most recent balance on your statement. Even if you pay your bill in full every month you should never exceed more than 30% of your available credit. The less you use the better.

4. Use Old Your Credit Cards

This may seem a bit odd but try not to switch from one credit card company to the next. If you jump around and continually open and close credit cards your credit score can be adversely affected.

If you can use the credit card you got when you were 20 and stay with it. If you primarily use a different credit card, attempt to keep your old cards active and use it every once in a while. Make certain you pay it off in full each time.

5. Check Your Scores Once A Year

Credit scores can change fast. One day everything may be going well and tomorrow your credit score might be awful. Looking into your score each year is a personal finance basic tip we all should follow.

This will allow you to correct any mistakes that the banks or you might have made. Keep in mind, if you check your credit rating more than once a year or on a regular basis it will affect your scores negatively. Checking once a year is your best option.

Be sure to dispute any errors like unpaid bills or late payments when you are certain that they were paid on time or there might be other issues that you could find.

High credit scores create the chance for lower interest rates on mortgages, car loans, personal loans and credit cards. The most simple of personal finance basics you should follow is to maintain the health of your credit score so you will be able to take advantage all sorts of different financial opportunities.

The sooner you rectify any issues you might have with your credit, the sooner you will get everything back in order. By following these tips you will be completely on your way to improving the health of your credit score.

You can pay off your debts and save money at the same time! Say goodbye to your boss forever! A blog that will show you the secrets of the wealthy: http://www.howtomanagemoneytips.com

Get a free budget sheet, net worth calculator, tools and more: http://www.howtomanagemoneytips.com/ebook2.html

Article Source: http://EzineArticles.com/?expert=Brandon_Schmid

Labels: credit finance, how to improve credit, personal finance

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