Auto Loans For Those Who Have Bad Credit

When you are saddled with bad credit, life seems to come to a stand still. You cannot even apply for a loan to buy a new or an old car. If you are under the impression that it is impossible to get fair loans, think again. It is actually possible to get auto loans, even when you have poor credit rating. Of course, like every other loan, you have to qualify. Most importantly, you have to comply with the requirements of the loan provider when you are seeking bad credit auto loans. In no time, with proper research and a little luck, you will be able to get a great deal for you next car.

Though it is a fact that majority of lending companies are facing the aftermath of recession and have gone for a credit squeeze, even then, there are enough lenders who are ready to roll out bad credit auto loans for aspirants who feel hopeless being saddled with poor credit scores. However, they totally rely on your assurance that you have a steady monthly income which would enable you to repay the loan at the right time every month. There is good news for people who do not have a steady monthly income to back their application. All they need to do is to get a creditworthy cosigner to back their application for bad credit auto loans. This individual essentially stands as a guarantor to the lending company, in case you are unable to pay back the installments.

This is a guest post written by Ravi the admin of loansbuzz.com

Types and Characteristics of Consumer Loans

Banks normally thrive on the loans and services they provide to businesses. For example, offering funds for new businesses or expansion of some existing business, managing inter-city or international transactions involving large sums, or offering financial advice, etc. However, no bank can completely ignore the individual consumers, as they constitute a large part of the market and are considered an important source of funds for the banks.

With the passage of time, more and more individuals have shown interests in lending from banks, they'll seek loan for a small home-based business, go for a loan for house construction, or even knock at the door of bank when they need a brand new car. Consumer loans differ in sizes and characteristics, ranging from long term huge mortgage loans to small loans taken out for shopping through credit cards.

Consumer loan is different from business loan in many ways. Even though the business loans are borrowed by individuals as well, but people tend to think differently when borrowing for the business as compared to the borrowing for personal use. Consumer loans are thought to be the more risky ones than business loans because individuals defaults (fails to payback) more often than the businesses, that's why consumer loans normally have higher interest rates than the business loan. Also, consumer loan mostly has fixed interest rate.

Different types of loans:

Consumer loans can be divided into different categories. Some commonly known types are ...

Credit Cards:

One of the most widely used forms of consumer loan; Credit cards have got such a huge user base because of the convenience factor. People use it for shopping at large retail stores, dining out in restaurants or at petrol pumps. Best thing about these loans is that consumers can avoid the interest altogether by paying back shortly after the transaction, otherwise a small percentage is added into the basic amount on monthly basis as interest.

House Finance or Auto Loans:

Another very important type of loan, house finance or mortgage has helped many to be in possession of their own house. Auto finance is a loan that succeeds in the time of economic growth. However, both of these loans are subject to manipulation by dishonest parties.

Installment vs. Non Installment Loans:

Installment loans are relatively smaller loans which the borrower is required to return in monthly installments, whereas non installment loans are needed to be paid off in a lump sum after a fixed period of time. Most of the time consumer loans fall in "installment based loans" category.

Source: Crazyblogger.net

AUTO & PERSONAL LOAN DETAILS

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