Personal Finance Archives

Reference Can Help Those with Poor Credit

Reference Can Help Those with Poor Credit


If you are someone with bad credit and who want to apply for car loan, there are additional requirements that you have to comply. One of these requirements is to submit a list of references.

At Auto Credit Express, for the past twenty years we have been providing assistance to those applicants with poor credit scores. We have our website which gives information on research topics which deal with bankruptcy, low credit scores and on the topic being discussed in this article which is about the list of references required in applying for a car loan when your credit is bad.

Needed documents for car loan

In addition to valid driver’s license and proof of insurance, the lenders require the high- risk borrowers who apply for car loan to submit a list of references. These are additional stipulations which are required before approval of car loan.

What is a reference?

A reference is someone whom you know very well. He or she can be your relative, a close friend, a co employee or even a superior or boss.

Usually the required number of references is four but to make your application more credible you can provide more than four references to the lenders.

Contents of Reference Information

The reference must include the name of the person, address, and phone number at home or office.

Permission of the persons you have included in the list must be obtained. They must also be informed that the lenders might contact them for verification to confirm whether or not they know you.

To speed up the application of your car loan, bring with you the list of reference on your first visit to the finance manager for the car dealership.

In Conclusion

Include six names in your list of reference with their complete address and home or office phone numbers. Bring this list when you first visit the finance manager of the dealership. If you do this, the processing of your loan will be done more quickly.

State House Faces Short-term Lending Program House Bill 2191

State House Faces Short-term Lending Program House Bill 2191

There is a kind of short-term lending program being considered as of the moment by the state House. The lending program involves a 14-day, $300 loan together with approximately $42.50 of fees and interests.

The House Bill 2191 is dubbed by supporters as a consumer protection measure. In contrast, it is considered as a bankruptcy by design by opponents because some banks in the state are offering two-week or payday loans with 369 percent of percentage rates every year.

Last May 8, the meeting was held and one of the members of the House Consumer Affairs Committee who voted in support of the bill was State Rep. Gene DiGirolamo. However, although he voted yes, DiGirolamo still have a few worries about it and is still contemplating whether or not it suits the people of Pennsylvania. He added that voting in favor of the bill does not indicate right away that it is supported by a representative.

The lending bill was co-sponsored by State Rep. Frank Farry. He said that there are worse loan programs offered through other countries and states than the bill.

According to Online 1-Hour Loan, a company based in California, the bill links borrowers to banks that offer fees ranging from $15 to $25 every $100 loaned for 1 to 15 days or more. Consumers can loan up to $1,500 and should earn a minimum of $1,000 every month. In addition, the company said that bad credit is not a hindrance in getting a loan.

On the other hand, there are also critics of the House Bill 2191. One of them is the Keystone Research Group.

Moreover, the Navy-Marine Corps Relief Society feels the same way. In fact, it thinks the bill will be mostly risky to retired sailors, Marines and their respective families.

Also, credit counselor Joan Reading said that any kind of short-term lending is opposed by the Credit Counseling Center of Bucks County.

Wedding Season’s Here

Wedding Season’s Here

Summer is here and love is in the air! Though most weddings still occur on New Year’s Eve and Valentines’ Day, summer is dubbed as the wedding season because of the mass weddings that American couples would hold on the month of June and July (but not on August though).

However, weddings could be financially challenging for couples not to mention that after marriage the couple would have to share everything and by everything, this includes debt. Though, it still would depend on how the couple would manage their finances as partners that would determine the outcome of the marriage;may it be a good and happy one or a bad one.

But before anything else, there is good news that couples must hear. Whatever debt your future husband or wife has in the community’s property, will not come to haunt you. This sacred oath, as many call it, does not make you liable for all your spouse’s debts. It is illegal for collectors to force you into paying your partner’s loans, mortgages, or any other debts that he made on his own name and before your marriage.

If your partner has bad credit then it will not be a problem for you, unless you apply for a co-creditship of course. If you apply for a credit together then your credit score will merge and literally, what is his will be yours too. Though you can get rid of this bond legally in the future, it is very advisable that you avoid it in the first place since it could be a very irritable and time consuming effort in the future.

Now you heard the good news, let us proceed with the not so good one. If the creditor gets hold of a legal document from court he can confiscate anything that belongs to your partner, or any assets that both of you have such as bank accounts, property, house and other buildings. If your partner has shaky credit, be extra careful of co-signing an agreement to get a joint-property because not only can his personal things be taken if he falls into debt, you will be going down ruined, with him. Once you purchase a property and someone has their name in the document with yours, he or she is considered as the co-owner of the property, and this gives the creditor legal right to take anything that you own too even if the debt was not you’re doing.

To make things worse, those vows that wedded couples take for richer or for poorer are not just mere words. In most of the states even including Nevada, those who make this vow would have to pay for the expense of the other. The most expensive of these fees is one’s medical debts. Even if you are separated for years, you will still be responsible for your partner’s medical care.

Before you two get into a marriage it would be wise to not just plan about the wedding arrangements. Your future plans 50 years from after the marriage would be a wiser topic to discuss.

Most Asked Questions About the VA Loan

Most Asked Questions About the VA Loan

VA is a popular loan program for United States citizens, every week, the agency receives plenty of questions from their customers and this article composes the some of the most frequently asked questions by clients.

Many Americans inquire the agency about tips on how to cope up with bad credit. Well, this is what you should do: though this is might pose as a problem for many, in order to qualify for the VA’s loan the military household must have a FICO credit score of 620 or better. But if the individual who is applying for a loan has ever filed bankruptcy in the past, then an arrangement can be done with the agency.

The agency does not turn its back on poor credit clients; rather they become a strong partner with these citizens and help them back on their feet. The agency aids these applicants to qualify for the loan and repair their credit status.

Another query is about a spouse or a family member that has bad credit. To make it easier for the household, it is advised by the agency for a solo borrower to surface instead of having a co-borrower that has a bad credit. If ever you want to have a co-borrower then your credit scores must add up to at least 620. It is possible to have a solo borrower obtain a loan but he must be able to qualify all the criteria of the agency and afford the loan payments.

If you are wondering what you can purchase with a VA loan then you should know that it can be used to buy a primary residence. A vacant lot and other business or commercial related properties can also be bought with the loan. You can even buy a newly constructed property, but this is limited only to some land owners and money lenders.

So now, how much is a VA loan? VA loans usually just caries with the market. If you are an applicant you can usually get the loan interest rate before the approval process.

New Law Requires Auto Dealers to Share Credit History

New Law Requires Auto Dealers to Share Credit History

A new law has been passed by the United States District judge this week and this requires automobile dealers to share their bad credit history report to their clients. This gesture ensures the protection of costumers from automobile lenders’ high interest rates.

It is now mandatory for car dealers to supply transparency to their customers about their current financial standing even if it involves a third-party lender. District Judge Ellen Huvelle has required these companies to follow this new regulation to give caution to clients for the possibility that their automobile dealers might be unfairly charging them with high interest rates because of past credit status.

After the long altercation between the National Automobile Dealers Association, also known as the NADA and the Federal Trade Commission or the FTC, Judge Huvelle came with the decision to require car dealers to inform their buyers that they have had bad credit history.

Before the new law was passed, there already is a current law that required the dealers to inform their customers about their increase in the interest rate if it is caused by bad credit history. However, according to the NADA, a loan coming from a third-party persona like a financial institution was an exception to this law.

The FTC said that dealers were supposed to be obligated to share this crucial information with their clients and the Judge agreed. Getting an auto loan with bad credit is a very difficult task to accomplish, and customers are even bombarded with higher interest rates.

But it does not always have to be this way. There are ways for you not to be caught in a very high debt when you try to get a car. They include getting away with dealership finance.

One way is to turn to credit unions, though they may be strict in giving you a full credit history check, their automobile loans are very much cheaper than those offered by dealers.

Another way is to do face to face lending. This type of lending will allow you to find people who would be willing to lend you loans that have rates lower than auto dealers.

One last tip is to check your home equity loan. This will not only ensure you of a low interest rate it may even help you in your tax rate. However, if you are careless and you are not able to pay back the loan you do not only get your car repossessed, you also lose your house.

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