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Posts filed under: Bad Credit Auto Loan

Bad Credit Auto Loans in Milwaukee Wisconsin

Local Bad Credit Auto Loans Programs

The time has come for people with bad credit to get the auto loan they need.  There may be more programs available now than there has ever been.  The housing market may still be sinking, jobs may be slow to increase but people in the Milwaukee and surrounding areas can access bad credit auto loans right here in Wisconsin through New Start Auto Loans.  New Start Auto Loans has finance managers with programs for just about every kind of credit.  If you have had a bankruptcy, repossession, foreclosure, limited credit or no credit don’t worry, we’ve got your back and have finance managers in Wisconsin that may be able to get you approved right now.

Getting Car Loans After Bankruptcy In Milwaukee

Sub-prime lenders are opening the floodgates because of new funding available.  People fresh out of bankruptcy are considered off of the groups these special lenders want.  People that have had a bankruptcy generally want to re-establish credit and may even have an auto loan that was not rolled into their bankruptcy that is no longer helping them build credit.  Since an auto loan after bankruptcy is usually one of the biggest influences on credit, it may be one of the best ways to re-establish your credit.  Don’t wait until the last minute, some lenders want people that have just been discharged and give their best rates for this group of people.

What To Do If You Need A Bad Credit Auto Loan

  1. Complete the easy application from New Start Auto Loans, make sure to be as accurate as possible.  Inaccurate information will just make it more difficult and time-consuming.
  2. Gather together the things you will need when you meet with your finance manager, which usually include a utility bill or bank statement, proof of all income you want to be considered.  If you have a job that takes taxes out, your 2 most recent check stubs should do fine.  If you have Social Security income, pension, retirement income, or child support, you may need to bring three months worth of banks statements as well as your most recent income statement.  If you have a trade you will need the title.
  3. Bring as much money for a down payment as you can.  Money down will often help you get a better rate and sometimes even give you many more options and sometimes, can even open up some of the best lending programs.
  4. Set an appointment soon.  By the time you talk to your finance manager, they have likely already been in communication with their lenders and the clock is ticking.  If you show that you are serious, make an appointment that is soon, show up with everything you need you will have more time to focus in your car buying instead of being pushed to the back of the line because you aren’t ready or even worse, having your approval expire.
  5. Work with your finance manager not against.  Finance managers are people too, they want to help you get out o your situation and their job is to make sure that everything works out.  If you show them you are serious about getting your auto loan by showing up for your appointment on time with everything you need it will make your process much smoother and may get you in and home with your new car in less time.
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Five Ways to Re-Establish Your Credit Score

Despite excellent current economic times, years of struggling economy has affected all Americans in some form. For the majority of us, we have experienced less income and more debt, adversely affecting our credit scores. Thankfully, there is hope to get back on track with the advent of new programs offered in the finance industry.

1. Go back to the bank. If your credit and/or checking history has been flawed causing you to be denied a checking account, go back to your bank and explore new options. Banks perform a review of “Check Systems” which monitors your checking history. They are now offering fresh starts for those that may have had some bad marks on their history appear, with entry-level checking programs. These programs generally start by offering you a somewhat limited debit card account, designed to be a step level to a regular checking account. This entry level accounts generally include a small fee for the service, and the bank will monitor your account activity to determine eligibility for better programs progressively until you have established yourself. They look to see that you can maintain a minimum balance without any overdraft, before being offered paper checks. With time, the bank that one turned you down for a checking account will have you back to regular fee-free banking. It is important to note that these banking fees are almost always minimal and pale in comparison to the outrageous rates offered by a chain or small business check cashing shops or currency exchange shop that take a bite out of each and every check you cash that in the long run are a quick fix rip off.

2. Do NOT be tempted by payday loans. Only in a dire emergency should one even consider a loan of this type. It is merely trading one financial debt or need for another debt, except at an exorbitant interest amount that can easily equate to double or triple your original loan, especially if you fail to make the payments on time, or do not pay it off before the first payment is due. Even if you pay it off immediately, there is still a substantial minimum interest charged on your original loan that will still make the process a bad move for you.

3. If you need a car, research bad credit auto loans in your area.  Car dealerships have adapted more and more to the economic changes that have prohibited many people from financing a car. Purchasing a car with cash is no doubt the favorable option, but an automobile is a major purchase that generally requires assistance from a financial source. Even if you have enough cash to purchase a heavily used auto from a friend or some other source, you are essentially buying someone’s problems in owning a car that will usually nickel and dime you to death in repairs. A dealership has to perform a full inspection of all vehicles they take in for sale and disclose any problems to you up front. A bad credit car loan or no credit car loan will enable you to purchase a newer, more dependable model, and give you a chance to re-establish your credit if you make your payments on time.

4. Find a secured credit card. There are many financial institutions that offer credit cards with a major logo such as Visa, or MasterCard, which will enable you to have an actual cash secured CREDIT line, (not debit). These cards are accepted anywhere as any credit (non-debit) card are accepted. The credit card company you choose will ask for a certain amount down to secure your credit line, and these amounts generally range anywhere from $100.00 dollars up to $1500.00. By making your payment due each month, the credit card company will progressively raise your limit. At a certain point, you will qualify for other non-secured cards at lower interest rates.

5. Pay special attention to any business that you owe that reports to a credit bureau. It is these businesses that report on a monthly basis to the major credit bureaus your payment activity. Late payments are being watched and will immediately deteriorate your score. In contrast, pay your bills on time and you will be rewarded with a higher score the longer you can continue to responsibly and consistently pay your debts. One way financial advisers recommend to pay bills, it to use your banks “auto bill pay’ option. By setting up monthly bills on an automatic withdraw to pay bills at a time of your choosing, it takes a lot of the work and stress out of making timely payments. A bill that is auto-deducted from your account is paid like clockwork and keep you from the temptation of avoiding payment when you have the money in your hand and may choose to delay payment and spend the funds elsewhere.

By Mike C

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High Risk Auto Loans

High risk auto loans, sometimes called bad credit auto loans, special finance auto loans or credit reestablishment loans, are auto loans made to customers that have either no credit history, a FICO score below 650, or other blemishes on their credit report that would cause a conventional lender to turn them down.

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Getting High Risk Auto Loans

A high risk auto loan is a loan given to someone that has bad credit, no credit, an unstable work history, low income, trying to get a loan for much more than the value of the car, or other situations that would make the loan riskier than a standard loan.  Unlike conventional lenders, banks that make high risk auto loans look for a way to get you approved, not for a way to turn you down.  At the same time, because these banks loan to people with bad credit, the interest rate can be higher than a conventional loan. Just remember that if you pay this loan on time, chances are the interest on your next loan will be lower.

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Bad Credit Car Loans in Billings Montana

New Start Auto Loans has opened up its doors for residents of Billings Montana.  Anyone who needs to get a car loan but has bad credit, can now complete our secure on-line application.  Once complete, your application will be matched with a local dealer partner that has special programs designed for your specific situation.  After you submit your application, please have the following documents ready.

Current proof of income: If you receive an paycheck, your last two pay stubs should suffice. If you are currently receiving disability or social security income you may need your award letter and the last three months of bank statements showing these payments being deposited.

Trade In: If you have a vehicle to trade, you will need to bring it in for appraisal

Down Payment: You may be able to get financed with little or nothing down.  If you have down payment it will almost always improve your odds of getting a better loan.

You will likely be contacted by phone or email to set an appointment once your application has been received.  Please make sure to set an appointment on the earliest date that you will be available.  Arriving late to your appointment may result in long wait times due to high response.

 

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