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If you own an automotive property or are thinking of buying one, such as an oil change facility, collision shop or general auto repair, you’ve got to have you’re “ducks in a row” as they say, to get the loan closed in this market. 

Believe me I’m sick of hearing about it and sick of “warning” my clients.  But as the credit crisis persists, you need to start thinking clean.  In other words your loan requests have to be strong or you won’t be getting any term sheets from banks.  They’ll simply pass on your deal.  One of the more common issues is bad credit or mediocre credit.  6 months ago you could get away with a 620 and still have some good options.  Now you really need a 680.   Issues like late pays or an excessive amount of debt, even with good scores, will now kill most options.

Another common issue is so many automotive property owners don’t show enough income to qualify.  The idea on a bigger scale is to avoid as much taxes as possible, but when you go to get a loan, you’ve got a problem.  Whatever money you saved by not paying tax you’ll “pay back” to a lender in the form of a higher interest rate or by not getting a loan at all.  Pay now or pay later.  Tal to your CPA about this he may be able to help you create more noncash items like deprivation so that you can have the best of both sides – low taxes and a good rate.   Read more...

Lots of people know that it’s quite possible to refinance their homes, but did you happen to know that it’s also possible to refinance your car? Indeed, for most people who have high interest sub prime auto loans, bad credit car finance may be a wise decision. How would you know if refinancing car with bad credit is a good idea? And once you decide to refinance, how would you go about doing it to actually improve you loan situation?

Just like when you refinance your home loan, when you refinance your car loan the old loan is paid in full and it’s replaced by a new loan. Auto loan refinance for people with no credit, such as if you when you bought your vehicle and you credit score was below 610, the rates on your car loan could very well be much higher than the rate you would qualify for today. By financing your car loan with poor credit, or even an auto loan with bankruptcy, your monthly payments could go down quite a bit. Additionally, over the span of the loan you could save thousands of dollars in interest payments.

You could be a candidate for car loan finance if:

Your auto loan has been deemed ‘season’; which is, if you have had it for at least one year?

You make your payments in a timely manner.

You vehicles value is more than the actual amount that you owe on it.  Read more...

If you are into a foray of buying a classic car, you must know that buying classic car needs a lot of bucks. And, the irony is that, everyone does not have the required money all the time. Moreover, if you have got a bad credit patch in your credit turf, the task becomes much tough. Well, these are the days when everything is possible. And, classic car loans for bad credit make this possible with their monetary aids for your buy of a classic car.

Classic car loans for bad credit are the loans to aid someone’s dream of buying a chosen classic car. These loans are exclusively to aid buy a classic car of your choice. However, you can choose any brand of the classic cars, there is no bar in terms of buying classic car of your choice in classic car loans for bad credit.

Well, classic car loans are advanced in spite of your bad credit rating. Yet, there is a whopping amount you can grab from the classic car loans for bad credit. Here, the loan amount advanced goes up to 90% of your requirement. However, you should borrow as much as you can repay easily. These loans are generally advanced for a term of 2 to 7 years.

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What does it take to put you behind the wheel of a new car? Owning an automobile is not an easy process. Many people that try to buy a car are caught in a suprise when they find they are unable to buy it. It becomes difficult when you find yourself caught with bad credit and restrained by your financial constraints. Obviously, looking for an auto loan is easy, but you are constantly encountered with excess interest rates, that may place a hold on your search for a new car. To assist all those struck with bad credit; the lending institutions in Canada have put together a program to assist all those struck bad credit who are in need of an auto loan. This program is tailor made for people having CCJs, bankruptcy, arrears, or default payments, and is offer with a low rate of interest.

If you have been declined for an auto loan in the past due to bad credit, it is now time to apply, no matter what your credit circumstance is. In Canada, auto loans are now developed for people with good, fair, or previous repayment history, and for people who have no money to put down on the new car. These auto loans may overcome most problems by offering fast, non-threatening approvals for people with bad credit. The mere cause of concern is that your employment, income and expenditure play a major role in the approval of such loans.  Read more...

If you’re paying too much on your existing auto loan, an auto refinance loan may be the solution. But, is auto refinancing right for you? Ask yourself three basic questions:

1. Did you obtain the original rate from your dealer who, at the time, offered auto refinance loans?
2. Is it possible that another lender, possibly a bank, may have offered a lower rate on your auto refinance loan?
3. Are you interested in increasing the equity of your car, reversing the “upside-down” trend of your car’s value depreciating faster than you pay off the auto refinance loan?

If you answered ‘Yes’ to any of the questions above, then auto refinancing may make a lot of sense. And cents. With auto refinance loans, consumers everywhere are literally saving thousands of dollars over their loan terms. Consider this example:

You borrow $20,000 at a rate of 13.4% over a period of 5 years, and then refinance after four months to a new, lower rate of 9.1%. You save $2,350 over the remainder of the auto refinance loan term.

If you financed your car at a dealership, you probably paid an interest surcharge called Rate Participation. Dealers who offer auto refinance loans will generally make money on the interest you’re charged by marking up the rate lenders provide. Sometimes this rate hike can be 3% greater than what a bank would have quoted you otherwise. In these cases, your current credit rating already qualifies you for a lower auto refinance loan rate, one that would have equated to lower monthly payments.  Read more...