<b>Auto Loans</b> for No Credit People: Fulfil All Your Desires Now <b>...</b>

Auto loans for no credit people helps people to get extra money to buy a vehicle without any credit check. Thus it is not only designed for people with good credit history but those who have poor credit rating can apply for these loans as lender doesn’t ask for previous credit score. So people with CCJ’s, arrears, due payments and even with bankruptcy can opt for these loans. Hence these loans are best suited for such peoples who want to have a new beginning after a purple patch in financial status.

A person with a bad credit score is never entertained by the traditional lenders and the local auto financers as they do not want to take a risk with people who already have a bad repayment record in the market. But there are hundreds of specialist lenders in the market who has an opened door for the people with bad credit report.

Auto loans for no credit people are offered to the bad credit people who want to buy their own car. Funds are sanctioned for the purchase of new as well as used vehicles. The borrower can use the car for both personal and commercial reasons. The borrower can do a refinancing for their old Auto loan.

Auto loan for no credit people is easy to apply and the funds are sanctioned very quickly as no credit check is done. You can take a secured auto loan by keeping the papers of your vehicle as the security to the lenders. You can use the car as per your own wish; however the vehicle will be hypothecated to the lender. You will have to pay the taxes and insurances for the vehicle regularly. If you keep up the regular repayments and the loan advance is repaid on time, your credit score can be repaired.

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Free 1 step auto loan application

 

Approval Criteria for your <b>Auto Loan</b> | Loans for Drivers Blog

Nowadays, there are a large number of lenders of auto loans and all of them compete in the same market. If you are keen to own a brand new vehicle it is easily possible to get auto loans provided you meet the following pre-requisites:

Repayment Capacity

The first and foremost thing any lender looks at is your capacity to repay the auto loans. To facilitate this you must have a proof of your income. The lender might call for various documents – income certificate from employer, bank statements and Income tax returns.

Credit History

Traditional lenders normally depend more on your credit history and charge interest on your auto loans based on the credit score rating. For persons with poor credit history these lenders charge higher rates of interest, even if they consider giving auto loans.

Rates of Interest

Lenders charge interest on the type of car you want to purchase, credit history and period of auto loans. People having bad credit have to repay within 4 years.

Type of Finance

You could loan directly from the bank – direct financing – or you could purchase it from a car dealer – indirect financing. It is also possible to go in for unsecured or secured auto loans.

Analyze the advantages and disadvantages and choose the best one.

Tags: auto loan, Auto Loans

This entry was posted on Sunday, August 29th, 2010 at 8:10 am and is filed under Auto Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Watch for 'cash for clunkers' scams

Editor's Note: On Thursday, Aug. 20, the Department of Transportation, or DOT, announced that the "Cash for Clunkers" program will conclude Monday, Aug. 24 at 8 p.m. EDT. The DOT advised dealers to only conduct transactions under the program with consumers who have all of their paperwork ready to submit to the dealer during the transaction, as dealers will only have until Aug. 24 to submit completed applications for reimbursement. Consumers can review the program's requirements at 6 Steps to Cash for Clunkers.

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Turn your Auto Notes Into Cash

Winner or loser: Credit cards

Winner: Credit card debtor
When the rate-setting Federal Open Market Committee (FOMC)

Federal Open Market Committee (FOMC)
The FOMC consists of 12 members: the seven members of the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York; and four of the remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating basis. The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. changes the federal funds target rateFederal funds target rate
The short-term interest rate that banks charge other banks to borrow money overnight at the Federal Reserve. The actual rate, or effective rate, changes daily and may be above or below the targeted rate. The FOMC sets the rate at its regularly scheduled meetings but may opt to change it between meetings should economic conditions warrant a change., this in turn affects the Wall Street Journal prime ratePrime rate
The interest rate banks charge their best customers, meaning businesses. It is almost always 3 percent above the federal funds target rate. Banks set this rate based on loan demand and other factors., which is usually 3 percentage points higher than the former.

The prime rate affects the interest rates on most variable-rate credit cards. If the Fed cuts rates, the prime rate will drop accordingly the following day and variable-rate cardholders will enjoy a lower interest rate after their issuer reprices rates, which can mean a lag time of up to three months.

In this case, the Fed has cut rates by 50 basis points, or .5 percentage points. That puts the federal funds rate at 4.75 percent and the prime rate at 7.75 percent, down from 8.25 percent. That means that soon variable-rate cardholders will pay a slightly lower interest rate.

Fixed-rate cardholders may or may not feel a difference. While their rates should stay put, card companies can always adjust the rate with 15 days' advance written notice to the consumer.

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Winner or loser: Auto loans

Winner: Auto loan shopper
The Fed has an indirect role in the cost of car loans. "Auto loan rates can be tied to either the prime rate or to yields on treasury securities such as the three-year or five-year treasury," Bankrate's chief financial analyst, Greg McBride, says. "The prime rate is directly impacted by Fed moves while Treasury yields often move in advance of the Fed."

In general, investors wary of a rate cut flock to safe investments such as Treasuries, which drives prices up and yields down, he says.

Treasury yields have fallen a bit from last month as have auto loan rates, possibly in anticipation of a move from the Fed.

The general consensus is that the Fed will be cutting interest rates in an upcoming meeting so auto loan rates should continue on as they have in previous months.

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Turn your Auto Notes Into Cash

Winner or loser: Home equity loans

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Turn your Auto Notes Into Cash

Winner or loser: Mortgage shopper

100 High Yield CDs Search Bankrate.com Search HomeCompare RatesCalculatorsNews & AdviceLife & MoneyBlogsMortgageRefinanceHome
EquityCDs
& InvestmentsChecking
& SavingsAutoCredit CardsDebt
ManagementInsuranceCollege
FinanceRetirementTaxesFind rates

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Turn your Auto Notes Into Cash

FTC Proposes Changes to Update and Improve Credit Reporting Notices

The Federal Trade Commission is proposing revisions to the notices that consumer reporting agencies provide to consumers, and to users and furnishers of credit report information under the Fair Credit Reporting Act (FCRA). The FCRA requires the FTC to publish model notices for several forms that must be provided by consumer reporting agencies. The proposed changes are designed to reflect new rules that the FTC and other financial regulators have enacted under the Fair and Accurate Credit Transactions Act of 2003, and to make the notices more useful and easier to understand.