Economics Finance

If you have been trying to get a car loan with a negative credit score, you have probably tried the traditional route. This would include going to the dealers in your area, maybe one or two, and going through the typical application routine. This can be one of the toughest ways to get auto finance, in your situation.

An easier way of getting approved is through what is called a “lending network”. There are a couple places online that allow you to get paired with lenders based on your credit history and income level. That way, rather than you having to hop all over town filling out credit applications, all you have to do is fill out one form. With so many lenders in the United States, it’s easy to imagine how there are lenders for everyone of every credit type, including yours.

The best part is that the lenders in these types of networks are screened. No predatory lending practices are tolerated and you can expect exceptional customer service from these types of lending sources. Getting an auto loan when you’ve got a negative credit score is not as troublesome as you might imagine. The secret to a simple, hassle-free approval lies in simply using the right sources. Continue reading ‘Help With Getting a Car Loan With a Negative Credit Score – Bad Credit Auto Finance For All People’ »

Refinancing car loans works in the same way as other types of refinancing and can be equally beneficial.

In this day and age everyone needs transport and getting it at a lower cost is a definite benefit. Refinancing is one of the few methods you can use to save a weighty amount of money with little effort.

Refinancing allows you to replace your current car loan provider with a new one. The benefit here is the new provider can give you a lower interest rate and ultimately save you money. This can allow you to reduce your repayment period, lower your monthly payments or just free up cash for everyday living. Continue reading ‘Refinance Car Loans – Change Lenders to Save Money’ »

It’s bad enough to be in a car accident that results in a total loss, but to add insult to injury you find out from your insurance company that your two year old car is worth only 40% of its original value and then to top it off your finance company tells you that after two years of making payments you’ve barely made a dent in your loan.

The result? You get a $10,800 check from your insurance company to pay off a $22,000 car loan. Welcome to the danger zone for car loans. Continue reading ‘Is Your Car Loan in the Danger Zone?’ »

Car insurance companies are very strict on their insurance packages and most times, they look at your details to be able to award you the necessary insurance. Therefore, it is not uncommon to find car insurance buyers looking for ways to falsify their details in the bid to reduce their premium price and get cheaper car insurance quotes. In fact, research has shown that in the UK alone, over 10% of all drivers have lied at a point in time about their details or records while in the US, it is estimated at a whopping 27%. Details that are mostly lied about include the age and address of the driver. In some cases, drivers have been known to leave out speeding tickets, drunken driving records and bans on driving they may have received.

Sadly, many drivers seem to think this is the norm and therefore lie about all these when they are applying for an insurance policy. And this is further influenced by the thinking that the companies are mandated to pay and reward them. Most informed drivers know that falsifying your records is seen as fraud while the uninformed drivers think it is ok to lie about their records. The truth is insurance companies are beginning to catch up with this trend and are taking steps against the frequent occurrence of such acts. One of these steps is in the installation of software that will function as a lie detector and will compare all the different data for traces of irregularities. Besides this, insurance companies now have penalties that are meted out on culprits of this act. These include:

1. Cancellation of the Insurance Policy.

All culprits will lose their rights to any form of insurance with the company of they are caught. This means that all the monies paid prior to that time will not be retrieved or paid back and the driver will forfeit all attendant benefits.

2. All Claims will be lost and denied.

All drivers caught in the act of falsification will be denied all claims. During accidents, most drivers and car owners resort to the insurance company to offer some form of relief. Even if the claims are genuine, the insurance company will desist from making the required payment if it detects false information.

Continue reading ‘Consequence of Lying to Your Car Insurance Company’ »