Category Archives: Foreclosure

What you need to know about bad credit auto loans

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What you need to know about bad credit auto loans to make a smart purchase

When you’ve got bad credit, any kind of loan will cost you more than if you have an excellent credit rating. This is also true of bad credit auto loans. However, whereas getting most types of loans with bad credit can be difficult, the bad credit car loan is relatively easy. In today’s society, just about everyone needs a car, and the banks and the auto loan financing companies are well aware of this need. Watch Game of Thrones Season 2 Episode 3

Even if you have poor credit, so long as your income to debt ratio demonstrates an ability to make the payment, you can purchase a new car, right off the lot, with little trouble. The down side to this transaction is that this type of bad credit auto loan comes with a high interest rate, which translates into a loan amount which exceeds the price of the car quite substantially. If you’re in the market for a bad credit auto loan on a used and more modestly priced car, you still won’t have much trouble obtaining auto loan financing. Surely you’ve seen the huge banners on some used car lots, with words like ‘Bad credit? No problem!’. No, it’s not a problem for the dealer, but is probably fraught with problems for you when you’ve signed the contract and drive home. Some of those problems include, of course, a high APR, a 30-day guarantee or perhaps just ‘as is’ (meaning no guarantee at all). You can easily end up with a lemon and a loan obligation of the least desirable kind.

So, now let’s get to some steps you can take to assure that your bad credit auto loan can be a smart buy.

1.Shop for your auto loan financing before you shop for the car. Even in the case of a bad credit auto loan, check with your own bank first to see what they can offer. If your employment history is solid, and you have, or implement direct deposit, you may get a decent rate, particularly if you opt for the automated payment – they take the payment directly out of your direct deposited paycheck. If you belong to a credit union, be sure to check with them as well. It’s never the wisest move to go with a dealer’s auto loan finance company.

2.As possible, be prepared to make the largest down payment you can afford. The smaller the loan amount, the less the car will cost you in the end. If you’re planning to use your current vehicle as a trade-in, check the Kelly Blue Book(R) to determine the true market value of your car. You may be better off selling the car first and then using that money for your down payment. Watch Game of Thrones Season 2 Episode 3

3.When you’ve secured a commitment from a lender, you can shop with price negotiating power. You’ve got the money and they want to sell the car. You’ve now taken the bad credit auto loan factor out of the equation and are most likely to be able to negotiate the best price. You’re also in a better position to ask that your mechanic give the car a look before you buy, giving you assurance that the car is sound.

4.Even though you necessarily need an auto loan, taking these steps will save you money and time, making that purchase a good one.

So there you have the basics of getting a good, bad credit auto loan!

Credit and foreclosure

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With foreclosures on the rise in the suburban New York area of Long Island, we sought the help of several Long Island lawyers to get a better understanding of just how foreclosure impacts credit and credit history.

Every borrower’s credit score is based on their entire history of using credit (up to seven years), and the whole picture will be looked at by the rating agencies when assigning a score. If a homeowner has a lot of other bills that they are paid up on, and credit lines that are paid off or on time, the foreclosure may not have a large effect. It may only cause a small decline in the total score because one negative mark will be covered up by numerous positives. Combined with a lot of late payments on other loans, though, a foreclosure can definitely bring down a credit score. This is why it is so vital for borrowers to do what they can to stay on top of all of their bills while in foreclosure, in order to keep up their positive credit history as much as they possibly can.

The foreclosure process is complex and you should always consult with a law firm experienced with foreclosure laws in your state before dealing directly with your bank. We found that just about all Long Island attorneys offer valuable free consultations to prospective clients.

Strategic foreclosure is a little known option

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We’ve all heard the horror stories of loan modification efforts going wrong. While homeowners think they are negotiating in good faith with one department of their bank, another department is filing foreclosure. For many homeowners who are struggling with their finances, a modification may not be enough help to allow them to keep their home. With an understanding that foreclosure is inevitable, many homeowners in Nassau and Suffolk counties in New York an area hard hit with foreclosures, to those Long Island law firms who specialize in foreclosure defense. Foreclosure is a legal action. When addressed by retaining the services of a foreclosure defense law firm, the proscess can take many months and in some cases more than a year. During this time, the homeowner will be paying the law firm an affordable monthly retainer. The process allows the homeowner to live in their home while saving money to either remedy the foreclosure if possible, or have enough funds to move to an affordable dwelling.