Getting a car loan may be difficult if you have a bad credit history due to credit card debt, late/missed repayments or bankruptcy. Generally, subprime borrowers who have a credit score under 620 can’t get the best car loans available in the market. But there are bad credit car loans, or second chance finance, available for people with bad credit.
A bad credit car loan is a flexible secured loan, offering people another chance without breaking their budget. However, it’s a high-risk loan that generally comes with high interest rates and large down payments. Lenders will still need to carefully assess borrowers with bad credit before taking the risk to lend them money because they have a higher chance of not repaying the debt.
If you have a bad credit score, major banks and lenders may see you as high risk and reject your loan application. But you can still get a bad credit loan from smaller lenders, as a personal loan of up to $5000. It can be given to people with a bad credit history due to missed/late payments or bankruptcy.
Generally, to be eligible to apply for a bad credit loan, you need to be 18 years or older, be a permanent Australian resident, and have a regular income. Repayment terms are flexible to suit your personal circumstances (3-12 months) and it’s also the first step in rebuilding your credit score.
The subprime loans for small businesses have many scratching their head and wondering if we have learned any lessons at all about the subprime loan. Small business is now in the market for subprime loans and getting them. Continue reading
There is a chance of losing the entire amount of money, if a Co-op bank bond investors or share investors do not take part in the ballot. The bank has entered an agreement with institutes, which offer to maintain the current income level, for the next 12 years. This will not be implemented, if there are no sufficient investors to vote for it.
Since July 2010, the house prices in the UK have increased, at a very fast rate. In the last three months, the rate was the highest in the last three years. The house prices increased almost 6.5% in November, compared to the same period, last year. The rise in October, compared to last year was hardly 1%. Continue reading
A new report is out and for the fifth consecutive year, student debt has increased. The report by the Project on Student Debt at the Institute for College Access and Success (TICAS) confirmed what many already suspected and officials do not see much relief in sight. Continue reading
The unemployment rate in October remained unchanged from the previous month at the rate of 5.7%. The official data for November shows that the unemployment rate for November has risen to 5.8%. Continue reading
In this article, we explore some avenues that could make you laugh your way to the bank.
Buying homes in towns that have a city side
In times of slow economic growth or worse during a recession, people are more likely to walk to public transportation (train, bus, transit). Having a home in such a neighborhood is valuable as they sustain their value ($$) and are recession-proof. Continue reading
Bank of England has reassured that there is no hurry to hike the interest rates in the next year. With the surprising increase in the rate of recovery in the last quarter, BoE governor indicated that an increase in the rate, will have an adverse effect on the consumers and businesses.
Threshold of unemployment
The unemployment rate in the country has dropped below 7% and still the bank wants to keep the interest rate, at the same level. The governor advised the people not to be too assured about the promising figures, due to the economic recovery. This can be taken as a slight warning as the prices are rising faster than the wages.
When the governor addressed the concern about the future housing bubble, he mentioned that he believes that the bank would be able to manage the problem without falling into deep levels of debts. The shadow Chancellor praised the growth in the economy but indicated that though the economy has positive growth, the current situation is keeping millions of households under debt. Though ministers are hoping the interest rate should not rise, the Prime Minister said that they will eventually rise and due to the unprecedented economic challenges, the very low interest rate was proposed to the country.
The way of celebrating Christmas may be different for different type of people but the common factor for everyone is the hiked spending. By January, most of the people would be worried about credit limit collapse and unpaid bills. How to avoid having January blues?
Set a concrete budget that would not eat up your whole credit limit. If the budget exceeds, try to minimize a few expenses or choose a different store to buy the presents.
Kris Kringle is a best way to save in a very large family. With Kris Kringle, each person can buy a present for the other, thereby reducing the amount of money spent on presents.
Set a limit with the number of items in the menu, number of friends to be called and the amount of money to be spent on presents, with your family.
Talk to experts
Talk to experts who are well versed in handling big Christmas celebrations, for advice. It can be your parents, financial advisors or friends. Find how they celebrate, where they buy and how they tackle the financial burden during celebration time. A few tips in the budget would help you avoid January blues.