How to Get a Car Loan with Bad Credit

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.

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How to Get a Loan with Bad Credit

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.

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Interesting means to generate extra income

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 will raise its rate at its own terms

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.

Future effects

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.

Source: http://www.londonbusinessnews.co.uk/external?url=http://www.moneyexpert.com/news/interest-rates-will-rise-on-our-own-terms-boe-says/800582433


How to avoid January blues?

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?

Budget

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.

KrisKringle

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 limits

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.

Source: http://www.smh.com.au/money/avoiding-the-january-blues-20131123-2y2oq.html