Bad Credit Loans - What To Do and Not To Do

If you are searching for a bad credit loan it could pay you to shop around and compare quotes for bad credit loans.

Lenders all have their own assessment routines for assessing applications for bad credit personal loans and they also perceive risk levels differently. In addition competition is fierce for customers and even if you have a bad credit rating, lenders may still perceive you as a low risk and offer rates that are quite competitive.

Most consumers will start with the bank or lender that they are accustom to dealing with and will fill in an application for a bad credit loan or they will meet with the loan manager at their local bank. Unfortunately this can be stressful as well as inconvenient especially if you have to take time off work to meet with the loan manager. It is stressful because you are sitting across from someone who will look you in the eye and perhaps say yes to your application for a bad credit loan.

Comparing bad credit loans is much easier and convenient if you do this over the Internet. Most lenders have automatic loan assessment tools and those that don’t will just review your application during normal business or extended business hours and then either send you an email or give you a call to confirm details. Applications for a bad credit loan can be filled in during the evening or when ever you are off work.

Within an hour or two, consumers can apply at several lenders for a bad credit loan and then relax until the answer is returned. In some cases lenders will provide quotes to you online within minutes and they even provide a small discount for applying online compared to other traditional lenders.

The really important message here is that you can apply online for a bad credit loan from the comfort of your home and compare the bad credit loan quotes you receive. Consumers should always compare all details of the quote to ensure that they are accurately comparing all aspects. One bad credit loan quote may have the lowest interest rate, but then add processing fees and other administration fees that increase the overall cost of the bad credit loan.

The variables that consumers should consider when assessing a bad credit loan application are: the interest rate charged and how it is calculated; the term; monthly payment; processing fees; administration fees; any penalty fees for early payment; any discharge fees at the end of the loan and the reputation of the company that you are dealing with. All of these factors should be considered when comparing the results of your online quotes for bad credit loans or for any personal loans and mortgages that you are considering.

Consumers who are unfamiliar with these variables or uncomfortable with these terms should seek out an expert who can assist them in evaluating the different quotes and help them select the best bad credit loan for their needs.

The Kind of Loan To Avoid

 

Online Boat and Yacht Loans

Many consumers will take advantage of the financing offered by the various yacht dealers when they purchase their new or even a used boat.

The dealers know that if they can interest you in a boat, and arrange for financing you are more likely to purchase the boat than if you walk away, find a lender and have time to think about whether you can really afford the boat in the first place. Boat dealers can offer a one-stop shop, the boat of your dreams, financing in terms of a boat loan, sometimes even dry-docking as well as maintenance.

There are many other lenders who have boat loans available for all types of boats and if you are contemplating the purchase of, for example a 36 Doral, that sleeps 8 and costs half a million dollars etc., you might be able to find a better boat loan by surfing the net and filling in a few applications to see what type of boat loan offers are available.

Generally, you can submit an application online, however some lenders will want to have you send the application by fax or speak to you over the phone. Keep your requirements the same for every application and then you can compare the quotations when they arrive that much easier.

There are all types of boats and also depending on whether you are purchasing a new boat or a used boat the lender may want to have an appraisal completed as well as be show the appropriate insurance documentation.

All of this is required to really manage the risk and ensure that the lender loans you what the boat is worth and that it is also insured in case it is damaged in some manner. Every boat is different so you will need to be sure to read the fine print on both your boat loan as well as the insurance for the boat that you purchase.

Some lenders specialize in marine financing, while others will treat the loan like a personal loan with a short term. If you are purchasing an expensive boat this can really increase the monthly payments, so you may want to consider a longer time to make the monthly payments more manageable.

As mentioned earlier there are many different types of boats that consumers will consider purchasing and as a result need a boat loan. Sail boat loans, house boat loans, yacht loans, motor boat loans, fishing boat loans, speed boat loans and many more different types of boats will require specialized financing.

You will probably want a lender who is familiar with all different types of boats as well as the gear they require to run them. The larger boats will have depth sounders and marine radar, as well as marine radios that are required for safety purposes. Dealing with a lender that is familiar with boats will make it that much easier to negotiate a boat loan that will include the various electronic gear that you will need.

Some Nice Boat Work in This Video

Bankruptcy and Neglecting Student Loan Payments

I actually like the video at the bottom of this article on students, more then than the article itself.

Students just can’t afford to walk away from their student loans anymore. Read on…  

At one time students could declare bankruptcy and just walk away from their student loan.

So many students did this, that governments started taking action to prevent situations like this - by passing laws, and going after delinquent students who did not pay their loans or tried to claim bankruptcy.

Before you decide to claim bankruptcy, in fact well before you get to the stage were bankruptcy is a really a factor, sit down with your financial advisor or bank manager and discuss what you can do to solve some of the financial issues that are taking you in the direction of bankruptcy.

This is true at any age, but even more important for students since a bankruptcy claim can affect you for the major part of your early years in your career. Early in your career you need money for homes and cars and furniture, even to get married. Having a good credit rating can make a big difference.

If you think you may benefit from some counseling or assistance, most loan agencies that provide student loans have information on their web sites that you might find worth reading.

Subjects such as budgeting, scholarship applications, consolidating loans, deferred loans and low interest rate loans are some of that you might consider before declaring bankruptcy.

Consider that by consolidating all of your debt into one low interest rate loan, you might find that your monthly payments actually decrease giving you that breathing room you need to get by and avoid bankruptcy. Lowering your monthly payments and paying less interest will make it much easier to deal with your financial challenges.

Related Video – Neglecting Student Loans – Must Watch!

Payment Calculator Article

Car loan calculators are easily found online in present day. Nothing to be impressed with really. Some companies offer easy to use car loan calculators on their sites and some provide extremely crude and   calculators.

Auto loan 4u has three main calculators they recommend as of late. One of them is a "home made" general amortorization calculator that can be used for any kind loan. There are some specific traits that car financing has with terms and rates so specific car loan calculators can be handy. (and handy is good right)

Capital one auto finance has a good car loan calculator and so does Eloan. You can find many more out their in cyberland if you do a little bit of surfing. I recommend you do a search online car loan calculator or auto loan calculator. If you are on this page then you have probably already done this. 

Just click the "calculator" link at the top or bottom of this page. And you can use any of the ones found in the directory. You can check back periodically to see which car loan calculators Terry is providing on this site. I'm not involved personally with what this site provides but I did see the amortorization calculators provided recently and I can whole heartily recommend them to you.

The only way we can plan our future cash flow is if we know the true cost of the monthly or weekly installments (payments) This is where the importance of having a reliable online car loan calculator comes in to play. I'm always surprised at what consumers pay in interest by the time their auto loan is paid.

Scary to say the least. You want to take a look at how much interest you are actually paying on your car loan. The wake up call can be sobering to be sure. Try to get that down payment up as high as can to avoid nasty interest costs.

 

When is Your Student Loan Debt Over the Top?

Good post from Janet, at the Kip, on student/college loan debts. She has some good points, and some raw data on borrowing money for school. 

Despite all the attention being paid to student loans, only a small percentage of students say they choose a school based on affordability, according to a survey by Key Bank. Of the students polled, 36% said curriculum was the most important factor when selecting a school; only 12% selected a school based on affordability.

Of course, choosing a school is an educational decision. But economics also plays a big part -- as the students themselves discovered. Once kids got to college, making ends meet financially was the number-one concern of students in the Key Bank study -- cited by 25% -- ahead of keeping up with the workload (20%) and getting good grades (16%). But it's a little late to find that out after you've sent in the deposit.

To get an idea of how much debt is reasonable, start with the Student Loan Advisor calculator at www.finaid.com. Students plug in their field of study, expected graduation date and loan interest rate. The site gives them the maximum loan amount they can safely handle, assuming they want to limit their monthly payments to between 10% and 15% of their income.

Say your future brother-in-law plans to major in education. As a teacher, he can anticipate a starting salary of $35,100, according to the calculator. To limit his payment to 10% of his income, he could borrow about $25,500 at a 6.8% interest rate (the rate on new government-sponsored Stafford loans) with a ten-year repayment schedule.

If he's planning to be a chemical engineer, with a projected starting salary of $60,300, he can borrow $43,700, given the same assumptions.

That's more manageable than $100,000, but it's still a lot of debt. Which brings me back to where I started my series of columns: If money is an issue, consider going to school in-state at a public college or university, or start at a local community college and then transfer. If you still decide to borrow more money to attend an expensive school, do it with eyes wide open and have a plan to pay off the debt.

[Source Kiplinger.com]

Imagined Credit Card Offer

This is sort of a silly article on credit cards. The writer imagines a mailbox credit card offer that trys to get the reader/customer excited about ruining their credit rating.

Like I said, sort of silly, but I got a chuckle or two. 

The amount of credit cards offered through the mail, on t.v., the radio and magazines is astounding. They offer no fees, 0% APR, frequently flyer miles, education funds etc. etc.

They all offer you the best credit card on the planet. You have to have your financing, accountant, and lawyer's cap on to wade through all the terms and conditions of each and every card offering.

The most realistic credit card offer should sound something like this:

"Hello friend! Would you be interested in having a little plastic card that will allow you to pay compounding interest. We are offering the highest interest rate to date at a grand 35% interest rate compounded daily. We charge 20% APR and and a $100 annual fee.

We have offered this amazing credit card to millions of financially ruined Americans. Well - if they weren't financially ruined before we will be sure to leave them financially ruined.

After you can no longer make the payments on your house, car and your children's education we will come and offer to take some equity out of your house"

Wow...sign me up! Sounds promising right. That is a card offer I don't want thanks very much. It sounds ridiculous I know but in some ways it is accurate.

I would be very wary of offers in the mailbox that read "you have been approved and you just won a ham". Any creditor that uses these kinds of marketing tactics is one you should look close at before running off to the mailbox with their easy to fill out, pre-application form.

Financial Security Upgrades To Fight Fraud

Financial security against fraud is on-going, and hopefully the crooks and the scum-bags will be caught, and beaten with hard, wet noodles. 

Found this at the Wof (World of Financing).

Story…

Memorizing a password just does not cut it anymore. Before you access a Bank of America account online, you'll be asked to verify an identifying image (say, a chess piece or some other object) and a phrase that pop up when you log in.

E*Trade Financial offers a gadget that works like a digital decoder ring to unlock your account information. Wachovia might ask you for the name of your high school mascot before letting you pull up your bank statement. And some financial firms are experimenting with anti-fraud devices that will take your fingerprint or scan your iris to protect your identity and your money.

Blame financial regulators for the added inconvenience. It's part of an effort to combat identity fraud, which cost the economy a total of $49 billion last year, according to Javelin Strategy & Research.

About 3.7% of U.S. adults were victims of identity fraud in 2006. That percentage was actually down a bit from 2005, perhaps because regulators have required banks to improve online security to make sure you are who you say you are when you log in. And many other financial firms are beefing up their defenses as well. "By the end of the year, the security process will be very different," says Gwenn Bézard, a research director at Aite Group, which studies online security.

Cyber armor. Companies can select the kind of cyber armor they wear, and Bank of America, ING Direct and Vanguard are up front about their choice: They require you to select an image and a phrase that will appear on your computer screen before you type in your password. If you log on and the image and phrase aren't the ones you chose, you may have been directed to a fake Web site designed to steal your personal information.

Wachovia's security is more subtle. Each time you log on to a Wachovia account, bank software rates the risk that you could be a crook. Use your home computer and you're likely to get hassle-free access. Log on from an Internet café in Hoboken, N.J., then from one in Boston, and you'll probably have to cough up some personal details, such as the name of a favorite childhood pet.

A number of sites call on your people-watching skills. Web-security company Passfaces created an authentication system, adopted by Midwest Independent Bank, that features Brady Bunch-like groups of nine faces. You select three of the faces when you register your account, and you must recognize them in sequence each time you sign on.

Sometimes extra protection comes in small packages. E*Trade customers can request a device called a Digital Security ID, which is small enough to attach to your key chain and spits out a six-digit code when you log on. The number sequence changes every 60 seconds to prevent thieves from stealing your code. Customers who trade more than 30 times every three months get a free Digital Security ID; otherwise, the device costs $25.

Biometric identification -- the scanning of eyes or fingerprints -- is also in use. At a dozen branches in Utah and Idaho, Zions Bank is testing a system that lets customers cash checks if they are willing to use their fingerprints to identify themselves.

Will it work? All the extra fuss may not make our money any safer. When researchers at Harvard University and the Massachusetts Institute of Technology studied the anti-fraud image system used by Bank of America, they found that 58 out of 60 users still logged on to a phony Web site that did not display the images that the users had selected. The system raises the bar for criminals, says Rachna Dhamija, one of the researchers who conducted the study, but "if users don't comply, it's entirely ineffective. They are going to be giving out their credentials to the wrong Web sites."

But let's face it: It's tough to remember images in addition to multiple codes and user names. To help, a number of software programs -- Password Agent ($25), Handy Password ($30) and RoboForm Pro ($30) -- track all your passwords and stow them in a protected file on your computer or hand-held device. Of course, you'll have to create yet another password and user name to access their protected files.

No matter how sophisticated it is, no single online-security measure is scam-proof. Even biometric gadgets and high-tech code keys can be thwarted. David Cowan, co-founder of VeriSign, an Internet-security firm, says that many crimes could be prevented if banks simply made phone calls to account holders to confirm unusual or suspicious online activity -- such as transfers of large sums of money to other accounts or changes to mailing addresses for accounts.

[Source Kiplinger.com]

Related Video…NY Credit Card Identity Theft Bust

Bad Credit Auto Loans and Cool Video

I like this post over Lazerloan.com. Bad credit auto loans is the article title, but the video is a cool smart-car advertising bit. Love this cars! I want one! 

This is a little trifle on car loans, and bad credit ratings. Fairly short, but some good point made along the way. Some talk on the subject of finding auto financing online as well. Online borrowing has become common - place in the new century.

Often online financing (like Capital One) is the only option for people who have bad credit, and their local bricks & mortar banks won’t help with a car loan.

Auto Loans With A Bad Credit History

While you are on the lookout for a car, try to do an extensive research on the car loans available in your city. However, before applying for what you think is the best auto loan, look out for your credit ratings. If you are planning to buy a car and have a bad credit rating, you are in for tough times! Anything below 600 can spell trouble for you! Yes, a bad credit rating can mean HIGH interest rates and low amount approvals. All the time that you spent on loan research will go down the drain. You would not want your poor credit ratings to interfere with your dreams, would you? So, go ahead, look around for a company that offers “poor credit auto loans”.

Wait a minute – do you know how to calculate your credit score? No problem, the Internet is a boon for for all borrowers. Do an intelligent search and your screen will be flooded with numerous web sites, which can assist you in this matter. Moreover, they are free! Once you get your credit report, it is advised that you repair the damage you have afflicted on your credit ratings before you apply for a car loan. Alternatively, you can look for financial institutes that approve car loans to people with poor credit. Again, there are bound to be loopholes which, if ignored, can weaken your credit report for a long time.

Online Car Loans

Keep an eye out for low interest rates offered by online car loan providers. Online loan? Yes, there are reliable financial companies who cater to the needs of people who require fast auto loans. Enquire about their offers for people with bad credit history. They take your details via a simple online form and send you a blank check valid up to the maximum limit of the amount of loan they think you are eligible for. You know the amount you can afford as a down payment, just fill in the balance amount while you are at the dealers. It’s as simple as that. These online companies are sheer competition for the dealers and several others who claim to offer the best auto loan you can get. Whatever may be the situation, try not to take a loan from car dealers. They usually charge high interest and the price you pay at the end of the loan tenure is usually 3-4% higher than what you would have paid if you had opted for an online loan.

Keep sometime in hand before you go to the car showroom and buy that dream machine. Surf the net extensively and get in touch with as many auto loan providers as possible. Match the quotes, which each company offers and select what you think, is the best car loan quote.

Are you planning to buy a car with a bad credit history? Look around for the best car loan rates quotes. It is OK if you have a bad credit rating because with bad credit auto loans you can buy a car with buy a car with bad credit program. Semi-Related Video…..Smart Cars Ad.

BioDefense Retains Equity Solutions for Business Development

Defense industry news provided by Financial News USA (OTC: FNWU). U.S. BioDefense, Inc. (OTC BB:UBDE) announces Equity Solutions, Inc. has been retained to provide business development services. David Chin, CEO of U.S. BioDefense, stated, "Our company possesses a solid base to grow and is confident Equity Solutions will assist us with future development and acquisition of customers in new market segments." U.S. BioDefense is a Department of Defense Central Contractor that researches, develops, and commercializes homeland security and leading-edge biotechnologies.

Raytheon Company (NYSE: RTN) has delivered its first Joint Standoff Weapon (JSOW) Block II -- a new variant offering significantly lower unit costs and an additional payload option. "This delivery is the culmination of an effort that began three years ago to significantly reduce the cost of this weapon," said John O'Brien, Raytheon's JSOW Block II program director.

Ryanair Holdings Plc, Europe's largest low-cost airline, recently said it has placed an order for 27 Boeing (NYSE:BA) 737-800s worth $1.9 billion at list price. This brings Ryanair's total firm orders for B737-800s to 308. The airline expects to receive the first aircraft in September 2009. The Boeing Company engages in the design, development, manufacture, sale, and support of commercial jetliners, military aircraft, satellites, missile defense, and human space flight.

Northrop Grumman Corporation (NYSE:NOC) has been awarded a task order from the Centers for Medicare and Medicaid Services (CMS) to develop and implement a Web-based application that will help Medicare providers develop comprehensive assessments of patients discharged from post-acute care. Northrop Grumman is a trusted integrator of advanced health solutions, including health and benefits management systems and information security.

[Source Financial News]