June 10, 2009, 11:58 pm
If you have ever looked at the used car section of craigslist you have probably found some amazing deals but have never been able to go for one because who has 10,000 dollars in cash just lying around? In this case applying for a private party auto loan is the way to go.
With many lenders you can apply and be approved for a set amount of money, you will then be sent a “blank check” which will clear up to the specified amount. Essentially giving you an undisclosed (to the seller) amount of money to work with when negotiating. Plus if you decide not to buy a car and don’t use the money you are completely debt free.
With the check in hand you can get on craigslist and seriously look at the listings knowing you can jump on that one really great deal.
June 10, 2009, 1:20 pm
Do you need to buy a car but you aren’t sure you can qualify for an auto loan? Cars are big purchases and most of us don’t have thousands of dollars that we can spare to buy a car outright. Instead most people get auto financing but as the credit crisis continues it is becoming harder and harder to finance a car with bad credit.
If you find yourself in this situation there are a number of things that you can do to help improve your chances of being approved for a loan. The first step is to order a credit report. Sometimes you will find errors in the report that can easily be corrected and instantly improve your credit rating – This can make a huge difference.
Additionally if possible, you can pay off any outstanding credit card debt, carrying balances on your cards can dramatically reduce your credit score.