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Answers
I see there is a lot of information on other aspects of this business if one is willing to do some research, but the most important part to the puzzle seems to be missing.
I think that would be a great business to get into. No one can really do a good research other than the person who wants to start the business.
MORTGAGE LOANS Bad Credit Mortgage If you're a first time home buyer, we offer a variety of loan programs to assist you in making your first ...
I have recently started a new business and would like to purchase an SUV for company usage. The business brings in a nice monthly revenue stream but it is new and thus has no credit history. I would like to put about 10-20% down and finance the rest. My personal credit is bad so it's not likely that a personal guarantee would be worth much. Is it possible to get financing for this? I don't mind paying a slightly higher interest rate.
You would have to give a personal guarantee. Eighty percent of small businesses fail within the first two years, so they aren't likely to take those odds. Building a business on credit is a sure-fire way to join that 80% club, too, by the way.
A site I've used to compare quotes in the past ...
http://www.safelinked.info/go.php?link=auto
All the best to you.
FACTS-
Credit Score 650-670 -credit stolen and agencies working on repairing it
Income- 36K+
Inquires-10 and that's due to starting up business!!
Need- auto loan for 10+ for new car for my bus.
Debt to Income- I make 3000+ a month my debt is only 1000 a month.
Credit cards- i have 4 highest balance 750
Auto loan current- 3000
Credit length 1yr 5 months due to a credit card. I know 30% rule so i'm getting them down to that first and then by october hoping to buy a newly used vehicle for my business.
Total debt currently 4750 that's it.
Can i purchase a car with these facts?
I went to my credit union and sat down with a loan officer to discuss my chances and how it worked. She was very nice and explained everything to me.
She basically said "You can get an auto loan with bad credit, it's just you'll pay higher interest rates"
If you pay down some debts, the better your rate could be.
So to answer your question, your scores are way better than mine and I can get a car if I need one.
My suggestion would be to join a credit union so that you have financing in place without having to haggle with a dealership.
Good luck!
Do they check job references on an auto loan?
Anyone in auto business that knows FOR sure , do they check your current and previous employer on an auto loan? Please reply ASAP thanks
If they say you will get approved in a an hour how can they always check with your employer if they can't reach them?
Auto finance is what I do for a living and yes they do check with your employer.
Depending on which lender you are approved with and what kind of approval the dealer has they will either check simply to see if you still work where you say you do or they will also verify your income.
I need operating expenses, and equipment. I personnally have bad credit but the business is looking good. We are booked for the next year with customers.
You might think about the following:
Citifinancial. They seem to lend to those with less than perfect credit.
Go to prosper.com and do some reading. Find a group that seems to have a good group leader who will vet you. There is a forum on that site where lenders and loan applicants talk about the loans etc, do some reading on there.
If you have a great business plan written up and can prove that you are booked up for the next year, try your bank or credit union. Show them you business plan.
With any of those suggestions, you would need to have a well written business plan and proof that you "are" booked for the next year.
You might check out the link I've provided. There is a business credit forum where you may get some more ideas, plus feedback on your business plan.
It is a spam free site. No one will be hitting you up for your business.
edited to add: You can also go to the credit forum on that site and learn how to clean up your bad credit.
In Washington DC alone a lot of banks are going out of business. What happens if you have an auto loan with them? Do you still have to pay them?
Once a bank has been taken over by the FDIC, all assets and accounts are frozen. Depositors can withdraw their money but loans are handled differently.
The FDIC will continue to take payments and deposits. At some time, another bank will tank over once the FDIC gives approval.
So to be on the safe side, keep making the payments and have receipts just in case.
Hope this answers your question.
Lowest Auto Loan Rates – February Car Loan Interest Rates Lower? Subprime Blogger (blog)
When buying a new car one of the most important things to consider is the interest rate you are going to get on your auto loan. Many car dealerships are currently advertising interest rates around 2.9% for new vehicle purchases. It is important to remember that these rates are only available to well-qualified buyers.
If you have a credit score below 650 and you have missed several bill payments in the recent past you would not be considered a well-qualified buyer. If this is the case you will have to find financing another way such as a bank or an auto loan lender. It is likely going to be the case that your interest rate will be higher than the auto dealerships rate.
When searching for an auto loan lender you have many opportunities to find a legitimate financial institution online. By simply doing some google searches you are likely going to see many opportunities. This industry is highly competitive and auto lenders are working hard to get your business.
Before making the final decision to buy a new car it might be a good idea to step back and look at your current financial situation. If you are finding it difficult to get an interest rate below 15% on your new car purchase you might want to consider working on lowering your debt load before taking on another payment.
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