Cheyenne Wyoming, the windy city is bubbling with amazing architecture, beautiful parks, impeccable scenery and adults struggling to afford their own source of transportation. Movement and transportation as it is through this means that we work, earn and pay our bills. Now if you fall into this group, what is the reason for your inability to purchase a car. Is it the unavailability of funds, your current credit situation or is it because you have had some bad loans in the past. Not to worry Car Loans of America is your one-stop solution.
Unlike other credit companies Car Loans of America loans is one that is principled with transparency. We primarily want to make the day to day activities of our clients within Cheyenne Wyoming easier and less strenuous. Imagine having to wait hours for the bus because you want to go to Walmart or being conscious at the backseat of a cab, because let’s face it, you do not know who the driver is. Car Loans of America loans is here to end your struggle and curb your fears as we are ultimately committed to equipping you with the financial capacity to purchase and own your car and alleviate your labors.
We offer a range of credit and loan services at Car Loans of America depending on the client’s demands. Before we get into all that there are a few things you need to know if you are reading this.
WHAT IS A BAD LOAN
A bad loan is a loan in which the loan recipient has a hard time reimbursing. It is a loan in which one pays more than he/she earns or is susceptible to. Every loan has three divisions:
- The Principal
- The Interest
- The Loan Term
The Principal is the original sum of money borrowed. It is the value that is requested from the bank or credit house devoid of any additional charge. The Interest is the monetary value charged by the lender to the recipient on reimbursement. The interest is added to the Principal and paid according to the agreed term. Rates of interest differ with each loan type and creditor. Factors like who you are borrowing from, the recipient’s credit score, monetary value borrowed and the terms and conditions are applied affect the rate of interest. Now, the loan term is that window of time given by the said Credit institution to the loan recipient during which he/she must render and complete all payments of the loan. Violation of this term is regarded as a legal infraction.
What are the characteristics of a bad loan.
A bad loan is endowed with a very high rate of interest and they are meant to be refunded in a very small period of time. Now a bad car loan is a bad loan that was required for the funding and maintenance of a vehicle preferably a car. A bad loan leads to a quick bad credit score and having a bad car loan may lead to having to file for bankruptcy protection, debt and in most extreme cases poverty.
We have established that a bad loan leads to a bad credit. Now what is the best definition of a bad credit. Bad credit is the evidence of a default or deficit in the payment of past bills and services. Bad credit could be as a result of a job layoff, current exchange rate or even the economic downturn inCheyenne Wyoming. In America, it is important to note that the Credit Bureau records all completed and null payments made by citizens. These Credit Bureaus(Equifax, TransUnion and Experian) have the responsibility of maintaining possession of the credit records of citizens as well as calculating their credit scores. To do this they utilize FICO which is a computing calculator used for this calculation. Credit scores range from 0-850 and any score below a 300 is considered to be a bad credit score. FICO computes the credit scores of individuals in Cheyenne Wyoming and the credit Bureau records it.
The implications and disadvantage of having a bad credit/bad credit score are as follows
- Your account is assumed to be bleeding.
- You give the impression that you cannot afford future payments.
- You run into debt and bankruptcy.
- In the event of requesting for a loan you are given high-interest rates.
Now, with all this, we can see the importance of having a good credit score.
As earlier stated, credit scores are from 0-850 with 620 being the benchmark for getting prime loans by the congressional budget office. Now a credit score is a digit which describes how its holder handles payments of bills and services. It is a number which at a glance represents the financial situation of its holder. It tells the holders commitment to former payments and how they can handle latter payments. Now clients with credit scores less than 300 have a hard time getting the help they deserve. They are shunned and disregarded because it is assumed they cannot refund or even make payments. In the rare case in which a person with a bad credit is granted a loan, the interest rates are very high and discouraging.
At Car Loans of America loans, we are passionate and considerate to our clients with bad credit scores. We do not exploit them but we offer a helping hand to them. Our bad credit car loans are granted depending on the type of car that the client wants to purchase at very low-interest rates if not cheap, all affordable at terms that are equally flexible and negotiable. Don’t you want to cruise around windows down and just taking in the beauty of Cheyenne Wyoming in your car or aren’t you just tired of making excuses when you are late to work every day. If yes then join us at Car Loans of America.
Before you would want to apply for a bad credit car loan, there are some things you need to figure out first.
CHOOSE YOUR CAR
Now, you need to know that the type of car you want to buy. Having a particular car in mind determines how much money you will require to purchase it. Now you need to ask certain questions about the car you have in mind. Questions like is it durable, how long is its warranty, what is its horsepower, what vehicle restrictions does it have and what edge does it have over other cars. If you want to buy an already used car or a second-hand car, then you will need to know its mileage. Luckily at Car Loans of America we have registered car dealers and insurance companies here in Cheyenne Wyoming just waiting to answer all your queries and help you find the best car for you. It is imperative that you assert yourself by doting all the I’s and crossing all t’s to avoid regret later.
HOW TO FUND IT
Now that you have decided in the car you want the next step is to figure out how to fund it. Cars are generally expensive in Cheyenne Wyoming before one buys car money is involved. You need to have money for the insurance policy on the car, the daily fueling even maintenance checkups. Sounds like a ton of cash right, do not worry about it, at Car Loans of America loans we are in the business of providing loans to individuals with bad credit or the ones whose credit score is nonexistent. Our loans cover all charges that will be incurred by the car, and the best part is that our interest rates are slim to none and our terms very flexible if not negotiable. Our loan services are very diverse to suit the needs of every client.
At Car Loans of America loans there are only two known methods of application. The first is achieved by coming to our Car Loans of America loans office here in Cheyenne Wyoming and the second by going online to our website. If you are not very much good at maneuvering the internet, you may want to use the first method. Pay us a visit at Car Loans of America, inquire for our bad credit car loan application form, fill it accordingly and have it submitted. Our service representative will be present with you to guide you through the process and answer any questions you may have. Using the internet, all you need to do is to go onto our website, select the bad credit car loan option, click on the apply link, fill in your details, submit it, have it approved and you may just be driving your car in a few hours. The application process is completed within 24 hours.
There are a few things we consider once a client applies for a bad credit car loan. This, of course, is to assure us that you will be capable and responsible to refund the loan. We will require your current income status and proof of employment. We at Car Loans of America understand that any document provided by the client is legal and binding and we will ensure total compliance and confidentiality to the agreement of the document. This is just a legal representation that the client has the capability to reimburse the loan at terms that are very favorable.
Car Loans of America is not just a money lending institution. We are a corporation dedicated to providing financial help to clients with bad credits or inexistent credits. We are transparent and we offer support to clients in Cheyenne Wyoming for the acquisition of their very own vehicles and hence alleviating their day to day activities. Our services range from full loans to auto loans. Full loans are provided to clients who want to purchase a car, be it a brand new car or a previously used car even if it is the client’s first car. Auto loans are granted to clients who need it to complete payment on their cars. We are affiliated with several car dealership companies who have insurance companies just waiting to work with you. Our loans take 24 hours and at Car Loans of America we do not indulge the services of the middleman in a bid to make the loan get to the client faster and hitch free.
OUR TERMS AND CONDITIONS
Every registered company or institution has a set of rules and guidelines called the terms and conditions. This is just protocol that protects both parties in the event of any legal infraction. Our terms and conditions are as follows
The APR is the interest rate of the loan given by us at Car Loans of America to the client who is the loan recipient. It is the additional charges that was obtained in the process of granting this loan to the recipient. In the case in which any legal fees were obtained it is also added. But not to worry we guarantee that our interest rates are very fair and friendly to our clients who have already been through enough financially. We go that extra mile to ensure that our loans go smoothly from us to you hitch free. The APR is added to the Principal and reimbursed accordingly.
- LOAN TERM
This is the duration of time allocated to the client in which all payments must be made to us at Car Loans of America. We give our clients the opportunity to select their own loan terms based on their preferred choices. Loan terms come in two types. The short-term loan and the long-term loan. Short term loans are refunded over a small window of time and at larger installments as compared with the long-term loans which are refunded over a long period of time but in smaller installments than the short-term loan. At Car Loans of America, we educate our clients on the benefits of one over the other and the implications of each and then we let them negotiate their terms based on their preference and grant them the loan accordingly.
If you are not mobile in Cheyenne Wyoming may be based on one reason or the other it is okay. Car Loans of America loans will fix you up just fine and in 24 hours you will be a proud car owner and make your life a little easier.