The world being this large global village we live in is always evolving. Every day a new drug, technology, app, technique, even law is being discovered each one better than the last. As humans, we also need to evolve like our host planet. We need to move, grow and change. One of the means we need in evolving is transportation. This need cannot be over emphasized. We need to move from our homes, to our schools, place of work, church and back to our homes. Moving by means of cabs or public transport systems is tedious in Michigan.
Detroit is known as Michigan’s ‘Motor City’ and as a resident in this city it goes without saying that it is mandatory that one must be mobile. Locals know that going to the best places or maybe just running simple errands is a gruesome task in this city without a car. If you are reading this article and you are a resident in Detroit without a car for certain reasons then buckle up because Car Loans of America is taking you for a ride. Now the first question asked is why you do not have a car. If your answer is because you cannot afford one due to your finances or because you have had some bad loans in the past or maybe because you already have a bad credit. Car Loans of America is the solution to your issues.
At Car Loans of America we offer bad credit car loans to individuals within Michigan thus enabling them to purchase and own their cars. More of that soon but let us highlight some key definitions
A bad loan is one in which the loan recipient is tasked with obscure reimbursement characteristics. It is one in which the recipient is charged with paying more than he/she makes or more than it is necessary. A bad loan is burdensome to its recipient and usually leads to bad credit. Now every loan has three constituents
- The Principal
- The Interest
- The Loan Term
The Principal is the amount of money the client goes to borrow from the bank or credit house. It is the money asked for and granted by the Credit house or bank. It is null of any additional charges.
The Interest is the charges in terms of monetary value that is added to the Principal by the bank or credit house on reimbursement. Interest rates will differ depending on some factors like the terms and conditions of the loan, the current credit score of the client, who is lending the money and what type of loan it is.
The loan term is that duration of time in which the client should be able to render and conclude all payments. It is the time frame which was agreed by both the lender and the loan recipient for the recipient to return the money. Now a bad car loan is basically a bad loan that was gotten for the purpose of financing a vehicle preferably a car. Having a bad car loan is equivalent to having a bad investment.
Now a good percentage of bad loans have one or two things in common. The interest rates are sometimes too high and the time slot for loan payments is too small. Thus leading to payment deficit by the recipient. If the recipient defaults in payment of this loan this is what will be the cause of having a bad credit.
As mentioned above, this is the end result of having had a bad car loan. A bad credit is regarded as a proof which illuminates the clients past payment deficits. It is evidence showing a gap, pause or incompleteness of payment. For one to consciously delay payments of bills one or more of these can be responsible. A layoff at work, the decline in the economic slope in Detroit, the current currency exchange rate, and even bankruptcy. In America, The Credit Bureau keeps and accumulates credit records. These records are retrieved by them from finance institutions, service providing institutions like hospitals.
A bad credit score is a number that reveals the financial stance of an individual. It reflects on the individuals payment history which tells the capabilities of that individual rendering future payments. Credit scores are calculated by the Credit Bureau. America has three different Bureaus carrying out the same responsibilities and functions. These Bureaus are Equifax, TransUnion and Experian. One of their functions is to calculate citizens credit scores. These Bureaus make use of FICO which is a credit calculator that computes a citizens credit score.
Credit scores range from 0-850 and any score below 300 is taken as a bad credit score. The implications of having a bad credit score is that such a person will not be regarded by credit houses should the person ever need a loan. This is because credit scores reveal how a person has handled payments in the past which is proportional to how they would handle payments in the future. Eventually if the bank agrees to grant a loan to a person with a bad credit score, the interest rates are usually very discouraging. In the event in which a person wants a perfect credit score he/she must have documented records of past payments. This is because in the case in which the credit Bureau omits recording a payment that had been completed, the individual will have to provide a documented proof of payment because if not, this will likely lead to a taint in the credit scores of such a person.
If you are a resident in Detroit and you fall under these categories either having a bad loan or a bad credit score there is a special package for you. Assuming it is because of these reasons that you cannot purchase your car and live an easier life, Car Loans of America loans is a credit company established to solve your financial problems. We offer full loans to clients with bad credit or no credit scores at all at a very fair interest rates. Our bad credit car loans are for individuals who have had a rocky financial past but who still need to get by in Michigan’s largest city. Are you a resident in Detroit, are you tired of waiting for the bus and having to give excuses later, are you tired of not being able to visit certain places, do you have a bad credit history if so step right up because Car Loans of America is the solution.
Now we have established that. If you have ever decided to acquire a car in the Motor City then the following must have crossed your mind.
- What kind of car
- How do I fund it.
Not to worry Car Loans of America loans will help you figure it out.
CHOOSE YOUR CAR
This is easily the first item on your list. You need to have a choice of car in which its price will determine how much money you will request from Car Loans of America loans. Once you have decided on one, there are some questions the client will need to ask him/herself. Questions like do I really like this car, what is its horsepower, efficiency, characteristics, traits, what edge does it have over others, is it durable and in the case in which you want to buy an already used car, what is its mileage and engine like. Don’t worry, at Car Loans of America loans we have registered car dealers, dealership companies and insurance houses in the city of Detroit that will answer all your questions and help you find your dream car. We also offer auto loans to clients who just want to complete their car payments.
HOW TO FUND IT
After having a satisfied answer on the kind of car you want, the next step is how you would afford it or fund it. The good news here is that if you are choosing Car Loans of America loans, you will not need to, at least not immediately. As discussed earlier, if you.have a bad credit score there is nothing to worry about. Car Loans of America loans has a package called ‘bad credit car loans’ this loan is strictly available to clients with a bad credit score. Funding your car through Car Loans of America is easy as we are a transparent organization offering the best services at the best rates and all at negotiable terms. In addition to this Car Loans of America loans offers monetary assistance to clients who just want to complete payment on their cars.
Now that you have decided on the type of car and the method of funding it is imperative to discuss our application methods, criteria, services and terms and conditions.
HOW TO APPLY FOR A Car Loans of America BAD CREDIT CAR LOAN IN DETROIT
Our application process is fast, efficient and easy. At Car Loans of America there are only two methods of applying for a bad credit car loan. This is done online and by coming to our Detroit office. If you are more technologically savvy, you will need to navigate to our website address, fill out the blanks on the application form, have it submitted and approved and you may just be driving your car in a few hours. On the other hand if you are around town do well to stop by our Car Loans of America loans office and pick up the same application form, fill it out and our agent will be present to answer any questions you may have. The application process will only take 24 hours and you will own your car by then.
When you are applying it is important to note what we require and expect from our clients. We do this as a precautionary measure to ensure that all loans granted can be paid back in full by our clients and also to give you the satisfaction of owning your car. Do not worry you probably already have our requirements. For a bad credit car loan, we at Car Loans of America loans will require a proof of employment and current income status. We want to be fully aware of your stand financially so that we can comfortably and effectively offer you the right services. This is just our insurance policy to ensure that you are fully aware of the loan and how you can pay it back or reimburse it.
We offer full loans to clients with bad credit and call it a bad credit car loan in Detroit, we offer auto loans to clients who want to complete payment on their cars we offer automobile services provided by our automobile affiliates. At Car Loans of America loans, we are not just a money lending company. We are passionate about providing the means of providing infrastructure to better customers lives in Detroit and we do this at a very fair and almost cheap interest rate. Our loans move directly from our Car Loans of America office to you. There is no middle man this makes it much easier, faster and safer.
OUR TERMS AND CONDITIONS
Our terms and conditions are very favorable to clients. It is just the technicality and protocol of our loan, it is important that every client has this knowledge about Car Loans of America loans.
This is the interest rate on the loan. It is the additional charges that we have incurred(legal charges inclusive if any) in the process of granting this loan. As stated earlier, Car Loans of America interest rates are very fair thus enabling the client to purchase a car hitch free. The APR is added to the Principal and paid at a convenient term
- Loan Term
This is easily the duration of time with which all loan payments must be completed. Now there are two types of loan terms. This is the short term loan and the long term loan. Short term loans are paid back in a less time frame than the long term loans and while long term loans are paid in little installments, short term loans are paid back in larger installments. At Car Loans of America our clients are educated on both terms and allowed to choose a term that works best for them.
In conclusion, Detroit is the largest city in Michigan and there is a great need for movement, however in the case when one cannot afford to acquire a car, Car Loans of America is here to help as we offer loans at low interest rates and at negotiable terms. Car Loans of America is here to offer you that support.