Transportation is one of life’s basic necessities; it comes right after shelter, food and clothing. Living without a car in the 10th largest city in the United States can only be frustrating. Phoenix is Arizona’s largest city. It is known for its warm to hot temperatures because of its year-round sun. Phoenix isn’t one of those cities that you can live comfortably without a car, the sun makes sure of that. Born from the ashes, this is one city that you cannot possibly walk to your office or take the bus conveniently. You need a car, and not just any car, one that works well. Cars in this city are generally expensive so it’s understandable if you cannot afford one. But have you considered getting a car loan? If yes, what are your reservations and what turned them away from granting you this loan that you need so desperately. Is it your credit score, is it your history, or were the interest rates really high. This article will highlight all these reasons and how you can use Car Loans of America to solve them.
About Car Loans of America
Car Loans of America is a registered credit institution that aims at alleviating the struggle of a modern-day Phoenix resident by granting them car loans. It is a financial institution that issues direct car loans to citizens all around America for the purpose of purchasing cars. Car Loans of America is a very relatable institution that is not just in the business of granting loans to individuals who are in need of it, here we are in the business of bettering lives by reducing financial burdens. Our loans are very flexible and each loan package is designed specifically for different clients based on their preferences and reservations. We offer all these without consideration of the individual’s credit scores/history. So if you are a resident in Phoenix with a bad or inexistent credit score we have something for you.
Car Loans of America is a trusted credit institution that guarantees the happiness of all our clients. We were established to reduce the financial weight that individuals carry when they purchase cars. We grant car loans to facilitate this purchase. Now we issue bad credit car loans to individuals with bad credits, and also auto loans for individuals who need loans to resume or complete their car payments. This is only a tip of the iceberg, at Car Loans of America our terms and conditions are very client friendly and will be discussed below. But first let’s see what a bad car loan means.
What does a bad car loan mean?
As the name implies, a bad car loan is one that was bad for the client. It is one in which the client makes more payments than he earns/makes and more than is necessary for the amount borrowed. It is a loan that was granted for the acquisition of a car but ended up being very burdensome. Before we go ahead, lets quickly highlight the three tiers of every loan. Every loan has
- The Principal
- The Interest
- The Loan Term
The Principal is the amount of money borrowed. It is devoid of any additional charges as it is the money the client requests for from the bank or credit house. The Interest is the amount that is added to the principal on reimbursement. Most credit houses hike their interest rates to make maximum profit from the client, but not at Car Loans of America. Our interest rates are slim to none. Now, interest rates differ depending on the principal, type of loan, credit scores and also the applied terms and conditions. The Loan term is simply the duration of time during which the client has to complete all payments. It is measured in months and spread out in years.
The purpose of this loan is to stop your car troubles so you will be going for a car loan. Every client has to bear in mind that some institutions have their criteria when issuing car loans to individuals. One thing that is primarily taken into consideration is your credit score.
Your credit score is a number that represents your credit history and choices. This number is given and calculated using FICO by the credit bureaus in America (Equifax, TransUnion and Experian). These bureaus retrieve all information concerning your credit history and records from any institution you have ever made payments at. These could be schools, hospitals, utilities etc. Now on the FICO chart, credit scores start from 0 and stop at 850. The bureau considers any score less than a 300 to be bad credit and automatically renders such a person as a bad risk.
In the event in which one needs to maximize their credit scores, one needs to always make payments on time and also keep records of all these completed payments. This is done to have a documented proof in case these Credit Bureaus omit any payment from their records that you had completed. Note that an omitted payment is counted as a null one.
What causes bad credit?
If your credit score is below a 300, you will want to know how it happened. Although most times the direct cause is unknown, having a bad credit score has been linked to incomplete payments, it can be as a result of the decline in economic activities of your residential area, in this case, Phoenix, it can also be linked to having filed for bankruptcy protection, multiple debts, bad investments etc. Sometimes the reason is not always the bearers fault so why should they be shunned.
There are several implications of having a bad credit score. One of it is that your loan application is always rejected and in the rare event of being granted, the interest rates are always obscene to discourage the bearer from going further to accept it. But out of need and desperation, if one accepts such a loan he/she runs into more debt. Another implication is that the bearer is regarded as a bad risk which means that he/she is believed to be incapable of rendering future payments as his/her accounts must be in the red.
Luckily, at Car Loans of America we are different from all other credit companies and here is how.
What makes us different?
One of the many things that separate us from the competition is that we are thrilled and ecstatic to work with you despite your dwindling credit scores. We are fully aware of the implications of your credits and we are still interested in you. This is indeed our unique selling point. This is not all, at Car Loans of America our loans are amazing, our interest rates are very affordable, our services are transparent and our process is very swift. We work in such a way that you can apply for a bad credit car loan with us today and drive your very own car home tomorrow.
At Car Loans of America, we offer bad credit car loans (which is a loan you can still receive with your failing credit scores) to individuals who want to fully purchase a car, pay down payments or just complete his/her car payments. We take the bull by its horn in going the extra mile to make sure you own your car. We have affiliations with several car dealers/dealership companies who will be more than happy to take you in and help you find your dream car. We also invest our time and effort into designing a loan plan based on your current holdings and financial stance that will be very beneficial to you. At Car Loans of America, we regard each client as uniquely as possible. Having had their fair share of financial turmoil, this is to let them know that they are safe with us. In case you are wondering how we do all of this and still manage to be the leading credit institution in Phoenix, here’s how.
How we work with bad credits
First off, this is our target market and we invest all our resources into it. Many financial institutions regard the credit score of an individual when viewing his/her loan application. Some also use it to determine its bearers interest rates, at Car Loans of America we do neither. The only basic thing we consider is the individuals proof of income and employment status. This acts as a documented guarantee that this individual has a steady income source and will be able to refund the loan when the time arises completely. We do not prioritize on client’s credit scores as this can be generally misleading.
In Phoenix and across America we have a garnered a reputable clientele. Our customer satisfaction ratings are very high and our customer base thriving. This is because our services are customer friendly and we do not maximize profits at the client’s expense. If you still have doubts or questions about our company, feel free to visit our company website before resuming your loan application process.
How to get a Car Loans of America bad credit car loan
At Car Loans of America, there are only a handful of things we expect our clients to figure out before applying as this will help us when designing a loan plan that best suits their needs. One of it is:
Choose your car
We only expect you to have a car in mind before applying for our bad credit car loan. This will help you to know how much money you require and how much to ask for. At Car Loans of America, we ensure that our clients still have a substantial amount of money left after purchasing their cars and figuring this out will enable us to serve you better. If you do not have any car in mind, as mentioned earlier Car Loans of America is affiliated with numerous car dealers in Phoenix who will take you in and show you the current cars on the market. When you are there, you will need to ask some vital questions. Questions like what is its advantage over other cars, what is its horsepower, tank capacity, warranty and if it is an already used car, what is its mileage, does it require any repairs or part replacements. We do this to prevent any form of later regret from the client.
How to fund it
After picking out your car, you will need to fund it. With Car Loans of America loans, you can easily do that without feeling the financial strain. Depending on the client’s preferences, we offer full auto loans and direct car loans to make down payments or complete car payments. Whatever you desire, Car Loans of America will help you achieve them. Our loans go hand in hand with slim to no interest rates and favorable terms and conditions. All loans are direct and go straight from us to you via cheques or bank deposits. We do not utilize the services of the middleman as this only slows down our process.
Once you have figured out these steps, you will need to start your application process. At Car Loans of America, this can be done online via our website or through our Phoenix office. Either way, you will need to pick up our bad credit car loans application form, fill in your correct details, have it approved and in 24 hours you may just be driving your own car. After you have successfully applied for your car loan, we will now inform you of our terms and conditions.
Luckily, we have just two of those. They are:
- The APR
This is only the interest rates that we have added which you are expected to pay on reimbursement. This includes any additional charges (legal fees and transportation inclusive) that we have incurred through the course of granting this loan. This always amounts to very little so you have nothing to worry about.
- The Loan Term
In summary, this is only the time at which the client refunds payments. All clients are educated on the different types of loan terms (either short term and long term) and encouraged to make their preferred choice which we take into full consideration and draw up the agreement documents.
Owning a car in this economy can be financially draining. Car Loans of America is a credit institution designed to aid residents of Phoenix in their car acquisition goals with little or no hassle. Our loans are amazing, our process is very fast, our interest rates slim to none, our terms are very favorable. We are also very straightforward and transparent in all our transactions. Choose Car Loans of America today, chase your dreams comfortably.