Special Financing Home Loans

If you have had a bankruptcy or just a problem paying your bills on time, but need to buy a new car, you may need a special finance auto loan.

You have options

Special finance option loans were designed for buyers with specific credit problems. Under traditional lending rules, buyers with bad credit were simply denied financing. This was fine when the market was strong and options were plentiful, but in today's global recession market people need options that offer solutions.

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Know Your Credit Score

With high unemployment and few new jobs, not everyone has excellent credit. In fact, more people have bad credit today than ever before, so lenders are taking an aggressive stance and trying hard to help people in need. That is where a special finance auto loan option comes in handy.

The smartest consumers know how to help themselves. First, even if you know the news is likely bad, get a hold of your credit report and check it for errors.

Clean your credit up

It is not uncommon for the three major credit reporting companies to make mistakes. If you catch a mistake get it corrected immediately. Even if there are no mistakes, review your report to see if there is any way you could come to terms with any of your creditors to clear up outstanding debt. Your credit report helps determine your credit score. Your credit score is what lenders look at before they decide whether to loan you money and at what interest rate.

Special financing restricts your car choices

With a special finance auto loan there are limitations to what sort of vehicle you can choose. Most lenders want you to pick a vehicle no older than seven years. This way if you cannot repay they have some recourse to sell the vehicle and attempt to recoup their loss. They also want that vehicle to have low mileage for the same reason so don't bother looking at anything with more than 80, 000 miles.

Even if you have good credit you should expect to pay between 5 and 15 percent down on your vehicle. This is a show of good faith for the lender and a requirement for a special finance auto loan. The vehicle you choose will also need to be priced at or below its blue book value price.

You might not qualify for the regular lending rates because of past credit problems but that is where a special finance auto loan comes in handy. If you need a new car to keep yourself employed, get the family around or whatever, but don't have a good credit rating, look into a special finance option loan. It will likely be your very best deal.

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Did they cause the credit crisis? Conservatives claim minority home buyers hobbled the financial system. Really?(SPECIAL REPORT): An article from: Black Enterprise
Book (Earl G. Graves Publishing Co., Inc.)

Big Business sometimes Loves Big Government

2003-11-14 15:24:40 by Michael_Parenti

While representatives of big business preach the values of self-reliance to the general public, they themselves run to the government for a whole basketful of handouts. They receive from federal, state and local governments billions of dollars in start-up capital, research and development funding, equity capital, bailout aid, debt financing, low-interest loans, loan guarantees, export subsidies, tax credits, and other special favors. Courtesy of the US taxpayer, government provides private industry with a publicly funded transportation infrastructure of airports, train depots, port facilities, canals, and harbors

The Mortgage Trap

2005-06-28 22:10:04 by Floridasharks

Lenders are cranking out an ever-growing array of financing schemes and lowering standards to keep the housing boom going
Nicki Randolph, a San Francisco real estate agent, hasn't been scared off by talk of a housing bubble. Although she already owns both a home and a condo in Palm Springs, Calif., Randolph just closed on a third property -- dropping more than $1 million on a 1,400-square-foot loft in the heart of San Francisco. How does she juggle so many properties in the overheated California market? Lots of leverage, thanks to banks all too willing to provide ever more.
To finance her loft purchase, Randolph took out a mortgage that lets her pay only interest for the first five years -- a tactic that helps her ease into the hefty monthly payments

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