Finance Loans CA

Buying a new car can be a great experience, but it can also be disappointing when it comes time to do the paperwork. With the right credit score you can either walk into a dealership and drive home with a new car same day, or you can face a lot of difficulty with getting the cash you need to finance your new car.

Unless you are paying cash for your car or borrowing money from a family member, you’ll need an auto loan to purchase your new car. Your best bet is to visit your bank first to find out what kind of loan you qualify for, otherwise you’ll be tempted to get your loan through the dealership. Dealer financing is typically very expensive and will cost you way more money for your car.

Either way, your credit score is the most important variable when it comes to determining if you can get approved for a loan, how much, and at what rate. The higher your credit score, the better the rate you’ll be able to secure. That means you’ll be able to purchase a nicer car or save hundreds of dollars a month. The same exact car you purchase can cost another person several hundred more dollars a month simply because of the difference in credit score.

The average credit score in America is 720, though you realistically need a 760 score or higher to get approved for the best rates. If you fall below the 720 mark, you’ll likely need to take a few extra steps to increase that rating.

See how your personal credit score compares to everyone else.

Check it for free at at http://www.thecreditfix.info

Car Loans FAQ:

Question: Are car loans hard to get these days?
I know with the economy the way it is, it might be hard. My credit score is 634 and I am going to try to get a car. My credit is fair, but am curious if I can get a loan for a car.

Answer: A credit score of 634 is below the 680-700 that many lenders like to see. However, some lenders are going with 620 as a lower limit. You’ll just have to try a few to find out which ones will approve you. All lenders are different in what they will accept, but it is definitely much tighter than a year ago.

Question: Who has the best or most reputable alternative car loans?
I need help finding financing for a new or used car with little to no credit history.

Answer: If you have little credit, but what you have is good, you may qualify for a first time buyer program from a major auto manufacturer.

If you have credit problems, this will be harder. The more you can put down, the better the loan terms you will qualify for.

Question: Can you have two loans on one car?
I have a car loan on my vehicle through my credit union. Is it possible for me to get another loan taken out on my car? I have a family emergency that I am needing a couple thousand for and this seems like my only option.

Answer: In theory, yes you can have a second lien on a car. In practice, this is a very high risk proposition for a lender and the value of your car after the first lien is probably not much.

Try and refinance the car and get cash out. This is lower risk for the lender and you will only have one loan to pay.

Question: Can you claim interest paid on car loans or other debt on your taxes?
I know you can itemize mortgage interest paid, but all my end of year loan statements and credit card statements are specifying the YTD interest paid. Is that for tax purposes or just to shock the heck out of me?

Answer: No, it is not deductible

The reason that credit card and finance companies provide this info is in the chance that the credit card is a business card.

Question: How do principle payments work on car loans?
If I owe $33,000 on my car and I pay an extra $200 or if I pay a lump sum say $4000 at one time how does that get applied to my loan and how does that reduce my debt?

Answer: When you send in your payment make sure that it is stipulated that it is for an additional principal payment. Paying down the principal makes what you owe smaller. You pay interest on what you owe and as your balance goes down so does what you pay on interest. Some banks will apply it to where ever they want. That should be in your loan papers. Someone told you that they are paid ahead and can skip if they need to, that is not always true. Each bank and lending institution has their own rules. Read all of your paperwork.

Question: Does anyone one know about bad credit car loans?
Im interested in buying a car but i have bad credit. Does anyone know of any websites that offer car loans to people with bad credit. A lot of them say they do but they lie.

Answer: Call a few local franchised dealers and ask if they have a secondary, or special, finance department. They do. You can buy a late model, or easier yet, new car. You will need some money up front and a job. You will pay a higher interest rate. Just to clear a point…a franchised dealer is one that sells new as well as used cars. The reason I want you to do that is the new car dealers put a lot of business each month into local lenders. Sometimes that is the difference in a border line approval.

Question: What was the last year you could deduct the interest from credit cards and car loans?

Answer: The deduction for personal interest, including interest on charge card purchase of consumer items, was phased out by the Tax Reform Act of 1986. Congress believed that the deduction for personal interest encouraged people to consume and that such consumption was at the cost of savings. At the time, the American savings rate was declining and, unfortunately, the private savings rates continues to remain low. To eliminate the significant disincentive to savings, Congress repealed the itemized deduction for personal interest other than mortgage interest.

Question: How can I find the lowest interest rates on car loans?
I was told I could shop around and find my own financing besides the dealers.

Answer: You can and should shop around. Sometimes the dealers have the best rates available and sometimes a credit union, your bank or another bank may have the best rates available.

Finding a car loan finance calculator can help you determine the best rate, amount and payment terms for your new or used car loan. These calculators are an important part of the car financing process. Thanks to the Internet, you can now find a variety of car loan finance calculators with just the click of your mouse.

Car loans help you finance the purchase of an automobile. They can be used for new or used cars, but normally you need to purchase through a dealership of some sort in order to get a loan. Car loans may or may not require a down payment, depending on your credit score, your income and how much you want to borrow.

Before you find a calculator and plug in your numbers, make sure that you are using the right kind of loan calculators. There are tons of loan calculators available online, but not all are for auto loans. Real estate loans, commercial loans and credit cards all have calculators available online. Be sure you’re using an auto loan calculator.

Car loan finance calculators will help you determine what is possible based on your qualifications. You’ll need to enter the amount of the loan you want to obtain, the rate of the loan and the length of repayment. Auto loans normally run for 36, 48 or 60 months. The longer the term of the loan, the lower your payments will be. However, you’ll also have to pay more interest if your loan is for a longer period of time.

The car loan calculator will help you find a variety of different options for your car loan. You can play around with the different figures to see how your rate will be improved by different factors. Advanced car loan finance calculators will give you extra details on your loan that will help you evaluate it more carefully. You’ll be able to see how much interest you can save by having a shorter term loan or how much of a difference a few percentage points of interest can make.

Loan calculators will help you evaluate the best options for you before you go shopping for a car loan. By using a calculator before you shop, you can find out what type of rate you can expect. You should note that a loan calculator is just a tool to use. It is not a guarantee that you’ll get those rates. Banks have different rates for auto loans, so it pays to shop around. In addition to considering the amount of money that you want to borrow, the bank will also look at the current interest rates and your ability to repay.

After finding a variety of quotes with an online car loan finance calculator, you’ll be better prepared to find out more about a car loan from a lending institution. For the most accurate rate, you should meet with a loan officer or contact a lending institution online. While you’ll be able to plug numbers into a calculator, you won’t know the exact rate you’ll receive.

For more information on finding a car loan finance calculator and other tips on managing finances, visit Finance-AAA.com. The site offers extensive information on all aspects of finances for consumers.

Car Loans FAQ:

Question: Is it good for credit to have two car loans.?
I have a car loan and want to get another loan. I also want to refinance my house next year, would it be a good thing for my credit to get a second car loan before refinancing?

Answer: If I were you I would wait until you have refinanced your home before going into additional debt for another vehicle.

When you refinance you home one of the largest things other then your scores and pay history that the lender is going to look at is your debt to income ratio. If you have another vehicle loan on your credit it will reduce the amount that the lender will be able to loan you on your refinance of your home.

Question: How many of you refinance your car loans?
Is it a good idea? I have a pretty decent interest rate on my car. However, it could be a little cheaper.

Answer: Never. If you must borrow, pay off as fast as you can. A car is generally a depreciating asset.

Question: Does anyone know any websites that actually offer car loans to us with bad credit?
Does anyone know personally about any websites that actually offer car loans to people with bad credit. They all say they do to get you there and then they tell you another story.

Answer: Seawest Financial Company financed me when I didn’t have any credit. You may pay a higher interest rate but you can re-finance to a lower one once your credit gets better. Hope this helps b/c I know by experience how much it sucks to be turned down for a car loan

Question: Should Me and my wife apply for new car loans jointly or separate?
Me and my wife just recently got married, and it is time for both of us to purchase cars. My FICO score is 650 and her FICO score is around 750. My salary is almost twice hers. Should we apply for our car loans separately? I know this would help my interest rate, but I don’t want to hurt her interest rate.

Answer: Anyway, it would hurt her if you add yourself on her loan, while it would help you to have her on yours. In your current situation, I would have her cosign for your car to secure a lower APR and you should stay away from hers so she can qualify for a lower APR on hers. I was in the same boat with my wife some years back (except the other way around) so I know exactly what you are going through.

Question: Is it true that people with horrible credit can get car loans?
Car Dealerships make it sound like you can be in collections for lots of accounts and they’ll get you into a brand new car with no money down. What’s the truth on this?

Answer: It is true that you can get credit for a car even with really bad credit. However you will have really, really high payments.

Question: What happens with car loans after damage?
My friend’s car was crushed by a tree on Sunday in a storm. His insurance is giving him 9000 for the car, but he still owed like 19000 on it. The bank is refusing to transfer the amount to a new car. How can they force him to pay for something that a. wasn’t his fault and b. isn’t driveable? If his house was knocked down by a tornado, he wouldn’t have to continue to pay the mortgage–how is a car different?

Answer: The balance still must be paid, regardless of fault. The real fault lies with your friend signing up for a bad loan.

He needs to contact the gap insurance company, his primary insurer is still only going to pay the actual cash value of the car. Gap is totally separate.

Question: Do banks finance car loans for first time buyers on used cars?
I am looking to buy a used car. My mother believes that i cant get financed because Im a first time buyer and it would be a used car.

Answer: Yes you can get financed. But it depends on your age (cant sell a car to a minor) and if your mom wants to co-sign. You will need a co-signer to get it.

Question: In 2009, 60% of car loans will be paid off, does that mean people will rush to buy new cars?
A car salesman told me there are 4 to 5 year car buying peaks. The last peak in car sales were from the years 2005 and 2006. He said most car loans will be paid off in 2009 and 2010 and in those same years they are expecting another peak in new car sales. Any truth in that?

Answer: I have been in the business for 10 years, most people try and trade after 3 years. The current popularity of 72 month and even 84 month finance will change that. We get a steady flow of customers for the most part until, like now, the economy gets shaky then we slow down. The 2005/2006 spree was caused by low rates and big sales (GM’s first employee price sale). I hope it does turn but I wont hold my breath.

Have you been searching for somewhere to finance your car with bad credit? In this day and age everyone either needs, wants or has a car. Gone are the days when a car was considered a luxury item. A car is definitely a necessity for most. However, due to your poor credit history, no lender is willing to help. You have even approached your own bank and they have shut the door firmly in your face.

This is when your search to finance your car begins. Although there is a vast array of lenders available, you need to be very careful. I’m sure you have heard many horror stories of people borrowing money and then being held to ransom by the lender. Once they have gone through the reams of small print, they discover that they will need to pay back up to 10 times the amount they borrowed. This, unfortunately, leads to further debt., which in turn can worsen your credit rating and eventually lead to bankruptcy!

Fortunately, this is where certain companies and organizations have evolved to help you. They are intermediary organizations, who will do all the leg work for you. They understand having bad credit can be a difficult time and will provide you with everything you have been looking for. They can show you how to finance your car, even with bad credit. Usually these companies have a huge list of lenders on their books, who are willing to help people in your situation. They can also provide online support and even have access to many unknown government resources. You will usually have to pay a very small one-time fee to get access to this information and remember i said very small!

You can still Finance your Car With Bad Credit, but you will just need to be wary. This is why i believe these intermediary companies are actually a blessing in disguise. The majority of lenders on their books can give you that auto loan online, at a price you can afford. In most cases your auto loan can be agreed and set up within a matter of days.

If you urgently need to Finance Your Car With Bad Credit, then it is time you visited one of these intermediary companies. Click Here to find out exactly what others in your situation are doing and secure that car loan today.

Car Loans FAQ:

Question: Any general rule of thumb how much your credit increases reducing two car loans to one?
Helping a family member I had 2 car loans. One was 28k balance the other 21k balance. Just sold the 28k car and paid that off. Credit is very good, no late pays etc. Trying to determine how many points could that potentially increase my credit? Any idea…someone told me 30-40 points of all other credit is good, which in this case it’s excellent?

Answer: There is no way to say exactly. Sometimes it doesn’t raise your score much at all. I have two car loans myself, one for 20K and one for 50K. I sold the 50K loan and my credit score only improved by 2 pts.

The reason is many factors involve calculating your score. If you closed the account which had a longer history it could negatively affect your credit. Overall credit length of time on accounts make up 10% of your score. So if you’ve been paying on one loan for the past 4 years and sold it while keeping the other car loan you just took out 6 months ago, your score might go down.

Question: Can I take out a car loan if I am already taking out student loans?
I am a senior in high school and I was wondering if it was possible for me to take out a car loan while taking out loans for college?

Answer: Yes you can have the car loan simultaneously with the student loan. My niece had gone for such a option. She had taken a student loan and with that she also a got a student car loans.
The finance provider had a different option for the students with special offers and rates.

Question: Is it good to pay several months ahead for my car loans in order to boost my credit?
my credit is 550, I’m thinking about paying for six months ahead on my car loan so i can increase my credit score and have the peace of mind. i want to do that to increase my credit score so i can get a new car in six months. I want to pay for six months ahead of time, and get a new secure credit card. do you think that can boost my credit to 700 by june of next year?

Answer: If that’s the only bill you have fine. If it’s not, pay high cost loans first. Credit score is not only set on how you pay, but also credit available. If you have a lot of credit cards available to you with low balance but high available credit, get rid of some. Cancel them. This will help your credit score more.

Question: If you had cash would you payoff your car loans or would you use the money for other things?
I currently have two car’s and I have a combined loan for them with a low interest rate. If you had just enough money to pay the loan off would you or would you use the money for home improvements or furniture or what ever? I just wanted to get some ideas about what some people would do?

Answer: I would bank it. Cash is a good thing to have. If I had any debt w/ high interest rates then I might pay some toward that then try to consolidate it into a low interest loan. There again, showing you have cash in the bank would be beneficial.

I definitely would not spend it frivolously. The economy is changing. Having some cash handy might be very helpful a year or so from now.

Question: Good idea to pay additional principal on car loans?

Answer: The answer to your question really comes down to can you invest those funds and have a return on your investments greater than the 6% you are paying as interest on the loan. If you can, don’t prepay the debt but funds those dollars into your investment. If not, continue to pay the debts down.

If you have other debts with higher interest rates, those funds really should be used to decrease those higher interest loans.

By paying down the car loans you are decreasing the term you will be paying on them. If you trade the cars in (or sell them) before the debts are paid, you’ll owe less (and net more out of the sale) if you continue your debt reduction strategy.

Question: Are there any debt relief agencies that help with secured debt. Such as car loans and student loans?

Answer: Federal Trade Commission website also for Consolidation Company and what to watch out for.

Question: If you had 5k in student loans and 5k left in a car loan and you were about to get a check for 8k?
Which loan would you pay off first? And suppose your car payment was $500 / month as well.

Answer: Pay off the one with a higher interest rate. Probably the car loan. Then use the car payment money to pay extra on your student loan each month.

Question: Which is better to pay off car loans, credit card or put money toward mortgage?

Answer: Pick the credit card with the highest balance and pay it off. Then go to the next one and pay it off -then the next.

After that go to the car loans….start with the car loan with the highest balance and pay it off.

Even if the interest is higher on a card with a lower balance you are still paying more because its compounded on the total balance.

There are many people who feel that they simply can’t qualify for a car loan. There are many reasons you may feel this way, including a low income or a poor credit history. For most people who are in this situation it is because they have one or more negative marks on their credit history and a low overall credit score.

Despite these factors there are some options available which can get you a car loan despite your past credit history. These loans are commonly referred to as guaranteed car finance options. Like all forms of car financing these types of loans have disadvantages and advantages.

The most important advantage that guaranteed car finance options is that they allow you to qualify for a car loan, even if you have poor credit history. This can help you to purchase a vehicle even with defaulted loans or a history of late payments. These types of loans are actually designed for people in this type of situation.

The unfortunate truth of guaranteed car finance options is that they always come with certain stipulations and policies which may make them less than preferable for many buyers. The first and most common factor that applies to nearly all of these loans is that they come at a higher than average interest rate. In fact it is not uncommon for a buyer to pay as much as 11 to 12 percent on a loan of this type. This added interest is built in as a protective measure by the financing company to protect itself in case the buyer defaults on their loans. For the buyer this means they are subject to considerably higher monthly payments for a vehicle than someone who has good credit.

Another term used for many of these loans is to require the buyer to place a larger amount of money down to purchase the vehicle. In fact, it is not uncommon for these types of loans to require as much as 20% down on the purchase of the vehicle. To put this in perspective this would mean that a person buying a $20,000 would have to put $4,000 down to qualify for the loan.

This is also used as a method to protect the lender since it helps to ensure that if they do have to repossess the vehicle it will have a better chance of still holding a value higher than or equal to the amount still owed. Unfortunately many buyers simply do not have that much money to put down on a vehicle.

Most lenders who offer this type of loan also have higher than average standards surrounding late payments. While all car loans have late charges most standard loans only charge around $10-$20 for a late fee. Many lenders offering loans for people with poor credit will charge late fees as high as $200.

Buying a car using this method is an option which is designed to help people who have made some mistakes in past. They are also a method which can be used by a person to improve their credit score. In reality they are a good option for many people who have a poor credit history but only providing that they intend to stay current on the loan.

For more information on finding guaranteed car finance and other tips on managing finances, visit Finance-AAA.com. The site offers extensive information on all aspects of finances for consumers.

Car Loans FAQ:

Question: If you are paying up 2 car loans and then can’t afford one of them, which one gets repossessed?
I have a loan on a car from 4 years ago, then I took a loan out on another car 3 years later. Now I have 2 loans on 2 different cars. But now I can’t afford both of them so I am going to have to give one up. The loans are with the same lending company. Do I have a choice on which one they will repossess or do they choose?

Answer: Yes you have a choice its the one you stop making the payment on. Take the best one and dont miss a payment on it.

Question: What are the average interest rates for car loans right now?

Answer: New or used? They’re different. Manufacturers may still be offering 0% incentives, so watch the ads if you’re looking for a new car. I doubt the rate will go lower than that in the near future. Used? Check with a credit union - they’re usually the cheapest place to buy money at retail.

Question: Will applying for car loans with multiple lenders hurt my chances of getting a loan?
I’m fresh out of college and in need of a new car. I’m shopping for rates - filled out a credit application with the dealer, and a couple online. One of the lenders I applied with online wrote at the bottom of an email to “be sure not to apply in multiple places as it would hurt my credit score and negatively affect my chances of getting a loan!”

Answer: All inquiries made in a 14-day period are lumped together and only count as one, they all show but your score only gets dinged once.

Question: Why does the blue book and bank loan prices differ on car loans?
I’m researching a used car. Kelly Blue Book and NADA guides state the value of the car at between $5500 and $6300. I’ve haggled the sale price down to $4800. However, the bank Ive spoken with about the loan says they can only loan $3500 on the car. Why is there such a discrepancy between the estimated value and loan value?

Answer: They are protecting themselves - if they need to repossess the car because you don’t pay the loan, they want to sell it quickly to a wholesale buyer, which yields them less money than a retail sale would.

Question: What are the laws regarding minors and car loans?
My younger brother is 17. He wants a car and neither his mom or my dad will co-sign for him. My husband and I told him we would, but my brother’s mom told him that he can’t legally get a loan without her concent. I used to work at a bank and I know that minors cannot open a bank account without an adult, but the adult does not have to be the minor’s parent.

Answer: Since he is a minor, he cannot enter into any kind of binding contracts until he is 18. There is nothing that states that the adult co-signing a loan for a minor HAS to be a parent or guardian. The only thing is, if he defaults on the loan you will then be responsible for the loan (but since you used to work @ a bank, you should already be aware of what you are getting yourself into if he defaults on the loan).

If you haven’t considered this yet- he’s going to be in the same position when he goes to get insurance & his tags for the car. Can’t due to being a minor.

Question: When filing bankruptcy in CA, can car loans be discharged as well?
My friend is planning on filing bankruptcy, we were wondering if her car loan will be discharged and she’ll get to keep her car.

Answer: If her loan is discharged, no she won’t get to keep the car. She might have an option to exclude the car from the bankruptcy filing, but then she’ll have to pay the loan.

Question: Is there a way I can take out student loans and pay my car loan off with it?
I owe about 12,000 on my car loan with an interest rate over the roof….I figured if I borrowed a lot of money i could pay that loan off with the money I borrowed and get a really low interest rate for my car. Am I allowed to do that?

Answer: Student loans are for education, no college is going to sign off for you.

Question: How exactly do car loans work?
I am looking to get a new car and I don’t have any credit at all which I know is the same as having bad credit, but I read that it is actually not that difficult getting financed right now. So how exactly does that work? I can afford the payments each month, but I don’t have anything as a down payment so is that what I would use the loan for?

Answer: With no credit you would have to either pay cash, borrow from family, or get a co-signer, assuming you are at least 18 years old.

Are you planning to buy a new car? If you are, how do you plan to pay for it—cash or installments? If you have saved enough money to cash out the total cost of the car, it will be better for you. But if you do not have enough money right now, you can always pay the down payment first then pay the remaining amount in installments. You will need a car financing loan for this.

Persons who want to purchase either a used car or a new car but cannot pay the total cost outright can apply for car financing loans. If you want to take advantage of this, you have to carefully look into your credit history. Some car financing companies deny loan applications to people who have a bad credit history. When you apply for a car financing loan, the lender will look at your credit score. If your score is above 600, there is a strong possibility that your application will be approved. But if your score is below 600, it may be wise to postpone your car purchase and improve your credit rating first.

Before you get a car financing loan, you have to make sure that you are completely aware of all the car financing options available. It is expected that your car dealer will also offer you some sort of car financing. However, you can refuse their offer if you have secured a pre-approval from the car financing company of your choice. It is recommended that you shop around for car financing loans first before you go to your local car dealer.

Getting a car financing loan has advantages and disadvantages. This is why you should take your time to look for reliable car financing with reasonable rates. You can browse online for car financing companies so you can compare their reputations as well as their rates. You should never rush into a car financing deal if you are not sure that you are transacting with a reputable company. Remember, purchasing a car is a huge investment. You have to find the best deal for you.

Car Finance provides detailed information on Car Finance, Bad Credit Car Finance, Online Car Finance, Car Finance Rates and more. Car Finance is affiliated with Mobile Home Finances.

Car Loans FAQ:

Question: Car loans?
I am looking to get a used car and I want to finance it through my bank. How do car loans work? Do I need to find a car first or do I get the money from the bank first? What if I get a loan for 12k and I find a car that is 10k - do I need to give back the extra 2k?

Answer: Go to your bank or credit union and get approved for a loan. Go to the dealership and buy the car. They write the contract or purchase order and you can take that to your bank or cu and your loan is for the amount of the purchase of the car. The dealer might have access to your bank or credit union directly and they can take care of all the paperwork. They might also be able to get you a better rate than the bank.

Question: Is it smart to use a home equity loan to pay off car loans, and a line of credit?
My husband and I need to lower our monthly payments. We have no debt except a line of credit for $60,000 with the payment of $410 and two car loans both adding up to about $25,000 and the combined payment of $1050/mo. So, we are spending about $1400/month for these 3 things. If we got a loan for $110,000 and payed all these off, our payment at 6.6% would be around $700/month. Of course I would always pay more than that per month which would go to principle. Why isn’t this a good thing to do?

Answer: In theory it sounds good. But here’s what happens. You borrow the 100 grand and now you have financed your two old cars for 15,20 or 30 years. If that isn’t bad enough statistics show that you will have more car loans, credit cards, etc. PLUS the 100 grand loan in 5 years. You cannot “borrow” yourself to prosperity. Pay off your obligations without refinancing and you will be proud of your actions.

Question: Can you get a home loan that will also willing to pay 2 car loans?
We are planning to buy a house but I was wondering if it’s possible that a lender will also pay off 2 car loans?

Answer: No. A mortgage is a real estate loan. If you’re doing a refinance and have enough equity, you could get enough money to pay those car loans, but the lender won’t do a payoff for you, unless it’s a condition of the loan.

Question: I have two car loans and would like to put money down towards one of them. Which one should I choose?
I have two car loans with the same interest rate 5.65%. One loan is 10,281 and the other one is a new car loan at 22,525 that’s with taxes included. I plan to put 6,000 down towards one of the loans. Do I put the money on the lower one to pay it off sooner or refinance the new one and decrease the taxes and interest paid over the life of the loan. It doesn’t cost anything to refinance with my credit union, so there are no fees involved. Im having a hard time determining which way is more cost effective.

Answer: In my experience, I find it better to pay off whatever you can sooner. That way, once you pay it off, you can put what you save from paying on that one to paying more on the other.

Question: How do car loans work?
I’m a junior in college and I use my dad’s car to get to and from school during breaks or holidays. I’m paying for school through students loans, so I will be in debt after school. So I was wondering how car loans work because I need something big like a jeep or something, and I’m wondering if there is such a thing as a student car loan. Something I can pay back after I graduate from college. I hope that don’t sound dumb but I don’t know anything about car loans.

Answer: Set your sights on that Jeep once you get that job! Earning is a privilege! Self-satisfaction.

Motorcycles are easy on the gas and maintenance. Get a double seater for your dates.

Question: What Benefit Or Bonus For Good Mortgages And Car Loans?
Is there any benefit or bonus for people who live within their means with current mortgage, household bills, and car loans?

Answer: No it’s self destruction at others expense. I personally know someone who lost their home, the following week they were off on vacation. I often wondered how they could go out to dinner four or five times a week and never think about taking a lunch to work.The sad part is nothing has changed for them other than the restaurants at their new location.

Question: What is the name of the company that refinances car title loans?
I ran into some financial problems lately. Stupidly, I went to a car title pawn. Big mistake. I pawned my car title. I once heard a commercial on the radio that refinances car title loans. At the time I was not interested. Now I am. Does anyone know of a company that refinances title car loans?

Answer: Sorry but that will only make it worse by taking first principal and adding their interest and you will have a car payment just to keep car from getting repoed not only by lender but you can not get back even if you have full amount. It will just get worse.

Question: Why is interest on car loans not tax deductable and interest on home loans are?
If I am able to take the interest paid on a house loan of on my taxes every year, why not my car loan. Both are tangible assets?

Answer: Yes, both are tangible assets, but this fact does not determine whether interest is deductible. Instead, you can deduct interest if it is a business expense, and there is a separate rule for homes. Apart from home loan interest, interest paid for personal, non-business expenses is not deductible.

Congress created an exception for interest paid on home loans. You can deduct that interest even though it’s not a business expense. That’s because Congress wants to encourage home ownership.

Whether an asset is tangible or intangible has nothing to do with whether the interest payment is deductible. Banks, for example, can deduct interest paid on their loans because banks are in the business of taking out and making loans. They can do this even though there is no tangible asset involved.

Commercial loans are those issued to businesses for start up, expansion and other reasons that you may face at some point as a business owner. When you are first starting a new business, you are the one responsible for finding the funding to take care of your expenses while you are getting your feet on the ground. This can be tough and many businesses find they have to try for different types of business loans in order to make it through the first few months.

A commercial property loan, or commercial mortgage loan, is a loan specially designed to get you the real property you need to build or function as a business. Whether this is a parcel of land to build on or an exclusive commercial property in a metro downtown area, you will need a good loan to secure the property necessary to operate effectively. Bad credit commercials loans are available, though much more difficult to get as when you have bad credit it makes banks hard to trust you, especially with some as fragile as a new business.

But, the options are out there and if you are dealing with bad credit, you need to work with a commercial loan that is specially designed for those purposes. A commercial bridging loan is a business size payday loan. Essentially, you are gaining access to capital by borrowing against your future paydays whatever form that may be in. When you use this form of commercial borrowing you have to be able to prove you have a certain level of income generating at a steady pace and consistency in order to get the financial backing you need.

These are both great options when you are looking for the commercial loans that are essential to the start of or maintenance of a business. Whether these funds are for daily operating expenses or to take advantage of growth opportunities they can make or break your business if you don’t have them in place. Commercial funding is available from many sources; the key is to find the right commercial loans for your needs, type of business and level of borrowing power. This can help your business and personal borrowing power grow by leaps and bounds as you work to establish yourself in the industry you operate in.

Vince Samios writs about financial topics such as commercial loans

Commercial Loans FAQ:

Question: Is there a difference on how commission splits are handled between commercial loans & residential loans?
I am looking to get into a mortgage career in California, and was wondering the difference between how commercial loans and residential loans commission splits are handled, since there is a larger amount of money people are borrowing between the two?

Answer: Residential Loans will take about a month to close and commercial will take about 3 months on average. It all depends on which company you work for as well and what splits they are willing to pay. If you are licensed with experience you can get 100% with some brokers.

Question: Where do you look for commercial loans involving the purchase of real estate?
I’d like to purchase an apartment building. Is this considered a commercial loan and where do you go to find them and what kind of qualifications are necessary? Is it the same as getting a mortgage where you need 20%? Or is it a little different? I don’t have many liquid assets but have found a good building?

Answer: You need an investment loan. You will need 20-25% for a down payment, but other then that they are like any other loan. The qualifications are the same, there is no such thing as a sub-prime. You also have to have funds to make the payments in the case of no occupancy. You can not use rent from this apartment to secure your loan.

Question: Have the standards for securing a Commercial Loan changed as the home mortgage loans?
Is it going to be more difficult to secure a 800K Commercial Building loan than say 6 months ago? I will be in the market for that kind of loan in the next week or two and haven’t a feel for the market right now.

Answer: Commercial loans have not taken the same hits as residential. Underwriting for residential loans had become beyond ridiculous allowing everyone to get a loan, whether they could make the payments or not.

Commercial lending has been constant in its criteria, thus it has remained stable.

Question: Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans?
I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it.

Answer: You should be able to find such a lender by going to your apartment house association in your local area. they normally have a list of lenders that fund loans such as the ones you are looking for.

You can also find an apartment house lender by looking in your local telephone book. Look for those that specialize in apartment lending.

Now if these units need up keep and rehab and will not appraise to $180,000 until repaired that might be a different problem all together.

Question: Is it true that commercial mortgage loans are all ARM’s?
When we got our commercial loan, our loan officer told us that “all commercial mortgages are ARM.” Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled.

Answer: If it is a commercial loan then most of the programs are ARM’s. Most of them also have a balloon payment. However, there are fixed rate options. The rates are usually so ugly though it isn’t worth doing it (at least on the commercial side). Some of the rates on commercial are in the 5’s right now.

Question: What are some of the basic reasons that commercial loans are turned down?

Answer: A lender will look at how and when the loan will be repaid and assess how sure they are about repayment. They have only so much money to lend and will seek to lend at the best interest rate with the best chances of repayment. If the loan is secured then they will look at the collateral and how likely they are to get their money back from resale. The industry is an issue, if a person wants money for a restaurant that is usually a riskier business than others for example. The borrowers history is also an issue, how successful they have been, how does the business do, does it make money?

Question: Can you take segmentary commercial loans from a bank?
Like take a small loan(let’s say $100-200) for starting the business very first stuff, and then take another loan after few months (of about $1,000-5,000) to buy the rest.

Answer: You should know your total cost for starting a business, plan on putting down 20%. Go to www.sba.gov it is a good website with a lot of answer to help start up businesses. Then go to your bank and ask to speak to a business banker and ask them for a little help.

Question: How do banks qualify people for commercial loans?
I was told that banks look at rent income vs expenses? Someone else said credit, another said amount of Down payment. Can you please inform me how banks qualify people?

Answer:
1. Credit history of the applicant(s)
2. Down payment varies with type of property- 20-30%
3. Business plan- to confirm affordability, you need to prove this using accurate facts and figures (how the business will pay the mortgage)
4. How experienced/qualified the applicant is to run that type of business.
5. Whether the applicant has local knowledge and is known locally

Try an independent financial advisor or broker- they can go to a wider range of lenders.

You would be hard pressed to turn on the television, or visit a news website, without hearing about how you can repair your credit. In today’s troubling financial times there are many people who are having trouble maintaining their credit score. They find themselves falling farther behind in payments and before long there is significant damage that can no longer be ignored.

Credit repair is vital in order to regain a credit score that is high enough that lenders will allow you to borrow money for a car, a new business or even a home. It is important to know how credit repair works. This article may not answer all of your financial needs when it comes to credit repair but it can answer some.

What is credit repair?

Everyone has a credit score. It can be high or it can be low. Most individuals start building their credit when they turn eighteen. If you do not practice money management you can ruin your credit score quickly. That is where credit repair services come in. These services or companies will work with you to reduce your overall debt and will often consolidate your outstanding debts into one, low monthly payment.

Their job is to slowly build your credit up again until it is an acceptable level. Your job is to make the payments on time and not continue taking out new lines of credit. It may be hard to do at first but it is certainly worth it in the end when you are able to buy a home or car of your own without a cosigner.

Is it true that some credit repair companies can completely clean up my credit score and make it perfect?

There are many false credit repair agencies that are operating in today’s market. They deliberately prey on those not knowledgeable about how credit laws work. Some promise that with a certain amount of money they can completely erase your bad credit and give you a great score. These are definitely scams. Some companies claim they can clear your credit score within a few weeks.

This is not feasible unless you have an extremely low amount of debt and the payments have already been arranged. A real credit repair company will explain to you all of your debts and will work out arrangements with your creditors. This takes time and it is definitely going to take money. You did not get yourself into credit troubles overnight and it will not take overnight to get rid of them.

How long does it take you to use a credit repair service?

The amount of time required to use a credit repair service is based entirely on individual problems. Some people may have a mountain of past due accounts whereas others may only have a few small ones. The length of time it takes you all depends on how your creditors react and if there are settlements that can be reached. It will also depend on how much money you can pay back. Do not expect this to be a short time though. It takes time to pay back all of your delinquent accounts and begin building a better credit rating.

How do I know when to use a credit repair service and when to declare bankruptcy?

Making the decision between a credit repair service and bankruptcy is a long, hard thought process. You have to analyze all of your debts and then decide if you can pay them back without endangering your home, car or job.

The best advice anyone can give you is to speak to a credit counselor or a bankruptcy attorney. He or she can review your debt and your income and give you possible solutions. Most people honestly want to repay their debts but are just not able to make the payments.

Visit Mike Selvon portal to learn more about credit repair, and claim your free credit repair tips bonus reports.

Credit Repair FAQ:

Question: Credit Repair?
I have no idea where to start to repair my credit. They are always offering free credit reports but I am leary of that. Could someone please tell me where to start?

Answer: Find out what’s on your credit report. Contact the creditors that are trying to get you to pay. I’m sure you received letters in the mail, saying that you are late or they are going to repossess or something. Start paying something. Call the creditors.

Question: Do credit repair services work? Which is the best agency to go through?
I have paid for all of my old collection accounts and I’m just waiting for them to drop off of my credit reports. I’ve been looking into credit repair service on line and wondering if they can actually help. All of the items on my reports are actually MINE and I did actually owe them, but they are all FINALLY paid off. Is there any hope to get them removed quickly?

Answer: Yes, they do work, but you need to do your own research and decide on what one to work with. Some of those companies haven’t been in business 20+ years because they’re universal failures. You can research them by calling the company you are thinking of using and asking them for references. Granted, you can repair your credit yourself too so make sure to research aspect as well.

Question: Credit Repair: Are there any certification programs I can take to learn how to do Credit Repair?
I would like to learn how to do credit repair. Are there any certification programs?

Answer: If you’re thinking about doing it for others, you might want to consider that you are very limited legally as to what you are allowed to do for others, and as to what you are allowed to get paid for.

Question: How well does the credit repair company work? Does any body have any good/bad experience with their services?
There’s so many credit repair co. out there and I don’t know which have a good credentials or does it really work like they advertised?

Answer: Credit repair companies are like tax preparers. Some are good, some are great and some are horrible and can get you in more trouble than you started.

Question: Is there any way for a credit repair company to set up an account to pull credit for its clients?
I am trying to start a credit repair company but I have not found a company to go through to pull credit. All the companies seem to only work with mortgage companies.

Answer: In my experience, the clients had to get the report themselves. With that said, I was of the impression that anyone can pull anyone’s credit with the subject’s permission. Work with a lawyer and have them create a consent form for you.

Question: How can a person check a credit repair company’s legitimacy?

Answer: Just like in any business, there are honest companies, and there crooks that give the others a bad name. However, you DO need to “do your homework” if you wish to avoid being ripped off! Ask lots of questions, references, and most importantly, check with the Ethical Credit Repair Alliance.

Question: What is the best way to go about eliminating bad credit? Using a credit repair agency or doing it yourself?
I know that credit repair agency’s send out letters that let the credit agency’s know that there is negative items on your report that is wrong in one way or another, but I am wondering if it is better to do it myself or not.

Answer: You can do it yourself and save yourself several hundred dollars. It is a matter of sending dispute letters to all 3 of the credit reporting agencies and having them remove the negative items. They are, by law, obligated to investigate those disputed items. Sometimes the creditor does not get around to replying and the item gets removed. After you get a few of the negative items removed, you need to start establishing some positive credit - apply for a credit card or something.

Question: Is there a way to repair my credit rating quickly after having a debt company?
I am now debt free but have been told that I will now NOT have a credit rating for 6 years as my accounts were defaulted after taking assistance from a debt management company but then paid off by my family?

Answer: You have a credit rating but it will be extremely low. The defaults will show for the next 6 years from the date they were issued. You can apply to add a note to your credit rating, saying that the debt was satisfied - have a search on the Motley Fool website for advice on this.

Basically, you won’t be getting any credit for a good while unless it’s at a very high rate of interest or from dodgy sources.

The internet is inundated with government grant programs which are available to ordinary people like you and me. Though some may find it difficult to actually believe they may well qualify for free Government money, this is precisely the case with grant programs run by the government. In an effort to shed some light on this mysterious subject, here are five commonly asked questions on the topic:

1. Can I really receive money for free?

The short answer to this is ‘yes’; money received from government grant programs is absolutely free - you do not have to pay back a penny. Among other places, you can find information to help you apply for free grant money from the U.S. Government’s Grants website. You just need to be aware that many of the grants you find will be restricted to non-profit organizations, universities, or will come in the form of financial aid for education.

2. Where can I find a personal grant?

When seeking a personal grant for yourself, your first port of call should be local Government agencies in your county and state, where you can make enquiries as to whether there are any available to you. There is a good chance that you will find some kind of program that will be able to provide you with medical, housing, food, transportation or other form of financial assistance. If you are looking for help with paying bills or debts, there are also non-profit organizations that may be able to help.

3. Where can I get a grant to repair a home?

Whether you are looking to buy or repair a home, there is financial assistance out there. Again, the best place to start your inquiries is getting in touch with your state and local Departments of Housing and Social Services, respectively. They will be best positioned to identify whether there is any financial assistance available to you. In addition, you could also search the internet for non-profit organizations in your state who may be able to assist with home ownership or home repairs.

4. Where can I find more information on government loans?

A very common question that people often ask about government grant programs is where they can find more information on government loans. Well, to begin with, you will find grant.gov is filled with information to help you along, and is an excellent source of information. If your search is for loans for a small business, it would be time well spent looking at the Small Business Administration website.

5. Am I guaranteed to get a grant?

This is probably the most common question about government grants, and understandably so. The amazing thing about government grant programs is that there is no limit to the number of grants you may apply for. However, the downside to this is that there is absolutely no guarantee that you will be accepted for even one of them. With this in mind, you should be wary of programs or services that claim (or guarantee) that you will get one.

Although Government grants are not guaranteed, there are reliable services and products available that will improve your chances of success significantly. So, if you are checking out Government Grant Programs a decent Government Grant Reviews site is as good a place as any to take your first step.

Government Grants FAQ:

Question: Government grants?
I recently went online and researched information about government grants. I found the government website but it doesn’t have an entire list of grants offered from what I am being told by other companies. Some websites say that they will help you with the process and tell you what you qualify for but that you first have to pay them almost $300 in fees for their assistance? I find that hard since government grants are suppose to be free yet companies are saying they will help but for a fee. Can anyone give me a good overview on how to pursue grants, where to look for what I qualify for, and what to expect? I have a small retail business that has been open for over a year now & I want to expand.

Answer: I would be EXTREMELY WARY of companies that claim you can get grants for whatever purpose you want because that is absolutely false and not how federal grants work. And I would be SCARED all the more that this company wants you to apply for grants through them because there is only ONE site where you can apply for grants legitimately - and that is Grants.gov. You may also want to read the warnings FTC has issued against these “grant” companies.

Question: Where can I find Government Grants to help start a new business?
I know that they say females are a minority and that the government sometimes does grants to start a new business. I am trying to find free info on Grants. Does anyone know of anything that could help me?

Answer: The government through SBA assists women in starting a business by giving them access to special loan programs, as well as certification programs (8A Certification) to be able to better compete in the government contracting process. But not grants.

It is hard to find grants to start a business — whether a male or female, a minority or not. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) and Grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Question: Are there any government grants available to help start a horse rescue?
There is a bill headed for congress right now that will create even MORE unwanted and neglected horses in the U.S. It has been my dream to start a rescue/rehab for these animals. I was wondering if there are any government grants available to help start a rescue program like the one I’m imagining.

Answer: I have heard of several rescues in my region receiving grant funding (city/county/sate & federal) to aid in the operations and care for the horses. Consider ringing several of the local rescues around you and ask how they began and what grants did they apply to obtain assistance. Please note that grant funding clears after the end of each fiscal year so there will be more grants available for the first of each successive year.

Question: What is the best way of finding and receiving government grants for a first time home buyer?
I’ve been searching the internet to try to find the best site or information on what government grants are right for me and the best way to receive them. I recently went to a NGC (National Grants Conference) and I wasn’t comfortable giving them a thousand dollars just to give me information on how to get a government grant. I know this is not an easy process, but I just want to know what would be the best way for me to find a grant that would be right for me and the best way to get that grant for a first time home buyer?

Answer: It is a good thing you did not give them a thousand dollars because there is no such thing as a government grant for buying a home.

The Housing and Urban Development in their Grants Available page makes it clear that they do not provide grants to individuals — hence no grants for a person to buy a home.

Check with your realtors for programs and assistance you can get for being a first time home owner. There are also non profits who can give you downpayment assistance (but will not cover your entire mortgage) such as Nehemiah Corp

Question: Are there any sites that offer free information on Government Grants?
I have a fairly large amount of student loans and I’m interested in researching government grants. I’m also very interested in researching government grants for starting a business. I’d like to rehab property and provide (quality) affordable housing for low income Americans, any advice?

Answer: There are no grants for a for profit business unless you are opening a daycare and then it is a minimal amount. If you need money, you will need to apply for a loan. No lender will talk to you unless you provide them with a valid business plan.

Call SCORE and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

Question: Where can I find free government grants without paying for the information?
I want to apply possible online for free government grants to fix my house yet every time I try to look them up I have to pay for the service. I don’t know where to look, can anyone out there help me?

Answer: There is a grant from the government website Catalog of Federal Domestic Assistance called: 10.417 VERY LOW-INCOME HOUSING REPAIR LOANS AND GRANTS.

Question: How do you Find Government Grants to Open a Home Daycare?
I’m in the process of opening my own home daycare, and I’ve heard of Government grants. So, I’m wondering if this is really such a thing or just something made up. Is it possible to apply for grants and if so where do you do this?

Answer: Yes they are real but only for those who are in actual need. There are many different grants provided by government. Many people says Grants are difficult to receive. You should look for Grants like Small Business Assistance (SBA) or for Women Grants.

Question: Anyone know of Government Grants Or Loans For Starting A New Trucking Company?

Answer: It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.

One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, which fund the research and development of technological innovation that meets specific government needs.

Go to the Catalog of Federal Domestic Assistance (CFDA) and Grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Warning! Home finance has blossomed into an incredibly diverse and complicated industry. This is good and bad. There are at least a hundred ways to borrow the money for your next home now. There are also dozens of ways for lenders to take advantage of you, from hidden charges to prepayment penalties and more.

Let your lender explain all the various home loans and home finance options available. However, when you finally decide on a product you like, ask as many of the following as are relevant to your loan. These are the questions that will protect you.

Home Finance - Questions For The Lender

- What is the interest rate?

- What is the APR (annual percentage rate; includes fees, points and mortgage insurance)?

- What is the initial rate (if it is an ARM - adjustable rate mortgage)?

- What is the highest the rate can go to next year (ARM)?

- What are the annual and lifetime caps on the interest rate and payment (ARM)?

- How often is the rate or payment adjusted, and when (ARM)?

- What index is the rate based on (ARM)?

- What margin is added to the index (ARM - it might be the index plus 3%, for example)?

- Is credit life insurance required (this pays off the loan if you die)?

- How much would the payment be without it?

- Can any of the fees or costs be waived?

- Is there a prepayment penalty?

- How much is the prepayment penalty?

- For how long is the penalty in force?

- Are extra principal payments allowed?

- Is an interest rate lock-in available? (guarantees interest rate for a time)

- Can I have the lock-in in writing?

- Is the rate locked in at time of application or time of approval?

- If rates drop, can I get a lower rate locked-in?

- What inspections and/or surveys are required?

- Is a title search and/or title insurance required, and what is the cost?

- Can I get an estimate of prepaid amounts that I’ll have to pay at closing?

- Are there “points,” and what will these cost (discount points to reduce interest rate)?

- What state taxes, local taxes, stamp taxes and transfer taxes will I have to pay?

- Will a flood determination be required (to see if the home needs flood insurance)?

- What other costs will there be?

- Is there anything else I should know?

Lenders may not like getting two dozen questions thrown at them, but you have a right to ask before you agree to a loan. Did you know that a 1% higher interest rate on a $150,000 loan can cost you an extra $30,000 over the years? Home finance can be as important as a good price when it comes to saving money on your home.

Steve Gillman wrote the book: Cheap Homes - How To Save Thousands Buying Your Next House. To learn more about home finance, and to see a photo of the beautiful home he and his wife bought for $17,500, visit http://www.YourCheapHome.com

Home Finance FAQ:

Question: Home Finance?
I’m 23 years old and would like to consider financing a home in the next 2-5 years, I want to know what kind of things do I need to be concerned about with my credit? How can I increase my score and what do I need to know about financing a home to get a good value and a good deal.

Answer: First, build a large down payment. This is an almost irresistible part of the financing game. But just because you have put together say 15% of the price of a house over 5 years tells you that your saving skills are starting to work.

Do not take out loans and pay them off to increase your score. It works against item 1, building the DP.
Rather, have a couple credit cards that you use to pay for things you buy, but religiously pay them off, completely, every month, well before due date.

Avoid buying cars or other big ticket items that ‘require financing’. If you buy any of them, do it on your credit card, but again pay off the credit card that month.

Avoid those sales that allow you to make no down payment, or no payment this year. You can always negotiate a cash reduction. They really do prefer cash, they really do prefer to make a sale rather than have you walk out.

As your savings grow, you should be investing, not just buying bank deposit notes.
If you do a good job of investing, even living in rented accommodation can be a sound economy.

Question: Should we wipe out savings or go with home equity line of credit to finance home improvements?
My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn’t want debt. Any opinions?

Answer: If you got the equity then go with the HELOC. If the home improvements are going to increase the value of your home then it’s a no brainer. As long as you’re not going to buy a car or take a vacation with it. Leave your savings alone.

Or say you can get a HELOC @ 6% APR. Then the money in your savings account that you would have spent on your house - put that money in a CD (or some other investment vehicle) that earns 6% interest and then you’re pretty much getting your home improvements for free. If you got 6% going out then see if you can get at least 6% coming in…. and then you’ll make that much more when you sell the house because you didn’t really pay much for the improvements.

Question: What is the general interest charged for a owner finance home? ?
I want to buy a home owner finance but I see all these calculators on the owner finance websites in my area and I don’t know what percentage to use.

Answer: It is usually high, because you are usually a very bad risk, 8-9%.

Question: Best way to finance home improvements?
Bought my house about 7 months ago on a 100% financed mortgage with an unbelievably low interest rate, so I want to avoid refinancing. I don’t think i can do a home equity loan because I have little to no equity since i did the 100% finance. Any ideas? I need about 10000 - 15000 for new siding work.

Answer: Some companies do offer financing. Make a list of improvements that you want done then start calling companies and ask if they have financing available, if not some can recommend a finance company they work with.

Question: Are there any assistance available to help a single mother have a home finance for the first time?
I am very interested in owning my own home but my credit won’t allow me to own the home of my dream.

Answer: My sister did that, thru some federal program. Start by calling city hall and see if they can refer you to the agency.

Question: Is there a way to finance a home with poor credit?
I’d like to buy a home with a large property, but I do have poor credit. It would be my first home. How can I overcome my poor credit past and finance the home of my dreams?

Answer: With poor credit, FHA is the way to go or if your a veteran you can do VA. FHA is great because credit scores don’t matter only credit history with explanation on why you are/were delinquent. Pay those bills on time to improve your credit for the time being.

Question: How to go about getting a manufactured home and finance with challenged credit?
I want a manufactured home and land and special financing but I dont know how to begin.

Answer: I would start by calling your personal bank or Credit Union. Ask for the Housing Loan Officer. Depending on where you live there are different lenders and different rules about lending on a Manufactured home.

Question: What is the easiest way to consolidate debt and finance a home?
My credit score is not that good but I have a good paying job. Had to send family tons of money. I live in a home now, I rent with the buy option. Is there any company that will pay off my debts and finance my home that I have been living in for two years so that I can get out of debt?

Answer: It will depend on how much the home appraises for. You could possibly come out with extra money to pay off debts if the equity is there. If you are a member of a credit union, ask a loan officer.

The good news - banks seem to be picking up their lending to small businesses. The bad news - it is mostly SBA loans and you still have to qualify. Bank standards have not changed or been reduced - but banks are now more willing to look at SBA backed loans - given “well qualified” borrowers.

With this never ending recession - the number of qualified borrowers is dropping like a sky diver without a parachute. Bad economies put such huge pressure on individual financial situations combined with nearly impossible bank requirements nearly all potential entrepreneurs are essential shut out of the their markets in terms of obtaining a small business loan to start and grow their business.

Thus, new small business owners have to find ways to get creative in financing.

Here is an example of using personal loans for business start-up capital:

If you are still employed, still earning a salary or wage, but are thinking about venturing out on your own, this is a great time - starting your business at a point that the economy can only trend upward.

Getting financing for any purchase in life is called leverage. Leverage means using cash flow - be it from a job or other means - to finance items that would take years - if not decades to save up for. Leverage also means using your current situation - either your salary or wage or small business income to get working capital or make a large purchase and let that purchase pay for itself.

With that in mind, potential business owners can leverage their current situation (current income), apply for a personal loan - then get their venture started using those funds.

Once you have the capital in hand, for the most part, you can use it any way that you deem the most beneficial - including starting a small business.

There are non-bank sources of capital - that provide personal loans up to $125, 000 - that is a lot of money to get a business off the ground.

There are also other non-bank financial companies that provide smaller amounts in personal loans up to $30,000 - that are easier to acquire - e.g. less focus on credit or income.

The key here is that in order to start a small business you do not necessarily need business capital - as all money is the same color. Additionally, for those facing other bank requirement issues like time in business or profitability or even collateral, personal loans may be the only answer.

In my opinion, if you have a great business idea but only lack the funds to get it off the ground; you should use any and every resource available to you - otherwise all you have is a great idea.

Joseph Lizio holds a MBA in Finance and is founder and owner of http://www.businessmoneytoday.com Also, visit his blog at http://businessmoneytoday.blogspot.com/

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Personal Loans FAQ:

Question: Does anyone know of a reputable private individual or loan agent that offers unsecured personal loans?
I’ve maxed out on payday loans and now I’m up to fees up to my eyeballs. My credit is so bad I don’t qualify for the more popular peer to peer loan sites. I’m looking for someone who will does personal loans based on ability to pay and not credit score. It can be a small bank or it can be a private individual that offers loans. I have a full time retail job and need a relatively small amount. Not looking to pay all my debts, just the most pressing ones.

Answer: The first thing to do is stop doing the payday loans. How long have you been doing the PAYDAY LOAN shuffle? How many loans do you have? Figure out how many X how long X how much per month you have been paying for these loans. When you see the amount that you have paid, you are going to be “unpleasantly” surprised.

Payday loans are predatory. They are made at extraordinary interest rates and you are going to have to pay them off first. Try doing a smaller loan each month until they are done. Never, ever go back to those places. It’s like a disease that can’t be cured.

You cannot afford to borrow any more money. The economy is only going to get worse and you will never be able to pay the bills you have on a retail rate wage until you stop the predatory lending. You are not the problem. Next step is to that you are going to have to stop all borrowing with the exception of your car (if it is financed).

Question: Looking for a organization to help convicted felons with small business and personal loans.?
I know there are places that help minorities and convicted felons get their life back. As far as small business loans and personal loans?

Answer: There is a non-profit organization called Prison Entrepreneurship Program which is described as “a Houston-based nonprofit organization that leverages the skills of senior business executives to constructively redirect these talents and equip inmates and former inmates with entrepreneurial training—enabling them to productively re-enter society.”

As for small business loans, felons typically find it hard to get one, even SBA. SBA adopts a “cautious” approach to lending to felons and oftentimes bases its decision on how serious the crime committed was and whether there is strong likelihood that the offense will be repeated again.

Question: Are there any companies who give personal loans to people w/bad credit?
I want to get a small personal loan, not a payday advance, to pay off some credit cards. But because I had to file Bankruptcy 3 years ago, do not own a home and have fair credit, I am having problems finding a legit company who will assist me. I am current on all my bills so credit is looking better than it used to but I want to pay them off and get a loan to do this. I also want the loan for a few things I need to fin on my vehicle.

Answer: There are options out there for you, specially if you have been current with bills. Be careful and do not fall in no body’s trap because of your need for credit. Do extensive research and set your goals.

Question: Are there any legitimate online personal loans?
Every time we look for online loans, we seem to get a full box of illegal lenders. We are not able to obtain loans via convententional means due to huge, huge credit issues. Yet, we are in immediate need of help.

Answer: The “Peer to Peer” lending sites are legit. To the best of my knowledge, all of them require a credit check.

Question: Are there personal loans for people who have filed bankruptcy?

Answer: Yes but they all have higher than normal interest rates. You also may need to have collateral or a co-signer who has collateral.

Question: Any one have any experience with getting personal loan for college, after student loans have run out?
I went to business school for my associates prior to working on my bachelors, and I am a jr now, but I’ve run out of student loans. How hard is it to get a student loan from an actual lender without a cosigner?

Answer: It’s virtually impossible to get a personal private loan if you have bad credit, no credit, or don’t have a cosigner with good credit.

However, you do have the opportunity to apply for government grants and scholarships, which are free sources of money that you don’t have to pay back.

Question: I am looking to immigrate to the UK from the US. What happens to my personal loans and finances?
I currently have a mountain of student loans, credit cards, car loans etc. here in the US. What happens when I make that move? Will I still be able to continue paying my loans in the US without any problems? What potential financial issues might come up if I choose to make this career move?

Answer: I’m in the process of immigrating to Canada and perhaps you will run into the same sorts of things I am. Keep your US bank account open because its so much easier to pay US bills with US banks. Also, it was slightly difficult to get a Canadian bank account here without being a permanent resident yet. Its a pain to have to wire transfer or mail deposits to the US account, but really easier for the bills. You can still use the ATM card overseas, but you get hit with ATM fees and international service fees which are 10% of each purchase.

Make sure all of your bills are on email notification and automatic billpay due to mail delays and the fact the US postal service does not offer international mail forwarding. You have to sign up with a private service which offers that, or have your mail sent to a relative willing to mail it all to you monthly.

Also of note, even though Canada uses the same credit reporting agencies that the US does, such as Equifax and TransUnion, they don’t have access to the US side of things so your credit is no good. I wasn’t even allowed to co-sign a loan with my husband for our new car. Once my immigration is complete, I’ll get a credit card and start rebuilding my credit all over again.

Question: Does anyone know of a company that offers Deferred payment Personal Loans?
It appears that deferring payments are only offered on Student loans (I’m not in school) but, I just wanted to make sure.

Answer: Any “deferred” payment loans would have interest accruing daily and the loan amount would be triple by the time it came due. And the only ones I am aware of are the ones secured by real estate.