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Loan To Own! Be Speculative When Making Your Car Purchase by Christine Macguire

Most car-shopping experiences are filled with myriad questions pertaining to the make, model, color, and options for their purchase. But what about questions pertaining to your affordability, the interest rate you will have to pay, and whether zero percent or cash back is the better option? Getting the best deal for your money on a new or used car is at times quite painful. It not only requires a lot of research but also some smart bargaining to shift the deal in your direction. Dealers and lenders offer a variety of loan terms and payment schedules that are often lucrative but if chosen inappropriately, may lead to bankruptcy.

Ironically, the high interest epidemic has traditionally hit self-employed and hard-working low-income/fixed-income folks more often than others, rendering such individuals apathetic as a sense of control over one's own life is often tied to income security and the chance to earn more. A growing number of Americans who find themselves in a financial bind are turning to car title loans for financing their dream car. Though a source of quick money, these car title loans have eventually ended up costing them their vehicle, and often the most valuable thing they own.

Car title loans are small loans secured by a borrower's vehicle that typically have triple digit interest rates. In an effort to sidestep laws and other protections, title lenders sometimes refer to such loans as "sales and leasebacks," "title pawns," or "motor vehicle equity lines of credit." Title loans drag low- and moderate-income borrowers into a cycle of debt that results in tremendous expenses and can strip borrowers of their most valuable possession. Losing a car because of a title loan can make it impossible for borrowers to keep a job, attend school, or obtain health care. The auto credit industry has a very strong lobby everywhere, and most consumer advocates say it will be tough to get something accomplished unless more politicians are involved. With no laws in place, you will find uncapped interest rates, some as high as 1200 percent.

Sometimes desperate times call for desperate measures. But title loans are not the only alternative. Bad credit auto loans can also do the legwork for you. Lenders of bad credit car loans usually have relationships with numerous other auto finance institutions and dealers who specialize in providing auto loans for people with bad credit histories. Many dealers and lenders offer bad credit car financing for new and used cars. If you suffer from a history of credit problems whether it is late payment, delinquencies, foreclosures, even bankruptcies you can still get car financed by such institutions offering to lend.

Well, it always pays off if you stay on top of credit cards and make sure your credit rating doesn't hurt your future. Having good credit is one of the best ways to prove to lenders that you are trustworthy. If you ever want to purchase anything on credit, whether it is a new car, an education, or a house, having a good credit rating can help. This is often the safest way out of a jam, but then again, there arises situations where you may be forced to use your credit for purchasing things and eventually land up with poor credit records. As your credit score declines, getting a car loan becomes extremely difficult. Only bad credit auto loans can help you out in such situations. Maximize your chances of getting such loans by doing your homework and knowing your credit score before applying for one.
About the Author

Christine is an expert Internet marketing professional with years of experience in various industries such as: Business, Finance, Real Estate, Web-Design, Health & Medicine and many more. Used Car Loan