1. Texas Law Caps Auto Loan Finance Rates at 27% - That is an extremely high interest rate. With that in mind, there isn’t much of a limit to how much a lender can charge in interest for a car loan. Make sure you shop around for the lowest interest rate you can get.

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2. It Helps To Get Financing Before You See a Dealership - Try getting financing online before you visit a dealership. That will give you more negotiating power with the dealer. You can also probably get a lower interest rate on your car loan with an online application than you could from a dealership.

3. Compare Quotes Online - Try to complete at least 3 applications online for auto financing. Once you have received at least two quotes, you will be better able to tell what kind of financing you can qualify for on your new or used car.

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2. Shop Around
Just because you have bad credit does not mean that you shouldn’t shop and compare your financing options. While you may have a harder time or have to pay a higher rate than good credit borrowers, you still have options, so find out what they are.

3. Bring Other Backup
While credit history does play a role in most financing approvals, it is not the only piece of the puzzle. Many lenders do take other factors into consideration, such as employment history and monthly income. So when you are going to obtain financing bring documentation with you that proves how long you have been working with your current employer, what your monthly income is, or other positive documentation that shows you are on the road to better credit.

4. Go to a Niche Lender
Every lender caters to a particular type of borrower. There are lenders that specialize in lending to individuals with bad credit. Check into these types of lenders to see what kind of financing options are available to you so that you can compare them with other offers that you receive.

5. Put More Money Down
The more cash down payment you can make on a car the less financing you will need to obtain. Often times this will help borrowers to be able to obtain financing easier. This is because the borrower is seen as less of a risk to the lender because the borrower has more invested in the auto upfront.

6. Get a Co-signor
Having a co-signor for your auto loan can help you get on the right track. This will allow you to obtain reasonable terms and rates on your auto loan and rebuild your credit at the same time.

7. Past Auto Loan History
Even if you have bad payment history with other types of loans, if you have good payment history on previous auto loans be sure to bring documentation that shows your good payment auto loan history to show the lender.

8. Explain Your Situation
Everyone makes mistakes sometimes. Sometimes these mistakes affect our credit. If you have a plausible reason for your bad credit history some lenders will ask you to explain the situation in writing and will accept it as a means to give you another chance.

9. Current Lenders
Talk to a lender that you already have other types of loans. For example, if your home mortgage and student loan are with your local bank find out if they offer auto loans. Provided that you have a positive payment history on your other loans, they may be willing to also lend you money to buy a car.

10. No Credit Check Lenders 
Check into lenders that do not require a credit check. You may pay a slightly higher rate than those lenders that require credit checks, but these lenders will lend on other factors besides your credit score and payment history.

3. Most of the time, for cash advance loans, no credit check is needed for approval - Payday loans are approved based on employment verification, a current checking account & a few other factors. So, bad credit is not an issue for payday or cash advance approval.

4. Most of the time, a checking account or checking and savings account is needed to obtain a payday loan
- This is one of the few stipulations usually required, since there is no credit check needed.

5. Most of the time, the borrower needs to be at least 18 years old and a US resident

6. Most of the time, the borrower cannot have any outstanding payday loans when applying for a new payday loan

7. Typically, cash advance companies look for borrowers that have a monthly income of about $1000/mo. or more

8. Payday or cash advance loan regulations and laws vary by state

9. Payday loans that are applied for online are typically deposited on the following business day into the borrowers checking account - However, there are some internet payday loan companies who can approve the loan and get the money deposited into the borrowers bank account on the same day. Cash advance lenders generally strive to be as quick funding the loan as possible. Some payday loan companies claim to be one hour payday loan lenders.

10. Amounts of payday loans vary from $100 - $1500 (and in some cases up to $2500) borrowed at a time - The average amount borrowed is typically $500 at a time, though.

11. Employment verification is required with almost all payday loan companies - Payday loan companies online also usually require some kind of employment verification.

12. When applying for a payday loan online, sometimes documents need to be faxed the lender - If the payday loan company does not require documents to be faxed in, but the information can be verified another way, the lender with usually post “no-fax”, “no-faxing” or “faxless” somewhere on their website to let the potential borrowers know that faxing documents is not needed.

13. Bankruptcy, bounced-checks, charge-offs and other types of credit problems, typically don’t prevent a borrower from being approved for a cash advance loan

14. Repayment options on payday loans vary from lender to lender - Repayment options are usually affected by state law.

15. Typically, if the cash advance borrower is unable to repay the loan in full by the date due, the lender requires the borrower to at least pay the interest accrued - This is also regulated at the state level. Some states do not allow this.

16. The approval process for a payday loan typically takes minutes to a few hours, even when applying for the loan online - Online payday loan companies usually have a quick application process and approval within 1-3 hours. The application process for most payday loan companies is usually very easy.

17. Borrowers should NEVER have to pay an “application fee” to apply for a payday loan - This goes for internet payday loan companies also.

18. Payday or cash advance loans should not be used on a regular, repeated basis to support ongoing financial difficulties - A non-profit consumer credit counseling agency can help with ongoing financial issues.

19. Typically, cash advance companies have a loan limit where the borrower must borrower the money for a minimum of 3-7 days

20. Payday loans typically have a loan limit of up to 2 - 6 weeks, depending on the lender and state regulations - Some companies offer loans for up to 2 weeks and some allow 30 day payday loans or can go even longer before the loan becomes due.

21. In 2006, the federal government passed a law, labeling payday lending as “predatory” and made it against the law to charge a higher interest rate to military personnel than 36% APR

22. An employment check stub is typically used as verification of employment for payday loan approval

23. Borrowers who lack the funds to pay back the cash advance loan on time, risk a bounced check fee from the borrowers bank - If you find yourself in a situation where you might not be able to pay back the emergency loan on time. Contact the payday lender and see what your options are before you tack on a bank fee on top of your interest.

24. Typically, when a the payday loan funds, the borrower writes a post dated check to the lending company for the full amount that will be due (loan amount + fees) - Internet payday loan lenders may have a different method for withdrawing the funds from the borrowers bank account.

25. Some payday loan lenders require borrowers to provide bank statements before loan approval - This is true of both online and offline cash advance lenders.

26. Check with www.us.bbb.org (Better Business Bureau) & search payday lenders online for reviews before borrowing - Online and offline payday loan companies are listed on the Better Business Bureau.

27. Social Security numbers are typically needed in the payday loan approval process - However, this does not necessarily mean that your credit will be pulled. Most payday lenders do no credit check for loan approval.

28. In many states, extending the payday loan is illegal

29. Payday loan lending is legal is 37 states - However, each state has it’s own laws regulating payday lending.

30. In 13 states payday loan lending is either illegal or not feasible with the current state laws

31. Some states have laws that limit how many payday loans a borrower can have outstanding at one time

32. Some states cap the number of payday loans a borrower can have per year

33. Some states have laws in place the help prevent borrowers from getting into a debt cycle that becomes almost impossible to get out of - Some states limit the number of times a payday loan lender can renew a payday loan, without lowering the interest rate and making a way for the borrower to be able to payday down or pay off the loan.

34. Payday lending is banned in Georgia and payday loan lending is considered a felony

35. Critics of payday and cash advance lending say that payday loans exploit borrowers financial hardship for profit

36. Proponents of payday and cash advance lending say that emergency loans with higher interest rates are fair considered the borrower typically would not usually have any other borrowing options because of credit or other factors - They also say that with the borrowers being higher risk, it’s only fair to charge higher interest rates.

37. Proponents of payday loans also argue that bank overdraft fees ($15-$30 per bounced check) are more costly, in many cases, than the fees charged by most payday loan companies

38. Payday loan lenders are limited by law to use legal collection practices and cannot attempt to collect the debt any more aggressively than any other type of debt

39. Proponents of payday loans also state that the processing costs of such short-term, emergency loans, require the loans to cost more with higher fees & interest

40. Here is a link to the FDIC guidelines for payday loans:http://www.fdic.gov/regulations/safety/payday/

41. A few banks are beginning to offer loans similar to payday loans for people who’s checks are deposited into their bank accounts automatically and regularly - The interest rate for these types of loans are typically 10% of the amount borrowed.

42. There are some alternatives to payday loans, but most of them have at least a slightly longer processing time - Other alternatives are personal or consumer (signature) loans from a local bank or credit union, loans from family or friends, cash advances from credit cards, bank overdraft protection, employer cash advances, car title loans & pawn shops.

43. Regular payday loan users run a risk of becoming dependent on cash advances and getting into a debt cycle that is difficult to get out of

44. US law requires that payday lenders must disclose all finance charges and the APR of the loan in writing to the borrower before the loan is funded.

45. If you must use a payday loan for a financial emergency, it’s best only to borrow the very minimum amount of cash you need to get by. - Avoid borrowing more than you need to help yourself avoid getting into a “debt cycle”.

46. To file a complaint about a payday or cash advance company, contact the FTC at 1-877-FTC-HELP or visit www.ftc.gov.

47. To avoid needing a payday loan in the future, work on avoiding unnecessary expenses, make a budget and try to save a little here and there for future emergencies

48. Pay day loans go by various names - Pay day loans are often called cash advance loans, check loans, internet cash loans, online payday loans & check advance loans.

49. Consider all other options before deciding to use a cash advance loan - However if you must get a payday loan, search for a reputable, low cost payday loan lender.

50. To avoid unnecessary use of pay day loans, consider talking to creditors to see if you can have more time to pay your needed bill(s) - If you can get your creditor(s) to waive your late fee(s), you might be able to get by without a cash advance loan.

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When considering a home equity loan, there are several steps you should take to ensure you choose the refinancing package that is right for you.

· The current market for home equity loan refinancing is crowded and very competitive. As a homeowner you probably receive solicitations for loans almost daily via the telephone or the mail or the Internet. Be wary of accepting any of these solicitations without thoroughly investigating them. The best course of action might be to initiate your own independent search for a financial institution or mortgage broker. Also be aware of the fact that a mortgage broker in any loan situation is not automatically working to get you the best deal. You are the person who should take responsibility for making sure that the final loan product is the one you need. The Better Business Bureau, the yellow pages, the Internet and references from friends are all good places to start your search for refinancing your loan.

· You will need a certified appraisal for the actual loan. However, it is wise to have an idea of the value of your home before you begin the process of refinancing. There are many online services that will give you an estimate of your home’s value. Many times home sales are listed in the newspaper. Watch these listings for homes in your neighborhood that are similar to yours in size and condition. Note their prices.

· Know your credit score. By law you are allowed one free credit report a year. The credit reporting agencies that supply the report generally will also offer your FICO score for a small additional fee. There are other factors that influence your ability to obtain a home equity loan but your credit report and FICO score are good places to start.

· Once you have identified several possible sources for refinancing your loan, have the lenders explain the different loan products they offer. Don’t be afraid to ask specific questions and don’t be hypnotized by a low interest rate. A low interest rate alone is not sufficient reason to accept a loan proposal. Ask about the term of the loan and the closing costs. Make sure the lender explains any terms you may not fully understand such as points.

· Let the lenders know they are competing for your refinancing business. Sometimes a lender will sweeten your deal if there is the possibility the it might be lost otherwise.

· Have all proposals submitted in writing. Take the time to compare them and always make sure you are comparing the same types of things. For instance, don’t just look at the bottom line number on the closing costs see what each lender is including in the closing costs.

· Be alert to potential scams. Don’t be intimidated by your refinancing lender into signing anything that isn’t absolutely true. Don’t sign anything that has blanks or that you haven’t read.

· Know your rights. There is generally a three day penalty free right to cancel when you refinance your loan. If something doesn’t seem correct to you, don’t shy from invoking that right.

Refinancing your loan in order to access your home equity can be a wise financial move. Your home, however, is probably the largest portion of your net worth so proceed with caution and knowledge.

Problem Number One: The homeowner has bad credit, significant high interest credit card debt and a home with substantial equity. In order to pay off the high interest bills, the person refinances his/her home and cashes out all or part of the equity. The cash from the equity is used to pay off the high interest obligations. Although the interest rate on the bad credit mortgage refinancing loan may be higher than that of a conventional loan, the house payment should still be less than the total of the high interest consumer debt.

A bad credit mortgage refinancing where the owner intents to use the cash from the home’s equity to pay off bills is called a debt consolidation loan. The value of the home being refinanced must have grown so that the home’s appraised worth will justify a larger loan. The new loan amount must be high enough that the owner can cover the loan’s closing costs and still have enough left over to pay off the credit card debt.

A bad credit mortgage refinancing such as this can have several advantages. The term of the loan will be longer. Since even a high interest subprime loan carries a lower interest rate than do high interest credit cards the new house payment will be smaller than the total of the old house payment and the consumer debt payments. However, choosing to refinance in this manner carries risks. If the homeowner does not change the behavior that led to the high debt, even more high interest credit card bills may be accumulated. Since the homeowner’s equity has already been “cashed out” of his/her house the only alternative in a money crunch may be bankruptcy or foreclosure.

If a homeowner chooses a debt consolidation loan as the method of bad credit mortgage financing, it is imperative to use the cash received to pay off the accumulated debts. Credit counseling to keep from returning to poor credit practices should also be considered.

Problem Number Two: The homeowner had bad credit when the home was originally purchased and had to take out a high interest subprime mortgage loan at that time. Two or more years have passed since the loan was made during which time the homeowner has made all of the loan payments on time and has incurred no other bad credit. Now the time has arrived to refinance the loan and receive a better interest rate.

Even with two years of excellent credit history, a homeowner trying to refinance a bad credit mortgage may not be able to obtain a conventional low interest loan. The type of loan that can be attained will depend on a variety of factors such as current income and how much debt the homeowner has.

Refinancing a bad credit mortgage under these circumstances may be a good idea if the following two statements are true.

1. The new loan will carry an interest rate two or more percentage points lower than the current loan.

2. The homeowner plans to stay in the house for three or more years.

What makes a person a candidate for a subprime mortgage? Bad credit is the predominant reason but there are others. Fluctuating income and even the type of property being purchased can also necessitate an unconventional mortgage. If your unique situation requires a subprime mortgage do the following when choosing your loan agent or broker.

Know your credit history, particularly your FICO score. A score lower than 620 generally means that you will be offered a subprime mortgage. Do not take for granted that you must seek a subprime mortgage. Ask what products are available for you. Also, make sure you have your employment, income and payment histories readily available.

Do not assume that getting the lowest interest rate also means you are getting the best loan. Most subprime mortgage loans will be two percentage points higher than a conventional loan and may have additional fees. All of the prospective subprime mortgage lenders should submit their loan packages to you in writing. Take the time to carefully analyze all of the mortgage offers. Compare not just the interest rates but also the fees you are being charged.

Be wary of prepayment penalties. A subprime mortgage is a vehicle for repairing your credit or responding to a specific applicant situation and usually is a short term solution. Hefty prepayment penalties may lock you into a subprime mortgage for a longer term than is necessary or cause you to pay a substantial price for refinancing to a conventional mortgage at a later date. You may have to accept some sort of prepayment penalty but negotiate with the various lenders to guarantee you have the least burdensome penalty possible.

Even though you are looking for a subprime mortgage lender you still have many options. After comparing the loan offers from the different lenders, negotiate the terms. Do not feel that a lender is doing you a favor by offering you a subprime mortgage. Many times the compensation a lender receives for a subprime mortgage is greater than that which is received for a conventional mortgage.

Most subprime mortgage lenders are honest and responsible business people. Still, the regulation of subprime loans varies widely and you should be careful not to fall victim to a predatory lender.

1. Don’t respond to telephone or direct mail offers from subprime mortgage lenders. Do your own research. The Better Business Bureau, the telephone book and the Internet are all good resources. Ask friends for referrals.

2. Don’t allow yourself to be pressured. Ask for offers in writing and use plenty of time to compare them.

3. Don’t sign any documents that have blank spaces or incorrect dates.

4. Don’t be convinced to inflate your income or net worth.

5. Don’t skip reading any portion of your loan documents because your lender tells you “that part isn’t important”.

Choosing a subprime mortgage lender is like any other purchase. The more knowledge you have and the more research and analysis you do, the better your decision will be.

1. Know the objective of your mortgage refinance

Do you want to lower your current interest rate?  Generally, refinancing your mortgage can be profitable if your current mortgage is 2% higher than the prevailing rates.  Do you want to move from an adjustable rate mortgage (ARM) to a fixed rate mortgage?

If interest rates are creeping up this may be a good idea.  Do you want to shorten the term of your mortgage to accumulate value more quickly?  Do you want to take cash out of your home’s equity?  The mortgage refinance lender you pick will want to know your reason for refinancing so that the appropriate mortgage product can be chosen.  You will also want to be aware of your credit score and the terms of your current mortgage.

2. Know the different types of mortgage refinance lenders and the different types of mortgage refinance products that are available

Just like when your home’s mortgage was originally financed, there are a variety of lenders who can refinance your mortgage:  Banks, credit unions, mortgage companies.  There are also brokers who will find a variety of lenders for you.  You should be aware, however, that unless specifically contracted to do so a mortgage broker does not have to find the mortgage refinance package that might be the best for you.

Refresh your knowledge of the mortgage financing vocabulary.  Be fluent with terms such as interest rate, point and prepayment penalties.  Also, most newspapers publish a daily listing of current interest rates for different types of mortgages.  Become familiar with these listings and check them on a daily basis.

3. Shop around and find several different lenders to refinance your mortgage

The market for refinancing mortgages has become so crowded and competitive that it is fairly easy to find several lenders to compare.  You might use a broker.  The newspaper and the yellow pages are also good places to start.  If you are comfortable negotiating the Internet, it is an excellent resource.  There are many services online which will perform a preliminary search for a lender.  Your current mortgage lender should also be included in this group.

4. Negotiate the mortgage refinance loan that suits your needs

Many times the compensation a lender makes on refinancing a mortgage is dependent on the terms of the mortgage so it is up to you to make sure that the loan received is the most advantageous for you.

You might want to investigate mortgage refinance lenders who offer no closing cost loans or free appraisals.  It is important to make sure that you are comparing like products.  In order to do this, have your lender present proposals in writing and require ample time to compare the different offers.

Prepare a list of the features of each loan.  The type of loan, interest rate, points, prepayment penalties, closing costs are a few of the loan elements which should be compared.  Check the rate you are being offered against the rates from the most current newspaper listings.  The more organized, thorough and knowledgeable you are, the better your decision will be.

Deciding to refinance your mortgage is an important choice that should not be made lightly.  Know why you are doing it.  Know the possibilities for refinancing lenders and products that are available.  Be willing to shop amongst the different lenders and to negotiate a beneficial deal.  If you follow these steps, finding a good mortgage refinance lender will be much easier.

Benefits Of A Second Mortgage

A second mortgage allows you to borrow up to 90% of your home’s value. The lender, which doesn’t have to be your primary mortgage lender, writes you one check. You can choose to pay off credit cards or make a major purchase.

Fees are none to minimal with a second mortgage. Rates are usually fixed and last 15 or more years. A 15 year loan lets you pay off the debt quicker, saving you cash on extended interest payments.

Benefits Of A Home Equity Line

A home equity line is like a secured credit card, only you are borrowing against your home’s equity. You can choose to borrow a lump sum or only as needed. Most lenders issue checks and a credit card.

Rates are adjustable and are based on when you borrow the money. You can choose to never use the equity, but just know it is there in case of an emergency.

One option for new homebuyers is to put down a large down payment, securing low rates, and then apply for a home equity line. It’s like a safety net, ensuring that you can still access your cash if needed.

Picking The Right Financing

Each type of home equity loan has its own advantages. A second mortgage offers secure fixed rates with small payments over a longer period. It makes sense for large projects, such as remodeling or paying off credit cards. A home equity line offers flexibility, better suited for smaller purchases.

With both types of programs, you still want to investigate lenders before applying. Be sure to look at financing companies other than your current mortgage lender. You want to find the lowest rates with the best terms by asking for quotes on both rates and fees. By investing a little bit of time, you will save yourself hundreds.

Compare Lenders

The number one way to lower your interest rates on your sub-prime mortgage is to compare lenders before you apply. It sounds so simple, but too many homebuyers skip this step, costing them thousands.

Plan on taking at least a day to explore your options. The easiest way to look at financing packages is to request quotes online. While you are requesting quotes, take a look at conventional lenders as well. They often offer good rates and terms for those with adverse credit histories.

Pick An ARM

Adjustable rate mortgages (ARM) offer lower rates and are easier to qualify for than fixed rate mortgages. The drawback is that ARM rates can increase over the years. But if you are planning to move soon or just want to buy a home, then an ARM probably is your best choice.

You can also convert your ARM when your credit score improves. As property prices increase and your equity builds, you will also be able to get better terms in the future.

Increase Your Down Payment

By increasing your down payment, you can knock off up to a percentage point. Zero or little down financing is great for those short on cash, but rates are significantly higher. Ideally, you want to put down 25% to get the best rates. Just leave enough cash reserves to financing moving expenses.

Pay A Point Or Two

Points paid upfront can also lower your interest rate. You want to be sure though that you recoup the upfront costs. If you plan to move or refinance in a couple of years, you will not see the savings of lower rates.

You may also find that your money would be better spent on increasing your down payment than on paying points. With this type of decision, you will want to do some math with a mortgage calculator.

Bulk Up Cash Reserves

By increasing your cash reserves, you can also improve your credit score to qualify you for lower rates. Take advantage of tax refunds or cash bonuses by putting them into your savings. Lenders look at saving accounts, money markets, and CDs as cash reserves, not stocks or other volatile assets.