Do you want to buy a brand new car or a house but still don’t have enough to pay for it? There are several options for you so that you will be able to get what you want. You can apply for a loan at any bank and they would review if you are eligible for it. However, if your credit standing is not that satisfactory you will have a hard time being approved for such. For people like you, the solution to that is special financing.
Special financing caters to those who are not in good standing with their credit. These companies would give you special financing offers normally at a higher interest rate compared to the normal car loans or housing loans. They are doing this since the risk involve is quite high compared to those prime customers or people with good credit standing.
In the credit card circle, there are companies that chooses subprime to be their main market. They would give out cards with low credit limits and higher interest rates compared to others. If you think it’s unfair on your part, think twice. Credit card companies rely on credit standing and your credit score for you to be approved. In addition, the only way to build credit is borrowing money. One way of doing that is taking a credit card and do good with it. This will serve as your stepping-stone to build your credit score. They have also, what we call secure accounts. Wherein you have to give a bond or security deposit to the credit card company before you will be approved. Depending on their terms, you may get the bond after several years or only after you close your accounts with them.
With regard to auto financing, there are companies that approve your loan even if you are just recovering from bankruptcy. They only require a low credit score for you to be approved. There are many online sites that give you great special financing offers for car loans. You may also go to a dealer near your place; for sure, they have an offer that is available for you.
If car financing is not what you are after right now, lenders also have special financing for you housing mortgage. There are institutions that allow you to take housing loans without any down payments and their repaying terms are very flexible. Normally, they have higher interest. You may opt to choose those dealers with only minimal down payment like 3% or 5% of the amount, they tend to have lower interest rates compared to those that doesn’t have down payments and their terms are more flexible