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How to Get a Bad Credit Auto Loan in Michigan?

by

Williams Orchard

Nothing in this world has changed our lives like a car. Every other invention has come and gone but none has matched the car revolution. Right from the first model T to the new power packed machines, cars have come a long way. And, which State has witnessed it all? The State of Michigan is where it all started. Ford, GM and Chrysler are all located in the State. Hence, Michiganders love for cars is well understood.

Buying a car is a great experience for everyone; it s phenomenal if you are in the State of Automobiles. Don t you remember buying a car with your parents? Being in the car hub of America, there used to be the excitement of walking into the lot and seeing several amazing cars. Your family chose the perfect one after a thorough analysis. Back then, things were pretty simple because you didn t know much about credit history. Now, things look complicated and the fun has turned into uncertainty -uncertainty of choosing that perfect car, uncertainty of getting loans. Even if you got a loan with a poor credit score, there is the uncertainty of getting reasonable interest rates.

But, here s something to remove all the clouds of doubts and uncertainty. This is an article to help you get an affordable car loan even with an imperfect credit score in Michigan.

Money Comes First, Wherever You Go

Whenever you have to buy something, money comes first. You must know your affordability. For that, prepare a budget. Calculate the surplus that remains after paying all the bills and expenses. If you have a sufficient amount left with you, then making monthly payments will be very easy.

Now, your loan amount depends on your car. A brand new car and pre-owned one have substantial difference in pricing. If you buy a new car, then your loan amount will increase. This decision is good only when you are able to make regular payments. So, think twice before deciding on the car.

Know Your Score

Every lender checks your credit score. But, before he does and wrongly charges you high interest rates, you must check your own score. According to the Federal Law, you have the privilege of getting your free credit report once in a year. Annualcreditreport.com is the name of website where you will have to apply for it. Now, this site will only give you the credit report and not the score. For that, you must apply with any of the three bureaus.

Go through your report and search for any errors. In case you find any, report it to the credit bureaus. You must apply for any loan only after the discrepancies are taken care of. Also, ask your current lenders to report your regular monthly payments. This will definitely improve your credit score.

The economy has suffered a lot during recession. Many have not been able to keep up with their payments and as result their credit scores have taken a toll. There are many people tackling bad credit scores, just like you. How do they get loans? Well, the answer is sub-prime lenders.

You must know that your credit score is just one aspect of the approval criteria. There are many other things that the lenders consider before taking a decision. Income, employment details, residence, down payment amount, co-signer and many other factors help lenders in taking a decision.

What Documents Are Considered For Bad Credit Auto Loan?

Income Proof

You must be currently employed. Lenders are fine if you are individual contractor. The only thing that is important for them is your income. Your gross monthly income should be at least $ 1,000.

If you are employed, then you must present a copy of your pay stubs. Most lenders will ask you to send them a copy of last two months.

If you are a self-employed contractor, you will have to submit IT returns of at least three years, although it all depends on the lender.

The following documents will be considered income-proof for self employed

Michigan Tax Forms

1.MI 1040 (Michigan Individual Income Tax Return)

2.MI 1040 ES (Michigan Individual Estimated Tax)

3.Michigan Business Tax

Federal Tax Forms

1.Form 1040 (U.S. Individual Income Tax Return)

2.Schedule C (Profit or Loss from Business)

3.Schedule F (Profit or Loss from Farming)

4.Schedule SE (Self-Employment Tax)

Bank Statements

Bank statements are a proof of your regular financial transactions. Lenders want to be assured of the safety of their money and hence would be interested in your bank accounts.

Residential Proof

If you are living in the same house for at least six months, it means you have been paying your utility bills regularly. Lenders will require a copy of your recent utility bills like phone or electricity.

Tips for Getting Approval

Co-Signer

When you have a bad credit score, you must make up for other aspects of the lending criteria. If you get a co-signer on-board, the lender s risk will be reduced. Lenders generally ask for co-signer so that when you miss a payment, the co-signer can be held responsible.

Anyone can be a co-signer as long as he has a decent credit score.

Down Payment

Down payment is the initial upfront amount that you pay while buying a car. When you make a down payment, you lower your loan amount. This reduces the lender s risk and thus, approving your loan application won t be a problem for him.

These two factors play a very crucial rule when it comes to a bad credit car loan. If you can manage them well, getting a loan will be very easy for you. These tips will help you buy your dream car in the Wolverine State.

So with all the information available, don t wait for anything. Apply with a lending company that offers sub-prime auto loans in Michigan.

All the best!

Rapidcarloans.net is an online auto lending company that offers

bad credit auto loans Michigan

at reasonable rates. We have a large network of

sub-prime auto lenders

in Michigan. Take advantage of our robust coverage and get ready to drive your car in style.

Article Source:

ArticleRich.com

How To Get a Real Estate License

by

Martin Dolemo

Any individual seeking employment as a real estate salesperson for a licensed broker must obtain a salesperson license. Real estate experience is not required to obtain a license and the licensing process is not difficult. However, potential real estate agents must meet certain eligibility requirements and must comply with all licensing procedures required by the Their state\’s Department of Real Estate. To be eligible for a license, a salesperson candidate must be at least 18 years of age and a lawful resident of the United States. Eligible salesperson candidates must: (1) complete required education; (2) submit an application; and (3) pass a written examination.

EDUCATION REQUIREMENTS

Before applying to become a licensed real estate salesperson, candidates are required to complete at three semester-long real estate courses or four quarter-long real estate courses. Courses must be completed through an accredited college or university. There are two required courses, Real Estate Principles and Real Estate Practice. The remaining course(s) may be selected from a variety of topics ranging from appraisal to accounting to computer applications. Licensed attorneys and law school graduates are generally exempt from the education requirements

APPLICATION

After completing the required college-level courses, candidates must submit a salesperson license application. There are certain fees associated with processing the application. An examination fee and an application fee must be paid in full before a license may be issued. Fingerprints are required and may be taken by any Live Scan provider or by ink on an FBI Applicant Fingerprint Card. Live Scan providers charge a fee to take fingerprints. Candidates must truthfully and completely disclose all criminal charges, disciplinary actions and citations for unprofessional conduct. Candidates must also provide a copy of a birth certificate, passport or other proof of legal residency in the United States. In addition, a transcript showing completion of the education requirements and a State Public Benefits Statement must be submitted for all first-time applicants.

WRITTEN EXAMINATION

Scheduling the Examination:

Upon receipt of a candidate\’s examination application and fee, the state\’s Department of Real Estate will schedule an examination date. The date, location and time for the examination will be sent to the candidate by mail or through the Department\’s e-Licensing program. Examinations are administered in Various cities throughout most states. Additional locations may be available, depending on the number of candidates. If a candidate needs to reschedule his examination, an additional application must be submitted and additional fees may apply.

Preparing for the Examination:

The real estate salesperson examination consists of 150 multiple choice questions. The questions must be completed within 3 hours and 15 minutes. The examination is designed to test each candidate\’s reading, writing, spelling and mathematics, as well as his understanding of real estate and business principles.

There are seven main topic areas:

(1) Property Ownership and Land Use Controls and Regulations (2) Laws of Agency and Fiduciary Duties (3) Property Valuation and Financial Analysis (4) Financing (5) Transfer of Property (6) Practice of Real Estate and Mandated Disclosures (7) Contracts.

To prepare for the test, candidates should download the Reference Book – A Real Estate Guide and current and prior editions of the Real Estate Bulletin and Real Estate Law from the Department of Real Estate website. Many public and university libraries also offer real estate resources. However, candidates should avoid out-of-date books and materials. When changes in the law or practice of real estate occur, new materials are added to the examination.

After the Examination:

Examinations are generally conducted using an electronic system, and results are provided immediately after the examination is completed. For a passing score, at least 70 percent of the examination questions must be answered correctly. If a candidate does not receive a passing score, he may apply to retake the examination. The candidate will be provided with his final score and the percentage of questions he answered correctly for each subject area. If a candidate receives a passing score, has submitted a complete application and has paid his licensing fee, the Department of Real Estate will issue to the candidate a real estate salesperson license.

Applications and additional information can be found online.

Saxony Real Estate is your expert source for all California real estate matters. Owner

Martin C. Dolemo

has worked in real estate for more than 22 years, and President Bill Taylor has 35 years of experience as a licensed salesperson and broker. Visit

saxonyrealestate.com

for more information about California real estate.

Article Source:

ArticleRich.com

By Marie-Claire Smith

You need some extra cash. And, you are keenly aware that your home has equity in it – meaning, you owe less on your mortgage than your home is worth. Good for you!

By taking out an equity loan – also called a second mortgage – you could use the cash to pay down outstanding credit card debt, pay off other debt, remodel your house, or basically do whatever you like.

Still, what do you do if you have a bad credit score? This can make things a bit tougher. As common knowledge dictates, whether or not you can qualify for a loan usually depends heavily on your credit score. A higher score means an excellent chance of getting approved while qualifying for a lower interest rate. Conversely, a lower score means you pay more in interest – if you even get approved, that is.

If you are interested in getting a home equity loan with poor credit, here are 3 do’s and 3 don’ts to consider:

3 Do’s:

1. Know your credit report backwards and forwards:

Lenders who specialize in making equity loans to individuals with poor credit scores have learned ways of determining your credit-worthiness that go beyond just looking at your credit score. Unlike most other types of lenders, poor credit home lenders look at the details of your report. So, to be sure you can answer any detailed questions they may have about your credit history, go through your entire report line by line and make notes on any items that stand out.

2. Determine how much you need to borrow:

It is best to walk into your lender’s office (or when you apply online) with a precise idea of just how much money you intend to borrow against your home’s equity. Make sure to borrow enough, but do not borrow more than you need.

3. Seek out bad credit equity lenders:

Of course, you will want to approach only lenders who specialize in making bad credit equity loans. Put together a list of at least 5 such lenders.

3 Don’ts:

1. Do not forget to calculate how much equity you have:

Before you start the application process, remember to calculate your home’s current equity. To do so, you will need to have a firm idea of your home’s current market value. Then, find out just how much you owe on your first (and any second) mortgage. Subtract the amount you owe from the home’s value: that is your equity.

Note that some lenders will only allow the amount they lend you – plus the total outstanding first mortgage loan balance – to be equal to or less than 80% of your home’s value. This is called an 80% loan-to-value (LTV) loan. However, note that some will go as high as 100% or even 125% LTV.

2. Don’t assume you will pay the same interest as if you had a good credit score:

If your neighbor who has a better credit score than you do has told you what their equity loan interest rate is, do not make the mistake of assuming that you will qualify for as good of a rate: it likely won’t be.

3. Do not accept the first offer you get:

As you start applying for loans and getting accepted, make sure you do not just go with your first loan offer. Instead, be sure to apply to all 5 lenders on your candidate lender list.

Consider these 3 do’s and 3 don’ts as you find and qualify for a home equity loan with poor credit.

About the Author: Find more tips on how to secure a bad credit home equity loan at: Bad Credit Equity Loan Approval.

Source: isnare.com

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