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Finding a new car loan while in bankruptcy

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Dear Dr. Don,
Where can I get a car loan for a new vehicle while in bankruptcy? My trustee has advised me to look for a vehicle and I have done that. But the dealers won’t work with lenders in my case and they all want a cashier’s check or cash. So do you have a name of a lender that would be willing to finance me?

Thanks,
— Helen Hindrance

Compare Best Auto Loan Rates!

Dear Helen,
As you may know, an individual in Chapter 13 bankruptcy is required to successfully complete a repayment plan over a three- to five-year period before the court discharges any remaining eligible debts.

The bankruptcy trustee should recognize that you need a car and that you need a loan to finance the car purchase. Incurring debt with permission is possible in a Chapter 13 bankruptcy. You will need to find a willing lender and get the trustee’s approval of the purchase and loan.

I hesitate to recommend a particular lender to anyone in bankruptcy. You want to buy new? That’s both good and bad. It’s good in that you’re unlikely to face extensive maintenance expenses that you can’t afford. The bad involves the instant depreciation or reduction in value of the car when you drive it off the lot. Even so, a lender is likely to be more comfortable with a new car loan than a used car loan.

Avoid so-called “buy here, pay here” places. If you are eligible to be a member of a credit union, look into whether one will provide you with a car loan. Another possibility: See if you can take a loan against your 401(k) plan at work.

One thing that caused a problem here could have been avoided. You went car shopping first and got frustrated when you couldn’t get a loan. I’d always suggest that a consumer get the loan first. Call the new car dealerships in your area and ask if their finance department works with subprime credit. Explain your situation.

Focus any loan applications within a short period of time so that your credit score doesn’t take multiple hits. When it’s clear that you’re comparison shopping, typically over a period of a week or two, multiple credit inquiries only count as one on your credit score.

[…]

How to Get a Swimming Pool When You Don't Have the Cash

These hot summer months leave many people wishing they had a quick, easy way to cool off. Installing a pool in your backyard may seem like a pipe dream, but there are ways to finance such home improvements if you don’t want to wait and save enough to pay cash for it.

If you have a high enough credit limit, you may be able to put the pool on a credit card, but a personal loan or home equity loan is likely a better deal. Credit cards can carry much higher interest rates, not to mention the fact that you want to keep your credit card balances as low as possible relative to your total amount of available credit so that you don’t hurt your credit score.

How to Get a Pool Loan

There are financing companies dedicated to helping you pay for a pool, and there are also lenders with personal loan products you can use for a pool. Alternatively, home equity loans are used for home improvement, and if a pool is how you’d like to use such credit, you may be able to do so.

Each of these options requires you to have decent credit, otherwise you may not obtain approval, or if you do, the interest rates may exceed that of a credit card. For example, Lyon Financial, a 35-year-old pool-financing company, offers a fixed rate pool loan at 4.99%, but it lists a 700-point credit-score minimum for that, its lowest rate.

Lending Club also offers low, fixed-rate loans, but as with most credit products, your actual rate depends on how much you want to borrow, the term of the loan and your credit history.

Good Credit Makes Luxury More Affordable

If you want a reasonable financing plan to help you install a pool, you’ll need to consider a variety of factors, including your credit score. Good credit helps you qualify for low interest rates, which will help you keep the cost of financing lower in the long term. You can see two of your credit scores for free every month on Credit.com.

You may learn you can improve your credit utilization by using less of your available credit limits (or increase your limits without increasing your spending). Reducing your credit utilization is a quick way to tack on some points to your credit score. If you have a late payment on your credit report, there’s not much you can do other than let its impact fade with time, but it’s important you make all loan payments on time going forward.

In order to make a loan more affordable, you’ll want to follow basic financing guidelines. Most important, don’t borrow more than you need to. A pool may be fun to have, but you don’t want to chase luxury at the expense of your credit standing. Like any other loan product, failing to repay your pool loan will have serious negative effects on your credit, and that may be a problem when you want to finance something you really need.

More from Credit.com
How to Get the Best Personal Loan RatesHow to Get a Personal Loan With Bad CreditWhat to Expect When Applying for a LoanLoansFinancials Industrycredit scorecredit card […]

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3 Policy Changes That Would Seriously Improve the HDB Loan

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The HDB concessionary loan is supposed to make housing affordable – an objective it fulfilled until interest rates plunged. Then suddenly, the interest on a HDB loan rose way above that of a bank loan. It’s a flaw that needs correcting, and it probably shouldn’t have carried on for almost 10 years. Here’s our opinion on the tweaks needed:

Does the HDB Loan Make Housing Affordable?

The big advantage of a HDB loan is the down-payment. You only need to put down 10% of the flat’s price (minus any Cash-over-Valuation). A bank loan, however, requires at least 20% down. Down payments for a HDB loan can also come from your CPF, whereas the bank requires cold, hard cash.

So far so good. The problem is with the loan interest rates:

The typical bank loan has an interest rate based on an index, such as SIBOR, plus the bank’s spread (an additional amount that differs between banks). So as SIBOR moves up or down, the loan’s interest rate will fluctuate accordingly. At present, the rate is around 1.7%.

(If you want to check the banks’ different interest rates, you can do it for free on SmartLoans.sg.)

The HDB loan has an interest rate based on the prevailing CPF interest rate, plus 0.1%. At present, that’s around 2.6%. So yes, the HDB loan charges you way more interest.

We think some improvements are in order:

Peg Interest Rates to Household IncomeSimply Lower HDB Rates in Prolonged Low Interest EnvironmentsOffer a Low Interest Reno Loan Complement

1. Peg Interest Rates to Household Income

When you buy a HDB flat, your various housing grants are based on your household income. So it’s beyond us why HDB interest rates aren’t.

Rather than use the CPF interest rate, we should use a progressive system. The HDB loan rate will increase along with the average household income. For example:

Household Income – $2,000 or under (0.9%)

– $2,001 to $4,000 (1.2%)

– $4,001 to $6,000 (1.7%)

All numbers are speculative, but you get the idea. The financial burden varies according to what each family can handle.

2. Simply Lower HDB Rates in Prolonged Low Interest Environments

When banks charge less interest than the public housing board, it always looks a bit ridiculous; like a soup kitchen charging more than the restaurant next door.

But you know what? We’d actually say that’s okay if it was a short term thing. If the bank rates dip below HDB rates for a year or two, we’d be the first to shrug and say hey, you win some, you lose some. That’s the bank borrower’s reward for taking a more volatile option.

But bank rates have been far lower than HDB rates for almost a decade. In this prolonged low-interest environment, HDB’s higher rates are just helping to further divide the wealthier borrowers – who can afford higher down-payments and qualify for bank loans – from the poorer ones.

HDB should devise a policy for lowering its interest rates, should a low interest environment persist for five years or more.

3. Offer a Low Interest Reno Loan Complement

Unless you subscribe to the Ryan Ong School of Interior Design (i.e. the ideal placement for anything is where it lands when I throw it on the floor), you’ll want some furniture and stuff.

That’s why after getting a HDB loan, most home owners go right out and get a $30,000 renovation loan. It’s kind of a necessity for some, so HDB should have its own low (or dare we say NO) interest renovation loan. This should be an option for lower income families, who don’t have much credit left after taking on a home loan.

How would you change the HDB concessionary loan if you could? Comment and let us know!

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[…]

Choosing the Right Payday Loan Lender – Whalley Avenue

If you are running low of funds and payday is right around the corner, you may be considering a payday loan. Finding the right payday loan can mean the difference between a little financial breathing room and a costly financial disaster. Before you apply for your next payday loan, make sure you take these three crucial steps.

Compare Interest Rate and Fees

If you are in need of a payday loan, you probably do not have hundreds of dollars sitting around that you can afford to waste on interest and fees. Take a few minutes to research the rates and fees of a few different lenders and see which one will be the least costly. Rates can vary dramatically between lenders.

Read the Terms and Conditions

Know what you are signing up for before you sign by reading every single word of the fine print. Furthermore, make sure you keep your copy of the signed terms and conditions in case you have an unscrupulous lender who is really a scam artist in disguise.

Check with the Better Business Bureau

The lender will always say good things about their business; see what others have to say. The Better Business Bureau is the first place you should check when contemplating doing business with a company. A simple Google search can also give you reviews on the company as well. Check to see if the company has any complaints, how long they have been in business and what country their business is actually centered in.

Choose the right payday loan the first time and you will save yourself a ton of financial grief.

[…]

Pennsylvania Looks to Legalize Payday Loans by Calling Them …

The exploitation of the poor through payday loans in America is one of the most underreported stories of 2013, even within the alternative media world. I first wrote about it and the role our big bailed out banks play back in February in my piece: TBTF Banks Enter Payday Loan Business with 500% Interest Rates.

The problem with stories like this getting such little coverage, is that the trend will invariably spread like a cancer without public awareness and outrage. Take Pennsylvania for example. The state has laws that make payday loans illegal, but state legislators want to do away with this. They made their first attempt back in 2012 with House Bill 2191, which never made it to the floor for a vote. Not being the types to take no for an answer, the state legislators are back. This time state Sen. Patrick Browne is looking for co-sponsors for a bill that would allow punitive interest rates under the guise of calling it micro-lending. From the Post-Gazette:

“A rose by any other name” equals a rose.

“Put lipstick on a pig” equals a pig.

“Micro-loan program” equals a predatory payday loan/debt trap.

Seeking to protect vulnerable people from being trapped in a vicious debt cycle, Pennsylvania has long outlawed the usurious practice of predatory payday loans.

However, lenders are trying to undo these limits. Last year, House Bill 2191, which would have undone this 100-plus-year-old protection, thankfully never made it to the floor for a vote.

While no such legislation has yet to be introduced, state Sen. Patrick Browne, R-Allentown, is seeking co-sponsors. Rather than calling it “payday lending,” it is touted as a “micro-loan program” promising a “reasonable annual percentage interest rate” to “eliminate the endless cycle of debt,” to “strengthen consumer protection” and to “protect our military families and veterans.”

If you’d like to read Sen. Browne’s proposal, click here, but I think the first bullet says it all.

Reasonable Annual Percentage Interest Rates – The bill limits each loan to a simple annual interest rate of 28%. Each loan would have an application fee and a processing fee of no more than 5% of the loan amount respectively. Application fees would have further dollar caps based on the size of the loan. Both fees have been previously authorized by the General Assembly for other loan products or the concepts have been accepted by Federal regulators such as for federally-regulated credit products such as short term loans by credit unions or annual fees for credit cards.

Yep, bailed out banks can borrow for basically nothing from the Federal Reserve, but peasants in PA should feel grateful for “reasonable” 28% loans. What a feudalistic joke this nation has become.

Full Post-Gazette article here.

In Liberty,
Mike

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Georgia Title Pawn Loan Rescue Programs are Being Drastically Improved by Online Pawn Shop ePawnMarket's "Best Deal …

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Atlanta Title Pawn Loan Leader ePawnMarket.com is offering a way for customers to break out of their current Georgia Title Pawn Loan situation.

ePawnMarket.com Offers Title Pawn Loan Rescue and Title Pawn Freedom To Customers In Search Of Lower Payments and Lower Interest Rates.

Atlanta, Georgia (PRWEB) May 29, 2013

Title pawn loan rescue programs have popped up all over Georgia as more and more title pawn loan customers are seeking relief from their high interest loans. One unexpected source of help is coming from none other than Georgia’s fast growing online pawn shop and title pawn loan lender, ePawnMarket.com. This internet based movement vows to offer rates, payments, and maximum pawn loan amounts that are fair and advantageous to the Georgia Title Pawn Loan customer.

Title pawn loan rescue programs offer more than just a new deal to the title loan customer and ePawnMarket.com reports in depth debt education and debt management support from their staff. This seems to be a step in the right direction as it has been shown many times over that a large portion of the Georgia Title Loan customer population can and do utilize short term asset lending as a viable fast cash source. The title pawn loan rescue programs offered by ePawnMarket.com allow responsible borrowers a sense of freedom and a new deal on their title pawn loan contracts from other higher priced lenders.

Online pawn shop leader ePawnMarket.com is by no surprise fast becoming the leader in Georgia title pawn loan rescue. The reasoning may simply be in the lean and efficient infrastructure of this company. EpawnMarket was born online and does not share the expensive overhead experienced by other and higher priced Georgia title pawn loan lenders. This streamline process simply saves money and those savings are passed directly to the customer with programs like the Title Pawn Loan Rescue and the Title Pawn Loan Freedom options from online pawn shop ePawnMarket.com.

About ePawnMarket.com and its Georgia Title Pawn Loan Division

ePawnMarket.com is one of the world’s largest Online Pawn Shops. Online Pawn Shop customers can secure traditional pawn loans using luxury items of value that they already own as collateral that can be shipped via Federal Express. U.S. Residents may use luxury watches, jewelry, handbags, gold, silver, precious metals, collectibles, and digital SLR cameras as collateral to obtain fast cash safely and discretely from the comfort of their own home. ePawnMarket.com also offers free shipping and insurance on all items you buy, pawn, or sell. By offering our “best deal guarantee” customers can rest assured they will receive the ability to obtain fast cash without credit checks or the hassle of cumbersome paperwork due to bad credit. Can’t ship your item? That’s no problem! We have partnered with hundreds of local pawn shops around the country to offer you fair and honest rates and terms that benefit both the consumer and local pawnbroker.

ePawnMarket.com’s Georgia Title Pawn Loan division is one of Georgia’s largest and fastest growing Title Pawn Rescue Lenders. By offering customers a new deal and a way out of their current Georgia Title Pawn Trap ePawnMarket.com has placed itself in a position to be an industry leader in not only Online Pawn Shops but Title Pawn Rescue as well. ePawnMarket offers Georgia title pawn loans on cars, trucks, motorcycles, boats, trailers, recreational vehicles and heavy equipment. By offering the Lowest Interest Rates and the Most Cash ePawnMarket.com allows consumers to use their Car as their Credit in order to obtain Fast Cash for their Georgia Title Pawn Loans. With ePawnMarket.com your car title is your credit, your car title is your cash, your car title is your freedom. By guaranteeing the Lowest Interest Rates and Payments you will get your title back with ePawnMarket.com


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Home equity loan rates for Feb. 21, 2013

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Find the best

home equity rates

in your area.

Home Equity

5.04% (line of credit) 6.03% (loan)

Rates on loans backed by home equity inched up in Bankrate’s weekly survey.

The typical home equity loan rose 4 basis point to 6.03 percent. A basis point is one-hundredth of 1 percentage point.

The typical home equity line of credit, or HELOC, rose 1 basis point to 5.04 percent.

[…]