Pierre Money Mart Blog

Low Interest Rate Car Loans
If you are at the beginning of the online sales hunt, you may get the feeling that you are in well over your head. Not to worry as the Online Auto Loans Guide will help you out…

Used Car Loans Guide
There are many web sites and auto dealerships who claim to offer you best in bad credit auto financing. This notice is for you. Buyer’s beware: Simply put, type in any keyword and you are given a list of web sites attached to a car dealership that claim to be your bad credit answer?. Read below as not all car dealerships are the same or do they have the correct staff or financing options….

Pierre Money Mart offers you the resources to help you make an informed decision when financing your next car. Car Loans Canada is intent on being the best Ontario used car loan company available.

Low Interest Rate Car Loans

Finding low interest financing for your next car can be tough sometimes. Our application is fast, free, private, secure, and totally confidential. You get near instant car loan approval and there are no fees and no obligations. Let us find the lowest interest financing for your desired car. Apply for your car loan and be driving off in the new or used car that you want today. Get a great experience of arranging low interest rate car loans at Pierre Money Mart. All our customers find arranging car loans as easy as a trip to the corner store; often times even easier. This is because we free all our customers from any type of hassle involved in the process; yet find low rate car loans with the same personal touch as the customer.

Had the customer attempted to get a low interest rate car loan on his own, he would have first needed to find a lender, then visit the company a few times to complete the loan requirements and of course stand in long waiting lines etc. This is where Pierre Money Mart can assist. You see, when Pierre Money Mart comes into play or when a customer appoints us to locate them the best financing rate, we free them of any such inconveniences all while working to get them the best car loan rates available.

We are associated with the largest number of financial lenders across Canada. These form our finance network. Once a customer applies with our company, our finance team negotiates for the lowest rate to these lenders. These lenders in turn forward quotes that meet and often exceed our customer’s expectations. The benefit of working with Pierre Money Mart is thus the same as applying individually, but with several lenders looking competing to get you the best rate possible. Customers find this alone an important feature of our service.

All our customers have sufficient freedom in the choice of finance lenders. Out of the several low rate car loan quotes that are sent in, our customers choose the quote that best fits their requirement. This is often a difficult task since each quote is very competitive. Our experts will help with all your concerns.

People with bad or no credit history are also eligible for low rate car loans. Whatever your credit history or score, just apply and get the best deals at your doorstep.

Pierre Money Mart

Buy A Car With Bad Credit – Cheap Car Finance

Bad credit used car loans helps in getting car finance for people with bad credit. Not only can you buy a car with bad credit, you can get a bad credit auto loans, even at low interest rates. Buying a car with bad credit is no more a difficult feat to accomplish. There are a number of loan schemes available to fit every ones pocket and preference. Moreover, it is even possible to get low interest auto loans even with a bad credit. A low interest car loan can enable you trim down the repayment amount and thereby, help you save money.

Why Pay More When You Can Get For Less
Bad credit auto loans that are available with low interest can be obtained in two forms. One is the secured form and the other being unsecured. In the secured option, you may have to either place your property or bank account or any other asset as a security for the loan. Even the car you are purchasing can work as your security. However, if you do not wish to put any of you assets on stake, you can opt for the unsecured loan.

This type of loan will be granted to you, based on you credit static and your repayment capacity. In general, for a bigger amount, a secured loan is a better option. On the other hand, for smaller amount, unsecured loan fits well. So the situation is practically such that, anyone can buy a car with bad credit.

When buying a used car, a car that is less than five year old has a better chance of getting a low interest bad credit used car loan. Further, when buying a car with bad credit, you should always get their auto loans pre approved. This gives you better control at the time of purchase. Car finance for people with bad credit has become so simple these days that even a child can go and get one (provided he is given the right).

Low Interest Car Loans – Low Rate On Car Loans

Car finance for people with bad credit is no big deal. Bad credit auto loan is available for anyone who can think of it. Buying a car with bad credit is even possible with low interest car loans. If you are someone with a bad credit history and planning to buy a car, a bad credit auto loan is the answer. This site provides a comprehensive and easy solution to all your needs related to low interest car loans.

Get Fast And Easy Online Low Interest Car Loans
Normally, a bad credit involves paying high interest for securing car loans. With the help of our low interest car loans, you will be able to get an auto loan that will reduce the burden of your loan greatly. Whether you decide to take a secured or unsecured loan, this site provides auto loans for all kind of people. Car finance for people with bad credit has never been easier with our attractive loan schemes that are customized to suit every need.

What more is that, you do not need to even move a step from your seat to have the loan in your pocket. This site provides you with all the necessary details you require to complete acquiring a car loan, sitting right where you are. Get free quotes for the car of your choice here and choose the one that matches best with your expectations. When you are done with that, all you need to do is, fill the online application provided in this site with the minimum necessary details. The approval will take place within minutes and in no time; you will be armed with ammunition in the form of your car loan.

Buying a car with bad credit is like a walk on the cake, with our systematic assistance. So wasting anymore time is keeping you away from driving your dream car. Take the first step – apply here and before you realize you are the owner of the car of your desire.

What is the advantage of applying here?

We provide you a comprehensive and complete solution to you for buying a car with bad credit. We practically hand hold you in getting a bad credit used car loan. By helping you get a pre approved auto loan, we empower you with the right tools to get a good bargain from the car dealers. Our site is fast and secure, so your information very safe with us.

Does a bad credit auto loan improve my credit rating?

Of course, it does. Your credit rating may have been ruptured due to delayed or faltered repayment of your loan. With bad credit auto loan or bad credit used car loan, if you start making timely repayment, your credit score will eventually get repaired. For those who do not have a credit history at all, this is also a good way to build one.

Can I get low interest rate, even with bad credit?

Yes, we have low interest car loans, specifically designed for people with bad credit history. We offer both secured and unsecured auto loans at low interest rates. According to your own convenience and payment capabilities, you can choose the one that fits you best.

What does the application process involve?

The application for your bad credit used car loan is an online form. It only takes a few minutes to fill the form. If everything is in order, the approval of loan takes only a while and the loan gets transferred to your account in no time

* Abundant inventory selection with access to all makes and models.
* Competitive rates.
* No fees ever for the consumer.
* Fast approvals.
* Dealer partners with the following attributes:
o Exceptional knowledge of placing indirect loans.
o Special Finance Managers onsite.
o Numerous lending resources to place your loan.
o Abundant inventory for client selection.
o Outstanding customer service.
* Lenders that report your payment history to the three major credit reporting agencies.
* Affordable monthly payments.
* Reasonable down payments.
* Privacy assurance.

Proof of Address (POR)
Acceptable forms of POR include utility bills, credit card statements or anything received through the mail which contain the following:

* W2 Income
o This type of income is most important to a lender because it is attachable (it can be garnished).
+ Acceptable POI includes:
# Computerized pay stubs with year-to-date calculations.
# Four consecutive handwritten pay stubs and previous years’ W-2. Often, cancelled checks from the employer are required.
o Self Employment or 1099
+ This type of income must be verified with tax returns prepared by a professional tax service. Lenders require two years’ tax returns. It is rare for a lender to approve a person with bad credit that has been self employeed for less than two years.
+ Lenders use a customer’s adjusted gross income. That is income net of all expenses. This can be found on Schedule C of a tax return, or line 31 of the 1040.
o Child Support
+ A copy of the court order and a recent check or check stub will likely be required. Lenders may not count this type of income if it will not last for the length of the car loan.
o Social Security
+ Form SSA 1099 and a bank statement showing deposits will likely be required.
o Unreported Income
+ Income from cash jobs is not counted when calculating income.

Purchase price
Total purchase price. Price should be after any manufacturer’s rebate.

Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Amortization
The number of years used in calculating the monthly payment. Loans that are amortized over a longer period than their loan term have a balloon payment. See “Loan term” for more information.

Amount owed on trade
Total loan balance still outstanding on the trade-in.

Annual percentage rate (APR)
A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

Annual interest rate
Annual interest rate. Maximum interest rate is 20%.

Applied for Credit
Items on your credit report that you actually initiated the request for credit.

Assignment
The transfer of your loan from one lender to another. Or from the automobile dealership to the lender.

Auto loan interest rate (APR)
Annual percentage rate for the auto loan.

Non-taxable fees
Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and are not taxable.

No sales tax deduction for trade-in
In some states sales tax is calculated on your full purchase price. Others calculate tax based on the purchase price less trade in. Currently California, the District of Columbia, Hawaii, Maryland, Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on new vehicles.

Negative Trade Equity
The difference between the lien payoff and the value of your trade in. This is a Negative Number

Cash down
Total amount of cash used in this purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase.

Charge Off
Items that the original creditor has given up on trying to collect. Often these Charge Offs will show up twice on a credit report, once from the original creditor as Applied for Credit, and once from a collection agency as Unapplied for Credit.

Co-Buyer
Unlike a Co-Signer a Co-Buyer’s income is combined with the Buyer’s. This option is normally limited to a spouse or a person closely related residing at the same residence.

Co-Signer
Someone who assumes legal responsibility for repayment of a loan in the event the borrower does not pay. A Cosigner may be considered for a Buyer who does not comply with all the credit requirements. The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.

Credit Bureau
An agency that compiles, maintains and provides credit and other personal information to creditors. There are three major credit reporting agencies:
o Equifax®
+ P.O. Box 740241
Atlanta, GA 30374-0241
Phone: (800)685-1111
o TransUnion®
+ P.O. Box 19022
Chester, PA 19022
Phone: (800)916-8800
o Experian® (formerly TRW)
+ P.O. Box 2002
Allen, TX 75013
Phone: (888)397-3742

Credit Report
A historical document that may include payment habits, number of credit or loan accounts, balance of those accounts, place and length of employment, and records of financial transactions. The following items normally appear within the credit report.

Credit Score
A statistical formula that assigns a numerical value to your credit worthiness. There are many different score models. When you apply for an auto loan the lender is most likely viewing your “Car Enhanced Score”. This score may be higher or lower than your regular credit score. Scores can vary widely among all three credit bureaus.

Credit Scoring
A system used by banks and other lending institutions to determine whether or not you are creditworthy. Each lender uses their own score card to determine if they will approve an auto loan.

Commitment fee
An upfront fee included in the APR calculation.

Judgments
A court order to repay a debt. A creditor with a judgment in their favor may request a wage garnishment to repay the debt.

Employment Insurance
Not available in every state. This insurance pays your monthly car loan payment if you involuntarily loose you job.

Extended Service Contract
Covers the cost of unexpected auto repairs. Service contracts normally have a per visit deductible and most do not cover normal wear items such as break pads.

Home equity interest rate (APR)
Annual percentage rate for the home equity loan.

Home equity closing costs
Any additional costs to the home equity loan. This should include any appraiser fees, points paid or other misc. fees.

GAP Insurance
If your vehicle is totaled for any reason the amount your insurance company pays may be a whole lot less than the actual amount you still owe on your loan. GAP Insurance pays the difference. This product is highly recommended if you are adding negative equity to your new loan.