So you have a poor credit? You do not have any property to place as collateral? And you need a car for your kid? How will you arrange cash to buy him his first car? Do not loose hope. There are several schemes that the internet based financial institutions are offering. One such scheme is poor credit auto loans.
As evident from the name itself, this scheme is meant for people who do not have a good FICO credit ranking. If your ranking with the FICO is lower than the C grade or below 650 points, chances are that no local banker will approve your loan application, even if you offer to place collateral.
With the internet based money lenders, there is no such problem. The poor credit auto loans are available especially for people who have a poor credit. And you need not place any collateral. You only need to compare and contrast the different quotations from these online money lenders. This will give you a fair idea of whom and how to approach. To obtain the quotation, you can visit their websites and ask for a free quotation.
The internet based money lenders may ask you to fill up a simple form that asks you details of your income, address, age, and bank number. They need the bank account number to verify that the information you gave them is correct. Once this is established, you get the money transferred to your bank account and you present your kid with his first car.
These poor credit auto loans are available for both new and used cars. You may wonder why anyone will give you so much money without collateral. Well, the car you purchased is under the ownership of the money lender until you repay the loan. Once you repay it, you are the owner. But this does not mean that you have limited rights on the car. You can do anything except resell the car. Enjoy a ride with your kid’s first car.