During the recent economic hard times, many individuals have found that their credit rating has dropped from excellent to poor. A poor credit rating means that the next time you wish to go buy a new car, house, ATV, boat, etc. may be next to impossible; however, it is possible to get financing for bad credit if you take a few steps into consideration when setting out to find a lender for your financing needs.

The first step in getting financing for bad credit is to know exactly where your credit stands. Request a copy of your credit report and check it for inaccuracies. If you find anything that does not seem to be accurate, then you need to work to get it straight. By knowing what your credit report and score looks like, you will not be caught off guard when applying for loans.

Consider visiting a credit union for a loan, instead of a bank. A credit union is more likely to look at you as a person, instead of a number. They may take into account what factors led to your poor credit rating and have those factors since improved. They may also look at things such as job stability and personal references more closely then information on a loan application or the credit score that is faxed to them.

When you are looking for financing for bad credit you will also want to make sure that you shop around. What lenders are even willing to give you a loan and what are the terms? Some may offer lower interest rates and others may want to offer you financing, but for a shorter amount of time which may force your payment higher.

Financing for bad credit can be available even for those with the worst possible credit. You will want to make sure that when you shop, that you do so wisely. Unfortunately, there are many companies out there that are ready and willing to take advantage of individuals with bad credit who are seeking loans. Check out what fees are being charged for the loan to make sure that they seem fair and you can also check with your better business bureau for any complaints filed.

Take your time and do your research and you will find that loan that meets your financing needs.

Furniture financing

If you are considering buying new furniture either for the home, or the office setting, but you do not have the best of credit and need financing, there are several companies which will be willing to extend you a line of credit, but there are certain things which you are going to have to accept as the terms of the agreement. It is possible for a person to obtain furniture financing for bad credit, but they are going to have to realize, that no matter what they do, they are going to be paying higher interest rates on the furniture financing for bad credit loan, than a person who has great credit.

There are a few other restrictions for a furniture financing for bad credit, such as a smaller loan amount. Most lenders will only offer a certain financing amount for those with bad credit. The main reason is that if they default on the loan, it is going to be for a much lower amount, than the financing company would otherwise lend to a person who has great credit. And, there is always that possiblity of a default, even with consumers who have great credit, so the financing company is just playing it safe in offering those with bad credit lower financing amounts.

The person with bad credit is also going to probably be facing less promotional opportunities. Many financing companies offer no interest for a certain time when you first borrow from them. But, for those looking for furniture financing for bad credit, they are probably not going to be offered these promotional terms; and, if they are, the amount of time that they will get for interest free repayments, is going to be a much shorter time period, than the first time borrower with that financing company.

So, as a person looking to purchase new furniture, if you know that you have poor credit, but you still want to seek out finacing, you should know that there are several furniture financing for bad credit companies which will extend you the money to buy the furniture. But, you must be willing to accept the stricter terms that are going to come with that financing offer. No matter what you do, you are going to pay a higher interest rate than a person who has great credit, and you will be offered a lower financing amount towards the purchase.

Car Financing

When you have bad credit it is hard to get a car financed. You can go on the Web and there are several web sites for car financing with bad credit. They have you fill out this form on line pick the model of car you are interested in and the make of the car. They then check your credit with takes 2 points off your credit every time they pull it. Then they send your paper work to dealers that deal with Internet sales. The dealer sends you an email about that particular car with a return email address, their name and a phone number.

The auto loan then tells you a supervisor will be calling you within 24 hours. Even though the dealers have your paperwork from the Web site they want to pull your credit but do no let them do it because when they pull it then it cost you 15.2 points off your credit score. They have your credit score already with your paper work. Some dealers will show you the car that was in the email but some will show you higher price cars or lower price cars. Some will not show you any cars at all. They will keep you in their office telling you they are trying to find cars that fit into your price range and type of cars. What they are really doing hoping you will agree to let them pull your credit to get you into something you do not want.
Some car dealers have a part of their company that helps people get car financing with bad credit. The interest rates are higher but they make sure your car payments stay that you can afford. They look at what you make, how much you payout for rent, utilities, water and phone. Then they have a lot of secondary credit companies. They go by points from 1 to 10. One being the highest on the points so you can have several cars to pick from the listing of cars, then ten being the worst with a few cars to look at. But either way the make sure you get a car with the financing you could afford.

They sure the car is dependable and some of the cars they put two years warranties on them for the major parts like brakes, engine and things like that. They also put a tracker on them so if you do not make your payments they know where the car is.

House financing

There are two types of mortgage lenders. Conforming and non-conforming. A good credit history featuring a FICO score on the north side of 700+ will pretty much get you the rate and terms desired. Tons of good folks who would like to become a homeowner have marginal credit or bad credit which usually shows a FICO score on the south side of 600. However, if you’re a young person of any gender, thinking about entering the mysterious world of house financing but have stopped your real estate housing search because some person, maybe even a bank, mentioned that since you haven’t yet had the opportunity to build up a credit history of any sort ergo, you have no FICO which is the usual guideline in getting a yes or no in financing a home.

Many house buying wannabe’s give up much too easily when it comes to house financing with bad credit or no credit. Actually, it’s easier than you think. As a 14 year retired financial consultant for one lending branch of the government perhaps this info will set the record straight and give you an opportunity to become a homeowner. The past several years of booming unemployment and job loss hasn’t been a picnic for millions of men, women and families. Please consider these options.

The U. S. Government has a couple of home financing opportunites that offer reasonable interest rates and terms that are not egregious. You can use your computer to locate them online. You’ll know the qualifying requirements of all bad credit or no credit history loans in the closing paragraph. Be patient. In your continuing search for house financing for bad credit, be advised to steer clear of any person or lender who suggests a solution that involves these three things: a prepayment penalty, interest rates higher than eight percent, and a loan term shorter than 10 years or a combination of all three. These are hard money loans. Eschew them at all costs.

Lenders who provide house financing for bad or no credit are those labeled non-conforming, credit unions, U.S. Government and sub-prime. To get a loan you use “alternate credit,” which includes a one year history of paying monthly rent, utilities, insurance, car payment, even your cell phone. If all or most of these obligations are current, you become a responsible risk. Shop around. You’ll have some limitations but nothing you can’t overcome.