Bad Credit Financing Opportunities
Are you suffering from bad credit and worried that you may not have
access to finance. Dont worry! There are many options available for bad
credit financing. Just grab them, use them judiciously and you can
convert your bad credit rating to good credit rating in no time. The
different bad credit financing options available are listed below:
Bad Credit Loans:If your credit problems have just started, the best way is to negotiate with your bank manager. Depending on your association with the bank and your negotiation abilities, the bank manager may be convinced to extend further line of credit to you. Be truthful to him about your situation, so that you are able to negotiate easy repayment terms. This will help in timely repayments and therefore, improve your credit standing.
The things which may help you to convince the bank manager are proof of any disputes regarding bad credit loans, likely increase in future income, new job assignment / additional assignments, recommendation from the employer, past history for timely payments for other lines of credit such as mortgage, auto loan, credit card, and proof that you own a house, etc.
Even if you have a history of bad credit, there are banks that are willing to offer bad credit loans. Bad credit loans generally carry higher interest rate and many banks in order to improve their profitability are willing to take risk by offering bad credit loans. Whatever is the motivation for banks to extend bad credit loans, it is a blessing in disguise for you. Go get the bad credit loans, use them judiciously and move from bad credit category to good credit standing position.
Bad Credit Credit CardsThere are many banks that offer bad credit credit cards. The motivation of banks is same - to beat their competitors and to earn higher ROI. The terms of the bad credit credit card are different, include steep APRs, higher interest rates and offer little other incentives. However, bad credit credit card offers customers with bad credit history an opportunity to get access to finance and if you demonstrate responsibility and reliability in your dealings with the bad credit credit card, the terms of the credit card may be eased and more incentives may start pouring in.
Bad credit Auto LoanThe competition in the automobile industry led to many lenders relaxing their credit history standards to accommodate people with bad credit history. Dealers want to sell their vehicles to all and it includes consumers with bad credit history also. Therefore, many dealers and manufacturers have entered into agreements with the banks, credit unions and financial companies to ease the terms of the auto loan so that more customers can afford to buy their products.
Debt consolidationRight now you may have taken credit or loans from several sources such as credit cards, bank, credit union etc. Although, it might have helped you to get more credit initially, but it is hitting you at two spots now. First, the minimum monthly payment for all these credit sources is adding to a big figure. Secondly, each delay in repayment of any of these multiple sources is ruining your credit history. Debt consolidation is a process by which the bank or financial institution negotiate on your behalf with your creditors and obtain the minimum monthly obligation for all the creditors altogether. So you pay a consolidated amount, which is much less than the sum of all the individual payments. The agency doing the debt consolidation will take care of all your repayments. Many banks and finance companies offer debt consolidation with easier terms. They consolidate payment for all your credit cards. Offer reduced average interest rate and reschedule your payment plan to match your paying capabilities.
Take advantage of these sources of funds for bad credit and rebuild your credit history.