If You Have A Bad Credit Score Then You Can Still Obtain Car Finance If You Know Where To Look

For those who have poor credit scores, no credit history, or have had issues with their credit rating in the past, it is possible to buy a car, even though most bank lenders would not be willing to offer you a loan. With the guaranteed car finance, you are going to be able to purchase a car from any dealer, and any amount, as long as you are able to provide the required information, and the required down payment amount towards the purchase, when you are choosing to take out this type of loan.

With a guaranteed loan, buyers are going to be required to:

– put down a deposit sum of at least 20% of the car’s purchase price (or a sum that is equal to 4 monthly payments);
– provide their: name (ID card which is a passport or driver’s license), address, and, employment details;
– banking information (possible bank statements);
– a current utility bill; and,
– proof of current mortgage or rent payments that are made on a monthly basis.

The terms of the process may vary a bit depending on which lender you go with, but they are fairly straight forward for all buyers. The guaranteed car finance contract is an agreement for hire arrangement, where the financing company will take the ownership of the vehicle, during the duration of the loan period. A monthly rate is going to be charged by the finance company to the buyer, and in exchange the buyer has access and use to the vehicle. Finance charges plus the loan amount will dictate what the monthly payments are going to be under the terms of the contract agreement with the buyer.

While paying down the loan amount, the borrower has the duty to maintain the vehicle according to the terms of the contract for hire they have set up with the financing company. In return for lending the buyer money, the financing company gets a tax break, and the borrower will not be increasing their net asset value, due to the fact that the lender retains possession of the car during the term of the contract agreement they have entered in to.

Although different individuals tend to apply for this type of lending agreement, the loan type is geared towards buyers that:

– have poor credit scores;
– have default judgments entered against them;
– have bankruptcy proceedings that are lingering over the credit score (possibly restricting them as far as the loans they can borrow;
– those who have credit delinquencies; or,
– buyers with no credit history, who are starting to build up a credit rating, and want to purchase a car, but are not able to take out a traditional loan, due to the fact that they do not have an established credit history.

Regardless of what situation you are in, if you are having a hard time taking out a traditional car loan, but want to buy a new car, one option to consider as a borrower is to turn to lenders that are offering a guaranteed car finance loan.

There are a lot of people that have had their credit rating negatively affected by the current economic crises and getting a loan is not easy. To obtain car finance guaranteed [http://www.msg-guaranteedcarfinance.co.uk/] it pays to search online for compan

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Accounts Receivable Financing- Fuel Your Growth

“Truckin got my chips cashed in. Keep truckin, like the do-dah man.

Together, more or less in line, just keep truckin on.

Arrows of neon and flashing marquees out on Main Street,

Chicago, New York, Detroit and its all on the same street.

Your typical city involved in a typical daydream

Hang it up and see what tomorrow brings…”- The Grateful Dead lyrics
to their song, Truckin’.

“There is a road, no simple highway, between the dawn and the dark of night, and if you go, no one may follow, that path is for your steps alone”- Jerry Garcia quotation.

Many books have been written about the Greateful Dead and about Jerry Garcia. It has been written that they succeeded “in spite of themselves”. The lyrics of Truckin’ suggest a meandering of purpose albeit a desire to get somewhere. One might say that Jerry Garcia was telling us that there is no simple way to success. You have to find your own way there.

One of the greatest impediments to success in the trucking business is getting paid on time. What if it takes 30 to 60 days to be paid after you have delivered the goods to your customer? How do you pay for fuel, insurance, equipment leases and wages? Accounts receivable financing may be your answer. Once you have a receipt/bill of lading for delivery and an invoice that can be confirmed, you can receive an advance of 80% to 95% of the funds due to you. When your client pays, you receive the remainder due, less applicable finance charges.

Johnny Cash wrote in his song “Further On Up the Road”:

“Now I been out in the desert, just doin’ my time

Searchin’ through the dust, lookin’ for a sign

If there’s a light up ahead well brother I don’t know

But I got this fever burnin’ in my soul

So, Let’s take the good times as they go

And I’ll meet you further on up the road”

If you are “Truckin'” accounts receivable financing may help you get “Further on Up the Road” to your financial success. Why not just go to your bank for all the funds you need to grow your business? If you have great credit, two past years of successful operations, excellent bookkeeping, and no major needs for substantial growth your bank may be the best choice.

If the bank says “no” to your growing company’s needs because you do not meet their qualifications, accounts receivable financing can accelerate your cash flow to pay your payroll, your fuel, insurance and other costs. You can take on new business opportunities and grow successfully by managing your cash with this proven method of commercial financing.

Here are some questions to ask yourself: Do you need a back office to help you with your collections and operations? If you company is a startup, you may want a commercial finance company to handle one hundred percent of your collections. If your company is established and you have administrative personnel, you may not want a third party talking to your customers regarding collections, especially if you believe these contacts may cost you business. Perhaps you want something in between regarding collections, where you can be the “good cop” and the commercial finance company’s collection department can be the “bad cop”.

Do you need credit check on prospective customers? Do you need help with legal or regulatory compliance issues? Are you in a cash crunch emergency that requires you to make a decision in a very short time such as one to three days? Do you have the time to read and compare proposed terms from several commercial finance companies just as you might if you were getting a loan on your home? Are you computer literate and will you have online access to your accounts? Lastly, is the cost of these extra back office services worth the extra expense you may be charged?

Here are a few legal issues to think about: Are you required to sell all invoices for a particular shipper or can you pick and choose which invoices you desire to sell? What does the contract say about choice of law? If you have a dispute with the commercial finance company and your headquarters is in California, will the dispute be pursuant to California law and California courts, or will you be agreeing to settle any dispute in a distant state such as New York? Can you afford to go to New York? Are you giving up your right to litigate disputes with a mandatory arbitration clause? Is there an attorney’s fee clause in the contract so if you have a dispute and win, your attorney will be paid?

The bottom line: The Grateful Dead and Johnny Cash were right: keep on trucking further on up the road with accounts receivable financing; and choose your lender wisely.

Copyright © Gregg Financial Services

Mr. Gregg Elberg is a licensed attorney and licensed r

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