In November 2008, the Detroit 3 automakers sat before U.S. congressional committees with hat in hand (Ford excepted), begging for government assistance to maintain operations until the economy “turned around.” It was reported that without the loans the U.S. economy could lose up to three million jobs. And the government graciously extended nearly 20 billion taxpayer dollars to GM and Chrysler, while setting some strict conditions for restructuring both companies.
While a mortgage broker can be a key ally in finding a good loan, you obviously need to pick the right broker. As with any profession, there are excellent brokers and ones that are not so great. Here are a couple of points to raise when you interview brokers.
Was P.I. Joy, American United’s Chairman, happy to have the bank seized? Was he relieved to no longer be responsible for an out-of-balance loan portfolio that was 93% in real estate assets? Will he and his partners be required to pay the FDIC any part of the $44million loss it is assuming? We don’t have a comment from Mr. Joy or the FDIC, but most Atlantans assume the government will cover the loss out of taxpayer funds.
A bad credit auto loan refinance is a wise decision to make if you have a high interest car loan with huge monthly payments. Where do you go to get these refinance title pawn Atlanta? Well, there are several places that can help you out.
You can lower your monthly payment in a variety of ways. You can increase the term of your loan. If you switch from a 15 year loan to a 30 year loan you will automatically lower your monthly payment with the same loan size and interest rate. You may cash some money out and increase your loan size and still have a lower monthly payment.
The process of getting a hard money loan is very different from getting a conventional mortgage for your home. You need to apply for loan after you have planned to buy it and have taken it under contract.
However, due to the poor credit score, these loans are available at a higher interest rate. But still by making some down payment, comparing various loan quotes, negotiating with lenders, borrowers can get poor credit car loans at a better rate.