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What are sub primes?
Sub prime can be used in two aspects 1. Sub prime customer - A customer who does not have a great credit history and does not have the income to pay the monthly mortgage payments on the loan he is asking for 2. Sub prime Loan - A loan that is granted to a sub prime customer If you have a monthly income of $10000 and you ask for a mortgage loan with monthly payment of $4000 then you are a good customer If you have a monthly income of $4000 and you ask for a loan with monthly payment as $10000 then you would be a sub prime customer
What is a sub-prime and Alt-A loan?
A sub-prime loan is a type of loan that is offered to those individuals that have poor credit histories and/or have a relatively high risk of default. Sub-prime loans tend to be costlier in terms of closing costs, fees and APRs than traditional (prime) loans. An Alt-A loan is a type of loan that is offered to those that don't qualify for prime loans, but who have a better risk profile than those in the sub-prime category. Alt-A loans are costlier than prime loans in terms of fees and APRs, however, they are not as costly as sub-prime loans.
Can anyone with bad credit get a sub prime loan?
"Generally, yes almost anyone, even those with bad credit can get a sub prime loan. Sub prime loans are designed especially for people with bad credit as a way to try to rebuild credit. The interest rates are definitely higher as would be expected, though if the loan is a secured loan the interest rate would be lower than that of an unsecured loan."
What are the advantages of a sub prime loan?
The advantage of a sub prime loan is that it can be obtained by people with very poor credit ratings. If one intends to default on the loan, one should ensure that one is in possession of little or no confiscable property at the time of default.
A sub prime loan usually has?
A very low interest rate at the beginning of the term.
What is Sub-prime?
The Term sub prime is usually used in the context of loans. A prime customer is one who has a very good history and can repay the loan comfortably during the agreed tenure. A subprime customer is one who does not have a good credit history and also does not have enough income to substantiate the loan payments monthly. The loans granted to a subprime customer is termed as a subprime loan...
Where could one find a sub prime auto loan?
A sub prime auto loan would be well found at any popular bank or dealership. USAA Auto Loans is a good pace to start looking, as well as banks for those who have good to high credit scores.
What does sub prime mortgage leads mean?
Sub prime mortgage leads are potential mortgages for people who are not an ideal candidate for a loan. This can be because of a poor credit history, recent bankruptcy or low paying job.
Are sub primes loans available to people without equity in their home.?
Sub Prime loans are available to most anyone. However they are the loan of choice for those whose credit might not be adequate to obtain an more traditional home loan. Most times Sub Prime loans are issued at a higher interest rate or with a variable interest rate that fluxuates with the market.
Shop And Compare To Save?
When purchasing a new or used car, most people will need to take out a loan to finance the majority of the purchase. Unfortunately, for people with bad credit or little to put down, getting a loan can be difficult and the only option are sub-prime auto loans, which come with high rates. Luckily, there are a couple ways to get better rates on sub-prime auto loans. The first way to get a good rate on a sub-prime auto loan is to get financing through the auto dealer. Many auto dealers have financing departments, which act as banks for their customers. Since the bank will be motivated to sell the car, they are often willing to give a customer a more affordable sub-prime auto loan. The second way to get a good rate on a sub-prime auto loan is to search online for rates. While many traditional banks don't offer sub-prime auto loans, there are still a few that do. By searching online and comparing rates offered by different banks, you could find and compare the best deals available.
Who is the founder of Dollar Loan Center?
Chuck Brennan is the founder of the Dollar Loan Center. He started the organization in 1998 when he saw a nationwide need in the sub-prime lending market.
Who uses sub prime auto leads?
Sub prime auto leads are usually taken from a person who has poor or non-existant credit. They will go to a car dealers website and fill out financing to see how much they qualify for before applying for a car loan.
