To Apply or Not to Apply for an Auto Loan: Solving the Dilemma of a Subprime Car Buyer

There is no end to a person’s desire. People are always on the lookout for commodities that can make their lives simpler. And most of the people aren’t blessed with money, so they opt for loans.Today, buying a car is easy because of lenders. In order to get approved for an auto loan, you need to provide them with financial information such as:· Your income,· FICO score,· Current loans, etc.Once a lender analyzes your situation, he will approve you for an auto loan. But, what if you have an extensive history of late payments and excessive debt? Then, he will consider you as a subprime car buyer.According to the Federal Reserve Bank of New York, the total auto loan amount for the last quarter of 2015 was $ 1.1 trillion. Out of the total auto loan amount, 22% was provided to the subprime car buyers. And, with the rising delinquencies, subprime car buyers pose a threat to lenders’ investment. So, lenders charge subprime car buyers with high interest rates in order to secure the principle amount as early as possible. High interest rates put a subprime car buyer in a considerable dilemma of whether he should apply for an auto loan or not.What should a Subprime Car Buyer do?If you are a subprime car buyer, you must not be hasty in obtaining an auto loan. Try to improve your creditworthiness. Once you see a considerable improvement in your financial situation, apply for the loan. Here a few tips to help you improve your chances of getting an auto loan:· Never HurryLenders are unwilling to pay for your car because of your credit history. So if you hurry, they might reject your loan application. Also, there are chances that they may approve you for a small loan amount and charge a very high interest rate for it.· Try to manage your Current DebtTake some time to improve your creditworthiness by managing your current debt. You can pay off a few of your debts to reduce the DTI ratio.· Restructure Your Image at Your OfficeIt is an indirect way of consolidating your image before the lenders. When you apply for an auto loan, they will scrutinize every detail mentioned in the loan application. If they contact your office to find out more about you, it is necessary that your employers provide them with a positive review. So, it is important to restructure your image at the office.· Find a Decent Co-signer Try to find a co-signer with a good credit history. It will increase the strength of your loan application. Also, it will enable you to get an auto loan quickly.· Get Pre-Approval on Auto LoansGetting pre-approval on auto loans can be the most beneficial thing for you. You can get your loan application assessed before visiting the dealer. It will allow you to know your financial situation clearly and help you in making a wise car buying decision.· Try New LendersAlways look for new lenders. They are looking for people to lend money and establish themselves in the market. But, conduct adequate research before submitting your loan application to a new lender.· Keep a check on your SalarySalary acts as the deciding factor for getting a loan, so keep a close watch on it. Also, work hard in order to get a raise from time to time.· Arrange a Large Sum of Money for the Down PaymentIt is seen that lenders are reluctant to offer money to subprime car buyers. It is possible that they may approve you for a low amount. So, try to arrange as much money as possible for the down payment. It will help you buy a car quickly and reduce your debt as well.A subprime car buyer can get an auto loan. But, remember that the lenders are going to charge you with high interest rates. So, it is better to establish yourself as a decent borrower and then apply for an auto loan.

Myth Busters on Weight Loss and Fitness

Know The Facts before you start. Here’s a few Myth Busters on Fitness Workouts to get you on the right track.No Pain – No Gain: This is a common saying and must only be taken lightly. Indeed, when you work out hard, whether weight lifting or running, if you continue until you feel pain, you have gone too far. You can expect to feel some discomfort during and after a physical bout, but this should disappear fairly quickly. Indeed, if you don’t feel some amount of stress, you may need to ‘jack it up a bit.’ However, pain in the real sense should not be a part of your routine, and if any persists, seek treatment and be more cautious next time.A Good Workout Routine Makes You Sweat: Sweating, of course, is the body’s way of expelling heat, whether from an external source or from within (strenuous exercise). It does not imply however, that if you are not sweating, you’re not achieving anything. A simple way to illustrate this is to consider such activities as swimming, water polo or snow sports. A good sweat though is good for the body, but remember to immediately replace lost fluid and salts.You Can Select Where To Lose Weight: This in general terms is not possible. When you exercise, you use energy from fat which is stored all over your body, hence the fat around your tummy just has to get in line. Also, whereas exercise does increase your metabolism, hence shed calories, it’s not a green light to then eat just as much as you like. It is so easy to put it back on again if your not careful. Eating the right combinations of food is very important.Fitness Exercise Turns Fat Into Muscle: In a round about way this is what is achieved when you do Weightlifting and other fitness routines. You exercise and gain muscle and you lose fat. But, being a bit pedantic perhaps, the fat is not turned directly into muscle. The two are entirely different tissue structure and cannot transform one into the other. But, as you build up muscle you burn up calories, which in turn reduces fat. Which does emphasize the importance of weightlifting exercise and workout diets – to keep this process going in the right direction!Women Will Bulk Up Weightlifting: Under normal circumstances, this is just not the case. Women simply do not have sufficient testosterone which is required in building large and bulky muscles. Weight training is just as important for women as it is for men to increase strength, improve balance and keep bones strong. So girls, go to it. (See our other articles on this subject).To Your Good Health