Bar none auto loans
Bar None, as the name suggests, restricts no one to avail an auto loan. A loan can be applied online, which is a fast method and avoids any kind of administration charges. Once screened, it takes less than forty-eight hours for the loan to be approved. The purchase of new vehicle is then arranged through a local dealer.
The Bar None collects the private information of the applicant through the application form filled by the individual, the previous transactions with Bar None (if any), of the credit rating agencies. The details thus collected are kept as a record and can be supplied to banks and financial institutions or the vehicle dealers or retailers.
In general, the major ground while granting a loan is the credit rating of the applicant. The common lenders prefer to lend to the ones with good credit rating. They also consider the amount of the monthly installments that can be paid through the existing income and the job history. But the Bar None promises to offer loan to any individual who is ready to accept the terms of payment. It does become time taking for the ones with bad credit history to avail the loan but they can still try at Bar None who assures can provide loan to anybody.
This will include the terms of down payment also. Down payment is the amount given at the time of purchase and the loan is provided on the remaining amount of the value of the vehicle. This down payment will decide the monthly installment amount. The applicants with poor credit rating might be required to pay a higher down payment but are not denied the loan by Bar None. To your surprise, there are programs offered such as "Zero Down Payment" where an individual is not required to put down amount and the value of the vehicle is entirely spread on installments. Obviously, the interest rate goes very high in such schemes.
You become eligible to apply for the auto loan if your monthly income exceeds $1,500. This is the minimum income which the lenders feel can handle the monthly installments. Even if you are buying a vehicle for the first time and do not have any past credit listing, Bar None helps you buy the vehicle.
The dealers associated with Bar None, provide extended warranties and protections plans also. All these are franchised dealers which deal in new and used cars both. There are financial experts which provide assistance to decision.
The different kinds of loans available are:
1. Bad Credit Auto Loans
2. No Credit Car Loan
3. Auto financing Bad Credit
4. Bankruptcy Car Loans
5. Second Chance Auto Loans
There are different kinds of opinion that general public has for Bar None loans. Whereas, some are quite satisfied with the service, there are some who are not. Therefore, it is advisable to scan the interest rates offered by the market before finalizing on the deal. But, if any other lender is not ready to offer the loan, you can definitely approach Bar None, which will offer the loan for sure, but may be at a higher interest rate.
The Bar None can be contacted at 1-800-250-8305 or can be visited on their website www.barnone.com.