I'm a single mom and I need a
car loan. How do I get one fast and easily?
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Approved for Your Single Mom Car loan before You Walk into the
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Credit Car Loan Help
If you're a single mom and need a car loan quickly and easily,
this article's for you. Below, we'll explain how to get car loans
fast and easily that are perfect for busy single mothers.
One solution is to apply for a bad credit personal loan. With
a bad credit personal loan, you can typically borrow from $500
up to $10,000, and the loan can be secured or unsecured.
Know that a secured personal loan requires some degree of collateral.
An unsecured personal loan doesn't require collateral, which is
one reason why these loan amounts are usually much lower than
the loan amounts for secured personal loans.
One way to better your chances of getting a personal loan fast
and easily is to ask a trustworthy cosigner to apply with you.
Sure, the cosigner takes a risk, but your credit will automatically
improve if you have a creditworthy cosigner on your application.
As well, many lenders release cosigners from any liability should
you fail to make your payments, provided that you've already made
a certain number of them previously.
If you're a single mother, you should know that a car loan is
a type of secured loan, since the car itself serves as collateral.
That's why many lenders are more lax when it comes to approving
car loan applications. A secured car loan grants people with particularly
bad credit to not only get into a much needed car, but also can
be a very important step towards rebuilding damaged credit. You'll
find many car loan lenders that won't require a down payment -
even though if you were able to make one, you'd probably facilitate
the loan approval process, not to mention you'll lower your monthly
car loan payments.
Know that most car loans are usually approved for $20,000 or less.
Another loan option worth exploring is the cash advance loan.
This type of loan typically requires no credit check, and is one
of the easiest types of loans for single moms to get. The loan
term for a cash advance loan is usually a short period of time
(less than a month in most cases), and usually rolls around on
a following pay date. The typical requirement for a cash advance
loan is that you have a savings or checking account, and proof
of employment (paystubs, etc) that demonstrates that you're bringing
in income on a regular basis, whether it's a weekly, bi-weekly
or monthly paycheck. If you meet these basic requirements, you
shouldn't have a problem qualifying for a cash advance or payday
loan.
There you have it. If you're a single mother, there are at least
three different routes you can take that will result in your getting
approved for a loan: a car loan, a secured or unsecured personal
loan or a cash advance loan. Depending on what your personal circumstances
are, you should be able to find a type of loan that fits your
needs and economic situation fairly quickly and easily with any
of the three types of loans detailed above.
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