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Is it difficult for a person with damaged credit to get a car loan?
Wiki User
∙ 11y ago
Yes, because the car loan companies/banks will need the proof to see that the costumer can pay the loan back with ease. They need to know that the costumer will be paying them back. Most cases if someone has a good reputation/past with another case and that person have proof then it will be easier to get the loan.
Wiki User
∙ 11y ago
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Does Bank of America give home loans to people with damaged credit?
Bank of America will give home loans to people with damaged credit. It depends on how badly the person's credit is damaged. A person may have to get their credit fixed before receiving a home loan if the damage is too bad.
Can you get an unsecured loan with bad credit?
It is very difficult to get an unsecured loan with bad credit. This is because of the nature of the loan. When a person gets an unsecured loan, it means there is no collateral to back the loan up with.
Is it hard to get a loan modification with bad credit?
It is the most difficult to get a loan modification with bad credit. Though not impossible, since many lending groups would rather loan to someone with bad credit because the interest that person will have to pay the loan company is going to be very high. Asking for a loan modification in the first place is a sign to creditors that they have bad credit and are trying to fix it.
Will having bad credit make it difficult for you to get a home loan?
A bad credit rating will make it difficult for you to get a home loan. Lenders don't want to lend money to people with low credit scores.
Why is my student loan reporting a credit limit?
The credit limit is the initial amount of your student loan. It helps keep your student loan from skewing your debt to credit ratio which can lower your credit score and make it more difficult to get credit.
Is it very difficult to get car loans for bad credit?
It is easier for a person with bad credit to get a car loan than almost any other type of loan because studies have shown that an auto loan is the loan people will try their hardest to pay. However, a person with bad credit may have fewer lenders to choose from because many major auto companies only finance borrowers with higher credit scores. Also, a person with bad credit will face much higher interest rates.
How important is credit score in qualifying for a business loan?
Credit score is just one of the factors that the lenders examine once they work with business owners. In case your credit score isn’t good or damaged, your lender can work to locate strengths to your business or finances to make the business loanpossible.
Can a person with no credit get a loan for a house?
no
A loan extended to a person by a lender is called?
A loan extended to a person is called credit.
When are credit scores used to determine loan percentages?
Credit scores are used to determine loan percentages when a person applies for a loan. If a person has a low credit score, the percentages of interest are higher, whereas higher credit scores result in lower loan percentage rates.
How are student loan consolidation interest rates calculated?
They are directly determined by the amount of existing credit a person has, and the score of that credit. If a person has bad credit, they will need to find a person (typically their parent) to co-sign the loan. The co-signer assumes responsibility for the loan if it is not paid by the person who originally takes out the loan.
What does Loan mean when you loan money to someone?
Loan means credit when you loan to somebody giving that somebody credit. You are the loaner and the person given credit is the Lonee. Loaner is the lender and the Lonee is the borrower.
