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Home > > Low interest rate new auto loans

Low interest rate new auto loans

A credit score reflects your repayment history. A borrower acquires a poor credit score when he fails to make payments on time.

Late payment adversely affects a borrower’s credit score. A borrower acquires even worse credit score if he defaults in the repayment of a loan.A bad credit score might hamper your chances of getting a business loan. Arrears, defaults, county court judgements, late payments, and bankruptcy add up to a bad credit history. A bad credit history implies that you have failed to repay loans as per the terms and conditions. This might deter lenders from giving you a loan.A bad credit business loan has several disadvantages. One of them is high interest rates. Since many lenders are unwilling to grant such loans, the lenders who grant such loans charge very high interest rates to take advantage of the situation. Another disadvantage is short loan periods because of which the amount of your monthly payments increases. A bad credit business loan may be secured as well as unsecured. It is easier to get a secured bad credit business loan because it requires property as collateral and thus reduces the risk for the lender. Another benefit of taking out a secured bad credit business loan is low rate of interest.A business loan may be availed to buy fixed assets such as land, building and machinery or to pay for day to day business operations such as to purchase raw materials and to pay wages and low rate auto new interest loans other overheads. The loan to buy fixed assets is a long term loan which is usually secured and carries a low rate of interest. The loan to pay for day to day business operations is usually unsecured low interest rate new auto loans and carries a low rate of interest.Before applying for a bad credit business loan, you must consider repairing your bad credit history. Cancel your unused credit cards. If you are unable to low interest rate new auto loans repay your loan, contact your creditor and explain your problem. Your creditor might come up with a solution that will help you repay your loan. Your creditor might waive off some of the outstanding loan amount thus improving your credit score.2

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When you are in business for yourself, it is not easy to make those collection calls. Emotions, both subtle and forceful can come into play, on both sides. But as a business owner with outstanding Accounts Receivable, making the calls to collect your money can make or break your bottom line!

Let’s examine three emotions, and give you some tips on how to collect your money with less stress.


* Dislike of calling, so constantly put it on the bottom of the “to-do” list
* Dislike of confrontation over the money owed
* Fear of losing the customer

First, you must accept the fact that collections are a normal part of doing business. This will help you to remember that the call is a business transaction, not an emotional experience. Give yourself that mental distance, and cultivate that professional attitude.

Getting paid is the last part of your sales cycle, whether you are paid immediately, or thirty or sixty days later. Your customer is not “doing you a favor” (a commonly experienced feeling) by paying you, they are fulfilling their part of the business contract (written or not).

There is a special chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that deals with training your customers. Yes, you can train them to pay you on time! This automatically cuts down on the amount of collections you have to do.

Second, sometimes when you call, you will uncover PROBLEMS instead of payments! Maybe your customer never got the shipment, or it was the wrong item, or for any other reason it needs to be returned, so they have put off paying for it, but never called to let you know it needs to be returned. It is better to take care of these customer service issues now, before the debt or item is really old, and you have been trying for months to collect your money.

The best way to avoid confrontations is to give your customers a clear statement of your policies in document form, such as a Terms and Conditions of Sales. You can specify exactly how and when returns are allowed. Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for you to get your money.

There is a chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that outlines setting up policy and procedures. Do you have a Terms and Conditions of Sales document as part of your credit policy? You need one! A sample TOC is included in the book, which you can use as a base to customize your own policies. This is not a dry complicated accounting manual. It is easy to read and easy to do, written to help you get results.

Third, there can be a huge fear in the mind of a business owner that if you call to collect, you risk a chance of losing that customer’s future business. You have probably invested some time and money into getting that customer, and have an established “sales relationship”. Now they have to see you as a “bill collector” too. Many business owners have their bookkeeper or other designated people make the collection calls, to side-step this issue. But if you don’t have a person to do that, then it is up to you to make the collection calls.

To put your mind at ease about this, professional collectors (referenced in my book) have said that the exact opposite is true!

To allow the customer to continue to owe you is to actually DRIVE THE CUSTOMER TO YOUR COMPETITION! To collect from them on time is the best customer service, and will ensure them to remain your customer.

There is a lot more information for you in the book, “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables”, such as steps to collection, the four steps to a collection call, and taking checks by phone.

If you are interested, there is a f.r.e.e 3 part Mini-Course “Get Your $ EZ”, available to sign up for at the web site:

The book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” is available at the web site as a PDF file, or as a print book, just click on the Business tab.

Lenders label individuals with no credit history as 'high risk'. Being considered 'high risk' can be the 'kiss of death' when it comes to getting approved for unsecured loans. Why? Because unsecured personal loans require no collateral. So, the lender loaning you your money is trusting you that you will make timely payments. This is not a personal issue of trust, it is a credit issue. Lenders do not want to lend unsecured loans to people with no credit or bad credit, period.

By now you are asking yourself, 'How do I turn my no credit history into a positive one so that I can apply for a personal loan?'. Easy! Being labeled 'high risk' makes it hard to get approved for certain types of loans and credit, but not all.

Did you know that car loans are one the best means for building credit? How? When you take out a car loan, you are securing your loan with the car that you are financing. If you don't make the payments, you lose the car. So, lenders are much more inclined to provide car financing to people with no credit before they approve an unsecured personal loan.

Another great way to build your credit history is to apply for a credit card. There are a few credit cards available that are specifically designed for people with no credit and bad credit. Be careful! You don't want to put yourself into debt with use of your new credit card. You want to make a few charges a month, that you can afford to pay for once you receive your bill. Utilizing and paying for a credit card will help build your credit very quickly.

A third means of building credit is to put some utility bills in your name. This means having the phone, electric, gas and/or water bill put in your name, making you responsible for the payments. Again, you want to make the payments on time, every month! Doing so will also help build your credit fast.

If you follow two of the above suggestions, you should be able to build a non-existence credit history into a good credit history in about one year. Then, when you need a little extra cash for a vacation, shopping, etc., you can apply for and hopefully get approved for personal loans.

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