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5 Reasons to Take a No Credit Auto Loan with First Financial

5 Reasons to Take a No Credit Auto Loan with First Financial

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Did you know First Financial can offer you no credit auto loan options? Learn all about them in this detailed article.

According to reports by the Federal Reserve Bank of New York, 107 million Americans have auto loan debts. This data shows more Americans have car loans than mortgages.

Borrowers able to get auto financing at reasonable rates access larger and amounts than before. This sounds appealing to individuals with a solid credit history, but what if you are just starting off in the world of credit and have no history at all? The good news is that even with poor credit you can still get car financing by opting for a No Credit Auto Loan with First Financial.

But how can this happen? Read on to find out.

5 Reasons to Take a No Credit Auto Loan with First Financial

First, you need to understand the meaning of a No Credit Auto Loan. As the name suggests, this is a car loan extended to an individual with either no credit history, poor credit or limited history. Therefore, you can get an auto loan even without having a credit history, or with a bad credit history.

Below are the reasons why you need to take a No Credit Auto Loan with First Financial.

1. Fast Approvals on All Subprime Cases

Can you get a car loan with bad credit? This is a question asked by many people and you might be surprised to find out that of nearly 50% of American borrowers have a tarnished or limited credit history.

In other words, their credit scores lie in the subprime category, which means they have limited options for accessing loans. This category of people will find First Financial their best option since they can place their application regardless of their situation, whether its bankruptcy, poor credit, or no credit.

If you want to make a major purchase like a car or a truck and your credit history is not appealing, then this is the best website to turn to. You will be able to access the loan in the convenience of your laptop at the lowest possible rates you can ever imagine. The process is easy and confidential and you are sure to get a quick email response to update you on the progress of your application

2. Able to Manage Your Loan in the Comfort of Your Laptop

First Financial is an online lender which means it is accessible 24/7 anytime, anywhere. Some of the conveniences you are certain to enjoy:

  • Deposit payments using your laptop or handset.
  • Read your statement anytime on your devices.
  • Update your account profile which includes changing your logins for better security.
  • Compare interest rates of different dealers in the site.

First Financial believes that obtaining a No Credit Auto Loan should be hassle-free because this is a long-term financial decision you are making. You should not be under duress by auto-dealers whose main concern is the interest they get for every client they bring on board.

Working on your car loan from home will give you the freedom to check on different prices and options available so that you are sure to make an informed decision.

3. Reasonable Qualifications for Auto Financing

The requirements of getting an auto loan without credit on this website are so easy you may think it’s too good to be true. While the requirements are stringent enough to avoid liability to the borrower, they are also “loose” to ensure that most of the applicants get approved. The following are the only qualifications for auto financing:

  • Applicant should be a U.S. or Canadian resident of legal age-18 years and above.
  • Gross monthly income of $1,500 if the credit score is less than 625.
  • If the applicant has filed for chapter 7 bankruptcy, he/she should have completed the “341 Meeting of Creditors.”
  • If the applicant has filed for chapter 13 bankruptcy, he should show an “Authorization to Incur Debts” from the trustee.
  • Commitment to buy a car from their various approved car dealer partners.

Even if you have been declared bankrupt, you have a reason to smile because First Financial will sort you out. Such financial hurdles will no longer deter you from obtaining a loan for your vehicle or truck.

4. Special Package for Military Personnel

Members of the armed forces both on active duty or retired and struggling with bad credit may wonder how they may qualify for a car loan. First Financial has tailored made auto financing programs that helps them to obtain auto loans in spite of their poor credit scores.

First Financial understand the difficulties encountered by these military men and women in their effort to maintain safety and that is why they have specialized programs dedicated to them. Military auto loans are different from normal civilian loans because they are often offered on lower interest rates, require lower down payments and come with special discounts.

The rate of approval is high mainly because of the stability of their income. Military workers should not put off buying a car because of the demand of their duties but should embrace this enticing opportunity

5. Having Access to a Wide Range of Dealers

As mentioned earlier, First Financial is an online provider of bad credit car loan that partners with hundreds of authorized and licensed car dealers. This site will allow you to shop for dealers while comparing prices and interest rates.

To crown it all, you will be able to get several preapprovals using only one application. So don’t allow yourself to be limited by the car dealers or the financial institutions in your area, browse through our website for an array of choices.

Get a No Credit Auto Loan with First Financial

It may seem daunting at first but it is not impossible. A few tips will help you navigate the murky waters of credit even with no credit history to back you up.

Engaging a co-signer with an excellent credit history in your auto loan will increase your chances of approval. Also, a reasonable down payment will show the potential buyer that you are serious about buying a car despite your bad credit history and may serve to reduce the total cost of your loan. Finally, shop around to explore the options available in the market and compare various interest rates and the payment plans that suit your budget.

Remember, First Financial will offer you the best financial support irrespective of your credit history. Apply for your No Credit Auto Loan today in less than three minutes.

 

An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

Money and business concept car

Taking out a loan can be beneficial in many ways. We share our in-depth guide on how to take out a loan for a car and the benefits it has.

Did you know that 107 million people have taken out an auto loan to help pay for their car or truck in America?

Purchasing a car can be a costly expenditure. Most people don’t have the cash on hand to pay off the debt of a car immediately, which is where auto loans and personal loans come in handy.

Discover our guide on how to take out a loan for a car and familiarize yourself with the process of buying a car.

What Are the Different Types of Loans Available?

If you have never dealt with loans and credit scores, it can be a very difficult thing to navigate and understand.

There are many different types of loans available. Some of which are great for buying a car, and some that aren’t as good for this type of purchase.

For example, the best types of loans are auto loans, bank loans for a car, or alternatively, you can use a personal loan to buy a car.

Personal loans for car purchases sometimes have costly interest rates, so some people prefer not to use personal loans when they are purchasing their car.

Research has found that car loans are typically cheaper because they are secured by an asset (i.e. the car, which the lender can repossess to cover the costs if you can’t pay your loan).

Federal Reserve found that in May 2018, a 24-month personal loan from a commercial bank had an interest rate of 10.31%, whilst a 48-month new car loan from a commercial bank had an interest rate of 5.05%.

How to Take out a Loan for a Car

Unlike buying a car outright with cash in hand, like you might have done for your very first car, taking out a loan for a car needs to be thought through.

These are the key things you need to do when you want to take out a loan for a car.

Calculate Your Budget

The very first thing you need to do when you want to take out a loan for buying a car is to work out your budget. Calculate how much you can comfortably pay off each month.

According to the Federal Reserve Bank of New York, a record of 7 million Americans are at least three months behind on their car loan payments. It is critical that you work out how much money you have coming in each month, and how much you can pay off.

The best way to work out what you will actually be paying for your car is by calculating how much you will be paying each month and for how many months. This calculation needs to include interest rates, too.

Check Your Credit Score

Whether you want a personal loan for a car or an auto loan for a car, you need to check your credit score and history.

Poor credit history might mean that you pay higher interest rates than if you have a good credit history. If this is the case, you might want to hold off getting a loan and focus on improving your credit score.

If you have a good credit score, you might be able to negotiate a better deal with your loan lender.

Find out how you can secure an auto loan without having previous credit experience or a credit score.

Research Your Options

Once you have an idea of how much you have to spend and what your credit score is, you can research your options. There are a number of loan lenders available, however, not all of them will be right for you.

You can get car loans from banks or credit unions, dealerships, or online lenders. Compare the different types of deals and payment plans each of them offer and work out which one is best for you.

Car loans typically come with 3-, 4-, 5-, or 6-year terms. The longer the payment plan, the more interest you’ll end up paying, so make sure you work out which plan is the most cost effective for you.

Get Pre-Approved for a Loan

Once the lender has given you a quote for the loan, you will be pre-approved, which doesn’t mean that it’s guaranteed. Once you have been pre-approved, you the lender will then check your credit.

Once you are pre-approved for a loan, the lender will give you a letter that you can take when you go car shopping. This letter can help you see if you can get a better deal from the car dealership.

Even though you have been pre-approved, it doesn’t mean that you need to sign up for the loan. It is still your choice whether you pursue this loan or you can choose another one.

You also can adjust the terms of your loan, for example, if you find a cheaper car and don’t need an as bigger loan, you can apply for a smaller loan instead.

Find Your Car

The final step is the most enjoyable one. Once you know how much you can afford each month, and you know what kind of loans you can get, you can go car shopping.

Make sure you do your research and find a car that is the right price and has the right features that you need.

Car Loans

Applying for a car loan doesn’t have to be complicated or confusing. Just follow our guide on how to take out a loan for a car and you’ll soon be driving away with a new vehicle.

Apply for one of our auto loans now and see how we can help you.

Alternatively, if you need help with your loan process, get in touch with our team and discuss your loan requirements.

5 Great Reasons for a Personal Loan

5 Great Reasons for a Personal Loan

Whether faced with an emergency or you need to borrow, discover the benefits of a credit product that suits your needs and great reasons for a personal loan.

5 Great Reasons for a Personal Loan

We live in one of the strongest economies in the world. Yet, despite that strength, wages haven’t kept up and about 40% of Americans struggle to make ends meet.

Fortunately, there are financial tools that people can use to help them meet their monthly obligations or dig out of debt. Personal loans have easily passed credit cards as a preferred form of debt.

What are 5 outstanding reasons to take out a personal loan?

Keep reading to find out.

Why Are Personal Loans Popular?

Personal loans have moved past credit cards to become the fastest growing type of debt. To understand why let’s look at what personal loans are.

Personal loans are loans that you can take out for any reason. When you take out an auto loan or a home loan, it’s for those specific purposes. You borrow a certain amount of money at an interest rate determined by your lender and you make monthly installment payments for the term of the loan.

The terms of the loan can be anywhere from 6-60 months, depending on the amount you borrow. The great thing about personal loans is that they are available to people with good credit and bad credit.

Personal loans offer a lot more flexibility and stability than other forms of debt because you can take them out for a number of reasons, and you know what the monthly payments will be every month.

5 Reasons for a Personal Loan

Would you like to improve your financial situation? In that case, a personal loan may be a smart move for you. Let’s look at some of the more common reasons for a personal loan.

1. Consolidate Credit Card Debt

The most common reason why so many people turn to personal loans is to consolidate credit card debt. The average person has about three credit cards, which means three separate debt payments.

Depending on your interest rate, you can be paying much more in interest over the long haul than what you actually paid for.

What a personal loan can do for you is you can pay off those credit cards completely and just have one monthly payment. The monthly payment is likely to be lower than what you’re paying out every month.

The interest rate is likely to be lower than credit card debt, too. That means that you’re saving on your monthly payments and paying less in interest.

2. Start a New Venture

Starting a new business is an exciting opportunity that does require some start-up capital. Most small businesses cost between $3,000 and $5,000 to start up.

That doesn’t seem like a lot, but when you are in debt or you are having trouble making ends meet, a personal loan can be a lifeline.

You can avoid the trouble of having to present a formal business plan when trying to get a business loan by getting a personal loan.

A personal loan won’t have the same strict requirements as a business loan, and you have the flexibility to invest the borrowed money as you see fit.

3. Add Value to Your Home

One of the reasons why people take out personal loans is because they want to take on a major home renovation project. A remodel could cost anywhere from $18,000 to $36,000 depending on the size and scope of the project.

Not many people have that kind of cash lying around, so they’ll turn to personal loans to finance the project.

It’s a smart move because these projects can add a lot of value to the home, which will increase the sale price. You’ll often see people renovate when they’re getting ready to sell, knowing that they’re going to see a return on those funds.

4. Cover Unexpected Expenses

Car repairs, a medical emergency, home repairs, pet emergencies can all take a bite out of your finances. If you’re having a hard time making ends meet as it is, how will you be able to come up with the funds to these possibilities?

That’s where a personal loan can help you. One of the reasons why people turn to personal loans for emergency expenses is because they will be able to pay it back in monthly installments.

5. Build Up Credit Score

Your credit score determines so much in life. Your ability to get a home, an apartment, a job, or any other forms of credit all hinge on those three numbers that make up your credit score.

Do you have to start building up a credit history or rebuild your credit?

Taking out a small personal loan will help you do that. With a small personal loan that’s paid back on time and in full, you’re showing creditors that you’re responsible with debt.

That will also help you increase your credit score.

Ready to Get a Personal Loan?

There are many reasons for a personal loan. When you do take out a personal loan, you want to make sure that you can either save money or make money.

Starting a business, consolidate debt, or start a home project that will pay off down the road are great reasons for a personal loan. The great thing about a personal loan is that you can take them out for any reason, even finance a vacation or a wedding.

Would you like to find out more about getting a personal loan for your financial situation? Find out more about First Financial’s personal loan programs here.

How to Keep Cash Advance Costs Low

Because cash advance interest rates can start accruing on the first day, the borrower’s best strategy is paying the amount off as soon as possible. If that means two days, at least this loan is behind you. Thank it for:

  • Allowing you to pay other bills on time with no penalties.
  • Preventing any late payment notices from going to the credit bureaus Experian, TransUnion or Equifax.
  • Helping you get your car or computer fixed so you can keep earning money.
  • Your freedom to jump on a cash-only purchase you’re competing for.

Pay off the online cash advance fast by linking it with the checking account where your paycheck gets deposited. That way, the minute that paycheck goes in, the cash advance gets paid off. If you use your checking account as the hinge between your income and your loan, highest interest payments come out first. Borrowers can thank the CARD act of 2009 for that backup.

The second way to save on cash advance costs is to borrow as little as absolutely possible. With interest accruing daily, the smaller the amount, the less the interest.

Finally, if you don’t pay the cash advance off within days, you must pay it off on the date you initially agreed to. Rolling over a cash advance sets you up for additional fees on top of the interest rate you get charged daily. The worst situation to get into is if you’re only paying off the cash advance’s interest month after month. Have more questions? Get answers to the most common on our cash advance FAQ page.

Think you can manage a cash advance responsibly? Apply today!  

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First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center:  Main: 1-800-315-7791  Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

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