If you have a poor credit rating and need a loan, you may wonder if there is any chance of getting an installment loan. The truth is that there are several ways to go about doing this, and the following are three possibilities to consider.
Get a personal loan
Often these types of loans are called signature loans because they are not secured and only require your signature. This type of loan is paid back in monthly installments over several months but seldom more than a year. A lender that offers this type of loan will want to verify your income as well as your employment. There will be a requirement for the length of time at your present job, but this can be as little as three months. What a lender is looking for is the ability to pay back the money you borrow. It is your job that is the security a lender is looking at. The more money you make, the larger the money you will be able to borrow.
Get a title loan
One of the drawbacks of getting a personal loan with bad credit is high interest rates, but this is not true with a title loan. If you own your vehicle and have possession of the title, you can use this as collateral for a loan. This loan can be paid back in installments spread out over six months to a year. During this time, you will retain possession of the car; the title stays with the lender.
Get a car loan with poor credit
If the loan you are looking for is for the purpose of buying a car, you may want to look at buying a new model. Although a new car is usually more expensive than a used car, under certain circumstances, it is easier to get a loan for a new car than a used one, even with bad credit. The trick is to find one of the slowest moving models on the market, especially one that is in the lower priced range. A dealer is motivated to sell the car and will likely carry the financing. In addition, it is quite possible that they may have a rebate offer that you can use for a down payment.
What all three methods of getting a loan above have in common is that the lender will want to know you are gainfully employed. Your bad credit may lead to high interest rates for a loan, but it is not a barrier to getting one. For more information, contact a business such as Las Vegas Finance.