Understanding their customer’s needs for money, the loan companies in Lafayette will help their applicants in all circumstances. As long as the customer meets the minimum monthly income requirements, the applicant maybe approved for their desired amount. Quick and simple, the application process usually takes only a few days.
The first step in the application process is to know about the different types of loans. A bad credit loan is similar to a no credit loans; however, bad credit loans may have a slightly higher interest rate. These loans are for individuals who have a low credit score or have not established enough of a credit history. Fortunately, as time passes, this person has the ability to improve the credit rating to obtain better loan terms.
Those seeking automobile loans have a better chance of being approved. These type of lenders will accept all credit backgrounds including those with a limited credit history. A past bankruptcy is accepted in most cases as long as the person is not currently in a bankruptcy case. Those who were granted a bankruptcy discharge may have the highest interest rate because they are considered a high risk.
Home mortgages and education loans have the longest repayment period. Typically, unless stated otherwise, education loans do not go into repayment until the student leaves or graduates from school. They are usually given a fixed interest rate regardless of when the student graduates. The amount borrowed depends on the student’s academic level. Certain graduate professions have the ability to borrow more than the typical student.
The repayment period is a factor of the amount financed. Most automobile loans last between two and seven years. Longer repayment terms have the lowest monthly payments. Unfortunately, this person will also repay the most amount of interest. Most contracts do not have a penalty for early repayment. Certain loans such as debt consolidation loans may have an early repayment fee.
In addition to refinancing, the homeowner has other options as well. They include second mortgages and home equity loans. A home equity loan allows the homeowner to borrow money against the home’s value. Although this money can be used for any reason, the most common uses are for home repairs, automobile purchases or to purchase a rental property.
A person with excellent credit is someone who pays their bills on time each month. As a result this person has a high credit score. They also keep their debt to credit ratio low. This person will qualify for a higher loan amount with a lower interest rate. In other words, this type of person is a low credit risk.
The loan companies in Lafayette are ready to help their customers meet their needs. They have programs to help borrowers in every circumstance. Some programs are designed to help those who would not ordinary qualify for loans build credibility. Eventually, overtime, the person will have the credit history necessary to receive all types of loans.
If you are looking for the best loan companies in Lafayette, check this link to www.preferredlendingsolutions.com. Come see how Preferred Lending Solutions can help you buy the home of your dreams, when you visit us at today.