We all use our vehicles in different ways, each and every day, and for different purposes. Some of us view them as appliances, while others, accessories to their personalities. They come in all shapes and sizes, for various reasons, usually to achieve an objective and to get a job done. Heaped in to the group, we also have genuine car people. This includes the classic and occasionally mentioned “mystical bond” we have with these machines. Something about them speaks to us as individuals, and we go down a path of adventure, filled with ups and downs, some of which require cash loans for cars that need a little love.
Your favorite type of vehicle will play a key role in determining the types of challenges you could be faced with. For instance, if you like classic cars, you’re looking at a lot of overhaul from years of use. This could be anything from an engine or transmission rebuild, to treating rust and having an auto body shop paint your chariot of choice. All of these things can get quite expensive, but in the end, they are worth it for the right person.
Before you jump into your restoration or update, be sure you have your finances in order. It takes only a few, simple steps to stay aware, and help you qualify for a loan.
Tips: Getting Approved for a Loan
Tune Up Your Credit – Keep an eye on your credit score for security, as well as knowing your financial well-being. Make all your payments on time and pay more than the minimum. Just following those two tips will help a great deal, as nearly ⅔ of your credit score is attributed to that.
Lower Your Debt – If you are struggling to make minimum payments, create a plan that will help you pay down your debt. You may have to adjust your spending habits by eating out less and being more frugal in general. Sometimes a side hustle is the best way to pay down debt, if it’s an option – get ahead while you can.
Borrow What You Need – Consider the longterm when you go to apply for a loan. Try not to borrow extra if you truly don’t need it to accomplish your goal. Over-borrowing can potentially land you in a financial position you’d rather not be in, so be aware of the cash loan options out there.
Co-Signer – If your credit score is in the “fair” range, you may need a co-signer with strong credit. Their “strong” credit score will help offset your fair score in order to help you to get approved.
Find a Lender – Every lender has a different set of rates, rules and terms that you need to understand. Here at Time Financing Service, we require you to be 18 or older, live within 50 miles of a branch office, have a valid ID and not be active in the military. Do your research and compare each point of interest.
Now that you know what steps are necessary to get approved, take the time to implement them, and it’ll get you one step closer to achieving your vehicle plans. Speaking of those, do your research there, too. If you have a classic car, it’s important to keep it as factory as possible in order to retain and increase value. This means you will need to rebuild or refurbish as many parts as possible while you bring your vehicle back to life. There are many resources out there, such as forums, and so on, which will help guide you. If you’re wondering if there is a cash loan service near you, give us a call or browse the locations we serve.