Prime Progressive – Overcoming Bad Credit to Get Better Rates
Qualifying for a reasonable loan with a bad credit report can be very hard. Earlier, financial institutions were a bit lenient. However, the situation has completely changed since the recession and economic turmoil caused a major problem in the country. The economy was hit quite hard by the global recession. Money lenders and financial institutions have become cautious about borrowers.
Due to this, it can be quite difficult to receive loans with bad credit. People keep looking for various money lenders and hope they find a good opportunity to get a loan with bad credit. It’s important to keep some important things in mind while applying for a bad credit loan.
One of the most common problems people come across while buying something new is a bad credit report. Bad credit can make the lender or financial institution increase your premiums and rate of interest. Even worse, it can get your application for a loan rejected.
Fortunately, there are some good ways to overcome bad credit, and buy something without any problems. Progressive finance is a good way to tackle financial emergencies. When you improve bad credit, you can get better interest rates with this finance.
Flaunt Some Other Valuable Assets
In case you don’t own a large cash reserve to make a substantial down payment, you need to convince the progressive finance company with some other valuable assets. For instance, if you have auto or life insurance, you should mention the overall cash value of the auto or life insurance on your loan application. Similarly, if you have invested some amount in a 401(k) or some other retirement accounts, you need to list them with current financial values.
Discuss Your Job Stability
When applying for loans with bad credit report, one must take into account the industry standards. You should mention your pay raises that you received during your job tenure. When filling the application, make sure you put down the information about your income and everything related to it. This will allow the lender to make the right judgement. Letting your manager know that you have been living a financially stable life from the last few years will improve your chances of getting the loan.
Portray Discipline
It is must to prove to the lenders that bad credit is the past and now you are willing to add some good scores to your credit report. You must focus on portraying discipline and understand that saving money is your biggest advantage.
Increase Your Down Payment
These days, borrowers don’t have to give a lot of importance to zero down payments rule. With different kinds of loans, you can lower your interest rates. With some companies, buying is something on finance is possible with 10% down payment. It is important to understand that a larger down payment will allow your loan to be approved quickly.
Show Some Proof
It is very important to let the lender know that you won’t be late for your payments. This can be proved by showing some proof, like child support payments and other relevant documents. It’s important to keep vital financial documents ready with you, and use them to back up your claims. This makes it easier to get a progressive finance loan with bad credit report.