Private Party Car Loans Exception for Tough Loan Condition

March 17, 2010 - PRLog -- One of the favorite bankruptcy car loans is private party car loans but there’s a catch-22 when a consumer needs a ride to work. The private party used auto loan process is easy, but do you sign on the dotted line and drive away feeling helpless, or do you research other options like guaranteed car finance? Private party car loans have good and bad points for the lender. If a consumer defaults, the car is confiscated, re-sold and another buyer will make the payments. This scenario turns a bad situation into a money generator for the unconventional lender often referred to “buy here, pay here”. But, why do so many of these loans go defunct? In most cases, the buyer needs the vehicle, purchasing the car in good faith, but the terms of the payback are almost immoral, its thievery in broad daylight.

Such negatives as high interest rates, shorter loan terms and paying a higher retail price for the vehicle, will make the car or truck payment much higher for the consumer, than typical financing through a traditional lender. In most cases, the consumer needs the transportation to get back and forth to work, so they are willing to sacrifice and make the higher payments. It is important that the consumer has a secure job, and can afford this new expense. If the payment is too high, they may need to purchase a cheaper car, keep and repair the vehicle they have, or save up for a good down payment.

If the loan goes into default, and it’s easy to do with these almost fraudulent contracts, the vehicle is confiscated, and the consumer has nothing for his private party used auto loan but the high payments, invested into the purchase. If the car breaks down and needs repair, the consumer may not have the money to fix the car or any options to get money. Private party car loans have stiff fines for late payments and repossessing the car could be an on-going, monthly threat. Its tails you lose and heads you lose.

Apply For Private Party Car Loans At :-http://www.loansstore.com/private-party-auto-loans/

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