Finance Lender

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Explaining What A Finance Lender Will be

Despite the abundant existence of a variety of finance loan company institutions in the United States, everybody is unfamiliar with the components which entail the totality of what the job of a monetary lender actually is. To numerous people, a finance lender is simply a person or perhaps institution that goes into the finance business and offers loans to those certified individuals who have dependence on such assistance. Although this is a decent overview of exactly what the duties of a finance lender actually are, it does not provide an in depth explanation of the marketplace.

The most common legal definition of a finance lender are any individual who is in the business of providing commercial loans or unsecured loans to private individuals. (Concerns of qualified loan recipients is not really an issue as to whether or not the loan will be provided in a legal definition sense) A further expansion of this lawful definition of lender could be any individual who is accredited by the state to penetrate in the business of lending money.

This may bring about the particular question Why does a lender need to be licensed by the state? The answer revolves around the issue of consumer and borrower protection. By licensing the particular finance lender, the lender will be committing to a certain set of rules and a strong knowledge of those guidelines. With the addition of a license, there is an implicit thank you of state and also federal oversight from the business and integrity practices of the lending institution.

If a borrower offers issues or difficulties with the business practices with the lender, the customer could then bring up the issues with the state government department that abroad banking regulations of course, if the finance lender has been acting improperly, the potential of license revocation is possible.

Comments: 52

  1. Robert February 4, 2013 at 9:33 am Reply

    Hello,

    I have a small residential and commercial cleaning business that I am looking to expand. I have been shopping around for financing through traditional lenders, but due to my 518 FICO score and millions of charge-offs, I can’t get fianancing. I have applied to a few non-profits in the state that I live in. I have also been pitching my case to some friends. I don’t have any family that can help. They all have bad credit and so do much of my friends. I really do not know anyone with cash on hand either. I have been looking into getting an angel investor or a venture capitalist, but I do not know if that’ll work. I’ve posted an ad on Prosper and I never get responses. Again, I think that this is due to my bad credit. I am seriously running out of ideas. I have 15 months invested in this and I do NOT want to give up. Does anyone have any suggestions or can anyone suggest a place that can help me? I know I need to fix my credit, but I need the money to do it. Please, please, help!

  2. Emanuel February 24, 2013 at 12:17 pm Reply

    My dad and i purchased a car together on finance. It is under both our names. He uses and pays for it. How can i take my name off it? URGENTLY! As it is accumulating debt and bad credit for me that i don’t want.

  3. Laree March 1, 2013 at 4:25 pm Reply

    My lender has told me he can do this. I am getting an FHA loan and they require 3 percent but my lender says that he can include that in the loan. is this legal? also he said that some sellers will pay the down payment but from what I’ve been reading, this does not seem correct either. what’s happening?

  4. Kassandra March 1, 2013 at 4:36 pm Reply

    I’m thinking about re-financing,but the more lenders I talk to,the more confusing it seems to get.I need to find a lender who is honest and a straightshooter.I’m tired of these guys who only think for themselves first.The rates seem to be great,but then those closing costs are absolutely rediculous.Any lenders out there who charge less than the average Joe?

  5. Socorro March 11, 2013 at 11:06 am Reply

    A mortgage company want’s to finance just enough for the purchase the home. Is that standard practice or not?

  6. Leonida April 3, 2013 at 6:59 pm Reply

    My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
    The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.

  7. Christian April 11, 2013 at 1:25 am Reply

    : I am the Finance Director for a Dodge Dealership in MS and I;m trying to find a finance company or bank to fund some of my more challenged customers. I’m talking 3 and 400 becons I know it’s out there I’ve seen it done

  8. Felecia April 30, 2013 at 3:01 pm Reply

    I want to buy another home, move, & then sell my old home. Are there ways to finance the new home using the equity of the old home to secure the loan?

  9. Shena May 17, 2013 at 8:36 am Reply

    My dealership needs more special finance banks.

  10. Lindsay June 6, 2013 at 4:38 am Reply

    Since I’m not getting financing, my lender isn’t arranging an appraisal (since I don’t have a lender). So how do I pick a reputable appraiser?
    I have a mortgage contingency in the contract. I need to have an appraisal to protect myself and my investment. That is why banks do it, to protect themselves. I am doing the same.

  11. Mira June 24, 2013 at 2:08 am Reply

    I have the opportunity to purchase a business and it’s property on land contract but I have to purchase the inventory with cash. I need to find a way to finance the amount needed for this purchase and I don’t know where to turn. Can someone please give me suggestions.
    I am already in the process of writing up a business plan.

  12. Esteban July 6, 2013 at 3:06 pm Reply

    There are 2 residential lots in this neighborhood that is up and coming. I want to buy the two lots but sit on them for about a year or so. How would the financing work? Do you finance something like that as you would a 30 yr mortgage?

  13. Virginia October 28, 2013 at 8:34 pm Reply

    I have put an offer for a short sale property, and the listing agent(owner) took the offer and waiting for the Lender to say YES.

    I heard that the sellers Lender will take more time to tell his decision whether they accept it or not.

    1)During this time can I shop for the mortgages ?

    2)How long does it take to get a loan approved and good mortgages rates usually ?

    3) Can we lock the rates once we think its a good one?

  14. Antione November 12, 2013 at 12:15 pm Reply

    I graduated with my masters in may 2008, however my expected graduation date according to my lender is may 2011, therefore stating that I will not go into repayment for my loans until december 2011. When I called customer service they asked me to contact them when I graduate. Will they check with the school prior to me calling them?

  15. Rey November 25, 2013 at 1:51 am Reply

    I found a vehicle I can put money down (up to half of the cost of the vehicle), and then finance about $5600 of it.

    I will take it to my mechanic and then if he says everything is good, what happens after we file a credit application? How do I know what a good APR is?

    If you’ve ever financed, can you share your story?

  16. Olimpia November 26, 2013 at 8:52 pm Reply

    This business which is surely going to be a success is to be esterblished and operated in another country, how can i get loan from the United states to finance this business. Right now, i don’t have any money of mine that i can commit to this business. i would need about $5 million to start. I live in New Jersey,U.S

  17. Bee November 29, 2013 at 1:08 am Reply

    Ive read everal books and got other opinions but what is YOUR opinion on the best option for financing? hard lender? or credit union?

  18. Lance December 22, 2013 at 2:28 am Reply

    What does a builder’s preferred lender need to have and check to qualify me for a loan to the builder vs. what is required to get a pre-approval? My wife and I have been through both with our lender, but the builder we are buying from says they will not accept our contract if we do not apply (get qualified) with his lender. We do not want our credit run again, but the housing market here in silicon valley can be rough and we don’t want to miss out on this place.

  19. Alvaro February 2, 2014 at 1:36 pm Reply

    I have seen many cars for sale, and they all they that you can be financed even with good, bad, or no creidt. What exactly does that mean? And would it be a good idea to get a car financed??

  20. Mohammed February 2, 2014 at 6:15 pm Reply

    My husband and I do not have much credit and the little credit we do have is not that great. We are looking into buying a house. We have an offer that would include owner financing. If the mortgage is in someone else’s name, will this help establish and improve our credit, or is it just a last ditch effort for us to get money?
    Also, would the seller be able to sell the property without our consent?

  21. Luke February 14, 2014 at 8:12 am Reply

    Im 20 years old and have a credit score of 700, I will have about 5,000 dollars to put down on the car, and the car is 27,000 dollars. Do you think I will have a problem trying to get financed through carmax?
    Thanks

  22. Blaine February 21, 2014 at 10:06 pm Reply

    HI Im looking for a listing of banks or lenders that finance international business loans?

  23. Pricilla February 21, 2014 at 11:53 pm Reply

    We spent the better part of the day on the phone w/ lenders. We were approved the amount wanted, it was 100 % financing @ 6.850%. Then it came down to the home: Log home, 15 acres, rural area and the lenders pulled out. Reason being: “Not enough surrounding homes” (too rural) and “LOG house”. Question: Is there special lenders for log homes? Was this guy just tired of working with us for the day? Would they have continued with us w/ 20% down? Home is in Colo., subdivisions are close by, growth rate for area has BIG potential, we don’t plan on farming/ranching the land. Any educated/professional opinion/advise would be greatly appreciated! Thanks!

  24. Joelle February 21, 2014 at 11:53 pm Reply

    Capital Trust Resource Finance is possibly a scam and if you are thinking about accepting a loan with this company BE AWARE. Firstly, when they send you the loan docs, the docs do not resemble legal docs you receive from a trusted bank or financial institution; I know this because this would not have been my first loan. Second of all, the “Representative” that sends the docs via email sends from her hotmail email account! Any business that has a 20 year history will have internal email. Thirdly, The national BBB and Washington, DC BBB have NOTHING on CTRF. Any legitimate, publicly traded financial institution should have information about the company on their website that includes the names of the top executives, and other upper-level management and something relating to one or more of the following terms: “Financial Portfolio” or “Financial Statements” or “MD&A” which stands for Management’s Discussion and Analysis of Operating Results and Financial Position. Although it is not unheard of for a lender to request a premium payment up front prior to approving the loan; CTRF does not seem like a legitimate company you can trust sending you’re money to. My husband and I have spoken with a Loan Officer from Countrywide Home Loans, a Financial Advisor from Wells Fargo Bank and a Personal Banker from Chase Bank and all three financial institutions had never heard of CTRF and the recommendation was be cautious because it sounds really scary.

    My advice to every one: Do your research before accepting any sort of loan or sending any money to a company you have little info. about, ask questions, contact the BBB and TRUST YOU’RE GUT FEELING! My next course of action is to contact the Washington, DC BBB and request an investigation on CTRF. We have to get these lying ba*tard* shut down!

  25. Faustino February 22, 2014 at 12:48 am Reply

    I’ve collected ssd for the past 15 years I have bills like everyone else no I need a vehicle no 1 likes the finance because of the ssd I live in canton ohiodid not send me the links cuz I will not sign up to none of them I’m just looking for personal advice not spam links.please go

  26. Coleman February 22, 2014 at 1:42 am Reply

    What is the best option when financing a new car? Dealer? Bank? Other lender? I’m, of course, looking for the best interest rate I can get.
    I have real estate, thank you. I need a car.

  27. Hiram February 22, 2014 at 1:42 am Reply

    We have a short sale approval from the 1st and 2nd lenders as an all cash offer.
    Will the 2 lenders now approve a substitution of mortgage as a means of funding, at the last minute, if the mortgage loan is approved and ready to go into escrow?

  28. Damian February 22, 2014 at 3:18 am Reply

    I thought medical couldn’t hurt loans on autos. Is there a law that states you cannot be denied a auto loan because of medical? The loan is from the Honda dealer’s private lender.

  29. Felecia February 22, 2014 at 5:03 am Reply

    Are there are lenders that do not require for 4506T to be signed or waive this conditions for a slightly higher rate? Who are they?>
    This is for full document loan.

    ——————–

    Is it possible nowdays to get full asset/stated income loan?with 5 %down? I am referring to 80/15/5 loans.
    To Tara: so if I have full doc loan and do 80/15/5 lender can waive 4506? Is this something that need to be mentioned to loan officer right away? Or will it be a red flag for them? This loan will be in a different state-Tennessee. Thanks!

  30. Karie February 22, 2014 at 5:03 am Reply

    I’m looking at buying this cute little house that needs to be fixed up. Which I don’t mind doing. But it says “A good candidate for rehab financing.” What does that mean?

  31. Erasmo February 22, 2014 at 5:06 am Reply

    I’m a broker who just got a request from a client to do a 125% re-fi on his property… He has 800 credit scores and hes W2ed for $105,000.00 a year… He can definitely go full doc… Any lenders out there who can do 125% financing??? E-mail me at AlaniJoi@yahoo.com… Thanks!!!

  32. Ray February 22, 2014 at 5:10 am Reply

    I’ve heard of dealerships that offer financing options so you don’t have to get a loan. But I’m far from understanding how it works.

    Would you just make your payments to the dealership or what? Almost any info is good info! Thanks!

  33. Harris February 22, 2014 at 8:48 am Reply

    I was recently offered the position of finance and insurance manager at a car dealer where I applied for a sales position. They said because of my background in I was over qualified. I am not exactly sure what an F+I manager does. Can anyone fill me in before I go in and talk specifics with them?

  34. Sophie February 25, 2014 at 12:14 pm Reply

    im in the miltary i currently make around 25k a year before taxes and i have zero bills so all profit however i have no credit whatsoever i want a jeep around 20k and have 8k for a down payment will dealerships finance whats left over?

  35. Bennie February 25, 2014 at 12:15 pm Reply

    Ok I have FINALLY found my 2007 Chevy Cobalt I have been looking for. BUT the car place wants to finance me! Sounds great in my opinion NO IT DOESNT! Anyway the car is being sold for $8500 I have a $2500 down payment. Is there anyway to tell them or get around being financed? Like can I just request paying the car off myself without help from a lender? I prefer this because I do not want to deal with their interest rate charges. If this is possible please let me know how because I am a first time buyer with no established credit & I am trying to change that…This car lot is 1 of the few that is working with me. Help please

  36. Pearlie February 26, 2014 at 12:42 pm Reply

    Has anyone ever been financed for an auto using capital one blank check with a low credit score?

  37. George March 3, 2014 at 3:14 am Reply

    So today I decided to walk to work because this is a good way to glance at some cars at the dealership and start thinking about my first car. A little background on me, I work part time and earn about 700-715$ a month before taxes. I pay a $270 rent and thats about it.

    During my brief walkthrough of a few used car dealerships I found a few cars that cost $4,999 in full. I did some research and found that I don’t have to pay all of it at the table (duh) and decided I’d try to pay a $1,200 down payment and finance for about 48 or 60 months and pay a monthly bill of between $63-$107. Thats based off of a few car finance calculators I found on my phone after entering various stats like zip code and income and credit score, etc. I know thats just an estimate and that only a car sales professional can actually determine financing. But is that the basic gist? I need a car quick to advance my career but I dont make much money to pay outright or the time to save that much.

  38. Demetrius March 3, 2014 at 4:16 am Reply

    Does anyone know who we can go through to get financed for land and to build a house on the land?

  39. Casey March 3, 2014 at 4:31 am Reply

    Looking for some lenders that will finance condo hotels under 400 sqft.

  40. Sarita March 7, 2014 at 5:20 pm Reply

    Financing for homeowners is hard right now and I would like to be able to offer them financing. Where do I start?

  41. Camelia March 10, 2014 at 12:18 am Reply

    There is a house i am looking to buy its for sale for $35,000. Well i don’t have good credit at all (as a teenage made stupid mistake with credit cards) anyways is there any way that i can get financed?

  42. Richard March 10, 2014 at 12:18 am Reply

    I’m selling my home and I’ve been approached twice about buyer-financing. I don’t know much about it, can anyone provide and pros and cons of buyer-financing? I’m in New York Stare, Erie County.

  43. Elizebeth March 10, 2014 at 4:45 pm Reply

    So I bought a used car from a dealership and found out well after the fact that I got screwed. The car was sold to me illegally and it was never disclosed that it was a rebuilt car and had previously been totalled. So here I am a few months down the road, problems are piling up that are more then the value of the car and I am stuck with a car payment for a long time. I can make the payments no problem, but putting thousands into repairing the shoddy rebuild is a stretch especially when it will be more then the value of the vehicle. I am thinking about telling the finance company to just come get the car but I am left with no down payment for another vehicle and I am worried about my credit which is already not great to begin with. How do I keep from getting screwed even more then I already have?
    No there is nothing whatsoever saying that. The only reason I know is a mechanic asked me when it had been in the accident to which I responded “what?”
    Given that the rear end of the car has so many new parts, the door of the car does not belong to the car, and the front end of the car had all new parts when I bought it, ya it was completely totalled to the point I don’t know why it was rebuilt. The dealership sent me a BS picture of the car and it was delivered by a couple halfwits who had no authority or intelligence to do anything. I can’t afford to pay a lawyer to take the case which is why I was thinking about trying to find a way to dump it. The car at the time of purchase was illegally inspected, and sold without legally telling me all the information about the car they are required to disclose in the state of Maine. But ya, I can’t afford to pay a lawyer so if I can’t dump the car I guess I’m screwed. Homelessness here I come!
    Can’t pay my bills if I don’t have a car to get me to work.

  44. Sumiko March 11, 2014 at 6:39 pm Reply

    I had recently signed documents agreeing to put $10k down on a car and finance the remaining balance of $5800. Before I left, I signed the papers and put down $2000 with the intention of coming back later in the week.

    I drove the car off the lot and back home, with the manager saying to bring back references, pay stubs, etc. to verify the finance aspect. However, I had just gotten laid off and am now unable to make such payments.

    I don’t believe the financing was every finalized, as they let me drive the car home without ever submitting confirmatory final documentation. What happens from here? Do I just return the car?

    I no longer have the ability to make the $10k down payment either, despite putting down $2k.

    Thank you for your comments.

  45. Mike March 16, 2014 at 1:59 am Reply

    I’m looking to finance an awesome 2003 BMW with 111k miles anyone know of a bank that will finance a car w/thatmuch? most i’ve seen go to 100k only

  46. Bernard March 16, 2014 at 1:59 am Reply

    When I applied for the mortgage, the lender told me that one year of work history would be enough (before that, I was in China, paid much of the time under the table). Now, a week before closing, he’s telling me that he needs verification of my work history in China or we can’t get the loan.

    Verifying my work history in China is hard, because companies are unlikely to agree to put it on paper that they paid me under the table.

    What can I do?
    To clarify: I have almost a year’s work history in the United States, and before that, I was in China. Is no lender willing to lend to someone who has only worked in the United States for a year?

  47. Lee April 6, 2014 at 8:31 am Reply

    What motivated lenders to shift from funding mortgage loans from locally held deposits to funding mortgages with Wall Street financing? –

  48. Dong April 6, 2014 at 4:03 pm Reply

    I remember a few years ago that homeowners could borrow up to 125% of the value of their home.
    Of course that came with strings attached.
    Most of these lenders were skimming around $5000 off the top and calling them “fees”.
    Lenders are getting ever more creative in legal but what some consider unethical ways of charging these so called “fees” in addition to the basic interest on the loan. ie: points, pmi and more fees at closing and then burring them into the loan.
    I just wondered if anyone knows with the recent problems with subprime defaults, are any lenders taking on risk such as 100% financing.
    Here is a question within a question…
    Do you think the default problems are in part to blame for lenders now willing to loan funds to persons living in the United States with at best TIN numbers in lieu of Soc. Sec. documentation?
    Uusually meaning that these individuals are not U.S. citizens in many cases.

  49. Myrl April 6, 2014 at 10:17 pm Reply

    I need any and all advice about financing a car. I’ve been working at my job for a while now, and I have a great income. I just need to know if there are any geneal requirements, down payment? This would be my first car that I’m buying on my own. Any suggestions or comments would be greatly appreciated. Thank you.

  50. Danika April 6, 2014 at 10:47 pm Reply

    I have had it with my unhelpful loan officer. He has told me and my mom for two months now that he is still in the process of finding a lender who will finance the manufactured home me and my mom want to purchase in the city of Perris, CA. Does anyone out there know of a lending institution that will approve us so that we can purchase this manufactured home? And yes, it is affixed to the ground on a permanent foundation.

  51. Bennie April 10, 2014 at 9:30 pm Reply

    I’ve just returned from seven years living abroad. I’m back in Australia and have been offered a job with very comfortable salary package. I need a car too, and since I am in the 3 month probationary period, the lenders are quick to say “no”.

    I’ve been working full time in the IT industry for ages and have a 100% clear credit record, both home and abroad.

    Is there any ways to get a loan without having to resort to high interest rate, loan shark type lenders?

  52. Joellen April 29, 2014 at 10:42 am Reply

    In the event you could not qualify for a bank or mortgage lender loan which, in your opinion would be the best alternative method to purchase a house?

    1. The current owner financing the house carrying the mortgage note while placing you on the title deed?

    2.A rent to own?

    3.A lease with an option to purchase?

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