Bank finance articles and tips

Yes you can buy a car if you had a repo over a year ago. It is recommended that you hold off getting an auto loan for 6 to 12 months after repossession has occurred to give you time to begin re-establishing your credit. Here are some tips to help you get into your next car.

First, begin rebuilding your credit as quickly as possible after your repossession. Obtain a copy of your credit report from the 3 credit bureaus (Experian, Equifax and TransUnion) and check for any inaccuracies. If you find mistakes on your credit report, have them removed by following the instructions on each of the credit bureaus websites.

What Is A Standby Letter of Credit?

The Standby Letter of Credit (SBLC) is classified as a "letter of credit" (LC), also called "documentary letter of credit" (DLC). It is a term widely used to secure payments in national and international trade. The document is issued by a financial institution, at the request of the buyer. The buyer also provides instructions for preparing the document.

A standard commercial LC is used principally in international trade finance dealings of substantial value, for trades between a provider in one area and a client in another; which usually provides an irrevocable payment bank undertaking. However, there are other purposes and uses of a DLC.