One of the most often asked questions is how long it takes before a personal injury settlement is paid out.
Only tiny percentages of personal injury matters go to trial as most are settled out of court.
The U.S. Department of Justice estimated that some 16,397 tort cases were tried nationally. Personal injury claims numbered 409,925.
It’s not ideal to win a personal injury claim and then wait ages for payment.
When considering pursuing a claim, you should have reasonable expectations of how long the process will take. For example, a simple case will not take years to process, but a complicated high-value case may take that long.
A complicated matter for a considerable amount can take from 6 months to a few years to conclude from start to finish. Conversely, a simple, low payout claim can be settled and paid out within 3 to 6 months.
Let’s examine the process that needs to be followed to give you a better understanding of why settlement periods vary as much as they do.
Factors affecting the Length of Your Claim
Since no two cases are the same, it’s difficult to predict how long your case will take.
Many factors affect the length of a claim. These include:
- Whether the other party denies liability
- The type of accident – i.e medical negligence versus road accident
- The seriousness of your injuries, i.e if the accident caused a permanent disability or not
- How much evidence is needed to compile to prove your case
It is necessary to prove fault in a personal injury matter. So, if the other party denies liability, the time to prove your claim will immediately take a lot longer. If the other party admits liability, the claims process will be faster.
What you allege, you must prove. For example, if the other party denies liability, your lawyer must gather evidence to prove liability. This is time-consuming, especially if the case is complicated and the claim is substantial.
Consider that collection of each piece of evidence takes time. Sources of evidence include the following:
- Police reports
- CCTV coverage
- Medical reports
- Medical Expert opinions
- Medical costs
Final Assessment of the Extent and the Cost of Your Injuries
Sometimes it may be necessary for you to wait before finalizing your claim due to the nature of your injury.
For example, sometimes, injuries take time to settle before a final diagnosis can be made.
Your lawyer may then advise you to wait until a more accurate picture is available.
This ensures that you claim for all costs, including future expenses that become apparent after a while.
How Soon is
Having a bad credit rating may feel like an inconvenience, especially if you are looking to apply for a car loan.
Although having a good credit score will give you access to car loans with great repayment terms, there are still car loan options available for people with a low credit score.
Car loans do not require a minimum credit score, so it will all come down to shopping around to find lenders that offer bad credit car loans.
What to do before you apply for a car loan
Whether you apply for a car or personal loan, lenders will consider your credit score and credit history.
Even with a lower score, you are still eligible for a loan, however, the car loan repayments may be higher.
Below are some steps you can take to help increase your chances of having your bad credit car loan approved. See here for car loans for you.
1) Try to improve your credit rating
Before applying for a loan, get a copy of your credit report to determine your credit score. This will give you an idea of what a lender will see when doing a credit check.
If you can check your credit in advance, you may be able to do something to increase your credit score. A lower score will offer you more loan options with lower interest rates and better repayment terms.
Here is what you can do to improve your credit score:
- Repay bills on time and try to make payments on outstanding bills.
- Reduce your debts.
2) Understand your repayment budget
If you are considering buying a new or used car, you should consider your initial downpayment and also your monthly repayments.
This is the very first step when looking at cars. More expensive cars will require a larger downpayment and also have larger monthly repayments.
3) Pay your downpayment
When you are buying a new car, you will have to initially pay a down payment, which goes to the purchasing of the car. The rest of the money owed will be paid over a period of time or can be financed.
The more money you provide for the initial downpayment, the less your car finance repayments will be.
A larger downpayment may also secure you a better interest rate on your loan.
4) Get Preapproved
Getting preapproved for a loan means that the lendor or bank will look at your credit file and decide how much money to lend you.
This will be according to lending criteria. Being preapproved will give you a good idea of what money will be offered to you, even with a bad credit history.
Once you have a preapproval letter, you can negotiate better car prices and also find a car
5) Find the best loan
When you are ready to start with your loan application, it is best to look around a bit and find the best loan.
If approved lenders are giving you a hard time, contact people that offers a bad credit car loan. These loans come with higher interest rates, but are perfect for those with bad credit.
Where to find a bad credit car loan
It is important that those looking to apply for a car loan understand different borrowing options. Here are some popular types of car loans and financing:
- Captive financing: This financing is provided by the manufacturer, so you can buy and finance your car through the dealership.
- Dealer-arranged financing: The car dealership collaborates with external lenders to help you find a loan.
- Bank or credit union: These financial institutions may have options for car loans or financing. You simply apply with your bank or credit union for a bank loan.
- Online lenders: Many online companies offer personal loans. The entire application process to get a car loan is online.
- Buy here, pay here: These types of lenders offer car loans to those with bad credit. They have high interest rates, require a lofty down payment, and do not have a wide variety of cars to choose from.
Tips for getting a bad credit car loan
Follow these tips if you do not have time to improve your credit score before applying for a loan.
- Get a trusted person with good credit to cosign the loan.
- Try put down as much money as possible for your down payment.
- Go for a less expensive car, as this will require a smaller loan.
- Consider second-chance car loans. These loans are specifically designed by car loan brokers to provide those with bad credit an option to get a car loan.
How does a car loan impact your credit score?
Depending on your repayments, your car loan can help or harm your credit score.
When you apply for a loan, it will be recorded on your credit report, and remain there for a long time.
Lenders will report your repayments to credit bureaus, which will stay on your credit reports for a long time. To have a good credit score, repay your loans on time and stick to your payment terms.