Are you looking for a car loan, but you have bad credit? Have you been turned down for car loans in the past? There may be options available to you that you haven’t considered. Read on for details about bad credit car loans.
Bad Credit Car Loans: Where’s the Deal?
First of all, let’s be honest. If something sounds too good to be true, it probably is, right? Well, I don’t think car loans for people with bad credit are the exception to the rule, since there are some definite financial drawbacks to such loans. For some people, however, these loans are the only option available.
Many companies offer car loans to people with bad credit, as long as you have a stable work history and are making more than $1,500 a month gross. You’ll have to prove your income and work history with pay stubs or tax records. You may also be required to make a $2,000 to $3,000 down payment, if you’ve had a repossession or collection account during the past year. If you do qualify for one of these car loans, your interest rate will likely be much higher than most banks would charge.
Avoiding the Need
Obviously, the best way to avoid having to resort to bad credit car loans is to keep your credit in good standing. Always pay your debts on time – late payments really hurt. The credit bureaus keep track of 30-, 60-, and 90-day late payments. If you are 120 days late on a bill, your delinquent account will likely be sent to collections. Nearly every type of business will send your account to collections if you’re 120 days past due, including hospitals, cell phone companies, and utility providers (power, gas, phone, etc.). Once this happens, your credit score drops like a rock, sayshttps://kreditus.eu/lt/paskolu-palyginimas/greitieji-kreditai. By the way, late payments and collections stay on your credit report for seven years, and bankruptcies remain for ten years, so be responsible. Otherwise, you may find yourself needing these car loans because of your bad credit.
Ever heard of a cosigner? This is probably your best alternative to bad credit car loans. Finding someone with a strong credit score to cosign on the loan will save you from having to pay the high interest rates associated with these car loans. In addition, having a cosigner will allow you to increase your credit score as you consistently make your loan payments on time. This may be the best way to get your score high enough so you won’t have to look for these high interest rate car loans in the future. Just make sure to make your payments on time — you don’t want to ruin the credit of someone who is helping you out.
Give the Banks a Reason
A principal learned one student’s family is getting evicted. Now she’s working to find them a home
CAPE CORAL — A school principal is working this holiday season to find a home for some of her students.
Shelly Homan posted a plea to Facebook after she learned one of her students’ families was being evicted with nowhere to go. Homan is the Principal here at Heritage Charter Academy. She was helping families in need by telling them about the turkey giveaway sponsored by Cape Coral Police, when she met Vincent Ponzo’s grandchildren.
“When I asked them about the Thanksgiving dinner that the police department was giving away, I found out that they were also going to be homeless,” said Homan.
Ponzo has been looking for a new home for months, but he has bad credit, and doesn’t have enough saved for first and last month’s rent plus a security deposit.
“We’re just running out of time and options at this point, and we’re not bad people. We work hard. I’m the general manager at a restaurant, my wife works for Instacart. My daughter is trying to raise her three kids in our home,” said Ponzo.
So Homan posted an SOS on Facebook, looking for a landlord willing to rent to them. It got a lot of attention.
“Shelly called me, and I was like what did you do? And she was, oh I just put a post out, and next thing you know I’m getting all this feedback from it,” said Ponzo.
“My focus is that the kids are in a home for the holidays. So whatever, whatever I have to do to reach out. The worst people can say is no I can’t help,” said Homan.
But Homan said people have already reached out trying to help. Ponzo said he hopes he can find a home soon, but he also said his story is just one of many this holiday season.
“This takes a lot for me to stand in front of everybody and go this is what’s going on, but if I don’t do it, maybe some other guy wishes somebody did that’s about to get kicked out of his house because he’s going through the same thing or worse,” said Ponzo.
If you are interested in helping Ponzo and his family, you can call the Heritage Charter Academy at (239) 223-7530.
Savvy Group Real Estate Partners With Frazier Credit Services to Make Property Purchase in Columbus, Ohio Available to All – Press Release
Martin Lewis issues guidance on using credit cards to build ratings – best deals | Personal Finance | Finance
Martin Lewis regularly urges savers to use caution when utilising debt themed products but at the same time, he acknowledges the need for a decent credit rating to get by financially. Today, the Money Saving Expert was questioned by viewer Miranda on how one can build their credit rating in difficult circumstances.
“What I’d then like you to do is go and do £50 a month of normal spending on it, things you’d buy anyway.
“[Then] Make sure you pay the card off in full every month, preferably by direct debit so you’re never missing it because the interest rate is hideous.
“That way you won’t pay any interest.
“You do that for a year, you’ll start to build that credit history, showing them you’re a good credit citizen.
“Then you’ll be able to move into the sort of more normal credit card range.
“So, bizarrely, to get credit you need credit. What credit will you get? Bad credit, go get the bad credit just make sure it doesn’t cost you.”
Consumers of all kinds may not have the best options at the moment as recent analysis from moneyfacts.co.uk revealed.
In mid-November, they detailed that a number of high street banks have cut the perks and interest on a number of their current account deals.
On top of this, the Bank of Scotland and Lloyds Bank made credit interest cuts of up to 0.5 percent.
Rachel Springall, a Finance Expert at moneyfacts.co.uk commented on the few options consumers and savers currently have available: “Clearly, it is vital consumers decide carefully if now is the time to switch, but if they wait too long, they may well miss out on a free cash switching perk.
“At present, providers will be assessing how they can sustain any lucrative offers in light of the pandemic.
“With this in mind, we could well see more changes in the months to come and if this does indeed occur, consumers would be wise to review whether their account is still worth keeping.”
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