Advice on Getting a Car Loan with Bad Credit
Getting a loan now is a lot harder than it used to be. There are a lot of requirements and paper trails that will be looked at when you apply. Lenders will look at collections, payment history, work history and even how long you have lived in one spot.
One way of getting your bad credit loan application approved more easily, is with a secured loan. A secured loan simply means putting one of the things (collateral) under your ownership under the risk that if you fail to pay your debt, the ownership of the item or goes to the lender. The item is something you offer to the lender, such as a house, car, jewelry or other assets considered valuable; to be collateral for your debt should you fail to complete the payment. Loan amounts will vary depending upon the value of the item.
A co-signor is another way to get a bad credit loan and get your credit back on track. This involves having a spouse, family member or friend sign for the loan as well, to help you obtain the desired amount.
A bad credit car loan through Credit Help Financial is a secured loan. When you purchase a car, you are securing the loan with the car you purchase. However, the car will be repossessed should you fail to make the payments and you will still be responsible for the loan agreement you signed.
A repossession stays on your credit report for years. Even when it comes off your credit bureau report, the banks will remember your payment history.
This is why, if you have bad credit and apply for a loan through Credit Help Financial, our staff will sit with you and ask all kinds of questions to ensure you can afford the loan. The staff at Credit Help Financial does not want to put you or your credit in a worse position.
People who have bad credit due to health issues, loss of work, divorce, slow payments and yes even vehicle repossessions can get their credit back on track. You have to understand that it does take time to get back on track. There is no quick fix.
At Credit Help Financial we can help get your bad credit back on track and on the road to lower interest loans again. A bad credit car loan through Credit Help Financial can help to improve your credit score, as long as you make the payments on time. Let us show you how.
At Credit Help Financial if you have a minimum of $1000 dollars down, a chequing account and the ability to pay the loan back you are approved!!!!!!!