This consumer has an old car and is wondering about how to buy a $30,000 car with a bad credit rating. Old cars that break down often are usually not a good investment. They cost a lot of money to repair and they are potentially unsafe as well. Bald tires, poor brakes, and rusty muffler systems are just a few of the problems with older cars. The last thing you want is a breakdown on an expressway somewhere in rush-hour or on a dark street at night in a bad neighborhood. . After an expensive tow to a repair shop you may feel it is not worth spending any more money on it.
Many consumers left to their own devices are not good money managers. It often takes a team effort as this consumer has found out.
His girlfriend appears to be the better one at managing a budget and making sure that all of the bills are paid on time. This is often the case with many couples where one of the partners is better at money management. It is extremely important to pay all bills on time and stick to a budget in today’s world.
While all of this is good, he still has a bad credit record and will have a hard time finding a lender willing to give him a loan. He might be better off if he and his girlfriend apply jointly for a bad credit car loan. She likely has a much better credit rating than he does. It would mean that she would be assuming the risk for the loan if he defaulted. This responsibility would also apply if there was a breakup in the relationship!
This becomes a very personal decision on their part with regards to applying for a loan to purchase a car. They need to be committed to a long-term relationship as well as committed to repaying the car loan. Both partners will be required to sign all of the ownership and loan documents.
This consumer if he applies jointly with his girlfriend could probably qualify for a low interest loan for his car. The car would be equity towards the loan. If he failed to make his payments, his girlfriend would need to meet the payment requirements for the car or it could potentially be repossessed. This is an important decision that they both must take since it would affect both of their credit ratings going forward. More discussion is required and information about his girlfriends credit rating is needed before a final decision can be made with regards to the car loan.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount : $30,000
Home Loan Application and Processing Speed (when do you need the funds): I need a new car this week. My existing car is way too expensive to repair and headed for the junkyard.
Do you currently have a mortgage? : no, I currently rent an apartment and share it with my girlfriend.
What City/Town, State and County do you live in? : Fresno, California
Zip : 93711
What is your employment field? : I work in the auto industry at an auto parts store. My girlfriend is a receptionist at a dental office.
Employment Position : sales and parts Coordinator.
When are you paid? (monthly/weekly/biweekly): biweekly
Your credit rating to be – excellent, fair, or bad? : my credit rating is very bad. I missed some credit card payments and was late on my rent payment twice. This happened two years ago and I’m still recovering from my mistakes.
How did you find us? : looking online for car loans for someone with bad credit.
How are you paid? (direct deposit/paper check): Direct deposit
Gross Amount Per Paycheck : $1995
Do you agree to have this information published online, without your PRIVATE information of course? : yes, no problem
Extra information here please (some detail): as I mentioned earlier my existing car is headed for the junkyard. Even with a friend offering to fix the car and parts at a discount, it is too expensive to make repairs. I have decided that I need another car and the one I am looking for is priced at $30,000.
I have had enough with used cars breaking down and requiring repairs. I would much rather have a dependable car that is under warranty with a fixed monthly payment for a car loan. In the last month, I have spent more money to have the car towed than I would have spent on a monthly payment.
The problem is my credit rating is very bad. I am having difficulty finding a lender who will loan me $30,000 to purchase the car that I am interested in. I know that I can handle all of the monthly payments for the car loan as well as my rent and other utilities.
My bad credit situation stems from two years ago. I failed to pay my credit card payments and also my rent payment. This is really frowned upon by my landlord as well as the credit rating agencies. My credit rating sank like a stone.
Since that happened I have really cleaned up my act thanks in large part to my girlfriend. She is really good with a budget and also in keeping me in line with respect to my spending. She has turned my life around and helped me make sure that I meet all of my regular payments. She looks after paying all of the bills and our budget.
We both have set a budget assuming a $30,000 car loan at a reasonable interest rate over a 7 year term. Based on this, we both feel we can afford a new car and also all of our existing utility payments, rent and a small credit card payment each month.
Do you think that you can help us find a $30,000 car loan with bad credit? If needed we can apply as a couple if you feel that our chances of being approved for a bad credit car loan would be better. This application only reflects my situation and not mt girlfriends. Please advise?
Below Are Some Related Publications You May Find Interesting
Do You Need a Personal Loan Approved Today? Use the comment form below to alert our lenders of your requirement - use your FIRST NAME ONLY for this initial pre-app loan request.
the comment box at the bottom of this page and tell us,
- how much you need to borrow
- what type of loan product you need
- what City and State you reside in
- what your credit score numbers are
- how quickly you need the loan
email is never made public, saved, or shared. Your privacy
is never compromised.
words will not be published.
Thanks for visiting Californialoanfind.com ;-)
--------------------------------NEW! --> Join our Non-Profit Peer-to-Peer Lending Forum--------------------------------
When filling out your initial loan request, use FIRST NAME ONLY and NO PHONE NUMBERS please. This is for your privacy and security. Thank you for using Californialoanfind.com!
After submitting your loan request please consider "Liking" or Commenting on Google+ and Facebook.