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Used ATV Loan For Bad Credit

This client has applied for a used ATV loan and although he has indicated that he has fair to excellent credit, he actually has a bad credit rating. His loan application is for an ATV that he wants to purchase. It is a used machine and the dealer is holding it for him while he looks for financing. Since he has a bad credit rating and did not indicate this on his application, the lenders will dig deeper into his application to make sure that everything else is correct and nothing is missing.

In addition, if the loan is approved, the lenders may want to issue the check payable to the dealer on behalf of the borrower to make sure that the funds are delivered to the dealer so that our applicant can obtain his used ATV quickly. We understand that this deal also includes a trailer to transport the ATV into the desert where he and his friends like to run their machines.

The majority of his income is based on tips and since he makes minimum wage while he is working as a blackjack dealer. He may be required to submit a combination of pay stubs and his IRS tax forms to demonstrate that he is actually making the money that he indicates. Tips are to be reported as income on tax statements.

Barring any other items that may be uncovered we expect that this applicant will be approved for his loan within the time frame that he has identified, however he will need to react quickly to provide this information and obtain his ATV that is on reserve at the dealer.


DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

ATVĀ  Loan Amount :: $8,000

ATV Loan Application and Processing Speed (when do you need the funds):: within a couple of days, I have a hold on a machine at a dealer for a few days pending financing approval.

Do you currently have a mortgage? :: no, I rent a home with a garage, which is were I will store my ATV

Bank Name and Branch :: Mohave State Bank, AZ 95

What City/Town, State and County do you live in? :: Bullhead Arizona USA

Zip ::86642

What is your employment field? :: Blackjack dealer in one of the casinos in Laughlin across the river

Employment Position :: blackjack dealer

When are you paid? (monthly/weekly/biweekly):: biweekly, plus nightly tips

Your credit rating to be – excellent, fair, or bad? :: fair to excellent, I think

How did you find us? :: searching online for ATV loans

How are you paid? (direct deposit/paper check):: direct deposit, plus cash from tips

Gross Amount Per Paycheck ::$ 2,500 every two weeks which includes base pay plus the tips I make on average

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, I guess so

Extra information here please (some detail):: I live in Bullhead Arizona and work in Laughlin Nevada. The two towns are beside each other but separated by the Colorado River. I commute every day to Laughlin by water taxi. We get free parking if we park in Arizona and the water taxi is free as well.

This area is great for running ATV’s in the desert and I would really like to purchase a used ATV so I can join some of my friends on the weekends out in the desert and use my own machine. I need a loan of $8000 to pick up this used ATV at a local dealer and was wondering if you can approve a loan for me. The ATV is going to cost around $10,000 which includes a trailer for hauling it. I have $2000 saved which I can put towards the machine and I then will need another $8000 to pay the rest. The dealer is holding it for me for 48 hours while I obtain financing for it. After that he is free to sell it to someone else.

These machines are a lot of fun to ride. I am going to also need to purchase a helmet and leathers for protection while riding out in the desert, however I can pay for this stuff myself. Up till now I have been borrowing a friends whenever I go out with them. It is not much fun wearing someone else’s safety gear, so I really want my own.

Note to Lender :: regarding my job, I am paid minimum wage by the casino and then make the rest up on tips from the players. I do pretty well on tips and gross an average of $2500 every two weeks of combined wages and tips. There some periods that are slow due to lack of customers, and then there are boom times when the casino is full. I also try to work evenings on the weekends when there is a lot of people in town and the casino is busy.

If people are winning, they are more free with their money and tip a lot more. If they lose, well there is usually nothing else left to tip. But I still do alright on average.

Anyway can you approve this loan for me?

 

Category: ATV Loan APR 5% APR 6% APR 7%
Loan Principal $8,000 $8,000 $8,000
Payment Schedule Monthly Monthly Monthly
Length of Term 3 4 5
Amount to be paid $8,616.55 $8,979.82 $9,423.07
Total interest paid $616.55 $379.82 $1,423.07
Paid per installment $236.07 $184.52 $154.90