What people who are in debt need the most is a second chance. It’s easy for things to spiral out of control when you have no options and debt only accumulates, while profit and resources dwindled. Why just consider what happens when a person loses his car. He can’t go to work, meaning his income drops, while his debt accumulates.
This is precisely why there is a need for bad credit auto loans. Ever since the recession of 2008, many Americans have been facing economic difficulties. Some have lost their job, while others have lost much of their monthly income. It’s an uphill challenge, but the good news is that the recession looks as if it’s going to end, and a resurgence may be in the near future.
Of course, that doesn’t mean that just because the recession is changing everyone is instantly wealthy again! There is still a great challenge ahead, and each household is struggling to get to that top of the hill point where they can start making money again and use some of that downhill momentum.
Resources Matter
Much of the problem is in the amount of debt owed. In many cases it may be preferable to declare bankruptcy rather than try to crawl your way out of a hole that just keeps getting bigger. Bankruptcy doesn’t always free you from debt, but it does allow you to pursue other legal options. Bankruptcy is obviously the end of a conversation at big name car dealerships and banks who want to see perfect credit, or something near it. They won’t touch any case with a bankruptcy, as is their policy.
This is why it’s a better idea to work with a private lender who is not so attached to rules and corporate policies. The private lender can make individual judgments calls and give quality borrowers a second chance to redeem themselves and pay off their debt. Besides, private lenders like yours truly realize that before a person can crawl out of debt he needs to have resources at his disposal. That means a vehicle to get to and from work. Without that resource, how can profit improve?
Cash flow or not, a vehicle is what is going to help your career and lifestyle, and so it does matter. Companies that don’t care about this factor and simply deny applications because of bankruptcy, collections, repossessions or civil judgments are closing themselves off to a major part of the market. The human side of all of us, who make mistakes, and do our best to climb up top again.
Credit Score Matters
One unfortunate fact remains that poor credit can result from ignorance; not knowing what you owe to various creditors will go on your report, and you may be sabotaging your credit further by not investigating all claims made. So yes, it does help to at least look at your credit report to start with.
Then, not only will you gauge your credit profile and what loans you might qualify for, but you will also know what your lender is looking at. This will give you adequate time to answer honestly and explain what happened that resulted in the negative credit item.
This is why you should seek out an opportunity with a private lender. We work with consumers who have no credit, bad credit, below average credit, and all cases in between. Just because a person filed for bankruptcy, or hasn’t paid a debt, doesn’t necessarily mean that no loan can be given. Just because there is evidence of a dispute or a foreclosure doesn’t mean that the individual’s promise is untrustworthy. Plenty of people have bad credit on their reports because of their honesty—like surrendering homes or cars they cannot pay for.
This doesn’t mean that we recklessly give away money—there are different options and deals available for different credit profiles and households. What matters though is that you come forward and ask about these options available to you, rather than assuming that there is no hope in getting a new or used car. We believe there is, and we think bad credit auto loans is your answer to getting back on the road. We also think here and now is where a reversal of ill-fortune will begin. With a new car and low monthly payments you can get your life back on track and rebuild your credit score!
