$7300 Bad Credit Car Loan in Pomona California for Gm Grand Prix – Buster Z.
$7300 Bad Credit Car Loan in Pomona California for Gm Grand Prix – Buster Z. — Introduction
We have helped thousands of customers, through our California car dealer network, drive new or low-mileage, and dependable used cars while rebuilding their car credit. We explain the app and purchasing process and the app process, we can help you get back on the road to better credit. I recently found out that my credit rating was much lower than I thought. It has been a few years since I purchased my home and I have had the same ….continued below —>
$7300 Bad Credit Car Loan in Pomona California for Gm Grand Prix – Buster Z – App Form
Continued from above… vehicle for 5 years, so I haven’t checked my credit rating in quite some time. Last night on the way home from work I got in an accident. Luckily I was OK, but my car didn’t make it. The car insurance adjuster told me that it is a total write off since it is an older car and not worth repairing. They would just rather give me a check for what they think it is worth and not repair the car. Of course the check that they will give me is not enough to replace my vehicle. It has depreciated in the past five years and now is worth much less than a replacement vehicle. Now because I had an accident which was not my fault, I have to buy another car and also find a lender who will give me a used car loan. On top of that I also have a bad credit rating! Can it get any worse?
First thing this morning I got on the phone to a few of the local dealerships in Pomona to find out what I could qualify for. Within a few hrs I found that nobody would help me because of my awful credit rating. They weren’t set up with the sub-prime lenders needed to finance someone like me. They are all set up with lenders who will provide used car loans to people with good credit ratings, but nothing for people who have a bad credit rating.
I desperately started to search for sites with info about getting an auto loan when you have bad credit. Announcement from FUSA — we now document auto loans in AL, AK, AS, AZ, AR, CA, CO, CT, DE, DC, FM, FL, and GA. We also cover bad credit car loans in GU, HI, ID, IL, IN, IA, KS, KY, LA, ME, MH, MD. If you are borrowing in MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC. Car and truck financing in ND, MP, OH, OK, OR, PW, PA, PR.
Really bad credit applicants in RI, SC, SD, TN, TX, UT, VT, VI, VA, WA, WV, WI, WY. This applicant’s comment was, “It’s been a real pain in the back-side trying to find a bank, credit union, or lender that will actually qualify me or my wife for a reasonable rate on a car loan.” – loan application is approved or pending.
How Did My Credit Rating Get So Low?
Now that I found out that my credit rating has tanked, I began to wonder how this had happened. My wife and I make it a point to pay everything on time, including our credit cards, our mortgage, our taxes and all of our utilities. As far as we are aware we have not missed a payment on anything. What a surprise for us when we learned that we had a bad credit rating while applying for a used car loan.
We did some investigation and also got a copy of our credit report. It turns out that although we have this perfect record of paying everything on time, we are being penalized for having too many credit cards. Over the years we were offered a variety of discounts on various products if we signed up for a credit card. Usually this was when we were making a large purchase and when someone will reduce your cost by 10 or 15% if you sign up for a credit card, wouldn’t you take it.
After six or seven credit cards, each with a loan limit of between $5000 to $10,000, the rating agency looks at us and indicates that we could easily be in debt to the tune of over $40,000! Now all of these credit cards have a zero balance, but this did not matter. Just having the potential to go into high credit card debt was enough to give us a bad credit rating and cause us to be looking for a bad credit car loan. By the way, when you take a bad credit car loan, the interest rate is higher and they also charge hefty fees for processing the loan. It would have been so easy if we could have been approved with a regular used car loan.
We are still waiting for our bad credit used car loan to be approved. Apparently I left some information off the application which they need. In the mean time I am working to close several credit card accounts and get them off my credit rating. It may take awhile but hopefully next time I have to apply for a used car loan, things will be much better.
Imagine one day everything is going well and the next; you need another car and cannot even be approved for a car loan.