The Finance Blogger

40000 Auto Loan With Bad Credit

May 30th, 2016 ernie Posted in Bad Credit No Comments »

40000 Auto Loan With Bad CreditAre you looking for a $ 40000 auto loan with bad credit ratings? If you are there is still hope for people with bad credit even if you cannot obtain other loans. There are two things a lender will look for. The first is that they want you to be able to put a small down payment on the auto. The larger the better since this will show that you are serious. As a result, it will show you have some skin in the game. The second thing they look for and this is relatively easy is that they want to make sure that the auto will cover the loan if it needs to be repossessed and sold to pay off the loan.

40000 Auto Loan With Bad Credit

Consumers need to realize that not only must the loan be recovered, they also want to recover their recovery costs and legal fees. They do not want to lose money at all hence the down payment. Don’t expect to get a lot of money back if your auto is repossessed. You could even still owe money.

Always meet your monthly payments and you do not need to worry. Once you pay off the loan, the next one will be easier since your credit rating will actually have improved as long as you have not had other issues with meeting your financial commitments.

For more posts about bad credit situations, click here.

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40000 Car Loan With Bad Credit

May 21st, 2016 ernie Posted in Bad Credit No Comments »

40000 Car Loan With Bad CreditA 40000 car loan with bad credit can actually be easy to obtain if you have some money to use as a down payment. Aside from credit ratings, many lenders want to know that you have some skin in the game. That means if you are buying a $45,000 car, you can put $5000 of your own money down as a down payment. They may lend you the $40000 car loan with bad credit. But only if they are also convinced that you can and will meet the monthly payments.  This last point is also critical. Moreover, if you have a bad record for meeting monthly commitments or you walk away from loans, you probably will not be approved for a car loan.

40000 Car Loan With Bad Credit

Some people have a lot of small loans. The monthly payments add up to more than 35% of their monthly incomes. In a situation like this, it will be increasingly difficult for you to meet those monthly payments. Especially if you have any kind of emergency financial situation to deal with.

The lender will also want to use the value of the vehicle as security for the car loan. If for example, you cannot meet the monthly payments, they will reclaim the car. Then sell it to get their money back. You get whatever is left however after fees and penalties, there is not usually anything left. So if you do get approved for a car loan with bad credit make sure you meet all of the monthly payments. Focus on repair your credit rating.

For more posts about what to do about bad credit, click here.


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120 Day Loans For Bad Credit

May 14th, 2016 ernie Posted in Bad Credit No Comments »

120 Day Loans For Bad Credit120 Day Loans For Bad Credit are difficult to find, however, they are available. Depending on your credit rating they may come with expensive fees and high-interest rates. But if the need is great enough then it really does not matter how much you need to pay. You may be trying to avoid losing your home, dealing with a health issue, or some other emergency. The point is that it must be a true emergency. Something that makes it worth paying these high-interest rates. Otherwise, you should really just tough it out and find another solution.

120 Day Loans For Bad Credit

A 120-day loan for bad credit lender is in the business to make money. They are also aware that they are dealing with people who are considered high risk. They do not always get paid for a variety of reasons. But they charge the high rates to pay for the losses and make a lot of money.

If you can find another solution or just not borrow the money in the first place, you probably should take that approach. The money you save can be used to repay your other debts or to pay for the emergency you are dealing with. Anytime you do not spend your money is saving money for the future.

Start off by setting some money aside as an emergency day fund and only use that money for true emergencies. Put it somewhere it takes a day or two to get it so that you have time to think about it before you spend it.

An emergency fund is far superior to looking for 120 Day Loans For Bad Credit customers and paying the associated costs.

For more posts about what to do about bad credit situations, click here.

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Can bad credit cost you a job?

August 31st, 2013 ernie Posted in Bad Credit No Comments »

Can bad credit cost you a jobThere is another reason for maintaining your credit record and that is when it could stop you from getting that next job. Can bad credit cost you a job ? Turns out that many employers are now checking for bad credit checks for jobs when they are hiring a new employee. They want to know if this person is a good credit risk and can manage their personal affairs.

Can bad credit cost you a job

There are lots of reasons for wanting someone with a good credit rating. They want employees who are totally focused on the job and not worrying about how they will meet their debts or who have debt collectors coming after them. There are also specific jobs that make sense where people should have a good credit rating.

Bankers with bad credit

The first job that comes to mind is anyone I the financial industry. Do you really want someone working for you and dealing with the public who cannot even manage their own money?

This does not present a very good image for anyone who is customer and happens to know that the person they are dealing with cannot even manage their own finances. There is also the possibility of this person doing something to help themselves. Most bankers will avoid hiring anyone who has bad credit.

Security personnel with bad credit

Another area that is being checked on for bad credit is security personnel. If you are in security, the employers want you to be beyond reproach and not susceptible to any temptations of any kind. If you are willing lo look the other way, what kind of security are you providing. Someone with a bad credit rating or a debt problem is just not worth taking the trouble on.

Credit checks

Credit checks are now being completed on a routine basis. If your credit rating is not up to the level it should be at, it is time to get it there. You may not get the next job simply because someone checked and your rating was below what they considered the standard to be.

So now you have finding a job to add to the list of all the other issues that bad credit brings to the table. High interest rates, high fees and difficulty finding someone to lend you money are typically the issues that a bad credit rating causes.


Is this discrimination, probably, but it is not something anyone is willing to do anything about. It is just one more issue that consumers and job hunters have to face.

Manage your credit rating

Managing your credit rating is one of the most important things that you can do from a financial perspective next to paying all of your bills on time and never missing a due date. A credit rating is made up of more than just paying your bills on time. Your debt ratio is another factor. This is the total amount of your monthly payments including property taxes divided by your gross income.

If your debt ratio is greater than 35%, this could also impact your credit rating. Even if you do not have a lot of debt, but have a lot of credit cards with a zero balance, this can also impact your credit rating since it represents the possibility of being significantly in debt. Only carry or have approved no more than three credit cards and always pay the total balance each month.

for more details about how to deal with bad credit, click here.

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Bad Credit Motorcycle Loan

December 7th, 2011 Debt Posted in Bad Credit 2 Comments »

Bad Credit Motorcycle LoanLast week we were asked for help from a reader who is looking for a motorcycle loan to help him purchase a used motorcycle for a total cost of $25000.  His credit rating is considered bad due to some payment problems he had on another loan. He indicates that he failed to make some payments on the loan. Which drove his credit rating into the basement. However he has since repaid the entire loan.

Unfortunately for this reader, his situation is a good example of why you should always pay your loans and other monthly payments on time. It takes very little to end up with a bad credit rating. Then you are stuck looking for bad credit motorcycle loans at high interest rates and not so great terms. This reader is facing in all likely hood payments that will be in the $500 a month range. Even if he is successful at obtaining a loan at 6% spread over five years for $25,000. He is facing payments of at least $473 per month. Then he will need to add insurance as well to the monthly payments.

Lower Priced Motorcycle to reduce his Motorcycle Loan

He probably should look for something a little less expensive at this stage. At least until his credit rating is in better shape and he has saved a little money that can be used as a down payment. Even if he only borrowed $20,000, his monthly payments would decline to approximately – $378, almost a savings of $100 a month. This is substantial when you make $500 a week.
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Questions about Bad Credit Motorcycle Loans

November 30th, 2011 Debt Posted in Bad Credit 1 Comment »

Bad Credit Motorcycle LoansWe received a question about bad credit motorcycle loans and information from a reader and will answer his questions in our next post. His credit rating is not so good and he is finding it difficult to obtain a loan for a motorcycle that he would like to purchase. He needs $25,000 which is going to be a tough proposition given his credit rating.

Bad Credit Motorcycle Loans

Question to Debt Counselor:: I am trying to find a lender that will lend me enough money to by a motorcycle. I have a bad credit rating and I am having a tough time getting a loan.  I have a small amount to put down as a down payment, so I need enough to cover registration, insurance and of course the motorcycle.

This is a brand new machine with all of the chrome and features that any enthusiast could ever want. I am really excited about buying this motorcycle and just need someone to lend me the money for the loan.

Do you currently have a loan? :: No

Home/Motorcycle Loan Amount:: $25,000

Other Loans, Including Credit Cards: About $4,500 on credit cards

Are you employed and for how long:: Yes and I work in an auto shop as a mechanic

Your credit rating to be – excellent, fair, or bad? : Bad due to nonpayment of a loan that I have since repaid and I am now working on my credit card debt which will be fully paid in 8 months.

Gross Amount Per Paycheck : $500 a week

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure what do I care

Extra information here please (some detail)::

I really need wheels to get back and forth to work. Right now I am riding a bicycle to work which is not cool at all. The guys at the shop laugh at me when they see me riding up to the shop on a two-wheel bicycle.  I am not sure they are laughing at me because of the bicycle or what happened to me on my old motorcycle.

The motorcycle that I did have, blew a cylinder and will cost too much to repair. I even tried to find a new engine to fit on the frame. But could not find any that would match the frame and pass a safety. It was pretty old anyway. The one that I would like to purchase is a used machine with only a thousand miles on it.

All I need to do is find financing for it since the dealer does not have any financing plans that would fit my situation. What can I do to find a lender to loan me a motorcycle loan. This deal is not going to last forever. I would really like to be on a bike again, motorized version that is.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post.

For more posts about bad credit situations and what to do about it, click here.

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Bad Credit Home Mortgage Loan

October 17th, 2011 Debt Posted in Bad Credit 1 Comment »

Bad Credit Home Mortgage LoanOur last post was from a reader who is looking for  a home loan and has a bad credit rating. They are looking for only $10,000 to repay their credit cards. They want to get away from the high interest rates that go along with credit cards. Credit card interest can be in access of 20%. In some cases approaching 30%. While a mortgage or personal loan can be in the range of 4 to 8 % depending on the amount being borrowed. Also security provided and the credit rating of the applicant. Consumers with the best credit ratings can find loans at rates even lower than these.

Bad Credit Home Mortgage Loan

Missing Payments Affects Credit Rating

The writer points out that they missed a few payments and this is what sparked the plunge of his credit rating. That’s right it does not take much these days for a credit report to be made to the credit rating agencies and suddenly your credit rating is in the tank and now you have to qualify for what is known as a bad credit home mortgage loan. These types of loans typically are hard to find since many lenders just will not lend money to someone with a bad credit rating and if they do they will charge a higher interest rate to cover their perceived increased risk.

They also may charge additional processing fees just in case the loan applicant defaults on the loan at some future point. This sounds onerous, however this is the way that many companies operate to protect and control their losses.

Our reader indicates that he has a decent job, a small mortgage on his home and no other loans other than the credit card balance. This type of loan would normally be a good candidate for a home mortgage loan, however due to his bad credit rating, he is going to find it difficult to find a lender.

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