First time car buyer with derogatory credit

First time car buyer with derogatory credit

Getting a loan from a bank is a tricky issue for someone like me. You see, many years ago, I had almost seven credit cards, which I maxed out almost every month. Finally, when I couldn't even afford to pay the interest, I cancelled the cards and had to pay off the outstanding debts by installments. Needless to say, I had a bad credit score, otherwise known as derogatory credit.

Recently, I found a very good job doing medical sales. The basic pay was great and the commission was attractive as well. The only problem was that I needed to own a car in order to get the job. For a first time car buyer like me with derogatory credit, I found it extremely hard to secure a loan to buy a car.

I called up many auto-financing companies in Arizona, but was immediately turned away when they heard of my outstanding derogatory credit loans. One of them even laughed like a hyena and told me it was impossible for me to secure any car loans.

I was pretty much disheartened after that phone call. I was too embarrassed to ask my relatives or friends for help. I was convinced that no one would lend me such a huge sum of money, especially with my credit history.

I even considered taking a loan from a loan shark but they charged an interest rate of 20 percent per month. The horror stories that I have heard about loan sharks harassing people for payment were enough to deter me.

I was on the verge of giving up and turning down my dream job when I chanced upon an online auto finance company. On their website, they claimed that they entertain customers with bad credit score and the whole application can be done online.

I was skeptical but felt that there was no harm trying. One of the staff members from the online auto financing company then called me. His name was Greg and he actually spoke in a pleasant manner, a far cry from the other auto financing companies I have called previously.

He was very understanding towards my situation and then went on to explain that their company was one of the top auto financing companies online. He said they also tried to help customers with existing bad credit auto loans. He then asked me to fax over some important documents.

Within a coupe of days, my loan was approved.

I am now driving a brand new Fiat and my sales have been steadily increasing over the past few months. I aim to be debt free by the end of next year. I am forever grateful to Greg and his patience. We have become good friends since and I have recommended many more clients to him.

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