Getting an emergency bad car loan might come about when you need a vehicle for work. Even I had to face that with my sales work that it was necessary to have a vehicle or face losing my job, especially as my car absolutely needed servicing. However, my credit was so bad that normal lenders just laughed me out of their offices until I found a way of getting quick assistance and resolving my debt issues at the same time.
I had been struggling financially as my industry was in a bit of a slump. I had spent my money unwisely on parties and clothes, getting behind so much that I could ill afford to have my car serviced. I knew that I was at the breaking point when my breaks went in traffic and I faced losing my job, but even more if I spent money that I needed to get groceries. It was a dilemma that I regretfully have to admit that I caused myself through bad money management.
So, how could I get an emergency bad car loan? Well, it was a question of finding a lender that wanted me to have some money to put forward up front and I had to face that as a homeowner that I had to look at the possibility of using my home equity as collateral. However, there were other things that I found could help me drum up the funds and get myself back into a better financial position:
researching whether my bank or another lender could give me good rates and cheap monthly repayments
calculating if i had paid enough of my mortgage to give me 75% ownership in my home for an equity loan
which lenders would include their fees and charges within any potential loan
how bad my credit was and if i could consolidate my debts into my equity loan
seeing if i could get an increase in credit on my existing credit cards
seeing if my insurance would cover the costs of the new breaks
seeing if a lender would give me a loan against my car without taking possession of it whilst i paid off the debt
asking my family and friends if they could co-sign for a loan if my credit was not sufficient to get the loan i needed
asking my family and friends if they could lend me the money versus me getting a loan
Though getting an emergency bad car loan is not possible for everyone, I was very lucky as my bank finally agreed to give me a chance. They even afforded me lower rates and monthly payments for five years until I had got myself back on track.