subject: Getting a Bad Credit Car Loan by Consolidating Existing Debts [print this page] Getting a Bad Credit Car Loan by Consolidating Existing Debts
Getting a bad credit car loan by consolidating your existing debts may sound good, but is it right for you? I spent time in the past, living from paycheck to paycheck, barely having a penny to show after I paid off what I could with my bills and yet I had to own a car. Had I really planned things properly, I wouldn't have gotten myself to the point where I began to have more to pay than I could afford, finally ending up in serious debt.
I admit that I was on the verge of losing my home because I couldn't pay my monthly repayments and I was very close to having to declare bankruptcy. I couldn't get to work without a car, as there weren't any public buses running to the area that I worked in. In the end, after speaking to a financial advisor, it was suggested that I try for a consolidation loan to cover my existing debts and secure that car that I desperately needed.
So, was getting a bad credit car loan by consolidating my existing debts easy? Far from easy, I can assure you, but it was the best option at the time for me. However, I had to learn a lot about how debt consolidation worked and how it could help me. Have a look at these:
debt consolidation helps stop your creditors' calls and the demands for money
debt consolidation can help reduce your car loan payments and other debt payments, bundling them all into a single monthly repayment
debt consolidation is not guaranteed to stop bankruptcy, but can keep it at bay
debt consolidation can rebuild credit and let you move forward with life
debt consolidation can help if your outgoings are greater than your incoming
debt consolidation can eliminate car and other debt interest and late payment type charges
you can use the equity in your home to deal with bad credit car loans and get rid of other debts
Getting a bad credit car loan by consolidating debts into one single loan did help me. I had to get my home valuated and had to use my home as collateral for the loan, but in the end, over the past five years, I have not only paid back the debts I had, but been driving my car and paying back my loan faster than I had expected. It was the best choice I ever made.
