How you too can acquire a poor credit auto loan. Also I will show you how you can clean bad credit in the process.
I was laid off about two and a half years ago and since I could not find a new job lost my house to foreclosure. I also lost my car to repossession since I could not afford the payments or the expense of bankruptcy to stop them. I finally found another job but the constant calls were endless and I was too far behind so filed for bankruptcy. A relative short time after that I acquired my poor credit auto loan. I am going to share with you how I did it and how you can do this also.
Our history of making payments on time has the most affect on our credit so I applied for and got a credit card. I used it sparingly and made payments on time to assist in rebuilding my credit. Having even a short history of on time payments is very helpful in obtaining a poor credit auto loan.
Paying down our balances; if you make payments without using the new available credit it will improve your debt to credit ratio. As I only had one account this was easy for me but you get the picture.
Be responsible financially; by saving money to use for my down payment I showed I was capable of managing my money wisely.
Referrals; I requested a referral from my landlord showing responsible payments even through the tough times. Referrals from Phone Companies and utilities work also in getting your poor credit auto loan.
In just months I was able to go to a well know dealer who dealt with poor credit auto loans and get my loan. I had to explain why I had poor credit and ended up paying high interest but I drove away with a car.
There is something that could have saved me some explaining if I had know about it. We are allowed to write and have added to our credit file a 100 word or less statement. I could have used this to explain my situation.
By making your payments on time, paying down your account balances, being financially responsible, collecting referrals and being prepared to explain bad credit, you too can get a poor credit auto loan.
After losing his job, his car, and his home, Alex Nebwalz didn\’t give up. He fought hard to regain his life and his credit. Now, after 2 1/2 years he has repositioned himself and talks about it at his website cleaningupcredit.netwhere he writes about how you can improve your credit report, get mortgage loans for bad credit, the poor credit auto loan and how to clear bad credit.