title as collateral?

Unsecured personal or car loans with bad credit?
Which company’s lend to people with bad credit I went through a nasty divorce and now I need to rebuild my credit. I understand the interest will be a little higher and suggestions.

After 9 months of searching, I finally got a new job working for the federal government. The pay is exceptional.

However, I graduated college with alot of student loan debt and credit card debt. I was completely stupid, young, and naive with how I would pay for it all when I graduated. I was completely uneducated in the ways of finance and the real world. I thought I would get a job immediately. Stupid me. I suffered the consequences. Two credits cards went into collections. One cell phone bill went into collections and I was late on numerous student loan bills.

I paid one credit card in full. All my student loans are in deferment. However, my credit rating took an enormous hit and it’s rated at just under 500. Rather pathetic.

However, I need a car to get to my job. I can’t rely on public transportation as there is none available that goes to it. I rely on a friend to drive me and it’s straining our relationship so it will not last.

Thus, how big of a down payment do I need for a used car with a credit rating of just under 500?

Thanks for all the help.
In response to how I got security clearance, I had three family members working in the same agency where I got my job. They pulled some strings.

I am really getting killed by the transportation arrangement i have set up now. Let me put it this way, i am paying close to 600 dollars a month, including insurance, for a car that is worth less than 10,000. I CAN save up for a down payment or just used car but with my staggering payments it would take me about a year or more to build up a respectable DP. I need to really be saving money right now, i have no savings so if i get canned or laid off i have nothing, plus i have student loans to pay off and with this ball and chain i have no extra cash to do so. So is it possible to get financed for a car with bad credit and a small DP without getting screwed?
In reference to answer #2 I’ll restate this, WITH NO DOWN PAYMENT.

And yes i know it will not be my dream car, i just want a car that doesn’t look, feel, smell or drive like a family of crack addicts have had it.
Thanks for the detail regarding the upside down loan. Actually what i am in is a rent to own program, so i can leave the the car anytime i want for another car for only a 250.00 program cancellation fee. The reason i am in a rent to own is because my credit is not good enough to let me lease a car so i am stuck with a 2003 KIA Rio for almost 600 a month….for 36 months should i choose to follow through, i don’t i only need it for the short term.

My cousin is in debt he owes about 4000-5000 & his credit has dropped to somewhere in the 500-520 area, & plans to get a car loan for about ,000-,000 because he found a great job that & will pay him enough to be able to pay off his debt in 4-6 Months. His "Boss" told him that he needs a car or a 100% reliable way to get to & from work. My cousin asked his parents if they would get him a cheap used car but their crazy cheap & said no but that they would cosign or if he is denied that they would just get the loan in their name & he would have to pay for everything. Is this a smart move, even if the job pay really well?

Poor credit loans, no telling where the money went—Adam T4 (Flickr.com)

There are people all over the world these days that are dealing with bad credit, but they still need financial help paying for their expenses.

That is why you need to know some facts for bad credit loans that will help you see why this may be your best solution for the help you need.

These loans are specifically designed for people that have bad credit problems. With your credit being bad, many loan companies will consider you high risk.

This is something that you can’t get away from until you have your credit cleaned up.

The first fact that you need to know is that poor credit loans can help you start to rebuild your credit. When you get a loan, you need to start paying a it back when the time comes.

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It is important to be sure that you make the payments on time because this is the best way to use them to help increase your credit rating.

A second fact you need to know is that in order for you to obtain a poor credit loan, you will have to have a few things first before you even apply for it. The following are the things that every loan company is going to look for before they approve your application.

• A regular income
• Pay your bills on time
• Not having a sever debt

There may be other things required, but it will depend on the loan company you use. One thing to realize about bad credit loans is that knowing your credit score is imperative before you apply for a loan.

You have to be aware of your current credit score and you also need to thoroughly check over your history. This will allow you to start cleaning up your credit and to correct any mistakes or inaccuracies.

The easier it will be for you to get a loan when you know more about your credit score and credit history. If you history or score is really bad, then you may have issues getting any loan.

Loan companies have to be careful about the people that they give bad credit loans to since they want to make sure they will get their money back for the help they provide you with. Not everyone that has bad credit will be able to do this.

You need to realize that with so many different loan companies available these days, it is smart to check with more than one for a loan.

The third and last fact you need to be aware of is that it is important to be honest and up front with the lender about your bad credit. Don’t try and hide this to get the loan because it will come back to haunt you.

The more honest you are and the more you are doing everything you can to clean up your credit, the more likely you are that you will get a loan. Now that you understand these 3 facts about bad credit loans, you have a good idea of what needs to be done to ensure that you have a good chance of getting the loan you need.

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