Auto Loan for People with Bad Credit
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My credit score only left me with one option – to take out an auto loan for people with bad credit
This is a consumer account of how living a high life he couldn't afford led him to taking out an auto loan for people with bad credit.
‘When I graduated from college I had federal loan debt up to my eyeballs. This is not unusual, but I managed to secure a good job with an I.T firm and worked my way up the ranks in the next few years to become manager. I started to pay off chunks of my student loans but the lure of the good life got the better of me.
I bought an apartment in NY that I could barely afford. My credit status was good up until this point so I took out loads of credit cards to buy furniture for the place. Then the lure of a Porsche got the better of me and I got a huge auto loan to finance the purchase. This was not an auto loan for people with bad credit at this time as my credit score was way above average. It felt great at first but then my financing mistakes started to catch up with me.
The credit card bills started arriving and I just couldn't keep up with the monthly repayments. I skipped mortgage payments on my apartment to pay off other stuff and I missed a few payments on my autoloan just to make sure that I could eat. I began to realise that the extravagant lifestyle I had created was going to land me in big trouble. Eventually I had to give up my apartment, got the Porsche repossessed and walked away lightly with two CCJ's and a low credit score. The only auto loan I can get at the moment is an auto loan for people with bad credit because of my own foolish mistakes.
Now, I look at the VW Passat standing in my drive that I purchased using an auto loan for people with bad credit and realise what a big mistake I made in the early years of my life. If I hadn't been tempted I wouldn't be sitting here now in my modest home with a car bought with an auto loan for people with bad credit.
Fortunately I can now meet all my repayments including my auto loan for people with bad credit that I have taken out. My credit score is improving over time but even if it does get back to anywhere near its normal status I will never make the same mistake again. I found the whole process of applying for an auto loan for people with bad credit shaming. I know that bad credit is nothing to be ashamed of but because I landed myself in the mire I never want to have to take out another auto loan for people with bad credit again. This is a promise I have made to myself.'