Loans For Those With Poor Credit

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Question:

I am in dire need of puchasing a used car. The only problem is that I have somewhat limited and poor credit. I wastold that I will need a co-signer but I can't find anyone to do it!! What I would like to know is if anyone or any financial institution would loan me the money if I had my pay checks direct deposited to that institution and I authorized them to deduct my monthly payment before I even saw my money? I know I can afford to do this, I gross $1280.00/month and I would need a loan for $14,000 to purchase a 1998 vehicle with 60mos. to pay it back. Please tell me if I there is any hope out there for me.

Answer:

A co-signer adds someone responsible to pay the debt in the event you cannot. Direct deposit and funds transfersmay be stopped at any time and are not either collateral on a loan or an alternative source or repayment.

Each lending institution will have it's own underwriting criteria. You may want to try another lender willing to accept the risk that your application has.

First published on BankersOnline.com 10/1/01