Santander: Voted #1 for Bad Credit Auto Loans

Securing a car loan with bad credit is hard enough but add in the current state of the economy and it gets even tougher. For the person with less than stellar credit, this generally means a large down payment or the need for a cosigner in order to get that new or used vehicle you’ve had your eye on.

“Santander Consumer USA” is a company that specializes in financing people with poor credit. They are typically known for buying bad auto loans from some of the larger, more popular finance companies and taking on the risks that come along with them.

Santander will generally finance you when other companies won’t. Be prepared to pay a higher interest rate though because they want to be compensated for taking a chance on a high risk buyer. This is understandable though as they are only trying to protect their interest. No pun intended.

Santander is also your best bet for auto loan refinancing if you would like to lower your current monthly payment by a couple hundred bucks. During the refinance process, most people are generally able to skip one to two payments before your first payment to Santander is due.

Should you decide to go with Santander I do offer a word of advice. Don’t ever be late on your car note because if you are, they will ring your phone off the hook like nobody’s business. If you’re being hounded by bill collectors now, then trust me, those calls will be nothing compared to the collections department from this company!

If for some reason you find it difficult to make a payment, Santander will work with you. If you are running short one month, they will allow you to make a partial payment which is generally one half of your regular car note. They will also defer up to two payments and tack them onto the backend of your loan if needed. If you’re still having trouble paying, they will offer to cut your loan payments in half for six months to allow you to get caught up on other bills.

Although I’ve never personally experienced this, I do know two friends who’ve gone right up to 90 days late without having their cars repossessed. A word of caution, though… Santander gets more nervous than a long tailed cat in a room full of rocking chairs once you approach 90 days past due, so it’s best to not push your luck!

Finally, a google search on the company will reveal a host of horror stories that make Stephen King novels look like children’s books in comparison but Santander seems to have cleaned up their act over the years and are a great option if you often find yourself living on the financial edge.

Student Loan Rehab Program

In today’s economy when things get a little tight and the bills come due, student loans, if you have one, are the first thing that most of us are willing to let go unpaid. Part of the reason is that our government is very lenient when it comes to paying back student loans.

They can afford to be lenient because they know they are going to get their money back one way or another, but if you should ever default on your student loans, they have this neat little thing called the “Student Loan Rehab Program.”

Once enrolled in the program, you are only required to make 9 consecutive payments without going 20 days past the due date and then you are eligible to have the remaining balance of your loan refinanced by a new lender and bring your loan out of default.

Once you are out of default, you are now entitled to all the same student loan benefits that you were entitled to before you defaulted on your original loan. This benefit is priceless when you consider that upon completion of the program, your credit score will improve in the process!

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Student Loans Never Die…Unless You Do First!

People always ask me if there is any way that they can get out of paying back their student loans and trust me, from having student loans myself, I’ve given it a lot of thought and have come up with 3 ways to get out of paying back a student loan and one of them is “death.” If you die, the loan goes away. Now, if you’re not quite ready to go that far to escape payment, there are two other ways.

The next way to avoid payment is to never work another day in your life. Or at least not for a legitimate company that pays your wages via W2 every year. You could just get paid under the table for the rest of your life. It may sound crazy but I know people who do this just to avoid paying off their debts.

The final way, although I would never recommend it, in theory, should work. Since student loans are one of the few loans that cannot be discharged through bankruptcy and are generally only forgiven by death, the only workaround is to charge all your student loan debt to credit cards and then file bankruptcy. And there’s your loophole!

Again, I would never recommend filing bankruptcy unless it was an absolute last choice with no other options. Having said that, for the many people who are several thousand dollars in standard debt and then owe several thousands more in student loan debt for themselves and or their children, this might be the way to go.

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Fingerhut: The Quickest Road to Credit Repair

Forget what you may have previously thought about Fingerhut. I am here to tell you that I too, used to think of Fingerhut as just another junk creditor that served no purpose other than to sell overpriced merchandise to anyone willing to pay for it… I was wrong.

After conducting several google searches, I found out that Fingerhut not only reports to all 3 major credit bureaus, but they also grant regular credit line increases as long as you pay just a little more than the minimum monthly payment due.

Sure, you pay a little more than you would if you purchased the same product at Target or Walmart, but Target and Walmart are not giving away free credit. Fingerhut will literally grant credit to anyone who asks for it. They will grant credit even if you don’t.

They generally send out free catalogs to just about anyone, much like those disks that AOL used to send out back in the day for cheap Internet access that mostly ended up being coasters for people already signed up for Cable or DSL.

Fingerhut will approve anyone and everyone and if you are responsible with your newly granted credit, Fingerhut will reward you handsomely for your loyalty. If for some strange reason you don’t receive a Fingerhut pre-approved credit offer in the mail, all you have to do is visit and apply directly online.

The best part is that once you are a Fingerhut customer in good standing, you will then start to receive pre-approved offers from similar lesser known companies that also report to TransUnion, Equifax and Experian credit bureaus. When you’re trying to rebuild your credit, any creditor that reports to the 3 major credit bureaus will certainly help with that effort.

Wouldn’t you pay a tad bit more for merchandise if you knew it would lead to pre-approved credit offers from other companies that will help you to rebuild your credit? I know I would and I’m sure that you would to.

Fingerhut and other companies like it are small credit offerings but the value that they bring to your overall credit profile can be a huge factor towards getting approved for Visa, Mastercard, and department store cards down the line. Don’t miss out on this great opportunity!

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The Credit People: Voted #1 For Affordable Credit Repair!

We’ve all heard stories from the media and businesses with an agenda that would like nothing more than to convince you that credit repair companies are a waste of time and money and do not work.  

They’ll tell you that credit repair is something that you can easily do yourself without spending tons of money hiring someone else to do it for you. You hear it so much from the media, credit bureaus and the like, that you become brainwashed into believing it just by sheer repetition. Now I'm going to tell you the truth.

Credit repair companies "DO" work!

The Credit People deleted 50% of the derogatory items from my Equifax credit report within the first 6 months. Items started falling off within the first 45 days. My TransUnion and Experian credit reports were also improved but not to the extent of my Equifax report. This is not a bad thing once you realize that each credit bureau is addressed separately and have their own criteria as to what they remove and when.  

The Credit People are so sure that they can help clean up your credit that they offer a 100%, no questions asked, money back guarantee if you do not see considerable improvement within the first 6 months of using their services! I promise you that you won’t find a better deal. 

Lastly, the link in this paragraph is an affiliate link, meaning that I get paid a referral fee for each new sign up. I do not charge for the information that I provide here but the money I make from referrals lets me know that my readers are appreciative of the hard work that I put into my weekly blog posts. If you decide to call "The Credit People" rather than signing up directly through the affiliate link in this paragraph, please supply them with this Affiliate ID: 12764. Thank you for your continued support!

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