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.

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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 thousand 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 Credit. 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, but I was wrong.

Fingerhut and 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. 

Sure, you pay a little more than you would if you purchased the same product at Walmart, but Walmart is not offering easy credit approvals. Fingerhut will grant credit to anyone who asks for it. They'll take a chance on you when others won't.

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 companies like Gettington that also report to the three major credit bureaus. When you’re trying to rebuild credit, every little bit helps.

If you fail to qualify for traditional credit, they also offer a "Fresh Start" program that requires a small down payment but the credit building benefits are the same. If you handle your account responsibly, Fingerhut will reward you by raising your credit limit as well as your score. 

Please comment below and share your experience with Fingerhut!

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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. Now I'm going to tell you the truth.

Credit repair companies "DO" work!

The Credit People deleted at least 50% of the derogatory items from my credit reports within the first 6 months. Items started falling off within the first 45 days. Each credit bureau is addressed separately and has its own criteria as to what is removed and when.  

The Credit People are so confident that they can assist in cleaning up your credit that they offer a 100% money back guarantee if you do not see considerable improvement after using their services. You would be hard pressed to find a better guarantee anywhere. 

The cost is just $419 if paid in advance, compared to the industry standard of $1200 a year!

Disclosure: The link below is an affiliate link. This means that I receive a commission for each referral. If you decide to call "The Credit People" rather than sign up through the affiliate link, please supply them with Affiliate ID: 12764. Thank you for your continued support!

*Please email me immediately after signup for more details!

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