Our applicant today wants to get a car loan of $45,000 in Cambridge, Oh as he is interested in buying a brand new (of the floor) Chevy Volt. He is very excited about having an electric car for commuting to and from his work at the Cambridge Home Depot.

Our applicant has a bad credit rating and because of that he has been denied a car loan from his local bank branch (Peoples Bank).

His credit score comes in JUST BARELY above the 600 mark, so his choice of APR is going to be limited.

Keep in mind that even with a bad credit score an applicant can become a successful borrow at a higher than normal APR. As long as the applicant’s DTI (debt to income ratio) is not too high and they have a solid employment background, AND the vehicle they are purchasing a brand new vehicle (for the sake of collateral). This way the lender will have the ability to reposess and recoup some of the losses if the borrower fails to make their monthly or biweekly payments. This is usually never necessary luckily.

The APR on a car or truck loan can be as high as 12% depending on all factors in the applicant’s loan request. I have handled applicant loans that have been approved with APRs as low as 8% for applicants that have bad credit ratings.

This borrower is not in any kind of mad panic to get his loan approved overnight, or even in a couple of days. He is actually willing to wait a couple of weeks for our staff to find him reasonable lender that will charge him at reasonable interest rates for a 5 year total term.

Bad Credit Auto Loan for $45,000 in Cambridge Ohio – App Form Disclosure

Bad Credit Loan Car Loan Amount — $45,000 for Chevrolet Volt

Bad Credit Loan Car Loan Application Speed — Two week please as I need to buy this vehicle fairly soon. One week would be even better. I don’t want to use dealership financing because their APR is too high in my opinion. I tried my Bank Branch here in Cambridge and they will not lend me the money. My score is quite bad with Equifax for some reason. My score with TransUnion is better, and my score with Experian is the best by quite a bit.

What is the purpose of loan? — I want to purchase a brand new Chev Volt right of the dealership floor of a dealership in Cambridge

What City/Town, State and County do you live in? — Cambridge, Ohio – Guernsey County

Zip — 43725

What is your employment field? — I work for Home Depot in the City of Cambridge

Employment Position — Paint Division

When are you paid – gross amount per month? — $1650 monthly and $825 every two weeks.

Your credit rating to be – excellent, fair, or bad? — Fair – FICO score of 620

How did you find us? — Using Google and from a friend’s recommendation.

Bank Name and Branch — People’s Bank – Wheeling Avenue Branch (43725)

How are you paid? — Direct Deposit – EFT

Gross Amount Per Paycheck — $825

How much do you take home per month after deductions? — $1,360

How much do you pay for rent or mortgage? — Rent of $350 as per my share with roommates.

Bad Credit Auto Loan in Cambridge Ohio – Creditor Responsibilities – DTI

Other loans you may have – payments per month — I have a personal loan with my bank (Peoples) for $7500 and my monthly payments are $523.

Any other substantial creditor payments you make each month — I have Visa Card with the People’s Bank as well and I make monthly payments in between $100 – $300 depending on my spending that particular month.

Do you agree to have this information published online, minus your PRIVATE information? — You can use this at will as long as you agree to change my name to protect my privacy.

Any extra information here please — I am a reliable employee and I work very hard to keep customers happy and my boss happy. I have a great reputation at HD and I have a great local reputation in Cambridge for honoring my commitments – financial and otherwise. I still am not quite sure why my FICO score is so low and why my overall credit rating is considered to be bad all ’round.

Bad Credit Auto Loan for $45,000 – Cambridge Ohio – Staff Notes

Staff Only – Borrower/Applicant DTI (Debt to Income ratio) — DTI comes to between 45-65% depending on this applicant providing a full disclosure of financial responsibilities to local and national creditors. Will follow up on this applicant’s application this afternoon. Will advise Kerry of the results of the credit check and status of the application.

Staff Only – Note to Possible Lenders — Lender’s are recommended to qualify this applicant for the loan as requested on a new car rate of 8%, ONLY if the disclosure and application information pans out. We are looking for one more lender in the Cambridge Ohio area that may be able provide a lower APR. Will also advise. This application may take 3 days to completely process due to shortages of staff at Ohio Loan Find and at the lender’s office in Columbus.

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