Consolidating debts pros cons
A credit impaired loan is more suitable for people who have had or are currently experiencing credit issues.
If you have a low credit score with derogatory information on your credit report such as late or collection marks, to get approved for a credit card or loan, creditors may require collateral such as your car or home to be part of the agreement.If you don’t make your monthly payment on a secured debt, the creditor can legally take whatever asset you put up as collateral.If you have an unsecured loan and stop making your monthly payments on it, the creditor cannot take any of your assets, including your home or vehicle, so your property is protected; — unless they first bring you to court, sue you, and win (winning is getting a default judgment).Fortunately, for students who fell behind on their student loan payments — outstanding income-based student loan relief options are available in 2017.Here is information on private student loan relief options and here is how to get assistance with federal student loans.
At Australian Car Finance Company, we’re like a mortgage broker, but for cars and personal loans, working with a panel of lenders to help connect people with the perfect loan. We’ll guide you through the process from application to settlement.