How One Couple Worked to Rebuild Their Bad Credit
Michael and Jennifer are a young couple who struggled through some tough times back with job layoffs that lead them into some serious financial challenges a couple of years back. The pair had managed to rack up a bad credit rating and were feeling hopeless despite really needing a car to get to and from their jobs. The pair were referred to the Car Lot etc by the bankruptcy company they worked with. Fortunately they were able to apply for car financing with the Car Lot.
Jen says, “The team at the Car Lot etc were really helpful in guiding us in rebuilding our credit once we got our car financing. They showed us that even though we had bad credit and we were paying a higher interest rate because of that, they reminded us that our situation wasn’t a forever thing. Moe from the Car Lot worked out a credit rebuilding program with us that involved us focusing on making our monthly car payments on time for the next couple of years and then they might be able to work with us to offer us a different solution after that two year period.”
Mike added “the Car Lot etc is one of the few Car Dealerships that works with a financing company that actually reported our good payments to the Credit Bureau so that we had a record of good payments in our credit history report.”
The couple managed to meet their monthly car payments for two years and were able to go back to the Dealership and trade in their vehicle and secure new financing that ended up being at a much lower rate.
Moe Jolly, CFO at the Car Lot etc says “We really try to help people who have gone through a difficult personal situation rebuild their credit. There are a few options and the finance company we work with documents and reports their good payments so that people can rebuild their credit and move forward with their lives. It’s a great feeling helping people,” comments Jolly