A new car may make it easier to get to work on time. Getting a larger apartment or larger home may make it easier to fit your growing family under one roof. However, your credit score or history may make it impossible to meet your needs. Let’s look at what you can do when poor credit keeps you from what you want or need.
Pay for Items with Cash
It is possible for someone to have money in the bank and still have a poor credit score. This could happen to a person who dealt with an unexpected medical issue or otherwise had to file for bankruptcy. If your credit isn’t good enough to get a loan, dipping into your savings may be worth it to pay for the car, home or other item that you truly need.
Work with a Lender Who Can Work with Where You’re At
Working with a credit lender who is able to work with your bad credit may make it possible to get the money needed to finance a purchase. In some cases, you may be able to start rebuilding your credit by making timely car or other loan payments from a lender like AutoStart. Loan terms may be flexible and affordable enough to make a purchase without it necessarily ruining your short or long-term budget.
Lease or Borrow Instead of Buying an Item
Instead of purchasing a home, it may be best to simply lease one or live with family or friends. Leasing or renting a vehicle may also help you get access to reliable transportation without your credit being a stumbling block. This strategy may work for any other item that you may need such as heavy equipment or office space to run your business.
Bartering May Be a Solution
Instead of trading money for goods or services, you could look into trading your time or skills for the things that you need. For instance, you could offer to make repairs around the apartment complex in exchange for a place to stay. You could also find a vehicle or other items at below market value if you are willing to fix them and get them back into working condition.
Having poor credit doesn’t mean that you can’t have the things that you want or need to maintain a reasonable lifestyle. By working with a bad credit lender, bartering or buying items with cash instead of credit, it is possible to provide for yourself and your family.
Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.