Can you get a car loan when you can't even pay your monthly bills?
What Gary did is the worst thing possible to do. He lied on his credit application. And from the sounds of it, the car dealership recommended that he lie about his financial information.
This video is U.S. based, however, the same ads to help build your credit by getting a car loan appear in the newspapers in Canada.
The reason this guy has bad credit in the first place is because he's very interested in cutting corners. He's willing to lie about his financial situation to get himself a new car which he can't afford in the first place.
The same principals apply with debt. Make sure you have a cash reserve in your bank account in order to offset any emergencies you may have. Be patient while you save up your money. This is especially true when you're pulling out of a bad financial situation. Gary is perpetuating his bad situation by taking on more debt that he can't afford.
And... by the sounds of , this fellows new car, is going to cost him several more thousand which he'll probably put on a credit card!
SEE my previous post
Repair your credit with an AUTO LOAN?
Talk about this in our Auto Loans Discussion area.
