Tips for Making a Big Purchase with Bad Credit

Tips for Making a Big Purchase with Bad Credit

If you are part of the one-third of Americans who have poor (or slightly above poor) credit, you may already be aware of how difficult making a big purchase can be. Being able to afford a big purchase is an even bigger challenge if you are a single woman who is responsible for paying the bills.  Whether you live on your own or if you have kids, life happens and unexpected expenses pop up at the worst of times. Paying for these large expenses can feel almost impossible when your credit score is suffering.

Currently in need of a way to pay for a major expense with bad credit? You are not alone! Even with one income and a less-than-desirable credit score, you have resources available to utilize. Here are several options to explore when making your next big purchase.

Apply for a Bad Credit Personal Loan

Personal loans can be used on a wide range of surprise expenses. Whether you’re in need of a new car, a new HVAC unit, or you need to take care of multiple emergency expenses, these loans offer tremendous flexibility. Thankfully, there are numerous personal loans for bad credit applicants, typically ranging between $1,000-$100,000, which have little to no credit requirements for borrowers. Additionally, these loans can be applied for with one income.

Discuss Special Financing Options

Need a new roof, a major car repair, or some other big service? Speak with the company you are working with to discuss special financing options. Some companies can create a payment plan for their services, or offer their own financing. Most companies who provide these options do not require a good credit score to make the arrangements.

Get By with Alternative Options While Building a Savings

Did your washer or dryer break? Rather than trying to finance a new washer or dryer, consider using a public laundromat while you save cash for the purchase. Did your car recently break down? If there are other options that you can utilize temporarily (e.g. public transportation, biking), you can wait to build your savings to have a healthy down-payment. Instead of immediately running out to make a big purchase, get creative and see if there is a way that you can save for the purchase.

Big Purchases ARE Possible with Bad Credit!

While having bad credit isn’t an ideal situation, you can take comfort in knowing that there are more options than ever before to help you make large purchases with less than perfect credit. If you currently have bad credit with one income and need to make a large purchase soon, consider the three options outlined above to see which one will work best for your individual situation.

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