Columbus OH
Fair To Bad Credit Loans

$3000 Loan In Columbus OH

Cristiano needs another car right away. He was driving to work yesterday and wound up in a 10 car pileup on the interstate.

Fortunately, he did not have any injuries and all of the people in the other cars survived, although there were some serious injuries for some.

The same cannot be said for his car. It was totaled and well beyond repair. He only has comprehensive insurance and liability insurance on his car so he is not covered by insurance and he needs another car immediately to get back and forth to work.

Taking a bus is not an option where he lives and works.

For the next few days he is hitching a ride with a friend who lives and works in the same area. After work today he is going to be looking for another car, a used car that is priced in the $5000 range.

Obviously it will be a used vehicle with a 30-day warranty. He cannot afford anything else at the present time and does not believe in spending very much on cars.

Cristiano has $2000 in cash savings at the present time and wants to be approved for a $3000 loan to cover the difference between what he expects to pay for another car assuming he can find one on short notice in his price range. He knows he cannot be picky since he must find one within a few days.

A $3000 Loan with a one-year term and an 8% interest rate could cost him the following:

• Loan Amount (principal) = $3000
• Interest Rate = 8%
• Term Length = 1 year
• Monthly Payment = $260.97
• Total Paid Back = $3131.68
• Total Interest = $131.58

A few days later, Cristiano was able to find a car that was in really good shape with new tires and a new muffler system recently installed. The car was available immediately and passed all required road tests and emissions tests.

While it had a lot of miles on it, the car runs great and he saved $500 as well. He reduced his loan requirement by $500 saving even more money. His $3000 Loan in Columbus OH is now down to $2500.

Cristiano was required to take accident insurance for his car to cover the loan amount. The car was used as collateral to help him obtain a really low interest rate. One of the requirements by the lender was to have accident insurance on the car payable to the lender if the car was in an accident and could not be repaired.

Once the loan is fully repaid, Cristiano intends to cancel the accident insurance and just have comprehensive and liability insurance. He figures it is just not worth it to pay for the additional insurance when the car is worth so little.

He is very happy with the car; in fact, it runs better than the one that was totaled. He has also repaid most of the loan with extra payments and expects to fully repay the loan in full after 8 months has elapsed.

While it was a scary ordeal to be in a large car pileup on the interstate, he is pretty happy with the way things have turned out for him.