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Auto Loan For $34000 Near 84095, Utah With A Credit Score Of 585

$34000 Auto Loan – South Jordan Utah, Credit Rating Of 585

  • Experian: 603 – The client had a fair Experian rating
  • Transunion: 567 – Mathew had a fair credit score with Transunion.
  • Equifax: Mathew’s Experian score was 585, which is a fair credit score using the Experian scale.

Mathew was rejected by Richfield Commercial and Savings Bank 7 times prior to being accepted by Merrick Bank at 10705 South Jordan Gateway, Suite 200

On June 24, 2012, Mathew applied about borrowing $36,000 from Deseret Bank with Eryn, their in law from just outside South Jordan, and even with the co-signer, Mathew was rejected for this auto loan. With fair credit, it can be very hard to procure funding, even with collateral and a co-signer.

Many previous requests for credit have been made by Mathew in the past, including one from Algonquin State Bank, National Association in South Jordan, Utah before Mathew was accepted for the $34000 by Merrick Bank

Mathew made 5 previous attempts to obtain an auto loan, 2 of which were with Algonquin State Bank, National Association, a bank in South Jordan, Utah known to specialize in auto loans specifically. Prior to finding Merrick Bank, Mathew was concerned due to their inexperience and fair credit rating.

Paraphrased and Standardized Quote from Mathew for this auto loan of $34000, provided by Merrick Bank

Hi, I am Mathew and my hometown is South Jordan in Utah. Salt Lake, county is where I grew up, and now I need a auto loan in Utah for $34000 to renovate my home. It has been difficult, but Merrick Bank really came through for me with this loan for 11.4% interest APR and a term of 3 years. I will repay the loan over the 3 year term, including interest. A big thanks to Merrick Bank for giving me a chance and my fair credit. It look me 5 years to create my credit to 585, and I won’t harm it any more. I’m happy with Find Texas Loans for assisting me this far.

Client Profile: Mathew Liebeck of South Jordan, Utah
  • Full name (Changed if requested): Mathew Liebeck
  • Current Credit: loans.hit.utils.Fico@1e80bfe8
  • Current City: South Jordan
  • State: Utah
  • Zip code: 84098
  • Yearly income: $60,000
  • Current Job: museum curator
  • Current County: Salt Lake
  • Goal Yearly Income: $97,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $5000

Personal Loan for a museum curator named Mathew in South Jordan, Utah to Pay Off Tompkins Trust Company Cash Rewards American Express Card

Mathew had a tonne of credit card debt on their New York Yankees BankAmericard Cash Rewards MasterCard and their Toyota Rewards Visa Signature, and they were starting to get in over their heads. Despite Mathew’s job as a museum curator, they struggled to make payments on the $28,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Fast Loans for Mathew in South Jordan, Utah to prevent bankruptcy or harm from debt collectors.

Fast loans in South Jordan, Utah aren’t actually that difficult to obtain, especially if you have some gumption like Mathew. Mathew was able to find a fast loan for $34000 from Bountiful State Bank and Bank of Vernal, but turned down both offers in favor of their auto loan from Merrick Bank. The improvement with a fast loan over a debt consolidation loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 5 weeks for installment loans. An improvement in the case that you are on the go.

Previous requests on Mathew’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$136690.00 3 10.5% $4442.76 Bank of Ephraim July 7, 2009
$136680.00 11 10.3% $1734.5 Gunnison Valley Bank October 9, 2011
$137130.00 4 10.4% $3504.37 The Helper State Bank September 19, 2012
$136580.00 4 6.8% $3257.92 Barnes Banking Company August 26, 2014

6 Months Ago, Mathew Attempted Finding a High Risk Loan for $25,000.00, but They Didn’t Find What They were Expecting

There is an existing struggle for borrowers to get high risk loans in a safe way. Many high risk loans end up originating loan sharks or similar lenders, which can be frightening to borrowers like Mathew. Mathew decided not to get a high risk loan this time. High Risk loans are generally given by lenders to very low credit borrowers. Individuals with credit ratings as low as 597 can apply for a high risk loan and possibly can be accepted.

Mathew has a disappointing current yearly income, but has several of prospects

Mathew has always wanted to be a marine cargo surveyor, but would need attend National Louis University again to achieve it. Mathew has other prospects as well, including medical administrative assistant, cost accountant, and food batchmaker, which pay $54,000 through to $94,000 per year, on average. Because of this, we think that Mathew can afford this auto loan of $34000.

Before applying for this auto loan, Mathew had an Experian score of 603, which is fair, so Merrick Bank probably cannot provide Mathew an auto loan

Experian Score: 603

Debt Consolidation Can Assist Any Deeply Indebted Borrower to Escape Bad Debts like Loan Sharks

Average debt consolidation loans range from $37,000.00 to $42,000.00. They are typically used to pay off existing high interest loans like credit cards. Mathew required a debt consolidation loan to pay for their existing auto loan and their payday loan. Mathew was able to find a auto loan in the end. Debt consolidation, or just consolidation, is a tactic in the strategic borrowing method which transfers your dirty, high interest loans to a single lower interest loan. Debt consolidation loans usually have interest rates as low as 2.6%.

Signature Loan acquired in South Jordan, Utah for $34000 with fair credit by Mathew

A lot of borrowers have difficulty with obtaining signature loans in South Jordan, Utah, and Mathew is no exception. Mathew went to 8 lenders or more prior to finding Merrick Bank, who offered Mathew a signature loan for $34000. Most signature loans simply need a client, like Mathew’s signature to obtain them, up to $23,000 in some cases. Mathew was able to get $34000 as a auto loan, which is very high for an auto loan. Because signature loans do not require a cosigner, they generally need better credit, as high as 765

When Mathew was 19, they tried to obtain a student loan from 5 alternate lenders, which damaged their credit score. Below is a chronology of Mathew’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $35,000.00 on January 21, 2009
  • Attempt 2) Loan for $27,000.00 on March 12, 2009
  • Attempt 3) Loan for $34,000.00 on February 21, 2012
  • Attempt 4) Loan for $31,000.00 on August 29, 2009
  • Attempt 5) Loan for $31,000.00 on July 26, 2009

Installment loan for Mathew, a graduate of National Louis University and a museum curator working for over $79,000 per year

Mathew, an alumnus at National Louis University and a museum curator in South Jordan, Utah needs an auto loan to purchase a car. Mathew has instead chosen to get an installment loan for $21,000 and is at present seeking lenders like State Bank of Wayne to provide it.

Mathew’s Overall FICO score at the time of acceptance for an auto loan, taking into account their museum curator job and their future career as a marine cargo surveyor

Fico Score: 585

Contact Details for Merrick Bank, the provider of this auto loan

  • Merrick Bank
  • City: South Jordan
  • State: Utah
  • Address: 10705 South Jordan Gateway, Suite 200
  • County: Salt Lake
  • Zip code: 84095

Mathew’s Transunion score was changed by the auto loan loan, changing to 567 from 585, which is typical in our experience.

Transunion Score: 567

Conclusion of Mathew’s auto loan

In the end, Mathew was able to find an auto loan for $34000 with an interest rate of 5.0% interest APR from Merrick Bank in South Jordan, Utah repayable over 3 years from today.

Will Alexander

Will Alexander has over 10 years of experience as a financial expert and writer. The goal of his work is to assist the people of Texas in finding loans for lower interest rates than they thought were possible. Will specializes in bad credit loans.

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Names of borrowers and lenders have been modified, substituted, or fictionalized for search and privacy purposes. Information presented here is for entertainment purposes only and should not be interpreted as the truth.