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Don’t Let Bad Credit Stop You From Buying Big-Ticket Items
Every year, tens of millions of major purchases are made by Americans. Some of these purchases are necessary, such as homes, automobiles and home appliances. Others – like televisions – may be luxury purchases, but nevertheless are common household goods that many feel like they need. For many of these purchases, credit is used to facilitate the up-front purchase. Even those with the means to pay in cash often use credit as a responsible alternative that ensures a stable credit history and reporting.
Yet not everybody has the means to utilize credit to make big expenditures. Recent studies show that roughly 1 in 3 Americans have either bad or poor credit scores, thereby limiting their access to vital lines of credit for major purchases. Many of these individuals have found ways to circumvent this reality, instead, relying on their ingenuity to secure funding for the purchases they need.
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Are you facing a situation where the purchase one or more big-ticket items is necessary, yet you’re not sure what options exist? Let’s review what you can do to avoid letting bad credit stop your purchases from becoming a reality.
Sell Unused Goods
Those who lack access to reliable lines of credit and who don’t have a sum of money to cover the costs of big-ticket items have to get creative. One of the first courses of action any person should take is in evaluating the number of items and goods they have at home that they do not need. These unused items often depreciate in value over time and clutter the home, meaning that they are providing no tangible value to you in their current state.
There are a few methods through which you can covert unused goods into cash:
- Yard sales. Setting up an outdoor venue for selling the unused items you’re keeping is an easy way to make some extra cash that can be used to purchase big-ticket items. It’s a straightforward process: advertise your yard sale, set up your outdoor area and haul out the items for sale. You can even bring in a neighbor or two in on the action to bolster appeal, driving more traffic into your area due to a larger number of items for sale. Best of all, using this method means it’s easy to set up and take down your yard sale after you have pocketed some easy cash.
- Flea markets. Not everybody has the option to sell their unused goods outside their homes. Whether it be due to your home’s geographic isolation or city/apartment rules, taking advantage of local flea markets is the next best option. Even better, these markets bring tons of traffic on their own, minimizing any need for you to promote what’s available. While you will have to haul your items to and from the venue, the added foot traffic makes it an appealing option when seeking to earn a bit of extra cash.
- Virtual marketplaces. In the age of the internet, it’s now easier than ever to find people who want to buy what you have to sell. If you’re saving for a big-ticket purchase and want to unload a few more valuable items, then using online marketplaces may prove to be the best option. In addition to major marketplaces such as eBay and Amazon, there are also local-centric solutions such as Craigslist and Facebook Marketplace that help connect neighborhood buyers and sellers.
Depending on the size and value of the item, you’re likely to find at least one interested buyer for every unused item or appliance you currently have. By liquidating these, you’ll be able to build a base of liquidity for future big-ticket purchases.
Consider Payday Lenders No Credit Check
Sometimes, the need for a particular purchase cannot wait. While we can all certainly put off the purchase of a new television until next month, other items – like refrigerators, heating and cooling systems, and even vehicles – are often needed as soon as possible. In times such as these, relying upon lending services that will lend to those with bad credit becomes paramount.
- Identity verification. First and foremost, payday lenders no credit check must establish that you are who you say you are. This involves confirming your identity through one or more forms of government ID (driver’s license, SSN, passport, etc.). They will also generally require a telephone number and an email address as methods of contacting you post-approval.
- Employment check. Before any payday lending service can approve you for a loan, they must first verify that you are either employed or have a consistent source of income. For most, this will be via a pay-stub or employer check, but other methods (such as proof of Social Security or disability income) can also be used.
- Income verification. Even with proof of employment or a consistent source of income, most cheap payday lenders will still want to verify that you have a set amount of income coming in consistently. As such, you should be prepared to provide bank statements for the past 2-3 months whenever seeking a payday loan. By proving that your income is consistent, you demonstrate that you are at a lower risk of defaulting on your loan.
Get a Secured Credit Card or Loan
If you have time to spend improving your overall credit before you need to make that big purchase, then it is highly recommended that you invest in a secured credit card or secured loan. These financial instruments work similarly, albeit through two unique methods:
- Secured credit cards can be obtained by anybody who has a set amount of cash that they can part with temporarily. Most entry-level secured credit cards offer lines of credit in the $100 to $500 range – which is the same amount of cash you’ll need to provide to secure the card. These cards work by collecting 100% collateral relative to the line of credit you’re provided. You can then use the card just like any other credit card; as long as you pay your monthly bills on time, you’ll see improvements in your credit. Many people have seen their credit scores improve by anywhere from 50-100 points within just a few months of using one secured credit card responsibly.
- Secured loans are a bit different, but the process is similar. Instead of being given a line of credit, you receive a loan much as you would through any payday lender or traditional bank lender. In order to receive the loan, you will be asked to put up a set amount of collateral in advance. Depending on your exact credit situation and income, you may be asked to put up some or all of the amount you’re borrowing. This also can improve your credit in the interim and may remind you of pawnshop loans in terms of the broader arrangement.
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Juggle Your Existing Budget
In almost every person’s life, there are budget expenses that are simply unnecessary. While changes to your budget may not provide immediate relief or the ability to pay in cash for big-ticket budget items, making these changes can help save money over time toward such investments. Additionally, it’s just a smart decision to make.
There are several common areas where people tend to waste money that could otherwise be saved for bigger and more important expenses:
- Credit card debt. If you’re using a secured credit card and paying your bills on time as recommended above, then this is a perfectly acceptable outcome. However, maintaining large amounts of unsecured credit card debt simply results in tons of wasted money in interest payments. Your goal should be to eliminate this debt as soon as possible.
- Eating out. So many people love to sit down at a restaurant and enjoy a good meal, but it is a waste of money in most situations. Especially when struggling to pay for bigger expenses, eliminating these expenditures from your budget can quickly add up – and it’s not just fancy restaurants that should be curtailed. Drive-thru, fast-food, coffee runs, and other similar forms of eating should be cut as well.
- Unused subscriptions and memberships. How many services are you currently paying for that are truly necessary? Whether it be gym memberships, music subscriptions or monthly memberships to online clubs, these seemingly small individual charges can quickly add up. Many people find it easy to free up $30 or more per month just from eliminating these unnecessary expenses.
- New and designer clothes. Let’s face it: we all need new clothes every now and then. But “new” doesn’t always mean off-the-rack or premium. With many thrift stores, consignment shops, and discount retailers, paying full price for clothing is a waste. The average person can save several hundred dollars per year just by adjusting where and how much they spend on clothing.
Make the Change
So many people struggle with big-ticket expenditures. Fortunately, a variety of immediate and long-term changes can make it easier to handle these purchases without discomfort. From changing personal spending habits and selling unused items to improving your credit score and borrowing from payday lenders when absolutely necessary, tackling these challenges – even with bad credit – is a surmountable task.
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