Banks have tighter credit criteria and if you don’t have a stellar credit line, then you probably will not ever get a new loan from the bank given the current financial condition. The answer to this predicament is simple: Don’t get a loan. Avoid it as much as possible especially if you want to loan to be able to pay for a mortgage or another loan. You’ll only find yourself in deeper trouble if you keep doing this.

If you are not someone in the same situation as mentioned above, then you probably want to buy something just to satisfy the constant “need” to buy. Let’s define need. A need is something essential. If you super downgraded something you “want”, then that probably will pass as a need. For example, if you want to buy a car that would take you to the office, you might want a Mercedes Benz but can only afford a Toyota sedan (a need). The Toyota can take you to work as much as the Mercedes Benz can, so quit arguing because this is what you need.

I’m telling you to shift to a lower, but a still comfortable, livable lifestyle (a Toyota won’t kill you). That was just an example, as buying a car would mean you’ll definitely have to apply for a loan. This kind of beats my point on “loan avoidance”. Unless you plan to buy using cold cash—which is a no-no, you don’t want to spend all your cash at once. But if you need to buy a car and you want to apply for a car loan but are having difficulties with the bank, you might want to have someone guarantee the loan for you. Someone with an excellent credit line, like your Parents, probably. Spending is okay, but buying unnecessarily expensive things is not a good thing to do, remember the needs and wants.

Getting a loan is a tough thing to accomplish. If you really need to, then hire a broker or a loan specialist to do the job, they can help you negotiate for the best loan package. According to CNN, an ideal borrower is someone who doesn’t need money. Ha! Moreover, an ideal borrower is someone who has a high credit rating/score, a stable job, and plenty of equity in their home. That’s pretty much what you need to do if you cannot get a loan. That’s to keep your job stable, have a high credit rating and have plenty of equity in your home. In fact, if you don’t need to resort to mortgage, then don’t ever apply for a mortgage. Keep your lifestyle simple, it will help you and the economy in the long run.

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