How Unsecured Personal Loans Can Help You Keep Your Car

David's Wish

David had never considered unsecured personal loans, until now. David Smith recently purchased his dream car – a brand new Toyota Camry. He had been wishing for a car ever since he took a job that required him to commute for an hour and a half. With a car it would only take him 30 minutes to reach his office. The company provides free parking anyway so he does not need to pay a parking fee.

Saving for the car

He had been saving the past year just so he could give a down payment. He knew before he decided to buy the car that with his current earnings he would be able to cover the monthly car payments. So he bought the car.

Then the layoff

What he did not foresee was his losing his job due to the company's downsizing, just months after purchasing the car. David is an IT Programmer in one of the biggest IT companies in the state. He had been with the company for five years. He never thought that he would be let go because he knew he had good performance and tenure in the company. But probably most, if not all of the people who were laid off due to the recession, thought the same.

Options to choose from

Now David was in a dilemma. He did not know where to get the money to pay the car payments. He is now actively looking for another job, even considering applying for low level contractual positions until he finds another job that is more in line with his expertise. He knows he'll be able to find one, but in the meantime he needs to get the money to cover the monthly payment. ... click here to read the rest of the article titled "How Unsecured Personal Loans Can Help You Keep Your Car"