Anyone have any bank connections?
10-31-2004, 10:31 AM
#1
Former Moderator
Thread Starter
Anyone have any bank connections?
Hey guys, i need a loan. My car loan has an intrest rate of 9.8% and its killing me. Ive seen credit union loans as low as 4%, but i dont think i apply for that. Is their a way to get a personal loan for 5% through a bank?
I was thinking about going to Commerce and applying, but i was told their rates went up. I really want to do this myself, i dont want my parents to have to sign like they had to with the car loan.
My main problem is that im not on the books, but right now im paying close to $400 a month, so if i was able to get some kind of loan for about $300 a month it would help me out a lot. Even though im not on the books i do have recipts from the car payments i make, recipts from credit card payments i make, but would these work?
If anyone has any advice or ideas please help me. I got to end this car loan and get a better loan soon.
I was thinking about going to Commerce and applying, but i was told their rates went up. I really want to do this myself, i dont want my parents to have to sign like they had to with the car loan.
My main problem is that im not on the books, but right now im paying close to $400 a month, so if i was able to get some kind of loan for about $300 a month it would help me out a lot. Even though im not on the books i do have recipts from the car payments i make, recipts from credit card payments i make, but would these work?
If anyone has any advice or ideas please help me. I got to end this car loan and get a better loan soon.
10-31-2004, 11:23 AM
#2
If you have a couple of credit cards in your own name and have made payments on time, you should have a credit rating with all three major credit reporting agencies. If you have a checking account, you should probably check with THAT bank about a new loan. You have nothing to lose... 
11-01-2004, 11:11 AM
#4
Former Moderator
Thread Starter
Originally Posted by mikes2k,Nov 1 2004, 11:38 AM
Getting a used car loan for that low rate will be tough 
i want to stay away from the car loans since their high now.
11-01-2004, 04:57 PM
#5
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Personal loans around 5% will need to be backed by Collateral such as a car or a home. E.g - Home Equity Line of Credit - you can use your equity in a home and borrow against it.
For an unsecured personal loan, you are looking at approx prime + 4% or about 9.75+%.
Lending companies can check your payment history, amount of outstanding debt to how much you make so you shouldn't need receipts.
Any loan around 5% will have to be backed by Collateral. Keep looking you might find a sweet deal!
For an unsecured personal loan, you are looking at approx prime + 4% or about 9.75+%.
Lending companies can check your payment history, amount of outstanding debt to how much you make so you shouldn't need receipts.
Any loan around 5% will have to be backed by Collateral. Keep looking you might find a sweet deal!
11-01-2004, 05:19 PM
#6
Former Moderator
Thread Starter
can i use my unpaid s2000 as a collateral?
Im only 18, i dont have much to place up for collateral. Ive been paying close to 400$ for the last 6 months, im sure ill be able to pay a personal loan off no problem.
Im only 18, i dont have much to place up for collateral. Ive been paying close to 400$ for the last 6 months, im sure ill be able to pay a personal loan off no problem.
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