I have a question about what kind of loan I need and how to get it.?

Answers:0   |   LastUpdateAt:2012-11-02 11:46:02  

Question
moo
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Ok, I have two things I have to meet this loan ... My girlfriend and I have a truck that was co-signed by his sister, well, his sister was in a car accident and lost his job. She obviously can not pay your car note and we were stuck with him. We owe about $ 15,500 for the truck and CarMax said they would give us $ 13,000 for it. Ergo, we need $ 2,500 to pay for it. We do not need or want a truck and do not want to pay more $ 350 car notes and $ 150 in insurance, so I just want to get rid of it and take the loss. We also have about $ 5,000 in credit card department that we do not have to, but I would like to consolidate. (NOT SUGGEST selling the car ... we tried everything and 8 months later I still can not find someone to buy). MedlinePlus MedlinePlus Basically, I want a loan for about $ 8000 so we can take care of two things. I have a credit score of 740 and established credit a lot and I'm having trouble understanding why anyone would pay nothing. Atm I am a full time student with a full time job as a sales associate at Sports Authority lead and do just about $ 1,500 a month after tax, however, work with my boyfriend we retired at about $ 3,000 per month. MedlinePlus MedlinePlus The people in the pews are being very rude, and I'm not understanding why. Half the time they refuse to even fill out a loan application and the other half are completely indifferent and not try to offer alternatives or suggest anything. There was even a man that is easier to pay four credit cards out of a loan. He told me that even if I had an interest rate of 12% if you pay $ 800 a month on a loan of $ 8,000 that would take place within the year, and he said: "No, I would not because I would not pay much per month. "It goes without saying that it will not take any new business with BancorpSouth ... MedlinePlus MedlinePlus I just need to know what type of loan to ask and I have to say to these people. Any help would be great! MedlinePlus MedlinePlus Thanks, MedlinePlus Grant
Answer1TifianiAnswered at 2012-11-02 11:44:43
The answer is simply that you have NO collateral and unsecured loans are VERY expensive. Worse, lenders are no longer willing to take the risk of being "burned" if you can't pay--you have nothing they can seize and use to pay off your debt. Cars are lousy collateral because they are worth less every year--American or not, a car is a depreciating asset, not an investment. My advice to you is to abandon the idea of consolidation--you have the income to pay flexibly on your credit card debt over the short term even though you won't make much progress for a while. If you can afford $800/month in payments you can afford the payments on a 1-yr. loan for $2500; remember that you'd be saving $150 (per MONTH?) because you wouldn't have the insurance bill, and you could pump that into the total payment. An unsecured loan for $2500 for one year is easier to get than an $8000 loan for a longer term; remember that your total interest cost will be lower because the loan will be very short-term. After that year you can take the cash you allotted for that payment plus the insurance savings and pay your cards down FAST. It's a matter of TIMING--you can get less money for a short term and not have to fight these guys because you would like to do EVERYTHING at once. If you paid off $8000 in two years you'd have to pay interest on the whole thing. With my plan you'd be paying interest on $4500 for one year (the truck plus $2000 on the credit card) and on less than $4000 the second year, plus you'd be saving on the insurance the whole time. Aha; in this case, not trying to do it all at once will actually SAVE you money and at the same time let you pay more on principal and less on interest because you'll get the loan in the first place.

You don't even want to hear our story about the crap we're getting over borrowing $80K against our $200K equity in a $300K house when we have $130 K in the bank and a credit rating of 780, no less--and our new payment would be the SAME as our old payment. Everybody's scared to lend money these days--they're afraid of making the same stupid mistakes they made for 25 years, so they're inventing NEW stupid mistakes.
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