I want to put my vehicle and credit card bills together which come up to $14,000 and I want to request a personal loan from my bank. If my vehicle has a blue book value of $14,000 and my credit is good will requesting a personal loan of this amount to consolidate be possible?
I spend all my money trying to pay off loans and pay my bills so I'm trying to be able to start saving money. Thanks for the help.
2006-06-24 19:33:35 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes. If you own the vehicle and it is worth at least that amount. I've done it before. It's not a bad way to reduce your interest rates. Just pay it off quickly and don't get upside down. I've had car loans were I only made minimum payments and then realized after a few years that I owed more than it was worth. I now pay as much as I can as fast as I can. I'm a year ahead on this loan.
Go to the local bank you have checking and savings with.
2006-06-24 20:37:36 · answer #1 · answered by robling_dwrdesign 5 · 0⤊ 0⤋
1
2016-09-28 09:47:30 · answer #2 · answered by Mario 3 · 0⤊ 0⤋
Yes, you probably can so that but then it won't be a personal loan! A personal loan has no collateral. OK, I'm being picky with that answer but it's true.
The bank will probably loan you the blue book loan value without much hassle. You don't mention if that's the value you quoted. If you're quoting retail value then you may have trouble getting that much.
2006-06-24 22:16:45 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If your credit is good you should be able to get a personal loan without the car as collateral. But will that actually solve anything?
Why not learn budgeting strategies and techiniques that shows you how to quickly pay off the car and the cards without budget cuts or cutting back on your lifestyle so that you will not have to repeat the lesson.
2006-06-24 21:49:38 · answer #4 · answered by selfmanagement808 3 · 0⤊ 0⤋
Try this website. My friend got a loan from there. Its like the ebay of loans.
Prosper.com
Check it out for real. I heard good things about them.
They dont need collateral
2006-06-26 06:15:33 · answer #5 · answered by ? 3 · 0⤊ 0⤋
No one lends what the car is worth.. You have book value and loan value.... Dont be fooled... Many variables play into it.. Milleage can b a killer.. best thing is NADA book... you get loan value & book value... Most car lots have it - as do finance companies...
2006-06-24 20:46:44 · answer #6 · answered by cutienoz 3 · 0⤊ 0⤋
Sell the car.
2006-06-24 23:59:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There is a lot of good info on this subject right here.
2006-06-24 20:09:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋