I just got approved for a personal loan for 6000 dollars. However, it's not enough money. I want to buy a newer car and I should have opted for more but I just wanted to see if I even could get approved for that amount of money. The bank I applied at is the bank I've been part of for 5 yrs. and I have a good credit score of 710. However, I do not own a house and make about 25000 a year. I want a personal loan of 15000 but I doubt it'll happen. I don't want to waste my time and apply for it if I won't get approved. What should I do? Should I just talk to the bank personell? I can afford the loan but I'm not sure if they'd approve it. I have very little debt as well.
Also, the reason I am taking out a personal loan instead of a car loan is because the insurance would be out of this world if the insurance company knew I had a loan out for the car. I would need full coverage and I can't afford it.
2006-09-14 09:00:31 · 0 answers · asked by LONG ISLAND GIRL 3 in Cars & Transportation ➔ Buying & Selling
BTW
I have no housing payments- live with the rents
no insurance- mommy pays it
phone-mom
nada bills
just a minor credit card bill of 300 bux
2006-09-14 11:52:48 · update #1
It depends on other factors. How much other debt do you have? How much is your rent?
Assuming you have zero debt elsewhere, a $15000 loan at 18% interest would be $380.90 a month for 60 months (5 years). This would comprise 18% of your gross income (~23% of your net). Might be tough. Also, consider the rates on auto loans are much lower. An auto loan at 7% would give a payment of $297.02, a $83.88/month difference. The cost of additional insurance might be cheaper. Also, who wants to have a car worth 15 grand without full coverage? If you caused an accident and your car was totalled, you would have no car AND have to continue paying the loan off.
2006-09-14 09:19:16 · answer #1 · answered by Dano_Slokes 1 · 0⤊ 0⤋
2
2016-09-28 19:54:18 · answer #2 · answered by ? 3 · 0⤊ 1⤋
Personal Loan 15000 Dollars From:
2016-01-21 22:40:56 · answer #3 · answered by Steve 3 · 3⤊ 0⤋
15000 Dollar Loan
2016-11-17 02:02:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
The bank will want to know what you have as collateral? You can try. You can also try to get a cheap rate credit card cash advance. Good luck!
2006-09-14 09:08:45 · answer #5 · answered by hirebookkeeper 6 · 0⤊ 0⤋
really has nothing to do with your question--I checked out your profile -- Im from NY too. Do u know my friend Drew Rooney from Deer park? I'm from Westchester email jbuff333@yahoo.com 24/M/NY
2006-09-14 09:09:44 · answer #6 · answered by Anonymous · 0⤊ 2⤋
I got my car loan thru capital one > www.capitalone.com - they should give it to you.
2006-09-14 09:10:50 · answer #7 · answered by sooners83 4 · 0⤊ 0⤋
Can I get a personal loan between 12000-15000 dollars?
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2015-01-06 00:28:57 · answer #8 · answered by ? 1 · 1⤊ 4⤋