where can i find a loan for bad credit?

Question

i want to refinance my two cars and pay off everything negative on my credit report. all of it adds up to $40000.00. i want to have just one payment. does anyone know a good company

Answer 1

Refinancing is not your answer. Borrowing your way out of debt will never solve the problem.

Instead, consider the following:

1) Sell one or both cars. Even if you're upside down, your goal should be to reduce your overall debt. Purchase one or two cheap cars while you're trying to get out of debt.

2) Stop borrowing money

3) Use cash instead of credit

4) Sell stuff and put it on your debt

5) Take on an extra job or two

Checkout my blog site to learn how to take control of your money and get out of debt.

My wife and I became debt free in '05. We now teach people to do the same!

Scott.....

Answer 2

First off do have a home? If not chances are then you are not going to find a lender that will lump $40k into one payment without having some interest in the property. The biggest unsecured loan I got was from Capital One and it was around 18k. Remember though if you find a lender what are you accomplishing by lumping these bills? Car loans are much shorter and in the long run you maybe paying off your car for 20 years with a higher interest rate, to save a few dollars now. So is that worth it?

If you have a home with some equity, I would try refinancing the home and all the bills together. You can search for a company like ACE Mortgage who takes your information even if you have bad credit, bankruptcy's, etc) and finds a lender for you that is willing to take the risk, but remember they are only going to take a risk if they have something to gain. (higher interest rate, and equity so if you default they come out ahead)

You have other options as well. Ask yourself these questions. How long have I had negative marks? How much unsecured debt do I have? (credit cards, medical, etc) Can I even get credit now? Am I struggling to make payments? If so have you considered bankruptcy? Yes it goes on your credit report, however you already stated you have negative marks. Most cases you can keep your cars, specially if you owe more than its worth or if there is not alot of equity in it.

I am at the end of my case, so if you have any questions regarding the process ask away.

Best of luck to you,

Di

Answer 3

nobody loans bad credit- you want a loan even though you HAVE bad credit--call the police

Answer 4

`If you own a home with equity, try getting a home equity loan.

If you don't have the equity, go to the hospital and ask the people with broken kneecaps where they got their loans.

Answer 5

Have a look here.

Answer 6

This would be an oxymoron!