My current credit score is 671. I have no credit cards and just one loan thats a college loan through the government ($3300) and I don't have to pay that off till I graduate college in 4 years. I have no bad marks on my credit report. If I was to put up my car (used, worth $4500) up for collateral, would I be able to get a $1500 loan from my credit union?
2006-11-20 03:18:29 · 7 answers · asked by teneff88 1 in Business & Finance ➔ Credit
I work 40 hours a week making $10 an hour.
2006-11-20 04:02:09 · update #1
You should be able to i would think, I mean your credit score is better than most people, and the fact that you have your car for collateral, i would think you should be able to with out any problems.
2006-11-20 03:24:28 · answer #1 · answered by littlebit015 1 · 0⤊ 0⤋
1
2016-09-26 07:31:34 · answer #2 · answered by Mario 3 · 0⤊ 0⤋
I would apply and find out if you can. Im not sure if anyone on yahoo answers can answer your question. Some factors they may consider how much you make, and how much you will have to pay on your existing loan. They want to make sure you aren't overwelming yourself with new debt. The used car collateral may help since its worth more then the loan itself. If you apply for a loan and get rejected, I wouldn't apply for atleast 6 months becouse everytime a credit check is run on you, it lowers your credit score a little bit. You have no marks on your credit report, which is another good thing you have going for you. I think if you had a credit card for atleast 6-12 it would help your score even better, becouse it shows credit card componies that you can use credit repsonsibly. In my opinon you should have no problem getting a $1500 loan. Apply and find out, thats the only way you will no for sure.
2006-11-20 03:26:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Don't do the loan. For several reasons:
1. Your credit score will get you an outrageous percentage rate.
2. For $1500??? Read Dave Ramsey's book The Total Money Makeover www.daveramsey.com and think of an alternative to borrowing.
2006-11-20 03:28:10 · answer #4 · answered by snvffy 7 · 0⤊ 0⤋
Most credit unions are favorable to their members with a credit card and with your credit history. They will tell you the loan value of the car if they want it for collateral. They will want proof of income is my first thought.
And, bear in mind, credit unions can on their own initiative combine all your accounts into one ... your savings, checking, loan can all be lumped into the loan account if they think your finances require it.
2006-11-20 03:27:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You didn't say whether you were working or not. That would help. I think you can get a loan. The only way to find out is visit your friendly credit union loan officer! Good luck!
2006-11-20 03:28:05 · answer #6 · answered by righteousrose 2 · 0⤊ 0⤋
you should be able to obtain the loasn without using the car as collateral, apply and you will get the rate and term and decision
2006-11-20 03:25:04 · answer #7 · answered by scottb03gt 4 · 0⤊ 0⤋