I have a question about taking out a loan?

Question

I am in need of 25k ASAP, not getting into the story. I do not own my home so that rules out any equity options. I do have a car that is completely pd off it is valued at 12k. Now would it be possible to get a loan for 25k? I have a credit rating of 670, pay all of my bills on time and make 47k at my current job. I would like to longer term loan if possibe and payments no more than 450. Any good suggestion, is this possible

Answer 1

I think there are a few ways you might be able to achieve this, but NONE of these are excellent ideas. If your a home owner you can take up to 125% Loan to Value of your house. So just because you have no equity does not mean you can't borrow up to 125%. These loans are sold at Subprime lending institutions. With a 670 credit score this might be able to qualify assuming you have made no late payments and no derrogs on credit report. These loans are extremely risky to take because you will be upside down on your house.

Another way you might be able to take about 25K credit line on a Credit Card. I have several credit card limits over 15K and monthly payments on CC are low. The interest rates could be hight. Also you would have to qualify for high limits and you might need to take more than 3-4 lines out to get this amount.

Another idea might be to take part of the loan on your car and then the rest on a Credit Card. Example. 100% on the car loan value is 12K then take the other 13 on a Credit Card. Installment loans payments are going to be much higher than revolving credit lines.

Also another option is borrowing on your 401K. This is also not the best but emergency it could work. I do not know what you have in retirements but I would look and find out how much you can borrow off your 401K.

All of these aren't the best solutions but it appears to me your in a bind and need the money quick. Most suprime lending can provide quick money but interest rates are HIGHHHH!! So becareful! Also watch out and don't just have lending institutions pull your credit everytime.. this will drag your score down. Maintain your score. Only do it when your ready and you can get a pre-approval..

Hopefully I was some help.... But I really would need more info than just the basics to see what other avenues are possible..

Answer 2

Take a mortage loan !!!!!!!!!!
Am a mortage loan officer
the credit won't be a problem for refinancing or for getting a new mortgage .Ask you rofficer what rate he is providing you and if it isworse than 5-6 % then write to me at [e-mail] ,will provide u a better deal...
You can call me at 480.751.4125
regards.
kish

Answer 3

Do you have a payslips and bank statements for last 6months?Your salary go to your bank account?You are UK or USA resident more than 1 year?If YES,then:

Contact me and I`ll give contact numbers for people who can help you.

Good luck!

Answer 4

Try LendingTree.com If it is possible to get that amount of $$ with litle or no collateral,that would likely be the best place to try.....