Would it be better to use a different bank than your own if this is possible? I have 2 credit cards with my bank and 3 others, and want to take out a loan to consolidate them in to 1 monthly payment. Should I consider this option to pay off credit? I also know my car is worth more than my total debt.
2007-03-30 12:54:24 · 5 answers · asked by threegreenballz 2 in Business & Finance ➔ Credit
Talk to you bank, then talk to another bank, and then another. People forget to shop for banking services. Each lender has different standards for percentage of cars value they will loan against, limit to the age of the car, and most importantly the interest rate. You can almost always do better with a credit union than with a bank on interest, but their standards are tougher. Shop around.
2007-03-30 13:01:27 · answer #1 · answered by Mike M. 5 · 0⤊ 0⤋
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2016-09-26 18:54:42 · answer #2 · answered by Melody 3 · 0⤊ 0⤋
Depending on the age of the car, most banks will accept cars as collateral for a loan. I would advise against ANY form of consolidation until you have gone 3 or 4 months without buying anything using the cards. You want to be certain you won't run the balances back up before you put your car on the line.
2007-03-30 15:00:36 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
I did this to pay off my credit card, and it certainly worked well. I went to the bank that I have my checking account with. I got a personal unsecured loan with a fixed APR. and needed no collateral.
However, seven months later and I have my loan payments to make and I ended up charging up a balance on my credit card. So be careful.
2007-03-30 13:05:32 · answer #4 · answered by Meredith W 2 · 0⤊ 0⤋
yes, as long as you have the title and the car is paid for.... absolutely
2007-03-30 13:01:41 · answer #5 · answered by ~*common sense*~ 5 · 1⤊ 0⤋