I am now paying over 15 percent interest on my student loans and it seems i'm going nowhere. I don't really have that much credit so do you think a bank would loan me 15,000 by myself. I wouldn't have a cosigner because my family has really bad credit.
2007-06-28 12:42:34 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Realistically, no.
Assuming your student loans are like my student loans were (i.e. high outstanding balance), your credit score is not going to be the best. I am guessing you are young, which means even if you've had a credit card for the past three or four years you still have not generated enough information to truly be deemed as a "safe" bet.
With no co-signer and not enough credit history it is unlikely that you will be able to get a loan for that much money. You may be able to get a loan for a smaller amount, but, again, your credit score is going to determine your interest rate and you might find that taking out a loan really isn't worth it.
2007-06-28 13:30:52 · answer #1 · answered by Megan 2 · 0⤊ 1⤋
Unless your car is worth $16,000, I doubt you could get a $15,000 loan against it. You may be better of paying of the student loan with a credit card. May have rates below 10%. If you don't qualify for one, you won't do any better on a regular loan.
Heather H is misinformed. As long as the lender knows what you are borrowing for, NO state prohibits loans to pay of existing debt. That is what CONSOLIDATION loans are.
The bank will probably pay off the existing loans directly instead of trusting you to do so. That is standard practice in the industry.
2007-06-28 13:16:39 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
It sounds like a great idea but in most states(perhaps the country) it is illegal to get a loan to pay off another loan such as car or student loans) if you are in $10,000 or more debt and getting behind, you might consider debt consolidation.
2007-06-28 13:07:07 · answer #3 · answered by Heather H 2 · 0⤊ 2⤋
OH NO! THEY WONT LET YOU ESPECIALLY SINCE YOUR FAMILY HAS BAD CREDIT!!! STOP BEING A MEAN CRUEL PERSON AND GET A HEART!!!! YOUR GONNA HAVE A SAD SAD LIFE IF YOU KEEP BEING MEAN TO THE PEOPLE THE WAY YOU ARE... POOR YOU! INSTEAD OF PARTYING GET 3 JOBS!! ITS HARD JUST EARNING 15,000 BUD, NOT UNLESS YOUR PARENTS ARE RICH AND NICE. YOUR SO SCREWED... God help you get a heart...
2007-06-29 06:47:53 · answer #4 · answered by Anonymous · 0⤊ 1⤋
I think that you should give it a try. If you've been consistent in your payments, most banks will consider that. What have you got to lose, after all?
Good luck!
2007-06-28 12:50:50 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I'm only answering because of your name. Alkaline Trio rules!!
2007-06-28 12:47:13 · answer #6 · answered by JJ 5 · 0⤊ 1⤋
They will lask for collateral - what can they lien if you don't pay. But you know it wont hurt to ask them.
2007-06-28 12:50:13 · answer #7 · answered by Feline05 5 · 0⤊ 1⤋