Question by :
BAD CREDIT PERSONAL LOAN TO PAY OFF UPSIDE DOWN CAR LOAN & OTHER SMALL DEBTS?
I am looking for a loan to pay off my current automobile that I am definitely upside down in due to bad credit and forced refinance for the auto.
My current automobile loan has a balance of $ 9,000 I bought the automobile used in 2005 and have been paying on it ever since. It’s a 2004…Over the years I have gone through many financial hardships due to marital issues, and other financial and unexpected life problems.
I do have steady income and I have been at the same job for 15 years and in my home for 10. Needless to state my work and residential histories are good but my credit has suffered.
I am wanting to secure a loan that will grant me to pay off the balance of the loan and other small debts. I do own my home but it is owner financed and not reported to the credit bureaus. Additonally, I do not want to put my home on the line to secure such a small amount of funds (I want to borrow about $ 10,000).
Once I pay off the automobile I am willing to use it to help secure the loan. As I said the balance is $ 9000 but I am sure the pay off would be a a bit smaller.

Please only serious advice and leads ONLY! Also, please do not judge me…
I do not know what else to do.
Looking for lendsers…Thanks!

***Additonally, my credit score is 500 and I do not have a cosigner.***
I know help has to be out there somewhere.
PLEASE NO SCAMS & NO PAY DAY LOANS!

——————————————

Answer by bdancer222
There is no way you will find any legitimate lender willing to give you an usecured loan to pay off your upside down automobile loan, let alone the additional debts. People with excellent credit history/score would have problems getting approved for a $ 10K unsecured loan. With your low score/credit, you will not qualify for any unsecured loan.

You will probably get lost of scammers responding. Beware of anyone asking for money up front for a loan.

Answer by Huntsman
You have now been paying on that automobile for 6 years
And you still have $ 9,000 balance left?
Note: That banks do not re-finance automobiles that are older than 5 to 7 years old

1. The home is not yours unless you hold the mortgage
You are merely renting until you make that motgage on your own

If your balance is $ 9,000 – that is your pay off
The interest you save will be just a couple of hundred dollars
- You have had a automobile loan for 6 years now – and still that kind of balance?

In conclusion: No one is going to give you a loan
Do not fall for the on the web loan scam – it’s so simple anyone could run it

Answer by rpf5
The other posters are correct. 10k is NOT a small loan. Check the Kelly Blue book & see what the selling value of the automobile would be. See if the trade in value would pay off enough of the loan so that you could get out of it. l am surprised you were able to refinance a used car. A private sale might be a wise idea, if you could find a buyer. Keep in mind that if you are able to get a loan, you will still be in debt for the money you borrowed.

——————————————
Add your own answer in the comments!

Are there any other banks who are known to lend to a variety of credit scores (translation—of course Wachovia or Chase will give a signature loan to a 50 y.o. with an 850 credit score, tiny to no debt and a 250k income! BUT, this is NOT what I am speaking about!) who might do this. Again, my friend for whom I am asking this question has decent credit, just not stellar and HSBC gives credit to people in all sorts of circumstances, so I am looking for a bank with similar policies, etc.
This is not about a “bad credit” situation. This is merely someone wanting to get a reasonable rate that eliminates the dealer spread (markup) on the interest rates. The buyer has decent credit—just not an 850!

——————————————

Answer by Dewey K
A friend of mine found a good auto loan at this site. This company gave him a loan for a certain amount and all he had to do was take that to the dealership. Here is the site
http://www.1-800badcredit.com/bad-credit-auto-loan.html

Answer by jenny2006
Capital One does this for customers, also any bank branch.
Keep in mind that regardless of who you go through someone ALWAYS gets a spread.

Answer by H. A
To be absolutely honest with you HSBC and all other banks that I know about, which is about fifteen, have deals already cut with the auto dealers, that beat the rate of interest that you can get on your own. You can do it that way, but the dealerships have a blanket deal with most banks for all the type of automobile buys that are made. Also, they will play one against the other and make them cut to the bone in order to get the deal. But, you also must remember, that the financing manager at a dealership get paid a spread on each automobile that he obtains financing on and he will probably never give you the ideal rate available to him, but they are nearly always superior than a retail auto loan made by the bank directly to a buyer. Zero interest rates are still out there at some dealerships, so shop around. By the way, the dealership will also have the capability to work with marginal or just decent credit. HSBC, to my knowledge is not the ideal bank, with or without dealing directly or going through the auto dealer. Wachovia and Chase will compete for your business, especially via the dealership.

——————————————
Know better? Leave your own answer in the comments!

——————————————

Answer by Stein Smith
20,000

Answer by shiprepairwoman
You should be able to with 10,000 down since the automobile will be worth a least that if they have to repo and sell it.

Answer by rolex
i do not know how much down you will need, but anticipate to carry a jar of vaseline with you,.

——————————————
Give your own answer to this question below!

——————————————

Answer by djaca70
This question is bizarre. If you financed two cars, and had credit cards ( I am assuming these are not retail ones), then you do have a credit history. I would go on Equifax, Trans Union, and run a free report. You can also speak to your bank or credit union, and see if they will finance you.

——————————————
Give your own answer to this question below!

——————————————

Answer by J – A
It’s always a good idea to pay off more principal, anytime you can afford to. The smaller the principal balance the less interest that can negatively compound against you.

Answer by glamorous
Yes – you can! Your payment coupons should have a box to indicate if you want to pay more principal. I know both of my automobile loans give that option.

Answer by Julie S
Yes when you make your automobile payment pay as much extra as you can and ask your loan company to apply it to your principle. As stated above it is beneficial because the more you pay on the principal the less finance charge you will pay. It also looks good on your credit report that you are paying ahead.

——————————————
What do you think? Answer below!

——————————————

Answer by ?
There is tiny if any damage to your credit if a loan is declined.

Answer by Rudy
The decline does not injured your credit. It’s the credit check it self by the credit card company or other loan company that will ding your credit score by a point for about 6 months. After about 6 months you get the point back.

——————————————
Add your own answer in the comments!

The car:
11 year old Japanese automobile with 73,000 miles, Asking price:$ 4,200

Terms for the only loan I could get:
Down Payment:$ 1,200
Collateral: 2 automobiles (the 11 year old Japanese car, and another automobile my family owns)
APR: 27%
Parents as co-signers
Plus life insurance covering cost of loan.

This would be my first car. I have not really found anything else. What should I do? I need a automobile to get the job. No automobile means no job. I have exhausted other places for financing, and they all turned me down. Any advice please?

——————————————

Answer by Joe G
27% interest is outrageous. I would keep looking if I were you.

Answer by oklatom
Pass. That is a ridiculous interest rate even if you have totally horrible credit with bankruptcy recently.

Plus, if you miss a payment, not only will they take your automobile back, they will also take your family automobile away, and ruin your parents credit by adding a repossession to it.

If you really cannot do anything else, go to a purchase here pay here lot which typically doesn’t bother to even look at your credit rating, and see what you can do there. And realize going in that you are dealing with the lowest form of life there is that exists only because people like you exist and cannot get credit anywhere else because of bad choices.

Don’t miss a payment, and you will have a automobile to drive. Once you have it paid off it will not do a thing to improve your credit since they do not report to credit bureaus, but at least you will have a car.

Answer by pickmefirstplz
if you can afford a $ 1200 down payment than purchase a $ 1200 automobile you are getting ripped off

——————————————
Add your own answer in the comments!

——————————————

Answer by Proudmom
If your name is on the title, you can sell the car, or simply take it from her. If your name is not on the title, you probably do not have a leg to stand on, but I would ask the bank just to verify that I am correct on that. Please never do that again. If she decides to not pay the loan or is late on it, it will ruin your credit. Good Luck.

Answer by Corey
Something like this is not meant for a discussion board, there are many legal factors that can come into play. Generally co-signing a loan is binding, and both celebrations are held accountable if the primary borrower fails to meet their legal obligation. However, things like mental status, marital status (common law marriage), etc. can influence everything. Even if you sell the car, the celebration is still responsible for the outstanding interest and principal on it.

I strongly recommend speaking to the loan company, automobile dealership, and possibly a lawyer if all other avenues fail. You need to get out of this loan ASAP because it will haunt you for the rest of your life if she screws up with it.

PS – Do not ever cosign a loan ever again on someone that your not married to. And I have no idea who old you are or how old she is, but I hope that your both of legal age. Otherwise, the one that is not legal age can very simply get out of the loan by claiming that they are underage, since thats the purpose of a cosigner loan, to give the less desirable celebration the loan at a lower interest rate and have a backup celebration to pay the remainder of the loan. It hurts their credit a lot less then then cosigners.

Answer by sfuller94
You could always sue her.

As a last ditch effort before you bring the slime ball lawyers into the picture, call the bank yourself. Comprehend that the bank is under no duress to do anything unless she is behind on the payments. So, getting the bank to do this out of the goodness of their hearts is probably not going to happen.

Now, if she has missed a few payments then you might be able to encourage the bank to take action.

Good Luck!

——————————————
What do you think? Answer below!

——————————————

Answer by happybee
You are not worried but with a credit score of 429 and tiny to no down there will not be any takers.Your speaking of a huge tax return in the future will have tiny meaning to them.Sorry.

——————————————
Give your own answer to this question below!

——————————————

Answer by threepennyfour
Sure, you can have a co-signer as long as they have a good credit score and good income, and no excessive debt. It doesn’t have anything to do with automobile manufacturers’ trouble however. Credit stipulations are actually much tighter than a year ago, even for co-signers. I would not state it’s easier to get a loan these days — it’s actually harder. Lenders have stopped lending money to people who cannot pay back the loans.

Answer by ♫ Primus ♫
I think its more difficult now to get any kind of loan because of the recession. Everyone is tight on money (especially banks)

That doesn’t mean you CAN’T.. but it will be more difficult than it used to be for now. You can get away without a cosigner depending on your credit history.

Answer by “Dickey”
the automobile company’s are nearly giving automobiles away, the banks are the ones in deep shit, and its allot harder to get a loan than it has ever been.good luck

——————————————
Give your own answer to this question below!