Can I get a personnal loan to pay off our car?
Tags:3 years, interest rate, personnal loans, real people,
10
So my husband’s credit is really poor. Our seductiveness rate upon the automobile is 15.99%! We’ve been profitable it off right away for 2 years as well as still have about ,500 to go. we was wondering how personnal loans work. Would we be means to get the single for the 3 years, presumably during the reduce seductiveness rate? We have attempted to refinance countless times as well as we consider the finish of this year will be the cut off given the automobile is the 2005. Any recommendation from genuine people would be helpful. Thanks.
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I will assume that because of the high interest rate you are paying that your credit is not very good. A "personal" loan could cost as much as 1000% interest (yes, I said 1,000%)
You would be far better off to add some extra dollars to your payment each month. "When you find yourself in a hole, stop digging".
I would try a credit union if you belong to one. They have some of the better interest rates and will sometime give a car loan at or below 7% depending on your credit history and how long you have a member at your credit union……. We had been members for around 45 years (yes same credit union, oopened while my husband was in school) and four years ago go a loan on a two year old suv for 5.25%! We just paid it off last month and was told we could get a lower interest rate thedn that this time around but have decided not to get another car. Good Luck
why in gods name would you finance a car with a nearly 16% interest rate!
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To answer your question just Google social lending. It works exactly as if you were using a regular lending institution. You fill out an online credit application, if you meet the lending criteria they quote you an interest rate, and if you decide to go ahead with it they post your request on their site. Private individuals will read your request and some will agree to lend you the money. Usually hundreds of people will contribute $25-$50 each to fund your loan. You then make monthly payment to the site exactly as you would to a bank. Your payments are reported to all of the credit bureaus. The site distributes your payments back to the people who lent you the money after taking a percentage to cover their operating costs. The borrower usually gets a lower rate than they could from a bank and the lenders get a higher interest rate than they would from a savings account.
To get any kind of a personal unsecured loan you will probably need a credit score in the upper 600s and even then it is unlikely you’ll do much better than 16%. But it doesn’t hurt to try.
A personal loan is an unsecured loan so the year of the car wouldn’t matter to get a personal loan. If you owe $14,500 on a 5 year old car the car is probably worth much less than you owe which is why no one will refinance it.
Hi.
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Hi.
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If your in Australia, credit unions are your best bet, if you’ve been paying for 2 years, this should give you a good credit rating