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Personal loan help!

Community Leader
Super Contributor

Re: Personal loan help?.


UncleB wrote:

donny10 wrote:
You could sell your car and pay off you CC debt and buy a car with a sizable down payment.

+1

 

I would consider this as well.  Back in the early 2000s I had a three year-old Mustang that was also PIF... when times got tough, I sold it to CarMax for a little over the book value.  I might could have done better with a private buyer, but it was no-hassle, and they were able to give me a check the same day.

 

I know this isn't what you're wanting to hear - and if you look hard enough you might (?) find other options, depending on your credit profile - but this would be the quickest 'fix'.  As Donny suggests you could use part of the proceeds as a down-payment on a new more modest-priced car, and use the difference to pay off your credit cards.  In time, you could use the money you will save in credit card interest to put down on a new 'dream car'... the difference is next time you (ideally) won't be saddled with credit card payments.  Smiley Happy

 

Good luck whatever you decide!  Smiley Wink


I tend to agree with this. You're just not going to be able to get a debt consolidation loan until your scores hit the mid-upper 600's. IMHO, it also sounds like you bought more house than you can really afford, as you are paying over 50% of your net income towards your mortgage - the recommended ratio is 35%.

OTOH, if you are able to make the minimums and have no immediate need for credit products, tighten the budget a little, and start paying the cards down with the snowball method.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 11 of 13
Frequent Contributor

Re: Personal loan help?.

Sell the car. Buy one for half as much, pay off your debt and still have a nice $10,00 cushion for when you get behind on your mortgage.
Sept 15 -- All mid 400s
Jan 16 -- All mid 500s
Current: Knocking on 700s
Message 12 of 13
Highlighted
Valued Contributor

Re: Personal loan help!

I have no idea on personal loans (I've never had one) but maybe even try a secured loan? $44,000 car title that's PIF for a $10,000 loan? 60 months?, sheesh I'd give you the loan if I was a loan officer Smiley Surprised, any late payments or just high utl?
Message 13 of 13