Signature Loans

[Anonymous]

I am thinking about applying for one in 2 months. My utilization should be about 15% and hopefully that one collection will be taken off. I would be looking for about $3,000. To buy a second car, something like an early Miata (My only car at the moment is a 72 Triumph Spitfire). I don't think an auto loan will be in the question. How easy is a signature loan to get? At the moment, my current monthly income is about $1,250 after taxes....

I hope in 2 months, I should be around 700-720 (according to myFico simulator).

~Steven

[Anonymous]

I obtained a signature loan through my credit union and I had a bankruptcy that was just two years old from the time it was discharged. I borrowed $4000 @ 13.50% for a period of three years. I think my FICO Scores at the time were in the 690's and one was around 705. I have been able to obtain signature loans from my bank for up to $1000 @ 20.00%

I don't know if that provides you with any insight or not.

[Anonymous]

What was your income at the time? I am only 20 years old and limited history also (no installments), is it possible to have a co-signer on this type of loan?

[Anonymous]

why not an auto loan?  you'll get significantly lower rates for a secured loan, even if the car is pretty old.

[Anonymous]

I don't think they do auto loans that small? ~Steven

[Anonymous]

sure they do.  call your local credit union or look on USAA.com.  you'll find that in some cases the repayment period is shorter for a small auto loan, like 3 years instead of 5.  less money lent = less risk to the lender, so there's no reason you couldn't find a 3K loan.  if the first place you call gives you a hard time, there are 495874 other lenders that will be happy to take your interest $$, so keep calling.  if you're worried about the INQs, you have a 'shopping period' of a couple weeks to 6 weeks, depending on who you ask.  during that period fico counts all the related auto INQs as 1.