Personal Loan?

[StealthTC]

Trying to find the best way to get a personal loan. Anyone have a recommendation where to apply and where I could get a decent rate? Looking only for about $3000, so that knocks a decent amount of places out since the minimum at a lot of places are minimum of $5500.

[SexyDSM95]

Your personal bank if you have a good standing with them account wise. I would say go to Navy Federal Credit Union if you are in the military. My last personal loan was a 3.9% APR.

[StealthTC]

My credit is like so-so I am working on it from when I screwed it up as asoon as I turned 18, My credit score is in between a high 5 and a low 6 (590-610) somewhere in there. I apllied at capital one auto finance just for an idea, I got approved up to $28,000 but it was at 11.9%. I applied for a few personal like 3 and 4 thousand dollars loans and no one wants to accept me, I don't get it.

[SexyDSM95]

With a credit score of 590-610 I can see why. You are not even 18 yet so your credit history is not even set yet. It would be in your biggest favor to get a co-signer with a better score and long credit history.

[StealthTC]

No I am 21 now, I messed my credit up when I was 18 and just let it sit, I consolidated all the debt I had and everything has been marked as paid on my report, I just sent everything about 2 weeks ago, so I was told it could take up to 30 days to clear which my score should shoot up to a mid 6 something.

[Scapegoat]

credit union and cosigner

[ITSTOCK]

Sweet Jesus that's a low credit score. If you think it's going to take "30 days" since you sent it in, think again. It's going to be quite a bit longer. It's a slow road to repair credit, but in the end, it's worth it with a lesson well learned.

[Intercooled T]

yea, credit is no joke. I have NO credit whatsoever, couldn't get a cc anywhere! even sears!! I had to get my dad to co-sign me for a personal line of credit, 1000.00, and I'll be using that over the next 6 monthes to pay my car insurance/phone bill, and I'll have good credit by early next year...get a co-signer, because everywhere you get denied counts as a denial on your credit history and is not good (no-one told me that :( )

[SexyDSM95]

Yayyy everyone agrees with me! haha

[Intercooled T]

Nobody Agrees With You. Nobody.

[SexyDSM95]

Nobody Agrees With You. Nobody.Tell your friend Josh I said he likes men...:rofl:

[Intercooled T]

mwhahhahaha :)

[dolphinS4]

While 11.9% is high, its not a horrible rate. With a credit score and history like yours, its probably the best you are going to get.

At this point in your life, take any small loan with a rate below 13% and establish some sort of credit history. It's gonna take longer than 30 days, more like 12-18 months of regular payments, but your score will greatly improve and you'll show future lenders you have the ability to keep a timely payment schedule. This sometimes can influence a lender more than a particular numerical credit score.

You'll have better chances with small local banks that you have an account with.
Good luck.

[Broken5hift]

credit union and cosigner

x 2


this is the best way to handle the situation

[Scapegoat]

x 2


this is the best way to handle the situation

I'ma be hitting the credit union up in another month or so to refinance the SRT-4 and try to drop those payments down another $100-$150 month :wiggle:

[Broken5hift]

I'ma be hitting the credit union up in another month or so to refinance the SRT-4 and try to drop those payments down another $100-$150 month :wiggle:

good luck, the interest rates are high as hell now and they are supposed to shoot up again very shortly.

[Scapegoat]

good luck, the interest rates are high as hell now and they are supposed to shoot up again very shortly.

my interest rate right now is 16% :rotfl:

[Broken5hift]

good lord man.

[ITSTOCK]

http://www.capitaloneautofinance.com/Loan/Home/Default.aspx

When I got the X5 a couple months ago I was approved for and got an interest rate of 4.99% (they literally send a blank check for up to what you are approved for within a couple days, it's pretty damn cool! NO hassle, immediate feedback, and damn good rates, I will without a doubt continue to go through them on car purchases in the future). It's now stating the lowest rate they will give is 7.29%!!! Damn that's a big jump. My credit rating is 770 though (or was 2 months ago, so nothing should have changed)

FWIW, when I got the 03 cobra the best rate I could get was 10.2%, and I had literally 6 months credit history and a couple hundred dollars through the credit card. I'm not sure of what my credit rating was, but I can't imagine it being that high. That was over 3 years ago so with the rise in interest rates, I would say that would have been equal to 16+% these days.

[Scapegoat]

good lord man.

no **** man. Between my lack of credit history, and my mom's poor credit (she owns a business) I got raped. We barely got the financing, but the "special financing" salesperson spent 2-3 hours on the phone getting it for me. I don't regret it one bit, but I am ready for those payments to come down. Even if I got it down to 10% I'd be happy, but I'm hoping for a 8-9% rate.

I could probably go ahead and inquire now about it as the only thing that was keeping me from getting the refinance a couple months back was lack of time at my current job. I've been here since february (wow), so I should give trumark a call.

[Broken5hift]

http://www.capitaloneautofinance.com/Loan/Home/Default.aspx

When I got the X5 a couple months ago I was approved for and got an interest rate of 4.99% (they literally send a blank check for up to what you are approved for within a couple days, it's pretty damn cool! NO hassle, immediate feedback, and damn good rates, I will without a doubt continue to go through them on car purchases in the future). It's now stating the lowest rate they will give is 7.29%!!! Damn that's a big jump. My credit rating is 770 though (or was 2 months ago, so nothing should have changed)

FWIW, when I got the 03 cobra the best rate I could get was 10.2%, and I had literally 6 months credit history and a couple hundred dollars through the credit card. I'm not sure of what my credit rating was, but I can't imagine it being that high. That was over 3 years ago so with the rise in interest rates, I would say that would have been equal to 16+% these days.


my credits the same 770-780 i cant remember exactly....... anyways, i went to trumark for a personnal loan and got a 3.3% interest rate. i was :rock: on her desk when she said that

[Broken5hift]

no **** man. Between my lack of credit history, and my mom's poor credit (she owns a business) I got raped. We barely got the financing, but the "special financing" salesperson spent 2-3 hours on the phone getting it for me. I don't regret it one bit, but I am ready for those payments to come down. Even if I got it down to 10% I'd be happy, but I'm hoping for a 8-9% rate.

I could probably go ahead and inquire now about it as the only thing that was keeping me from getting the refinance a couple months back was lack of time at my current job. I've been here since february (wow), so I should give trumark a call.

your best bet is to put some cash in your trumark account before applying for the loan, if you have a few thousand in there they will give you a better rate vs just walking in with $10 in your account and asking for a 15k loan

[wrx_snobordr]

My credit is like so-so I am working on it from when I screwed it up as asoon as I turned 18, My credit score is in between a high 5 and a low 6 (590-610) somewhere in there. I apllied at capital one auto finance just for an idea, I got approved up to $28,000 but it was at 11.9%. I applied for a few personal like 3 and 4 thousand dollars loans and no one wants to accept me, I don't get it.


You can get approved for a car loan easier than a personal loan. The car loan they know that they have the car as colatoral, so if you default they take the car and sell it and get their money back.

With a personal loan they dont know what that money is going towards so they dont know if they will take a hit if you default.

credit union and co-signer x3.

[PotenzaSub]

loans are the downfall of American Society. Just invest ur money in stocks and in a while you'll have enough money to go buy what you want

[Broken5hift]

stocks only work when you know what your doing. so that cancels out 95% of america

[wrx_snobordr]

ha or leverage that money with some loan money and instead of investing 1k borrow 9k and invest 10k and make 10 times a much... or lose it all. But hey, ya dont make money by being timid.

[Broken5hift]

you dont become bankrupt by playing it safe either

[ej20wrx123]

damn i cant believe the rates are so high. 2 years ago when i bought the wrx i had a high 700 credit score and my rate was 4% and thats because it was a used car.....i wouldnt even think about paying 10%. I would wait until rates come down and your credit is better.

[ITSTOCK]

loans are the downfall of American Society. Just invest ur money in stocks and in a while you'll have enough money to go buy what you want

Be 50 and have toys are be 20 and have toys, and still possibly have toys when you are 50...

:screwy:

Sounds like a tough decision there :rotfl: :rotfl:

In all seriousness, you are right, you should always invest money, but not ALL of it. 1/3 works good for me, if I didn't have any money to spend right now and saved it all I would be one miserable bastard. It's just a number on a piece of paper if it's all in the bank or invested in stocks.

[dolphinS4]

loans are the downfall of American Society. Just invest ur money in stocks and in a while you'll have enough money to go buy what you want
So, no home mortgage for you, just cash?

And since when did the American society fall?

[ITSTOCK]

So, no home mortgage for you, just cash?

And since when did the American society fall?

something tells me you are about to hear the boring speech that "MORTGAGES (LOANS) are okay because they are appreciating assets, therefore you can't compare this kind of LOAN to personal LOANS. LOANS are bad, keep blowing your money and when I'm 75 I will be a millionaire because I didn't have any LOANS, just a mortgage (aka LOAN)."

Or this one...

"Nah, I pay everything in cold hard cash dawg"

[dolphinS4]

something tells me you are about to hear the boring speech that "MORTGAGES (LOANS) are okay because they are appreciating assets, therefore you can't compare this kind of LOAN to personal LOANS. LOANS are bad, keep blowing your money and when I'm 75 I will be a millionaire because I didn't have any LOANS, just a mortgage (aka LOAN)."

Or this one...

"Nah, I pay everything in cold hard cash dawg"
Or how about my boring speech of..." without the money borrowing industry, which drives any kind of economy, our American Society would be in the toilet."
Boring yes, but so basic.

[Nors]

Go my route, take a student loan out to build an engine. LOL

[gary]

Stocks suck! Atleast now they do. I am moving a 401K plan from a previous employer and I had to wait 15 days to change my address and then I could move it. In those 15 days I lost over $600. Ohh well thats life I guess.

Loans are not America's problem, credit cards are. 22% mini loans are evil!

[PotenzaSub]

And since when did the American society fall?

After WW2 american companies started pushing loans and credit onto consumers. "Buy now, pay later" was what sparked american consumerism during the 50s and 40s (continues to this day). The american middle class was in a constant struggle to out do other families by having the best things - the newest lawn mower, car, washing machine, etc. You can read about this in any history text book. The movie "the man in the grey flannel suit" also illustrates this along with the depression facing many post-war families.

[dolphinS4]

After WW2 american companies started pushing loans and credit onto consumers. "Buy now, pay later" was what sparked american consumerism during the 50s and 40s (continues to this day). The american middle class was in a constant struggle to out do other families by having the best things - the newest lawn mower, car, washing machine, etc. You can read about this in any history text book. The movie "the man in the grey flannel suit" also illustrates this along with the depression facing many post-war families.


Thanks.
It all clear now.

[Scapegoat]

Lest we forget that the beginning of loans/credit began during the reconstruction period after the civil war where shops would "credit" farmers, giving them feed, tools, etc and expect to be paid back in crop and an insane interest rate.

This was the big thing in the years after the Civil War when blacks were given their limited "freedom" in the south, and whites were losing their land due to the reconstruction efforts.

The end of WW2 was not the starting point of this hole we've all been dug into concerning credit and loans.

[Broken5hift]

credit cards are the devil. for reals

[dolphinS4]

If you are impulsive and immature, credit cards are the devil. for reals
Fixed it for you.
I find them quite usefull and rewarding.

[MuddyREX]

Exactly. If they are used properly, I agree that they can be very beneficial. But, now that I am a mortgage lender, you have no idea how many people I have seen that abuse their credit cards. Credit card companies want you to be in debt for the rest of your life. For example, it will take an average person 22 years to pay off a credit card with a $5000 balance if making minimum payments, and they'll end up paying around $20,000 in interest.

damn i cant believe the rates are so high. I would wait until rates come down and your credit is better.

As for waiting for rates to drop? Interest rates were at an all time low over the last few years. Not the lowest in the last decade, or century. Lowest ever. No one who knows anything about finances is predicting rates to drop any time soon, they will continue to rise.

Waiting for his credit score to increase will get him qualified for a better rate than what he would get with his current score, but by the time his scores are brought back up to an acceptable level it may not matter.

[CleanNeon98]

I know a few people who will loan you small or big cash..the problem is if you dont pay them back, it wont be good lol