Personal Loan

Question: I have a personal loan question? please help!?

(Posted by: adambiddle03 on 2010-02-25 01:13:10)

Currently I& #039;m unemployed, I have zero assets, decent credit, and I& #039;m falling behind on my bills and don& #039;t want to screw my credit up. I start a job next week waiting tables (400 weekly) The most expensive debt I have is my 2006 GSXR 600 motorcycle. I owe 8500 dollars on it, and then I owe about 2000 dollars on various credit cards. So I have a debt of roughly 10k- 11k. I could sell the motorcycle for about 4500- 5000 dollars. I can& #039;t legally sell it though because a lender through Suzuki (HSBC) has the title. Do you know of anyway that I could get a 10000 dollar loan? I would do the following with it....Pay off the motorcycle (8500) Leaves me with 1500. Sell the Motorcycle 4500 and I now have 6000. I pay off the credit cards and I now have 4000. I would give the bank back 3000 and I would now have a single debt of 7000 dollars a much lower interest rate and 1000 dollars to hold me off until I& #039;m employed again. I don& #039;t know if that is a feasible plan, but I figured someone here would have more knowledge than me about it. The interest rate on the credit cards, and motorcycle are outrageous! If I could get this loan worked through a bank the payments would be cheaper, and the interest rate substantially less. Their is a bank that has financed me on 2 cars in the last year 3 years that I have paid off very early both times, Any information would be greatly appreciated.

Posted by: Mrs on 2010-02-25, 01:20:23

Your best bet would be to visit your local credit union or banking instituion depending on how high your credit score is you may not need any paper trail (paystubs, tax forms) or anything. If not my suggestion would be to take one thing at a time sell the bike and take out the personal loan for the difference to send to the finance company to clear the title. Than agressive use the "monthly payment " for the bike and apply towards the 3k or 4 k loan to pay it off quickly. Than use that amount to attack the credit cards as well. You can work through this but borrowing money to pay bills isn 't the smartest way it will bite you in the but later on GET RID OF THE MOTORCYCLE ASAP. Google the detsnowball this will help you out a great deal

Posted by: Stacey on 2010-02-25, 01:34:36

It 's bettter consult owth any local credit repair agancy they will help you

Posted by: Gabriel on 2010-02-25, 03:56:21

We can help you with the loan at 4% interest rate with flexibility in the repayment plan. Apply for a loan with nemofinanceltd11@gmail.com and you shall be glad you did. Regards

Posted by: Henry K on 2010-02-25, 07:08:10

Hi If you looking for a legitimate online loans in 1 Hour.once approved your loan will be transferred directly to your checking account promptly, and securely. Now you 'll be able to use the cash for all your necessities. bestonlineloancompanies.com • 100% secure and processing • No faxing -No credit check • Immediate online approval • Excellent customer service • Get Cash in Minutes! Good luck!......

Posted by: Berry on 2010-02-28, 00:36:06

Go to every bank you can find- especially the one you have borrowed from before and see if you can get a loan. Do not go into your whole plan-- just tell them you want to consolidate your loans. Then borrow $10,500. Pay off the motorcycle and credit cards and with the rest you can do two things-- 1. Pay it back immediately like you said. or 2. Hold on to it in case of a future financial emergency. It will cost you some interest but CASH is more important sometimes... Here is the problem-- banks want collateral. So what do you have that you can borrow against? The motorcycle... and what else? You may be able to apply for credit cards- find one with a very low interest rate (or 0% intro) and whatever credit line you can get. Then put all of your credit cards on that card. By the way- with the new law congress passed these great deals are a bit harder to find. Be willing to pay a $39 annual fee in exchange for a low rate. As a matter of fact you can open several cards- just don 't miss one single payment! And in the future-- don 't take out high interest rate loans- OK!?