Need to take out a substantial loan, should I just go to my bank?

[geno]

Hi guys,
A while back, I got in some tax trouble, and now I owe to the tune of $7,000. I don't have anywhere near that much in cash to pay it off, so I'll need to take a loan out and pay it off over time. Would my bank (Bank of America) give me a good rate since I have an account with them? From what I've seen, this is the better way to go between that and going with an installment plan through the IRS. Where's the best place to go to get a reasonable interest rate?

 

[Safeway]

Bank is good ... get the lowest % you can find, obviously.

 

[crystal]

For that amount, how long can you expect to pay it all off? Sometime CCs offer really low interest for 6 months or so. Use that to pay off your fines and remember to pay off CC with the promotion time period.

 

[royaldank]

Credit Unions and/or a bank. Rates can vary greatly.

Also, might want to throw it on a Credit Card with a very low (or 0) introductory rate. At the end of that period, if it's not paid off, get a new card with $0 fee balance transfers and 6 months of 0% interest. Repeat until it's paid off.

 

[Fritzo]

Unless you have an asset that is worth more than $7000, you might have a problem getting a loan. Do you own a house? If so, maybe try a home equity loan. If not, you might have to do a CC.

 

[akubi]

mom and dad
0% interest

if you can't do that then credit unions usually have better deals than banks.

 

[geno]

Originally posted by: Fritzo
Unless you have an asset that is worth more than $7000, you might have a problem getting a loan. Do you own a house? If so, maybe try a home equity loan. If not, you might have to do a CC.

If I can't get the loan on my own, my mother said she'd cosign for me and she's got great credit - I should be alright then right?

 

[Fritzo]

Originally posted by: geno

Originally posted by: Fritzo
Unless you have an asset that is worth more than $7000, you might have a problem getting a loan. Do you own a house? If so, maybe try a home equity loan. If not, you might have to do a CC.

If I can't get the loan on my own, my mother said she'd cosign for me and she's got great credit - I should be alright then right?

That'll work, but don't screw up or your mom's credit will be on the line.

 

[geno]

Originally posted by: Fritzo

Originally posted by: geno

Originally posted by: Fritzo
Unless you have an asset that is worth more than $7000, you might have a problem getting a loan. Do you own a house? If so, maybe try a home equity loan. If not, you might have to do a CC.

If I can't get the loan on my own, my mother said she'd cosign for me and she's got great credit - I should be alright then right?

That'll work, but don't screw up or your mom's credit will be on the line.

Of course, I've been cosigned to credit cards before and I've done my job to keep her credit in good shape