'Personal' Loan with bad credit?

[DigitalCancer]

Old thread revived by highland145 with no additional information.
admin allisolm

So...my credit score right now is around 640, but I have (2) car loans...one for $21k and the other for $18k

The place where we bought the $18k car, has a buyback program that I'm wanting to get into...they'll offer around $13k for the car (we were upside down when we bought it due to a trade-in that had money owed on it).

History on me...divorced, had to file BK 2yrs ago (due to a house foreclosure that was in my name and a previous car purchase...I had no choice but to file, had a 780 when I filed) - new wife (3yrs now) has no credit really, so she's around a 630-640.

I need about $5500 to get out from under the $18k car. HOW can I get a personal loan for that? I have nothing paid off or a house to use as collateral...am I just shit outta luck on being able to get a loan?

I can't sell anything either...I have (2) LCD's and a 2010 Malibu that's not paid off ($21k)...that's pretty much it, lol. No investments or anything as of yet. Help? Anyone want to co-sign for me!!?? ^_^

 

[isekii]

Prosper ?

 

[DigitalCancer]

Prosper ?

Not an option for me, it wouldn't let me finish the app b/c of credit scores. =/

and yes...I AM working on cleaning up my credit. There are a few items on their that should boost me quite a bit if I can get them removed (they're showing as active and should be closed, 2 of them are reports 120+ days late!)


If I could just get the loan, I'd have it paid off pretty quick...maybe slightly more than a year. I pay a $450 car payment as it is right now so that would go away and insurance would go down (b/c I'd get a beater for myself) and I could put that $450+ toward the loan. =/

Banks don't 'write' loans anymore though so, they just see me as having that $18k additional debt and needing to pile another $5-10k on top of it....sucks that we're all just a number these days.

 

[Alienwho]

effin a dude how can you have two 20k cars after filing bankruptcy and all that. People like you are douchebags and I hope you enjoy the life you've created for yourself.

I could pay off both your cars with cash right now and I drive a 10 year old jetta I bought for $7500 a few years ago.

 

[Gibson486]

go to a bank? If they do lend to you, the interest will be through the roof....

 

[Elbryn]

If I could just get the loan, I'd have it paid off pretty quick...maybe slightly more than a year. I pay a $450 car payment as it is right now so that would go away and insurance would go down (b/c I'd get a beater for myself) and I could put that $450+ toward the loan. =/

where would you get the cash for the beater? what can the car get on the used market?
what about the 2010 malibu? given the hole you're in, have you considered selling both cars and getting replacement beaters for them? are you upside down on both? might have to go private sale rather than dealer?

possible to try car loan refinance to reduce interest rate?

 

[DigitalCancer]

effin a dude how can you have two 20k cars after filing bankruptcy and all that. People like you are douchebags and I hope you enjoy the life you've created for yourself.

I could pay off both your cars wish cash right now and I drive a 10 year old jetta I bought for $7500 a few years ago.

Well...long story...but, the wife needed a car, so she was trying to build up her credit and bought a 10' Malibu...after I filed BK I decided to try and build my credit up, so I ended up getting a new car myself (about a year after filing). Which it has helped tremendously (from a 500 to a 640 in less than a year so far).

Btw...I don't appreciate the comment...yes, I made a mistake with the car (but I can afford it) the 1st new car was on my wife's own (before we were married)...so you can keep your 'douchey' comments to yourself.

 

[Elbryn]

Well...long story...but, the wife needed a car, so she was trying to build up her credit and bought a 10' Malibu...after I filed BK I decided to try and build my credit up, so I ended up getting a new car myself (about a year after filing). Which it has helped tremendously (from a 500 to a 640 in less than a year so far).

Btw...I don't appreciate the comment...yes, I made a mistake with the car (but I can afford it) the 1st new car was on my wife's own (before we were married)...so you can keep your 'douchey' comments to yourself.

generate more income is always an option. getting a second job doing grunt work wherever can help you get ahead. 20 hrs a week at $7/hr is $560 a month gross. about a year working that will get you around your 5k. if you're wife is game, she can do the same since you'll be gone alot. together that's 10k. do that for 2 years and you can be clear of the entire mess. yea it's not ideal. yea it's not fun. but the option is always there.

 

[DigitalCancer]

where would you get the cash for the beater? what can the car get on the used market?
what about the 2010 malibu? given the hole you're in, have you considered selling both cars and getting replacement beaters for them? are you upside down on both? might have to go private sale rather than dealer?

possible to try car loan refinance to reduce interest rate?

We've got a little cash saved up we could use for the beater.

Upside down on both cars b/c the wife did nothing down and I had rolled some negative into mine. The car I'm looking to trade in appraisers for $15,500 and I owe $18,500 on it...I checked into the 'buyback' program and they offered $13,xxx for it so I just need to come up with $5k.

Banks won't loan to me right now...credit is too low and I'm using too much of my credit (kind of ironic since i'm trying to do this to use LESS of my credit eh?).

 

[Elbryn]

We've got a little cash saved up we could use for the beater.

Upside down on both cars b/c the wife did nothing down and I had rolled some negative into mine. The car I'm looking to trade in appraisers for $15,500 and I owe $18,500 on it...I checked into the 'buyback' program and they offered $13,xxx for it so I just need to come up with $5k.

Banks won't loan to me right now...credit is too low and I'm using too much of my credit (kind of ironic since i'm trying to do this to use LESS of my credit eh?).

how much can you get on the private sale market? the buyback seems stupid, pretty much we're just buying a used car approach.

 

[Gibson486]

We've got a little cash saved up we could use for the beater.

Upside down on both cars b/c the wife did nothing down and I had rolled some negative into mine. The car I'm looking to trade in appraisers for $15,500 and I owe $18,500 on it...I checked into the 'buyback' program and they offered $13,xxx for it so I just need to come up with $5k.

Banks won't loan to me right now...credit is too low and I'm using too much of my credit (kind of ironic since i'm trying to do this to use LESS of my credit eh?).

if the car appraises for $15k, why don't you sell it for that price....that way you need to come up with 1.5K less.....

 

[shortylickens]

The way things are going Ima need a personal load just to get health insurance and another credit card to pay the deductables and stuff.

Also, forget it if you have crummy ratings.

 

[DigitalCancer]

generate more income is always an option. getting a second job doing grunt work wherever can help you get ahead. 20 hrs a week at $7/hr is $560 a month gross. about a year working that will get you around your 5k. if you're wife is game, she can do the same since you'll be gone alot. together that's 10k. do that for 2 years and you can be clear of the entire mess. yea it's not ideal. yea it's not fun. but the option is always there.

That could be something...I work 8a-5p (40hrs/week) right now. I have thought about getting a 2nd job though...I'm not afraid of work...just tired, haha. I do want out of this and everything to be cleared up though. I just finished paying off all of our CC's...only about $1200 worth, but it feels good to not have them at their max. Now I'm looking to get rid of this car and that'll put a little more cash in my pocket instead of spending it stupidly.

As I said...the main reasoning for getting the new car was simply to build up my credit and I think that's went as far as it's going to go for now. It's also at 12% interest which kinda blows. ^_^

 

[CZroe]

If I had to guess, my score is about where yours is due to nearly maximum balances on three cards totalling $10K. I got the same message from Prosper, but LendingClub seems to be working. I'm asking for $4,800 to pay off two of my cards at a higher interest and the loan is getting funded as we speak. I know it's not the same situation but it's worth a shot.

 

[Alienwho]

Well...long story...but, the wife needed a car, so she was trying to build up her credit and bought a 10' Malibu...after I filed BK I decided to try and build my credit up, so I ended up getting a new car myself (about a year after filing). Which it has helped tremendously (from a 500 to a 640 in less than a year so far).

Btw...I don't appreciate the comment...yes, I made a mistake with the car (but I can afford it) the 1st new car was on my wife's own (before we were married)...so you can keep your 'douchey' comments to yourself.

Well my question to you is did you learn your lesson? I personally know dozens of people who are in situations exactly like yours but if they can con a friend or family member into cosigning on a loan like the one you are asking for they will immediately trade in their '10 malibu for a new mustang GT because they're bored of the malibu. IMO you have not learned your lesson because you think you can afford it. Newsflash - if you need a loan, you can't afford it.

I'm guessing you also have $10,000 of credit card debt and pay the minimums every month while still buying new crap you don't need. You're screwed bro. (just saw above you payed them off. Good on you)

If you've learned your lesson and can get your 'ish together I wish you the best and hope you can get it taken care of. I just have no sympathy for people who drive a nicer car than I do (like having two brand new cars) and living a lifestyle of luxury while living paycheck to paycheck and having a net decrease. Your finances are obviously spiraling out of control but you still think you can afford it. You're living with your head in the sand.

 

[DigitalCancer]

Well my question to you is did you learn your lesson? I personally know dozens of people who are in situations exactly like yours but if they can con a friend or family member into cosigning on a loan like the one you are asking for they will immediately trade in their '10 malibu for a new mustang GT because they're bored of the malibu. IMO you have not learned your lesson because you think you can afford it. Newsflash - if you need a loan, you can't afford it.

I'm guessing you also have $10,000 of credit card debt and pay the minimums every month while still buying new crap you don't need. You're screwed bro.

If you've learned your lesson and can get your 'ish together I wish you the best and hope you can get it taken care of. I just have no sympathy for people who drive a nicer car than I do (like having two brand new cars) and living a lifestyle of luxury while living paycheck to paycheck and having a net decrease. Your finances are obviously spiraling out of control but you still think you can afford it. You're living with your head in the sand.

No...as stated above...I have ALWAYS paid my bills on time..my BK was due to a divorce and not using a lawyer so house/car stayed in my name and SHE defaulted on it...I couldn't control it, couldn't afford it on my own, so I had to file.

The 10' Malibu we would keep...I would get a beater b/c I only drive 20mins to work...wife drives 45mins so she'll get the nicer car. We can afford the cars just fine...we just have less than $500 left over each month to do so.

As stated above...we have $1200 in CC's which are PAID in full with no balance thank you very much. I'm not a complete retard just b/c I filed BK and bought a NEW car in order to establish my credit out of the shitter.
The only reason we can't get a loan for $5k is b/c of the BK and we have $40k worth of cars, they don't look at "oh, he's getting rid of almost $20k worth of debt so he's NOT $40k in debt but rather $20k on one car"

The ONLY debt we have are the (2) car's at around $40k. We have yet to buy a house (were married last year) and I started a new job almost 2yrs ago now.

 

[TwiceOver]

Second and Third jobs for the both of you. Save up cash, sell cars, buy beaters.

I know you wanted to "Build up your credit" but next time you want to chase imaginary numbers that some company randomly pulls out of their ass, you could buy a cheaper car and have the same effect. Or better yet, don't worry so much about it.

 

[Gigantopithecus]

Snip

Way to keep it civil. I've met OP in person, in real life, and he's a good guy who doesn't deserve that kinda bullshit flung his way.

DC, it's time to make some hard decisions and put in some hard hours. Fire sale your cars, your stuff, your everything. You can't afford what you currently have. You gotta make some really tough choices about how much your things are really costing you. You don't need to answer this in the thread, but were finances an issue in the first divorce? Do you want them to be an issue in the second divorce?

As others have said, get rid of the two new cars and get two runners. Get out from under that debt ASAP. How about electronics? Computers? Books? Furniture? What else? Selling shit you don't need is a great way to scrape up cash - and you have to make hard decisions about what's necessary (two LCDs = unnecessary).

What about your personal monthly finances? How much do you spend eating out? Movies? Golfing or whatever other recreation? Where can you make cuts? Groceries - do you buy name brands or generics? How much junk that you don't need do you buy? Have you sat down with your wife and written down where all your money is going?

Get a second job. Even if it's 10 hours/week making $10/hour. That's $400/month. Yeah, you'll be tired, but be glad that's the extent of your payment for mistaken decisions.

 

[sonicdrummer20]

Not an option for me, it wouldn't let me finish the app b/c of credit scores. =/

and yes...I AM working on cleaning up my credit. There are a few items on their that should boost me quite a bit if I can get them removed (they're showing as active and should be closed, 2 of them are reports 120+ days late!)


If I could just get the loan, I'd have it paid off pretty quick...maybe slightly more than a year. I pay a $450 car payment as it is right now so that would go away and insurance would go down (b/c I'd get a beater for myself) and I could put that $450+ toward the loan. =/

Banks don't 'write' loans anymore though so, they just see me as having that $18k additional debt and needing to pile another $5-10k on top of it....sucks that we're all just a number these days.

not really, banks use your credit score to determine whether they should trust you with their (someone else's) money. Your credit does not reflect trustworthiness, so the banks will deny you because you are a liability. Better get paying on those debts if u ever want to own anything again, otherwise you're just leasing your life from a bank.

 

[Mermaidman]

I think it's smart that you're deciding to get rid of the car because
-high interest rate
-fast depreciation

If there is a Carmax near you, then go see how much they offer for the car. As to where to get money for the balance and the beater car . . . I don't know beyond what others have said: 2nd job, family, friends.

Can you share one car? I know that at one point, my parents shared one car. My father often rode the city bus to work. It was very inconvenient, but desperate times called for desperate measures, so how much are YOU willing to sacrifice?

If you borrow from family/friends, then repaying them should be #1 priority in my opinion.

 

[highland145]

My .02. You're upside down on 2 used cars. You've got no other collateral. If your debt to income is out of whack, you are out of luck. So that means tough it out which will continue to build your credit. More income. Repo (assume you'd rather not).

The +120 day past dues should come off after 7 years since last activity. If they're legit and less than 7 years, they should stay.

Any public records on your dispute that you can dispute to raise your score?

It's a painful lesson learned on the credit. Most have made some credit mistakes.

@Alienwho

Newsflash - if you need a loan, you can't afford it.

Not so.



12% is actually pretty good with your score at 500 when you purchased.

 

[GotIssues]

Purchasing two $20k+ car was not your only option for building credit. You could have gotten used for $10k or less and had it financed. Heck, you could have gotten $15k new cars and been better off. If you can't learn from your mistakes, you'll just repeat them in a few years. Accept them as mistakes and learn from them in the future.

My advice would be to pull down a 2nd job. Largest (edited for clarification) of the loss in value of your car occurs at the beginning of it's life. You are also (probably) a ways away from the normal big-ticket car repair times, so there shouldn't be a major repair bill in the near-term. Trading down will just leave you with a lower quality car + 5K or whatever in debt. It'll suck in the short term, but I think it will be better for you in the long term. Or, as suggested earlier, you could go to 1 car for a while. The bus or carpoolin isn't that bad.

Edit: Other ideas - you could sell plasma or volunteer for drug studies for extra scratch. Plasma will get you around $80-$100/week combined for you two, and drug studies vary, but can pay over $1000 for a weekend. Something to look into in your situation.

 

[DigitalCancer]

If I had to guess, my score is about where yours is due to nearly maximum balances on three cards totalling $10K. I got the same message from Prosper, but LendingClub seems to be working. I'm asking for $4,800 to pay off two of my cards at a higher interest and the loan is getting funded as we speak. I know it's not the same situation but it's worth a shot.

Yes, but I have a BK under me...hurts a lot. I think I was declined from there as well due to my poor credit.

 

[Gibson486]

Well my question to you is did you learn your lesson? I personally know dozens of people who are in situations exactly like yours but if they can con a friend or family member into cosigning on a loan like the one you are asking for they will immediately trade in their '10 malibu for a new mustang GT because they're bored of the malibu. IMO you have not learned your lesson because you think you can afford it. Newsflash - if you need a loan, you can't afford it.

I'm guessing you also have $10,000 of credit card debt and pay the minimums every month while still buying new crap you don't need. You're screwed bro. (just saw above you payed them off. Good on you)

If you've learned your lesson and can get your 'ish together I wish you the best and hope you can get it taken care of. I just have no sympathy for people who drive a nicer car than I do (like having two brand new cars) and living a lifestyle of luxury while living paycheck to paycheck and having a net decrease. Your finances are obviously spiraling out of control but you still think you can afford it. You're living with your head in the sand.

way to make assumptions. he asked a question. just answer it. No need to give him a speech and be a dick.

 

[IceBergSLiM]

just to be redundant you should be driving $4k cars not $20k cars.