Overhaulin'

How good are the odds in getting a loan from my bank?

My car was totaled, a car that was apparently worth less than what I still owed on the loan, I have no money saved up to get a new car, I had to turn in the rental today and I am at a total loss on what to do about getting a new car. So I thought of checking into small personal loans from my bank to flat out buy a used car. The minimum for personal loans for used/new cars is $5000. I would be fine with that as I have already seen decent cars for cheaper than that...I just can't outright buy anything right now. The thing is, I have bad credit and up until last month I had overdrafted my account each month (I get paid once a month with direct deposit), mainly because I was struggling to pay my car payment once my bf lost his job. So with the combo of bad credit AND the overdrafting, would it be a complete waste of time to try to get the minimum personal loan from my bank or should I try somewhere else that they at least don't know I've overdrafted each month for a good little while now. I've finally broken that cycle though. I don't really have any assets because my car is now totaled and I rent my house, I don't have any kind of savings account. I don't mind paying a higher interest rate, if that would make any difference to a lender. Any help would be very much appreciated. I feel so lost in how I can get another car. Thanks in advance.

Public Comments

1. The bank could possibly charge you a very high interest that isn't even worth getting. How much do you make per month? There are many cheaper solutions to save you money. I never rely on the bank because they always charge high interest on me.