Overhaulin'

BAD CREDIT PERSONAL LOAN TO PAY OFF UPSIDE DOWN CAR LOAN & OTHER SMALL DEBTS?

I am looking for a loan to pay off my current vehicle that I am definitely upside down in due to bad credit and forced refinance for the auto. My current vehicle loan has a balance of $9,000 I purchased the car used in 2005 and have been paying on it ever since. It's a 2004...Over the years I have gone through many financial hardships due to marital issues, and other financial and unexpected life problems. I do have steady income and I have been at the same job for 15 years and in my home for 10. Needless to say my work and residential histories are good but my credit has suffered. I am wanting to secure a loan that will allow me to pay off the balance of the loan and other small debts. I do own my home but it is owner financed and not reported to the credit bureaus. Additonally, I do not want to put my home on the line to secure such a small amount of funds (I want to borrow about $10,000). Once I pay off the car I am willing to use it to help secure the loan. As I stated the balance is $9000 but I'm sure the pay off would be a a bit smaller. Please only serious advice and leads ONLY! Also, please don't judge me... I don't know what else to do. Looking for lendsers...Thanks! ***Additonally, my credit score is 500 and I do not have a cosigner.*** I know help has to be out there somewhere. PLEASE NO SCAMS & NO PAY DAY LOANS!

Public Comments

1. There is no way you will find any legitimate lender willing to give you an usecured loan to pay off your upside down car loan, let alone the additional debts. People with excellent credit history/score would have problems getting approved for a $10K unsecured loan. With your low score/credit, you will not qualify for any unsecured loan. You will probably get lost of scammers responding. Beware of anyone asking for money up front for a loan.
2. You have now been paying on that car for 6 years And you still have $9,000 balance left? Note: That banks do not re-finance cars that are older than 5 to 7 years old 1. The home is not yours unless you hold the mortgage You are merely renting until you make that motgage on your own If your balance is $9,000 - that is your pay off The interest you save will be just a couple of hundred dollars - You have had a car loan for 6 years now - and still that kind of balance? In conclusion: No one is going to give you a loan Do not fall for the online loan scam - it's so easy anyone could run it
3. The other posters are correct. 10k is NOT a small loan. Check the Kelly Blue book & see what the selling value of the car would be. See if the trade in value would pay off enough of the loan so that you could get out of it. l am surprised you were able to refinance a used car. A private sale might be a wise idea, if you could find a buyer. Keep in mind that if you are able to get a loan, you will still be in debt for the money you borrowed.