Personal loans

[wong_watkins 1]

Hubby and I are wanting to buy a house later this year, but he doesn't have very good credits..

I moved here about 2 years ago, and finally have some credits established. I checked my credit score and it's 702, and I have a 3 digits amount in my savings.. I want to get a personal loan of about $5000, so that I can pay off hubby's bad credits and for some other personal issues so that we both will have good credits when we buy a house..

I wonder if it's difficult to get a personal loan? Anybody here has had related experience? Is it better to get it from a bank or financial company?

[brnidokiegurl 1]

Do you have a car or something already paid as security to back a loan?

[wong_watkins 1]

Do you have a car or something already paid as security to back a loan?

No..we have a car, but it's not paid off yet, and the loan for it is in hubby's name.

Hubby does own an antique car though. It's a 64' Nova that's worth about $2000.

Would I have a better chance if hubby put my name on the title of that car?

Edited January 30, 2007 by wong_watkins

[akdiver 3]

Do you have a job???? If you have a job and a credit score over 700, you shouldn't have any problem getting a $5000 loan. If you do NOT have a job, then it is unlikely you will get a loan, since as far as the bank is concerned, you have no way to pay it back (free money from the husband doesn't count).

Cheers!

AKDiver

[Killer_Clown_2009 0]

I agree with a credit score like that and a job, you should be able to find a loan easily enough.

[MHandMB 0]

I went to my bank to get a personal loan before I went overseas. I told them it was for a trip abroad. I got a 5k loan and 5 years to pay it back. The interest rate was lower than any credit card rates I'd found, so it worked out well. At the time, I was making car payments and had 2 years left on them, and didn't have anything else as collateral, just a decent credit score and a decent job.

I don't think you should have a problem getting a loan. Just make sure that the interest rate you get is less than the interest rates on the debt you already owe, or it won't really make much sense for you to go this route. Good luck!

[wong_watkins 1]

Thank you guys!! That was really helpful..

Yes I do have a job, and I do not have any debts at all..the only loan we have is one of our cars, but it's in hubby's name

[Fandango 1,440]

You might be better off getting a new cc which comes with a promotion like 0% APR 12-18 mos on transfers & checks. Granted, you have to plan for that bill to hit and get paid, but if your credit limit is high enough, it just might work