I was thinking about getting a personal loan to pay off my credit cards and buy a new car, anyway can anyone help?

 

i seriously doubt you are going to be able to get a personal loan large enough to cover the purchase of a new car. Its going to be hard to get a personal loan if you have significant CC debt also. Since they don't have any collateral, the amounts above your credit limit aren't very much. Sounds like you need to get your finances straightened out before purchasing a new car

 

sounds like you are just trading your debt for another debt

 

Well I need to get rid of the G and get a different car, something that is better on fuel economy and 4 door since I have a baby on the way. I was thinking of getting a personal loan to pay off all my CC debt and buy a different car so I can have ONE payment and don't have to get full coverage because i "own" the car.

 

Got your own home?

 

Are you looking for a NEW car, or a "new to you car" that will be cheaper than your current car? I understand the need of a 4 door due to a baby, I had the same deal, I just wish I didn't buy a NEW car, when I could have been fine with a used one. I agree with redlude, get your finances straight first, pay off you CC's and other bills. No need to take on more debt, know what I'm saying?

Btw, Congrats on the Baby, I too have another on the way.

 

Thanks!, Well that's what I meant, a "new to me car", basically used is fine, just need a 4 door. I need a personal loan so I can do consolidated debt, my interest on the CC are too high, if I can get a loan and get a car, and pay off my CCs i'll have ONE low monthly payment, instead of 3 payments that equal over $1000 a month.

 

The interest rates on a personal loan are also very high, especially considering how you describe your income level, financial situation and credit score. Auto loans tend to have one of the lowest interest rates out there of any loan. As far as cash outflow, what's the difference with having 3 pmts that total $1000/mo vs. 1 pmt of $1000/mo?

 

You are right there is no difference between 3 payments that equal $1000 a month vs 1, with my credit score I could get a loan anywhere between 8% and 12%, right now my amex alone is 14.24%, other one is 9.99%, and car loan would be around 7%, if you do the calculations based on a 72month loan at 9% i'd be saving around $400 a month

 

Sell you G, use profits to pay off as much CC debt as possible and buy a cheap 4 door.

The basicly cut most of your cards in little pieces.

 

^^ Plus 100.

 

Installment loans like most personal loans) are going to be much better than revolving lines of credit (like credit cards) in terms of total interest paid, b/c of simple/fixed vs. compounding/variable interest. However, it also means a much higher mo. pmt, b/c it's not open ended like a cc, which has very low min. monthly pmts.

So...you need to figure out what your ultimate short/long term goals are. It's not that simple, as you're starting to realize.

 

Hey,

As Redlude said it is difficult to get personal loan to meet your credit card debt and also to purchase a new car. So, its better you clear your debts first and then go for purchasing a new car...
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allaboutloans.co.uk

 

WTF is that cheap loan link in your post?

 

Wait a minute here, a 72 month loan? Do you really want to pay on a car for 6 years?

Ever think about getting a second job? When my youngest one was born he was in the hospital for over two months. After my insurance paid their end (and it was a good portion) we still owed around $8000. I picked up a second job working 3 or 4 nights a week and every bit of that went to medical bills (on top of what I would have paid). It took some time and discipline but we paid it off.....and then I bought a 56" TV for myself...er family!

Also, about selling your car, have you considered TT&L on a new car? There are more costs involved than just the price of the car.

Congrats on the new addition to the family and I hope everything works out for you.