Small loan...

I

imported_Reflectionz

New member
Heres the deal. Im looking for a place to take a small loan of 8k for a work truck and accessories for my detailing business. I almost got everything together now but in a rut. I ran up all my credit cards to begin with. I dont think i have bad credit because i always pay my bills on time but is on debt in credit cards. My own bank (washington mutual) already rejected me because i dont have any valuable collateral. Any suggestions? Any help would greatly be appreciated! I know i will succeed!
 
How are you going to pay for your loan if you can't pay for your credit cards?



Will you be making enough money to pay for the loan and the credit cards?



*I* would wait until I had enough business to pay for the credit cards and pay them off before thinking about taking on more debt.
 
You are young. You learn new things everyday. Now you have learned that the Bank has rules.



Time, my young friend. Time.



Or, convince an adult to 'co-sign' for you.



Patience is a good thing.



Jim
 
The world of loans and credit card debt, a thing of annoyance. Concentrate on paying your cards off, and then shred them. Obviously you may need one for emergencies or such things, but only then. Credit cards make it too easy to spend money you don't have. That's why the average American's credit card debt is close to $9000. If you are serious about the loan however you will need a co-signer like Mr. Buffit said. That's how I got my first car financed.
 
Thanks guys. Well, I seem to rush things.. I think i need to slow down a bit. Its just my car is a piece of **** and cant really use it if im a mobile service. Seems like i gone so far and tryed so hard to get things going.. but you guys are right.. give it time. The more time you have to think about the plan, the better.. right?
 
i would keep saving up for the stuff and keep doing details out of your current situation for a little longer till you can put 2k down or something or put up your car title for collateral
 
Soysaucial=

My advice: keep making your payments and when it comes loser to the end of the introductory offers end, begin looking around for a credit union whose membership you qualify for. Do some searching around for vehicle models that would fit your equipment and the routine you use while detailing. I suggest low milage/used for the bang per buck.



Go to the CU with projected vehicles' KBB and ask to get pre-approved for an auto loan and inquire about financing the remainder of your credit cards balance. Weight the costs/APR of the second loan to that of your existing credit balance and decide. Do use an amortization table like that on bankrate.com Be sure to ask about processing fees with each loan type and do not sign anything with a prepayment penalty, for when times get good! Once you have your loan approval, start shopping but just because you are approved for $40k doesn't mean you go get that Sprinter, it may be overkill for both on the job and wallet...



buy smart, not with your heart.
 
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