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Greetings I have a car I'm paying off and in dire need to get rid of it so I need to sell it privately. I need about $2,000-$3,000 in money to pay the difference. I don't have $2,000-$3,000 to pay the difference. Can I get loan or an advance that I can pay after I have sold the car? I will be able to pay it off if I get this burden off my shoulders. I have fairly good credit.
Really wish I had family members that had this money to lend me.
Check with the bank you have your accounts with. If your credit is not too bad you can usually get a 2-4k unsecured loan. You can do this from any bank but if you go to where your accounts are they may be more willing to give you a better deal, direct account withdrawles and possibly better %rate. Dont tell them its for a car, they will want a copy of the title and then your back int he same boat. Tell them its for furniture or something like that. Make sure there are no prepayment penalties. Then once you get your money you pay everything off with a little bit of interest and your good to go. Or dont pay it off right away and build your credit up a bit by paying it over time.
Then once you get your money you pay everything off with a little bit of interest and your good to go. Or dont pay it off right away and build your credit up a bit by paying it over time.
I would be using it all at once. Is this a problem? That is the whole point is so when I goto the credit union with the buyer I can give them the difference.
I would be using it all at once. Is this a problem? That is the whole point is so when I goto the credit union with the buyer I can give them the difference.
You would be using the "credit" all at once, but you wouldnt be paying it back all at once. If your loan is with a credit agency, just talk to them, they seen your payment history, and shouldnt have a problem moving the loan from secured to unsecured.
I got a quote from my bank and it's like %14-%15 interest
On an unsecured loan, that's to be expected. THey are lending you moneyt with no collateral. But that rate is per year. So, if you borrow $2k at 15%, the interest due is $300 per year, or $25 per month. If you repay the loan in two months, it's only cost you $50.
If all else fails you can try to get a loan through Prosper.com, if you have a FICO score above 700 you should easily get a loan for less than 14%, but it would be a 3 year loan. (No prepayment penalties).
I wouldn't use a cash advance on a credit card ever. You can sometimes get better rates for balance transfer.
I need to raise my Score by 70 points 630-700 the guy said but since I'm only looking for around $3,000 I can use a Credit Card and pay it off as fast as I want and raise my score at the same time. I'm not the kind of person that gets behind in payments or pays late no matter how bad times are so I don't see a credit card being a problem. I'm frugal and not a big spender.
There was a time (maybe still is) when a bank would loan you money on a short term note, with daily interest. Convince the loan officer that the full amount will be forthcoming for payment in full in a matter of days, and if you are a reliable customer with decent credit, it might be a good deal for you.
Also, this is probably illegal, but a used car dealer told me they do it all the time. If you hold the title with a lienholder named on it, just sign off the lien, writing down any old signature. Nobody ever checks, nobody has any idea what the name is of the finance company's officers. Then sell the car as free and clear, hand over a title with your signarure and what appears to be the finance company's release of the lien, and then pay it out when you get the money. If anybody does check it out, you'll have the lien paid off by the time the query comes back to the lender, so it'll clear.
Last edited by jtur88; 08-31-2010 at 12:44 AM..
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