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What kind of loan should I get?
I have 3 credit cards, I am starting grad school in the fall, and I want to buy a new car before mine kicks the bucket. What kind of loan would make most sense? Also, how do you use a loan if its for a bunch of different things? I would ideally want to get like 60,000 or something to pay off credit cards, get a new car, and pay for school. Can i even do that? I have pretty good credit I think. My credit card limits total are 5,500 and I have like 3,500 on the cards. That is the only debit i have. I am always on time with payments and pay WAY over the amount due.
I am loan clueless. Please help.
1 Answer
- ReenaLv 71 decade agoFavorite Answer
You are clueless, naive and very optimistic.
The loan you describe is called a personal loan. The bank gives you the money and you do with it as you please.
Unfortunately they have become somewhat hard to get nowadays.
Usually the bank wants collateral that is worth the same amount as you need to borrow. A house could qualify as such collateral - as long as it is worth more than what you still owe on it....)
Car loans usually depend on your income and credit score.
Talk to a credit union or a bank first and see what they think you could qualify for before you walk into the hungry fangs of a car dealer that offers in house financing for a huge interest rate and gives you an overpriced car that you can't afford.
For a student loan you needed to apply months ago.
Here is a link that can help you:
