secured personal loan for $5500 with collateral of $10000 with bad credit?
Here’s the situation, I really want an atv and I have been through my budget and can afford it easily (debt to income ratio = 25%). The only problem i have is that my credit is bad (under 600) but i make very good money, my wife has good credit (above 700) and makes only a little money a month. The local bank were going to accepts vehicles & atvs for collateral, i have a 2003 mitsubishi lancer ($4000) along with the atv value ($6000) for collateral. I need to borrow $5500 to get the atv and would like some input on the best way to go about applying for the loan. In other words, should i put myself first or her first on the app?
If you cant read please do not answer my question…the only reason my credit is bad is because of young mistakes. now my priorites may not be straight but i am not asking for advice on how to live my life. like i stated i have done the budgeting and i can afford this…easily.
as said before…if you cannot read dont answer the question…i dont care what your opinion is. now, if you have experince in this situation please feel free to answer. there is a reason this is called yahoo answers, and not yahoo opinions…
David M posted: 09 Apr at 2:25 pm
You want to buy a $6,000 ATV and borrow $5,500 to do it? I see now see why you have such a bad credit rating. You need to get in the habit of paying cash or at least putting a substantial amount down for things you wish to purchase. Especially for non-essentials such as an ATV. I’d love to see you on the Suze Orman show on her segment “Can I afford this”. I’m guessing you’d fail.
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Zoinks! posted: 09 Apr at 5:25 pm
Here’s the situation: you’re used to doing whatever you want without regard to financial consequences and that is also why you have bad credit. If, as you say, you truly make “very good money” then you can afford to wait six months and save up the purchase price of the atv.
You want to come on here and throw out a clearly unwise plan of action and you don’t want to get called out for it? Good luck with that.
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wg0z posted: 09 Apr at 6:18 pm
there’s really no distinction between you and wifey if you are both on the loan. you are both equally liable, and the interest rate will be based on the person with the poorer score – you.
if the loan enters default, her score/rating will be lowered.
have you considered a used atv?