Question by Travis: Some info on personal loans?
This is a bit long, sorry.
So here’s the situation, I asked a question previously here about banks vs finance companies and people were dicks about it not answering the question, countering it with other questions, which I didn’t mind. so.. I’m a young adult, (19) trying to get a motorcycle, I currently have a motorcycle financed. but it’s small and I’m looking for something that can handle the highway better. so that’s what the personal loan is for, as someone on my last question asked, said it mattered. And yes, I can afford the insurance, as that’s the point of a personal loan instead of financing the bike.
so the thing is.. I applied by myself for a personal loan without a cosigner for 2708$ at my bank, they based that amount off of my income. my annual income is 15,000$ , my credit score is around 680. and nothing has been paid late. however. I was denied with the reason “not enough credit history” the bank suggested a cosigner, so I got a cosigner. and applied for 3500, once again. based off of our split income. (suggested by the bank) and I was again denied. they told me in 6 months to a year and a half I’d be able to get it on my own. whatever, that sucks. so I crunched numbers and have figured up. in a month from now I can come up with the majority of the money. however I’ll still be 1000-1500$ short.
So my question is, would I be more likely to get a personal loan for simply 1,000$ after have been being denied for a greater amount twice? I have to use my bank because the 3 finance companies near where I live were saying 23% interest minimum, with a car title AND atleast 50% of the loan worth in household appliances as..”insurance(?)”
People were saying how they sided with the bank, and how immature I am, and blah blah blah. I’ve looked at this from a lot of different angles and I understand it’s not life and death. but bikes are my hobby and it’s been a dream of mine since I was a child. Thanks!
Answer by bluebell
I’m surprised nobody mentioned credit unions to you. You join as a member, save some amount regularly for several weeks (in my credit union it is 10 weeks) and then you may apply for a loan. If you are looking for a smaller sum (like the $ 1000 you mentioned that you will need in a month’s time) they may let you apply for a loan quicker. Also, they won’t bleed you dry with their interest rates. Having a loan there and repaying it faithfully will also improve your credit score.
If you can just be $ 1000 short of the full price in a month, my other suggestion is to delay your purchase for 2 months, and by then you might have the full amount in cash. No interest to pay, but it won’t help your credit score either.
Know better? Leave your own answer in the comments!
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Motorcycle title loans are a variety of short term loans. The amount that is advanced by the lenders depends on the value of the motorcycle and on the title of the motorcycle. The loan seekers are free to contact title loans companies operating in the finance market of UK. Online options are the best of all. The loan seekers can find detailed information about the quotes for motorcycle loans through their own computer comfortably. They can compare the quotes with the use of online calculators and find out the cheapest one. Sometimes, title loan companies are ready to offer discounts of different kinds: single parent discounts, student discounts, repeat customer discounts etc. Online option is good again as nobody is allowed to know personal details of the loan seekers.
The term ‘title’ is meant for authority, which is ownership.
The loan seekers must be owner of motorcycle if he wants to apply for Motorcycle title loans. The motorcycle or its title is treated as collateral in finance of this kind, and against the motorcycle the advances are made by the finance providers. The motorcycle is not handed over in the deal, but the documents suggesting title of the bike is required to get the loan application passed for payment. The title of the motorcycle must be on the name of the finance seeker.
Usually, the finance provider receives a set of keys, keys of the motorcycle, from the loan seeker. Terms and condition for motorcycle title loans are prepared by the former to which the loan seeker gives his consent on paper. The rates of interest are charged at affordable rates and two to four weeks are the limit for repayment period. The borrower must be prepared to clear the loan amount plus its interest within the stipulated tenure, failure of which allows the lender the right to take possession of the motorcycle. He can dispose the same to realize his investment.
The finance providers do not show any interest to know if credit performance of the borrower is not satisfactory. He does not verify credit report of the borrower; nor does he make any difference between bad credit holders and good credit holders. This is to mean that people having impaired credit history are eligible for motorcycle title loans. Motorcycle title loans are offered to the British citizens who have passed 18 years of age and who holds an active and valid bank account. He must provide documents of his driving license, card for social security, address proof, insurance proof and title of the motorcycle. He must be working in a plant or in an office. The finance providers want to get a photocopy of his pay stub to confirm that he has sizeable and regular income.
This is one of the best ideas that the old vehicles can be used for purchasing a new vehicle. Many people do not have enough money at the time of purchasing a new vehicle, so they can manage funds by motorcycle title loans . Are you planning to buy a new vehicle but you are unable to manage your funds? Then, you must be happy to know that your old vehicle can help you in getting the new vehicle for you. Your old vehicle can easily give you financial support when buying a new vehicle. This is possible by motorcycle title loans. These are the loans in which the authority of your old vehicle is given to the lenders while you avail the loan. The loan will help you in purchasing the new vehicle. Once the whole repayment is done to the lender, he will give the authority of your old vehicle back to you.
This is the legal process in which if the borrower failed to make the repayment of the loan to the lender, he can sell his old vehicle. While availing the motorcycle title loans, this becomes very important that you make repayment on time. Otherwise, you will be losing your old vehicle.
These loans should be availed in very urgent or immediate needs. Repayment required to be done within 14 days of availing these loans. These loans can be easily availed and don’t have the long approval procedure. They are given you the same day you have applied for them. These are not long term loans as compared to other loans. If you are also planning to buy a new vehicle and need some financial support, then you can opt for motorcycle title loans. They will prove very convenient and easy for you. In order to avail these loans, people can go online. This is one of the best methods that will save your time. From any location the application for the loan can be made. Once the loan is availed, you are free to use them according to your requirements. This is one of the easiest and convenient methods that will let you purchase you your new vehicle.