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HotPotato2009 · Jul 13, 2009, 07:06 AM

I was thinking about applying for a loan. But I don't really know anything about APR and all that stuff. I want low monthly payments and I want to be able to have at least 3-6 years to pay the loan off. I'm confused as to how to go about doing this. Any help?

walt17 · Jul 13, 2009, 11:32 AM

Just tell the bank or business you are getting the loan from your requirements. They may or may not agree. But that is the only way to find out.

HotPotato2009 · Jul 13, 2009, 11:45 AM

Thank you

morgaine300 · Jul 13, 2009, 09:37 PM

Here is something you can play around with:
eFunda: Loan Calculators
This will allow you to do some different scenarios any way you like and see how it all comes out.

excon · Jul 13, 2009, 09:45 PM

Originally Posted by HotPotato2009

I was thinking about applying for a loan. But I don't really know anything about APR and all that stuff. I want low monthly payments and I want to be able to have at least 3-6 years to pay the loan off. I'm confused as to how to go about doing this. Any help?

Hello Hot:

Do you know anything about collateral? If you don't have any, you ain't going to get a loan. Oh, you might be able to get a cash advance on your credit card, but the interest will be HIGH, and if you take 3-6 years to pay it off, you'll pay back about 10 times the amount you borrowed.

excon

HotPotato2009 · Jul 14, 2009, 11:52 AM

Excon: Of course I know what collatoral means. What's that got to do with me getting a loan though?

Morgaine: Thanks :-)

excon · Jul 14, 2009, 11:58 AM

Hello again, Hot:

I don't know. Every time I got a loan, the bank wanted collateral before they'd give it to me. Maybe things are different where you are.

excon

HotPotato2009 · Jul 14, 2009, 12:47 PM

Really? What kind of collatoral would you give?

excon · Jul 14, 2009, 12:56 PM

Hello again, Hot:

It depends on the kind of loan I wanted.

Look. I'm going to stop dancing around here. Really, there are only three kinds of loans you're going to get: (1) Real estate loans, but it takes real estate to secure them, (2) pawn shop loans or payday loans. They both require collateral, and finally (3) unsecured credit card cash advances.

Real estate loans offer the best terms. The others are all high interest and short term.

excon

ScottGem · Jul 14, 2009, 01:01 PM

I would add a fourth to excon's list and that is car loans. Except for unsecured credit card debt, they all require collateral.

If you have an EXCELLENT credit score (700 or higher), you MAY qualify for an unsecured personal loan. Talk to your bank about that. You don't really need to know much about APRs etc. What you need to know is two basic things. The payment and the term. With those two facts you can calculate the cost of the loan (payment*term-principal).

HotPotato2009 · Jul 15, 2009, 06:34 AM

What is the best way to make your credit score higher?

this8384 · Jul 15, 2009, 06:45 AM

Establish a history of on-time payments. Don't max out your credit. Don't open unnecessary accounts.

HotPotato2009 · Jul 15, 2009, 06:50 AM

Ok. Does that really help?

Does paying back payment (off your credit) make a difference?

this8384 · Jul 15, 2009, 06:55 AM

Originally Posted by HotPotato2009

Ok. Does that really help?

Does paying back payment (off your credit) make a difference?

If you show that you have a good history of making your payments, other lenders will be more comfortable giving you a loan because they know it's not a risk lending to you.

What do you mean by "paying back payment(off your credit)"?

HotPotato2009 · Jul 15, 2009, 08:23 AM

Like, your credit score is low for a reason... cause of the bills you have on your credit. I pulled up my credit score and got a list of people that I owed money too. So I wrote them notes and asked them if I could start making monthly payments to get the bills off my credit.

So what I am saying is, by paying those bills off, does that help your credit score go up?

this8384 · Jul 15, 2009, 08:26 AM

Eventually, yes.

excon · Jul 15, 2009, 08:33 AM

Hello again, H:

Paying off BAD DEBTS doesn't increase your credit score by much. They're still going to be on your credit report as a BAD DEBT, and they'll stay there for 7 years... A judgment will stay there for 10 years or longer.

The way NOT to get bad credit, is to pay off the bills AS AGREED.

So, it appears you have BAD credit... You ain't going to get ANY loan. Oh, you might be able to get $100 if you put up a $2,000 diamond as collateral at a pawn shop.

excon

HotPotato2009 · Jul 15, 2009, 08:37 AM

My credit isn't that bad. I can get a loan for my job because they are not paying us for a while.

this8384 · Jul 15, 2009, 08:37 AM

Originally Posted by HotPotato2009

My credit isn't that bad. I can get a loan for my job because they are not paying us for a while.

... what?

HotPotato2009 · Jul 15, 2009, 08:39 AM

Some budget that they have going on here. So the govenor is going to be holding people checks until they can get a budget signed. It sucks that we have to suffer for a decision that they can't make.