Expert: Joe Montgomery - 5/21/2007

Question
QUESTION: Hello, I am 23 years old and would like to get a personal loan for $10000 to pay off my car with about $4000 dollars left on it. With the remaining money I want finish paying for my wedding. Should I try an individual or joint account? My score is about 660 and my fiance has a score of about 705. We have a few credit cards with high balances and just bought a car with a 513 payment a few months ago. My car has a 354 payment. Together our income is about 7500 a month. Will it be possible for me to get a unsecured loan?

ANSWER: I would recommend joint, as there are more options, and it will give you a better chance to qualify for the loan.  Unsecured to $10,000 might be a stretch-- possibly with your car as collateral.  I recommend talking to your bank, tell them what you are looking for, and they will tell you the best they can do.  Also, using the car as collateral should help keep the interest rate lower than it would be with an unsecured loan.
Good luck, and congratulations on your happy day!

---------- FOLLOW-UP ----------

QUESTION: Thanks I just applied at smart financial credit union and got rejected because I am a car salesman and get paid on commision. Do you have any suggestions on what to do or what bank to go to. I am thinking of eloans.

Answer
Yeah, some places are strict when it comes to income calculations, sources, and time on the job.  If you are looking at eloan I assume you are looking at a home equity loan, as I think they only do home and car loans.  
It sounds like you have a lot of variables that can really affect what type of loan you should be looking for, and what information would be required.  I'm sorry to hear that the credit union didn't want to work with you, or discuss options.  I would try to find some bank or other loan officer that can devote 30 minutes or more to go over your situation with you so that you can go over all your options.