Quote:
Originally Posted by Deegee
This works for very few people.
Most people max out the line of credit and sit paying interest only.
Most people need the structured loan.
For the record, our used car loan rates are lower then our unsecured line of credit rates because one is repaid and secured with an asset when the other is not repaid nor is it secured.
This is correct. If you need a cosigner, then the loan is a joint debt that is granted based on the "cosigner's" credit worthiness.
As for the original poster, it would be interesting to see how bad your credit really is. I have seen several people who allegedly have bad credit, but actually okay to lend to. If you have no credit, which is different then bad credit, then you can ask utility companies to write you letters stating you have made payments as agreed and hopefully your financial institution will accept that as a credit history. I know our Credit Union would.
Hope that helps.
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Not to get too off topic, what is considered bad credit? Something under 650?