Mike D! asked:


I will probably need to replace my car soon, but I don’t know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It’d be about double for me, as I don’t have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash.

Now the questions … is this possible, or is there usually some stipulation that you can’t use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!

Robert

Loon-A-TiK asked:


i have a lot of student loan debt and want to consolidate. however, i’m sure that because it is a private loan they’re going to run my credit. do you know what is the lowest score i can have to consolidate?
I don’t need debt management- my bad credit is the result of the ratio between my income and huge student loans. This totally messes with your credit. I’m working with a law firm to get this under control. I just need to consolidate my loans and while I can wait until my credit improves, I want to start saving money now.

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