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Posted in Auto Loans
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Question By
Morbissus

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5 People Helped
643 score on CK. What are my chances of a 11'000 personal loan?
I have an monthly income of 1400. I am paying 327 a month on a car at 24% APR. My plan was to refinance after 1 year of payments. Needless to say no one will help. A loan with a lowered payment & APR seems like the best option but i don't want my score lowered by hard inquiries then be rejected.

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I'd say no chance, I would be very happy if I am wrong but unfortunately, if you can't get refi on auto loan (secured loan)? Then there is very little chance of getting a personal loan (unsecured), along with 1400/mo income on 11k personal loan, the chance would be zero. I would suggest try use pre-qual link at CapOne's auto loan, it's soft inquiry, if/when you get pre-approved? you do NOT have to use it, just to see where you at, what amount and what kind of interest you can get with your current credit profile. Best of luck.

Reply by
Morbissus

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Helpful to 5 out of 9 people

Thanks

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Helpful to 3 out of 3 people

its not just about credit score. its about thier debt to income ratio. what bank in thier right mind would offer someone a personal unsecured loan for 11k when they already have an auto loan out that is taking up $327 a month of thier 1400/mo income. The fico score is what determins the interest rate. the loan would be predatory and probably have a higher interest rate than they already have thus putting them into a worse position. There are different factors that are making thier credit score that low and that needs to be taken care of before they try to take on more debt. Please do your homework as well. (I am a certified debt counselor)

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Helpful to 3 out of 4 people

That's not true..I filed bankrupt two years ago and have been paying my car loan on time every month for two years and just got approved and drove off the lot with my second car brand new and only $1000 down at $300 monthly with a very low rate ...please do your homework 

You can have it 

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