I have bad credit and I own my own business on top of it. Right now I have a serious need to get a hold of some cash because of a family emergency. I own 2 cars and do not want to sell them (family of 5 we need them both). I was checking out those places that give you a loan against your car, but some of them want $25 for every $100 you owe every month! On a $5000 that is a $1250 payment and it does not get applied to the principal. Does anyone have any ideas what I can do. I don't mind paying high interest rates because my income will be going up substantially in the next few months. However due to these emergencies, I need this money now. thanks in advanced
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How old are the cars and what is the fair market value and condition? How much is owed on each car? How much money do you need?
I own the cars as I stated above and one is 2000 300M valued at $13000 the other I probably won't get a loan against because we may be selling it.
First you said you did not want to sell one of the cars, now you are saying you might. Does this mean you have solved the money problem? You did not answer the question I asked about how much cash you need without selling the cars.
check out American General Finance - they'll kill you in finance charges - but I never had any problem with them. They gave me a 5k collateral loan in 2000 with a 1996 car.
