Questions about Home Equity Loan…?
Sunday, 11. July 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Alex L Says:
Fact is, with your credit in this current lending environment you wont be able to get approved by a lot of lenders theses days. You may have to accept a higher interest rate (either through a subprime mortgage lender like wells fargo financial) or the higher rate on your car financing. Possibly take the higher rate on the car financing now and then refi the car in the future when your credit is better.