Wednesday, May 26, 2010

Car equity loan to pay off bills?

Im in over my head. Its been taking 3 years to pay off these stupid credit cards. I owe about 4,000. When It gets to paying them off good, I get layed off my job. I have a 2007 nissan sentra- almost new. How do I get some equity in this car to help make payments? My car balance loan to date is $15,472.77.


Car equity loan to pay off bills?

Losing proposition. Car 'equity' loans are losers. You best bet is to FIND ANOTHER JOB. THEN concentrate on paying off the highest interest card FIRST, then the next one, and so forth.

Otherwise sell the car, buy a cheaper car (a beater) and find a job and pay your debts down.

Car equity loan to pay off bills?

Your car is a Deprecating asset and will only lose value ,and what you're talking about can't be done like you can on a house. Don't trade your car for a cheaper one either because you will most likely get a little cash out of it depending on how much you've paid. Keep your car because its your way of making cash. Keep your head up and forget all the garbage that you can buy. You'll be debt free with discipline and time.

Good Luck!

Car equity loan to pay off bills?

Sell the car. Keep the difference if there is any. Pay off your loans. Then buy a used car with anything that might be left.

Car equity loan to pay off bills?

I doubt there is any equity to borrow against, but let's assume there is. How are you going to get anyone to make that loan without a source of employment?

Over 90 percent of problems can be solved with money, concentrate on getting back to work so you can take care of this, then vow to never be in this place some money and don't go into debt for anything other than a place to live.

Good luck

Car equity loan to pay off bills?

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