Q&A: How can you go about getting a personal loan from a bank? What collateral do you usually need?
Question by Mike D!: How can you go about getting a personal loan from a bank? What collateral do you usually need?
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!
Best answer:
Answer by WhiteWolf359
I don’t know what state you live in, but in Florida you are required to have collision insurance for at least $ 10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that.
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Categories: Loan Questions Tags: About, bank, collateral, from, Getting, loan, Need, Personal, usually
Corporate Credit — A CFO’s Guide to Bank Debt and Loan Agreements
Corporate Credit — A CFO’s Guide to Bank Debt and Loan Agreements
A helpful guide for CFO’s and bankers alike, this book demystifies the contents of a typical corporate loan agreement and helps make the entire loan process easier to deal with. The book outlines the steps involved in getting a loan and explains – in plain and easy-to-understand language – what the terms of the loan agreement mean. CFO’s will learn which terms in the agreement could create problems for the company and how to take steps to prevent that. And corporate borrowers and lenders alike will gain a better understanding of the steps involved in preparing to close the deal and how to make it all go smoothly.
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Categories: Loan Products Tags: Agreements, bank, CFO's, Corporate, Credit, Debt, Guide, loan
Personal Bank Loans – Tips on Getting Any Loan
Having financial difficulties can be a real burden. This is especially the case if you find yourself in a bind and you’re not sure how to get out of it. One of the only ways it seems that you are able to end the cycle is to apply for one of the personal bank loans that are available. As long as you meet the requirements, you may be able to get some money in your pocket in a relative hurry. This can help you in a number of different ways. Let’s take a look at some of the requirements in order to see if you meet them.
The first thing that you’re going to need to do whenever you apply for a personal bank loan is make sure that your credit is in order. Many people are not even aware of what their credit score is it all. If you want to know, you are entitled to a copy of your credit report and you can order one for free. It may take a little bit of time to actually get it, however if you are in a real bind you might just go ahead and apply for the loan.
One thing is certain about banks, they’re going to be a little bit pickier about whom they lend to than some of the other financial institutions. For some of these places, the only thing that you have to do is go in and sign a piece of paper and provide proof that you have a checking account in employment and you walk out with the cash in hand. Bank loans are a little bit different as they have a different set of requirements altogether. Especially with the lending industry being a little bit tighter with their lending practices, you may have a difficult time getting the loan to go through.
As they say, however, the only way that you are going to know is by trying. If you need to get a personal loan, a bank may be able to help you in a number of different ways. Typically, they have some attractive loans that are available which may save you a lot in the way of interest. Talk it over with the loan officer and see what they have to offer. You may be surprised with what they can do for you, regardless of your personal credit situation.
You can find out more about Personal Bank Loans as well as much more information on all types of personal loans at http://www.PersonalLoansA-Z.com
Categories: Loan Articles Tags: bank, interest, loan, loans