Submitted by kmo97kevan t3_yse6n7 in springfieldMO
I’m needing to find the best place to get a loan (minimum $6,000). My credit isn’t the best sitting low middle 600s.
Comments
kmo97kevan OP t1_ivyzmn1 wrote
Looking for the best place for it.
GundleFly t1_ivyrp2f wrote
What you’re looking for is an unsecured personal loan, and I’d recommend looking at offers through Credit Karma. That way it shows you numerous vendors, the APR, and about how much extra you will pay for a $6,000 loan (fees and total interest paid back on the loan).
You can look at either Prosper or SoFi directly, and they usually provide funding within 24 hours.
volfan2100 t1_iw18xbj wrote
Whatever you do, avoid payday lenders and title loans. You’ll never get those paid back.
OmniFella t1_ivyo9oh wrote
I have similar credit. Got approved thru BluCurrent credit union for a car loan.
Kansas Expressway & Sunset.
kmo97kevan OP t1_ivyznbe wrote
Thank you.
deborah_jai t1_ivymf5o wrote
Is this for a car or what? Credit union or a good bank would be your best bet for sure.
kmo97kevan OP t1_ivypy5b wrote
It’s for major maintenance on my car that I don’t have the full funds for.
laffingriver t1_iw00h1p wrote
agree with others saying credit union.
i too once rebuilt an engine and will offer this advice. do the math on how much this 6k will cost you over the life of the loan plus if you still owe anything on it. if that number is larger than the value of the car think twice.
at that point the car is yours until you get your money out of it. if youre good with that you are talking about sentimental value rather than the price tag.
kmo97kevan OP t1_iw03t5p wrote
Yes, I paid the car in full when I got it. Some money value it in, but majority sentimental value in the car. I’m just trying to find the best company (bank or credit union) that I’ll be able to work with.
Advanced_Car1599 t1_ivywolz wrote
$6k for maintenance? Sounds more like a repair unless you have a Ferrari.
kmo97kevan OP t1_ivyzk1e wrote
That’s what I called it, but the shop said I’d was classified as maintenance. The engine is getting rebuilt.
itsnale t1_ivz7nv8 wrote
What kind of car is it? I assume it’s worth getting the engine repaired rather than buying another car?
WendyArmbuster t1_ivzcolz wrote
I get it. I'm a car guy, and I fully support rebuilding engines. I'm about to rebuild the engine on my 2000 Honda Civic D16, which is pretty cheap. I'm also about to rebuild the engine on my 1978 VW bus, which is the opposite of cheap. The heads alone are $3,327.70 each and I need two of them. People say they want an older VW bus, but nobody realizes what the prices for parts are now.
With that being said, I'm going to do these rebuilds on my terms. I'm not taking some sketchy title loan, or other high interest loan out to pay for this. I'm going to save up and pay with money that I already have. There is no way that anybody with poor credit should be spending $6k to rebuild an RX8 engine. That's the kind of decision that leads to further poor credit. I sold my old 1976 Porsche 914 when I was young because I couldn't keep up with the expenses, and I bought a Toyota Tercel. I loved that Porsche, but no car is worth your credit score.
With that being said, if I were in your shoes I would probably still ignore the advice I'm giving here, because a fun car is really, really hard to make good decisions about. Still, it's good advice.
kmo97kevan OP t1_ivze8dq wrote
If I could sell the car and be able to use that money to buy something else more reliable I would. It’s just the fact if I sell the car I’m losing so much on it, and mostlikely not going to be able to get myself anything any better without put myself further down a rabbit hole. Lol
Thank you though. I am split on what to do with it later down the road (I’m going to keep it, at least for a while). I don’t need to decide right now, so that makes it easier. I’m thinking of saving it and saving up till I can get something “better”, or just saving up till I can get something more reliable and keeping it for fun. It is fun and means a lot to me at this point.
How did you know off the bat it’s an rx8? Lmao
VaderTower t1_iw0o6vs wrote
Okay so this is a tough pill to swallow, but a quick fb marketplace search tells me that even if you replace the engine for $6000, you might have a car that would in perfect condition, maybe, sell for $9000. If it has normal wear that one would expect from a 15 year old car maybe $7000?
I'm just saying, $6000 would be a terrible investment, you'd be better parting it out, or selling it not running for $1000-$2000.
Not to go all Dave Ramsey, but it sounds like you need to get a more reliable or cheaper to maintain vehicle. RX8 or anything rotary is not that.
CTYankeeinMO_1986 t1_iw0ss6m wrote
This’ll likely date me, but I bought an ‘84 Mazda RX-7 GS (with their 12A carbureted rotary engine) back in ‘87. I had a HS friend that bought a 1985 Mazda GSL-SE (with their fuel injected 13B rotary engine). Needless to say, the GSL-SE was a real scorcher. Both great cars, but a significant difference in power. Fast forward seven years and I marry a gal with an ‘87 Mazda RX-7 (2nd Gen). By ‘99 or so, both of our rotary engines blew; we replaced them; sold one and traded in the other). Now that I’m older, I’d like to find a mint ‘85 Mazda GSL-SE, but they are like unicorns … super hard to find. The main problem I had with my RX-7 was having to repeatedly replace its alternator, as strange as that is. The nice thing about that era of sports cars is that they were affordable. You’re right though, the rotary does require maintenance, but it is a sweet engine. From what I remember, it’s engine revved quickly and as smooth as a sewing machine.
FatherOfApollo1 t1_ivzgx5s wrote
Post history bruh
WendyArmbuster t1_ivzifd8 wrote
>How did you know off the bat it’s an rx8? Lmao
I looked at your post history.
Car-wise, I'm in the same boat as you. I get really attached to my cars. The vw bus has such low oil pressure that if you drive it on a hot day you can hear the crank squeaking off the bearings at idle. Bad news, and a real hassle. I've been anticipating it for a long time though, and I bought a pair of heads way back in the day for $900, and I've got them sitting in my attic. I just need to block out the time to actually pull the engine, disassemble it, measure it for new bearings, then actually do the rebuilding. No big deal. It's not my daily driver, so I can do it leisurely.
The Honda though. That's my daily driver, so that's probably more similar to your situation. I want to drop a turbo in it, and I've read that the D16 takes a turbo well. It's such a stupid decision though. Suddenly my gas will cost sixty cents a gallon more than it did before, and that expense will never go away. It will be less reliable, I'll have to redo the fuel injection system, and get worse gas mileage on more expensive gas. It would probably need a suspension and brake upgrade too, and it's just a beat-up 4-door civic with rusty steel wheels and a crappy paint job. I'm going to rebuild it bone stock, but I would really enjoy that turbo. I'm getting tons of pressure from my co-workers and family to just sell it and buy something newer and safer, but I can't. I love it, and the tiny A-pillars.
I've had a few friends with RX-7s, and they loved them, but they were always broken down and took tons of maintenance. I recall one friend who had his apex seals shatter twice, but then again, that was back in high school and the possibility of him doing stupid things like not checking the oil is a total possibility.
robzilla71173 t1_iw2ztlw wrote
I'm the same. I get attached. Haven't sold a car since parting ways with my crx in the late 90s. An ex pressured me into it and the del sol I bought after it was nowhere near as good. And I die a little every time i see an old bronco at a car show. Bought my 71 back in high school when they were still cheap, sold it a few years later. No way i could afford one again. Now i keep them forever or until someone hits me. My D16 was in fine shape last i started it but that was over a year ago. Im afraid of how it might smoke now. Thought about a turbo too but I think now that car might just syay NA, get some suspension and brake upgrades and a new timing belt and turn into a rally crosser. My issue is always more about time than money. That all being said, I keep old cars but also have a reliable daily driver. If it came down to spending 6k on an engine rebuild to keep driving to school and work I'd bite the bullet and find something reliable for cheap. There are decent, albeit less fun cars in the 5k range and a car loan is way more affordable and attainable than an unsecured personal loan.
Professional_Fox4467 t1_iw47r5u wrote
Why would you want the most expensive aftermarket head possible?
WendyArmbuster t1_iw49e18 wrote
It's the Camper Special head developed for Jake Raby's engine program. The combo of those heads with a specific cam has (from what I read) a significant power upgrade. I put my current engine on a dyno a few years back and I make 55 horsepower at the wheels, which is pretty typical. A bus is a surprisingly heavy, non-aerodynamic vehicle, designed for American highways with a 55 mph national speed limit, under very tight emission standards, with a low purchase price being the number one factor in its design. If you've ever driven one, you'll know what 55 horsepower feels like on highway hills.
Additionally, everything I've read says the AMC heads (which are the new castings, as VW does not make them anymore) have junk hardware, and the valve seats fall out, which is a common problem with the VW bus. I've dropped two valve seats over the years in my bus, and it sucks.
lady_guard t1_iw5tglb wrote
Upstart, SoFi, Best Egg, and Happy Money are all solid options IMO. I've had loans with all of them before (still have open ones with Upstart and Happy Money), and the rates were quite good for my credit at the time, with a score similar to yours. All four are online, so no need to go to a physical institution. All disbursed the check within 2-3 days max, and I believe one or two were overnight.
WendyArmbuster t1_ivym5vk wrote
The best place to get a loan is through a credit union. I'm not sure what the criteria are, as far as credit score and whatnot goes, but generally credit unions look out for their members better than banks look out for their customers.