unsecured car loan can i borrow off it?

jonnym8083

i have a car worth £8000 with £5009 fiance left to pay due to putting down a coule of thousand on deposit. i was wondering if i could take some equity out the car and increase my monthly payments to gmac (vauxhall) any advice would be great thanks

Rafter

No,

You can sell the car and repay the finance and pocket the deposit, but GMAC wouldn't let you borrow against it. The deposit is to protect them and your loan isn't realy unsecured?

R.

CHR15

Looking at your signature was it at all a good idea to buy an £8,000 car??

You 've only paid a couple of installments and are already looking to borrow more!!

Madness.

nembot

I think in your circumstances (again, looking at your sig) the best plan would be to make the highest payment possible against the higher interest loans (payday possibly) and get rid of those first. You may even be able to get wrangle a lower monthly payment with the other lenders, if things are a bit sticky.

Borrowing tends to be considerably more expensive now than over the last few years, and you'll most likely find any more debt and things could spiral out of control. It's very easy to get stuck on a financial precipice, with only a little push required to take you over the edge - been there, it's not good.

Best of luck

jonesMUFCforever

The car finance doesn't even to appear in total debt figure of OP !!
I wonder what the total debt really is?

I don't fancy the family seeing their money anytime soon.