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Using a loan for two purposes?
Hi all, i'd like to get a loan to consolidate my remaining credit cards (around 4.5k), but at the same time i'd also like to get a new car as my current one is on it's last legs and i don't want to chuck more money at it!
So, i'm looking at a loan of around 8k in total, however when you apply you have to state what the loan is for, and the choice is generally a one shot deal, so would you put debt consolidation, or car loan? Does it even matter?! I don't want individual loans for the two things since over 5k the interest rates are lower, so it makes more sense to have one single repayment amount at a lower interest rate. Is this possible or do you think i'm likely to run into issues?
Thanks in advance!
So, i'm looking at a loan of around 8k in total, however when you apply you have to state what the loan is for, and the choice is generally a one shot deal, so would you put debt consolidation, or car loan? Does it even matter?! I don't want individual loans for the two things since over 5k the interest rates are lower, so it makes more sense to have one single repayment amount at a lower interest rate. Is this possible or do you think i'm likely to run into issues?
Thanks in advance!
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Comments
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Generally, people who need to consolidate their debt can't afford any more debt.
What's your income and how much are you paying to your current debt? What rate is it at?0 -
OP consolidation will only work if you close the cards and don't take out more credit ?Could you do that ?What if something breaks down and to fix it will require a credit card ?0
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