I need a personal loan for $6500 and I make about $3000 a month but I have very bad credit. Any suggestions?

Question

I have bad credit because of my recent divorce. I live in California and my credit score is around 550. The loan is for a motorcycle.

Answer 1

If you make $3000 a month you can have the money (depending on your monthly expenses) in 4-6 months. Why not just save and wait? Do you really need it now? Do you have other transportation that you could use in the meantime?

If you are able to get a loan you're going to be paying a high interest rate because of your credit score.

If you have another source of transportation and are willing to buckle down and save for a few months then you should be able to wait it out until you can pay cash for it.

Hope this helps!

Answer 2

if you are going to buy a motorcycle -- you are not looking for a personal loan you are looking for a secure loan and you should be able to get the loan with the motorcycle as security!!!