Ok so you all know that I lost my driving job which I depended on thanks to my 25 hour a week job at Ingram. Friday is my last day and I’ll soon be starting a job where I’m guaranteed hours and as much overtime as I can handle during the summer.
Anyway, I’m tired of swimming in debt. I pay out 1100 every month to random companies and I’m tired of doing it.
I have three bills that I know I can consolidate with a loan, but my problem is that I already have the loan on the car which I’m paying out.
My questions to anyone who’s dealt with financial institutions or worked for one are as follows.
Would it be possible to add money to my current auto loan and extend it out another year to keep the payments the same?
Would it be possible to get a second free standing consolidation loan and pay it separately from my auto loan?
My concern to #1 is that its an auto loan, meaning I wouldn’t be able to borrow anymore equity against it seeing as how auto’s depreciate and that negative equity wouldn’t allow me to borrow any more money.
My concern to #2 is that I already have a pre-existing loan which is still being paid upon for the next four years. Having the pre-existing loan would cause me to be denied for this much needed payoff.