I owe about $3500.00 on my car now with payments that are roughly $130.00/month. I owe just over $1000.00 on my credit card and about $2000.00 to my parents.
I am thinking about going to another bank and taking out a loan that would cover all those expenses and leave me with the same payments I owe now, only for another five years. Would a bank do this? Would I have to take out a personal loan for this or would I be able to get a loan that would be considered an auto loan since I'd be "buying my car?"
The issue here is, what are your credit qualifications for a loan of this amount? The first issue I would see is collateral. If your car is three years old now, as an example, it would be seven and eight years old when this loan is near payoff. Many cars have little value when they are that old and don't support a loan as collateral.
Visit your bank and speak with a lender. Explain what it is you want and why. It may be that your car is sufficient collateral for them, they may instead ask for a cosigner on your loan, they may say that you qualify for a lesser amount or they may deny your request. You won't know what will happen until you ask. Seek the guidance of your bank. Tell them you want to be a long term customer and ask what you need to do to meet their lending criteria. If you feel that what they want is not reasonable, go to another bank. Different banks have different policies. Some banks want more commercial business than consumer, and visa versa.
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The issue here is, what are your credit qualifications for a loan of this amount? The first issue I would see is 