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Old 06-03-2010, 07:07 AM
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Join Date: Jun 2010
Location: Okahoma, USA
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Default Recent Graduate needing help....

Here's pretty much my situation,

I recently graduated from OU, and I'm trying to find a job. I don't necessarily know when I'll find one (as most people today). I made the stupid mistake most college kids do and maxed out a 3,000 credit card. My only advantage is that I have a 2007 Toyota Camry, valued at $16,600

I'm moving in a month to Oklahoma City. I have a good GPA, and I'm confident I'll be able to find a job, I've mostly been living off of waiter tips until this point.

I'd like to be able to have some sort of security just in case it takes me a few months to find a job, I'm trying to get somewhere between 900-1,500 and want to use my car as collateral. However, I'm trying to avoid those car title pay day loans for obvious reason.

My problem is, I don't think I can get a co-signer, I have horrible credit, and I'm unemployed right now, can't get a job because I'm moving in a month, can't get a personal loan without a job etc. I know I'll get a job, it make just take me a bit and the stress of not having ANY money is taking up a lot of time......

I guess I'm looking for a secure line of credit with my car title as my loan, I just don't know what to do. It just seems logical that someone would take this loan just for the high value of the collateral to the loan.
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Old 06-03-2010, 02:39 PM
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Location: Minnesota/United States
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Default Re: Recent Graduate needing help....

Congrats on graduating college. I remember when I graduated I had a good job and thought I was on top of the world. I went out and leased a $24000 truck. It was the most stupid thing I'd ever done. I also maxed out my credit cards and could barely meet the minimum requirements. Thankfully my father was able to give me a loan to buy out the truck which ended up being around $36000 when it was all said and done. I paid back my dad around $5000 of that at first and then ended up selling the truck for $5800 for a 2001 with 72k milaege. Then I paid my dad the rest off. Next I moved onto the credit cards and paid them off in 4 years. That amount was around $20000. After I got married at age 35, my wife and I paid off our school loans which was around $25000. We make together around 85k and now only have our mortgage as debt. I am now 39 and plan on paying down the mortgage.
What I trying to advise you through wisdom is that I don't want you to make the same mistakes. My advice would be to sell the car at Kelly Blue Book Private sale value. I looked up your model on KKB at excellent condition with approximately 40k milaege and the value was around 14k. After you sell the vehicle if there is still an amount owed, just take out a loan to cover the difference. Then buy a cheap used car for around $2000k that will work enough years to help get you started. I actually drove around a 1999 Camry that had 230k for 3 years while I paid off debt. I just bought a 2007 Mitsubishi Galant for 9000 cash last year and have no debt. Cars are never a good asset to tie your money up with.
Next pay off your credit card debt asap and don't use it again. You don't need to put your car up for collateral, because if you don't pay they take it. Never a good idea. Neither is a co-signer. Believe me I've been there.

Good luck!
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Old 06-06-2010, 02:22 AM
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Join Date: Sep 2007
Location: Montecito, CA, USA
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Default Re: Recent Graduate needing help....

I agree cars are never a good asset because they loose value all the time, however in the US you need one and for a new job you better have one which will not need a lot of repair or service, since you are happy with your car I would keep it. Avoiding payday loans is good advise, my advise get a job even if you are moving shortly, there is always a short term in the service industry and work on the credit.
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Old 06-06-2010, 04:03 PM
C9Consulting's Avatar
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Location: Tennessee+USA
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Default Re: Recent Graduate needing help....

could you sell your car and get a cheaper one? Great cars sell for under 10K. That way you won't be going into debt to get the cash you need.
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Old 06-07-2010, 06:12 PM
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Location: fl
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Default Re: Recent Graduate needing help....

Yeah i've seen many great cars for under 10k. Personally i was looking into a chrysler 300 for under 10k, all around very nice - and will give you the option to cash out that 6k+change. Definately get a temporary job!!! What is your major? If it's anything computer related, you can hop on craigslist and find some tech gigs (i develop websites on the side, which BANKS). Sell the whip, get a temp job, and stack your money. goodluckk
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Old 06-08-2010, 10:23 AM
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Location: Minnesota/United States
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Default Re: Recent Graduate needing help....

There is absolutely nothing wrong with a car under 10k if you have done your homework.
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