Personal loan/consolidation loan questions?

[HarvestMoon]

We have about $30,000 in debt consisting of a car loan, personl loan and 2 credit cards. We are looking at consolidating all of these into one loan but we would also like around another $10,000 to get out 2nd car up and running again, replace some old worn out furntiure, pay some huge upcomming bills and a few other small things.

What would be the best way to go about this? Just go for a consolidation loan for the debt we already have then source out other options for the other expenses? or just apply for a personal loan for the whole $40,000?

Is a consolidation loan seen as a bad mark on credit rating?

Say we did go for a $40,000 loan would we have to own at least $40,000 worth of assest before we even stood a chance?

[andie_pandie]

Hi Harvestmoon, $40K is quite a bit to get under a debt consolidation.

Generally when you have a loan of this size the banks do require security. Some banks look at for this size between 5-7yrs to pay back the loan.

I can't give advice on what is the best thing to do in this circumstance, you do need to be able to afford the repayments however which I must say will be quite high.

As far as the credit report goes, whenever you apply for credit it will be placed on your credit report, and this will include the date of application, amount applied for, and what finance company you have appled through. Hence next time you apply for credit they will access this report and know how much you applied for etc.

If you want to discuss your personal situation in depth with me please pm and I will take it offline.

Regards Andrea