Which is easier to get, a car or personal loan?

[Lucille]

Need a small loan, and I wonder if it’s easier to refinance my car or simply get a personal loan?

[Tracy Winters]

Both are hard, if not impossible to get

Personal loans are very hard to get, even for people with excellent credit. Besides good credit you need to show sufficient income, employment history and low debt to income ratio.

Refinancing a car may prove to be difficult as well. Lenders are only willing to refinance a percentage of the current value of the car, and you won’t necessarily get a better rate.

In fact, it’s very likely that you won’t be able to refinance at all because the car has depreciated and you owe more than the value.

[Author]

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