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URL:  http://boards.fool.com/also-why-didnt-you-consider-taking-a-loan-out-31088504.aspx

Subject:  Re: The Plan Date:  1/28/2014  7:30 AM
Author:  2gifts Number:  307740 of 308881

Also why didn't you consider taking a loan out against your mom's new car? You can borrow against used cars you know. And there's a good chance you could get a better rate than the 12% APR on that personal loan. Even if the car is in your mother's name, just have her take the loan out and you make the payments. It could save you some cash. And yes, most banks and credit unions will let you borrow against a used car even after you've purchased it - it just has to be new enough and be worth enough to make it worthwhile to them.

This can actually still be done as cars can be refinanced, so it may be worthwhile for the OP to check into rates to have her mom refinance the car, use those proceeds to pay off the signature loan, and the OP makes the lower payments on the mom's car loan. This would free up some cash to be used to pay off some of the other debts faster, still leaves mom with a newer car, and puts the OP in a better place financially.
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