UnThreaded | Threaded | Whole Thread (29) | Ignore Thread Prev | Next
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: The Plan Date: 1/28/2014 7:30 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
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.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (29) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement