My mom financed a car for me last year. She is the primary person on the account, and I was a co-signer, because I had just graduated from college and didn't have a good job yet. Now I am finacially settled, have good credit, and have paid all but $3,200 of the $7,000 loan back. The monthly payment is $140.00, but I have been paying at least twice that every month since I have been working because there is no early repayment penalty and the car loan has the highest interest rate of all my debt at 6.0%. She wants to sell the home I grew up in to buy an empty nesters townhome for herself. She wants to take out a mortgage for this, and I am worried that the loan she took out for me will affect her ability to get a good mortgage rate. Should I refinance my car so that it is in my name? Should I roll it in to a debt consolidation loan with my student loans (only other debt)? Is $3,200 at $140.00/ mo too small of an amount to affect the mortgage rate that she will qualify for?
2007-09-29
17:43:07
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7 answers
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asked by
love
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Credit