i want to refinance my vehicle but am unsure if i should get a personal loan to pay the car off, and just pay the loan back to the bank
2007-06-02 11:16:48 · 7 answers · asked by tanaeza 1 in Business & Finance ➔ Personal Finance
Totally depends on which is the better rate, and length! It is good to pay a car note off early, but not if it isn't saving you! Plus you really need to watch, robbing Peter to pay Paul. It can become a viscious cycle!
2007-06-02 11:24:06 · answer #1 · answered by jacah5 3 · 0⤊ 0⤋
1
2016-09-28 04:09:49 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The term personal loan usually refers to an unsecured loan. NO lender on the planet will give anyone a better terms on an unsecured loan than the same lender will give the same person for a secured loan. You may be able to refinance the car loan as a car loan with a different lender than your current loan. I have done that before.
On the rocks gave terrible advice. If you have the money to buy the car and don't need it available for other reasons, ANY loan is a rip off. You should just BUY THE CAR.
2007-06-02 14:56:04 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Timmy is right, however, a secured personal loan can offer cheaper interest rates.
When I was younger and I wanted to purchase a vehicle, then I would save enough money to buy a vehicle. Then I would borrow against the money I had in savings at a very low interest rate. When you finish paying off your car you will have a car AND the money you saved with interest.
When I was younger I was horrible at saving money and this was one of the ways I found to get around myself, LOL!
2007-06-02 11:39:26 · answer #4 · answered by On the rocks 2 · 0⤊ 1⤋
Just weigh the rate of interest and length of the loans, and decide which you want.
Personal loans tend to have a different interest rate than car loans.
2007-06-02 11:19:54 · answer #5 · answered by Stuart 7 · 1⤊ 0⤋
If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/
2007-06-03 03:05:42 · answer #6 · answered by chrisstophe1975 2 · 0⤊ 0⤋
Personal loans usually carry a higher interest rate because they're unsecured.
2007-06-02 11:19:33 · answer #7 · answered by Timmy!!! 3 · 3⤊ 0⤋
Whichever is the cheapest interest rate!!!
I assume this is the reason you are refinancing in the first place.
2007-06-02 12:21:12 · answer #8 · answered by Anonymous · 0⤊ 1⤋