Greetings and Happy New year yall!
Currently we have 2 loans, a car loan of $6.5k @ 4.7% $200/mo and a personal loan of $10k @ 8.75% $310/mo.
Would it be better to get a personal loan and consolidate these 2 or just keep paying as is?
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Please keep the flames on low, just need some solid advice here. TIA.
If you can refinance for a lower rate and also get the car unsecured from the loan then I don’t see any downside other than the credit score hit. If a house purchase isn’t on the table I wouldn’t worry about the credit ding.
What’s your income and how fast can you pay these off as they sit? Have you found a good consolidation loan? The personal loan rate seems normal. Auto rate depending on credit is high. This is all assuming you can find a 16k loan at a better rate.
It’s all about the rates you can get. If you can refinance your vehicle for less than 4.7% or your personal loan for less than 8.75%, do it (assuming there aren’t any upfront costs to the refinance). But don’t get a new loan just for the sake of having “one easy payment.”
Keep in mind that it is *highly* unlikely that you will find a personal loan for anywhere *close* to less than 5%, so refinancing the vehicle with a personal loan is probably out of the question. The 8.75% you’re paying on your personal loan is actually pretty good for an unsecured loan, but by all means look around and see if you can do better.
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