CU loan details

[SFernandez13461]

I recently applied with my CU to refinance my Prosper loan, which is at 17.22%, and they want to offer me an auto loan for my car -- we have no auto loans -- for whatever equity I have at 5.99% and the rest as an unsecured loan at 8.99%. Obviously the interest is significantly better, so I'm thinking I want to take it, but is there anything I'm overlooking? Will it impact my auto insurance? Anything else I should consider?
Thanks.

[Anonymous]

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@SFernandez13461 wrote:
I recently applied with my CU to refinance my Prosper loan, which is at 17.22%, and they want to offer me an auto loan for my car -- we have no auto loans -- for whatever equity I have at 5.99% and the rest as an unsecured loan at 8.99%. Obviously the interest is significantly better, so I'm thinking I want to take it, but is there anything I'm overlooking? Will it impact my auto insurance? Anything else I should consider?
Thanks.

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This was actually one of the steps I took with my CU when i started rebuilding, altho I didn't need the money but the credit as i really had none. I took a loan against my truck for a year for 7000, paid the loan back over a year with the same money I borrowed. It dramatiaclly improved my credit score for having an instalment loan. as the balance was reduced over the year my score raised and raised. 

you will probably be required to have full coverage insurance incase something were to happen the vehicle would be paid off and the bank would get the funds. That was about my only requirement

[SFernandez13461]

Thanks 🙂