I need 20k by May 2015 for my house. I owe 11k on my car but DCU is telling me its worth 18k so i can "cash out" the loan with 7k and my new amount to be paid on the car will be 18k @ 1.24%. Should i do this? i have 2k in CC debt which will be paid BEFORE i apply for ANY loan. If i do a personal loan the rate will be 8% so i'm looking at 11k personal loan @ 8% and 7k @ 1.24%
Starting Score: 565
I've done this in the past, refinanced my card up to 100% of the value and used the cash for what I needed. It was worthwhile for me.. especially with DCU having a 1.XX% rate.
