@Anonymous wrote:
So here's the deal. I've got a credit score of 806, income is 86K a year and we have two cars. Here's what I owe:
Car 1: $17,632.43 Rate: 3.35% Monthly Payment: $368.55 50 months left
Car 2: $18,017.68 Rate: 3.99% Monthly Payment: $322.08 62 months left
Other Car Loan: $6,079 Rate: 10.25 % Monthly Payment: $109 No end on months, just until its paid off.
So right now I pay about $799 a month for these three. I could get a Lightstream loan for the combined amount and have a rate between 3.89% and 4.89%, monthly payment between $567 and $587 for a term of 84 months. Also since its an unsecured loan, I will get both titles to my vehicles allowing me to sell them whenever I want. Flip side is, if I sell both cars (only if I have to) I can pay most of the loan off, but will be stuck with nearly a $600 payment that I can't roll into anything or refinance. So I could be paying $600 on a $8,000 balance.
According to a calculator, using light stream would save me about $2k in interest but that's if I take the full amount of time to pay off these cars (which is likely what would happen) My main question is, should I roll it all into one payment and lock myself into this payment or just try to chip the $6k down to 0 and just keep the car loans traditional. Thanks all.
I wouldn't rollover car 1 balance into a personal loan. Going from 3.35 --> 3.89% - 4.89% doesn't make financial sense.
I wouldn't rollover car 2 balance into a personal loan unless you know you'll get 3.89%. However, .10% isn't a make or break deal.
I would for sure roll over other car loan into the personal loan. Going from 10.25% --> 4-5% is a no brainer.
