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What's the APR on the auto loan?
@heytherehitherehothere wrote:
7% on the loan. I still have yet to hear if that's a good rate or not. Its from a local CU. If I pay the loan off I would just shop around for a 5300 loan to consolidate and pay off both cards. I have had 4 personal loans from this CU and have always paid them off within a year or less. I have never had a personal loan of more than 4k. I am really expecting this CU to give me any amount considering my payment history and time with them.
I work for a CU and our best rate on an auto loan is 2.75%... Our rate for 599 credit and below is 7.5%... I would consider shopping around and refinancing if your score is good enough.
Otherwise I would pay the Discover off first since you're about to start paying interest on it.
@heytherehitherehothere wrote:
Hmm. This auto loan IS a refi after my original loan was paid. I went in to get another personal loan like I did every year and the loan officer had seen my stellar payment history with my other three loans when I asked for 3500. He said definitely without pulling my credit (he eventually did) and asked me if I wanted it secured or unsecured. I asked what the difference was because I had never been asked that when I came in for the other unsecured loans. He told me the secured loan would have a better APR if I put the free and clear car on it as collateral. He said I can do it either way. I told him I would try the secured loan with the better APR since all my other personal loans were unsecured with APRs around 11 or 12. I posted here a while ago trying to figure out if I was given a choice anyway, would I be able to go into the CU and have the loan switched to an unsecured? Maybe you can give me some insight into that. Not that it's going to matter if I pay the loan anyway, but I feel I should be able to switch the loan from secured to unsecured. I am considering selling my car to my brother who needs transportation to college and wasn't sure if I could sell it if it's collateral on a loan. Thanks for the responses!
You would need to get the lein released from the car before you would be able to sell it. I don't think your brother would be able to register it otherwise.
If you don't mind saying, what is your credit score?
EDIT:
Just saw you post your scores...
You should definitely qualify for a better rate on an auto loan. If you're going to keep the car you should refinance the loan as an auto loan. Shop around, I bet you will find much better rates.