After a month of searching, I found 2 trucks that I was interested in buying. Called the first place, and they sold it just the day before. Called the second place, and they sold it just moments before. I decided to look locally and found a truck on craisglist in a nearby neighborhood by a private seller. It is a steal of a deal!!! I’m afraid they will sell it before I get a car loan from my credit union. I was wondering, can I take the money out of my home equity, then use the car loan from the credit union to pay that off since it’s a much better interest rate?? Just a thought to get things moving quicker. Thanks!
Posts Tagged ‘high interest rate’
Can you take money out of home equity and use a car loan to pay that back?
Monday, May 17th, 2010What is the worst case scenario in this situation?
Wednesday, February 10th, 2010A friend went to a Finance Co. and got a 00 Home Equity Loan last year at a high interest rate. Well he got laid off from his job last month and probably won’t be able to make his payments. What is the worst thing that can happen? and what do you think would probably happen?
If a bank is going to deny you a loan how long would it take for them to give you their decision?
Monday, December 14th, 2009Its been like 2 weeks and I haven’tt heard anything from them. Is this normal. By the way its a home equity loan.
I forgot to mention. They did send early disclosures.
Can I refinance my house if I have equity but have bad credit? I owner financed my home.?
Thursday, September 17th, 2009I have never been 30 days late and have paid on it for 5 years. My interest rate is high though. I would like to borrow enough to pay it off, which is k and enough to pay my car off bc the interest is also high, so together is less than k. but my house pmt is 0 and my car pmt is 0. Combining them at a lower rate seems like the thing to do, but my credit is bad. I got divorced 3 years ago and am single mom of 3. I have minor debt that I could pay off easily if I had a house pmt and no car.??
What should I pay off with my bonus?
Thursday, August 13th, 2009I have a ,000 bonus and ,000 in proceeds from a stock purchase plan. What should I do with this ,000?
I have a ,000 student loan at 5% 6 a month
,000 car loan at 0 a month / 9% interest.
I also have a ,000 balance on my home equity line of credit at 15.4%.
I know that’s a really high interest rate, but I am a bit conflicted if I should pay off my car loan to free up that extra 0 a month to pay down the HELOC faster or if I should focus on the HELOC and keep the 0 a month payment going?
The stock plan is not in a 401(k) or IRA. It is out of an after-tax stock purchase plan. The only taxes I have to pay are on the investment gain, which ends up being approximately ,000.
Home equity or line of credit to fund college education?
Monday, August 10th, 2009We have plenty of equity in our home and my sons college tuition will be approx. 000/year. Should I take out a home equity for the estimated 4 year costs, or take out a home equity line of credit and hope interest rates stay low?
If buying a home under appraised value,would seller need to state in contract that equity was given as a gift?
Tuesday, July 14th, 2009I am purchasing a home from a family member at what he owes on the home, there will be over 0,000 in equity. The lender, now at the end of the loan application process, a day before our closing, now is requiring the owner (my family member) to state that he is giving the buyer (me) 4,000 as a gift of equity. The owner says he doesn’t have to do anything, he can sell the house for what ever he wants to. The lender says they will charge us an extremely high interest rate if the owner will not sign this gift of equity sales contract. I am so frustrated!!!! This loan application was approved on October 19th, can they change all this at the last minute?
Why not offer new Guaranteed US Bonds for the bailout?
Monday, July 13th, 2009As it is, the proposed 0,000,000 bailout will cost every one of the 138,000,000 US taxpayers approximately .
But a bailout rewards the incompetence of government (who made the corruption possible), the bankers (who were happy to play along while they were making billions in the real estate market), foolish investors (who likewise figured they could buy a house for 0,000 and then sell it for 0,000 a year later), unqualified borrowers (who knew they were overcommitting themselves), and crooked CEO’s in the affected companies (who were happy to give themselves huge multi-million dollar bonuses for allowing this to happen).
The US government CONSTANTLY sells bonds to raise money, and so does every single municipality, from states to cities to small towns.
So why isn’t a US Government Guaranteed Bond being considered as the simplest solution to this problem, at a high interest rate (say 10%)vs. standard financial documents, and limited to US taxpayers only with a cap of say ,000?
THIS WAY, honest, hard-working americans WHO PLAYED BY THE RULES, saved their money, waited on extravagent purchases, didn’t get those home equity loans overreaching their ability to pay, didn’t buy the "flip this house" investments, and have GOOD CREDIT and SAVINGS (which is what the gov always claims it wants to see more of) end up reaping the rewards for this fiasco?
If you have good credit, you qualify, and you can buy up to ,000 of these special bonds. And it is guaranteed to pay 10% APR. And it is backed 100% by the US Treasury.
Guaranteed, WITHIN DAYS they would raise the 0,000,000 from TAXPAYERS who are willing and able to participate.
The economy would be stimulated, the problem would be solved, and the people who PLAYED BY THE RULES will FINALLY be REWARDED for their hard work and honesty.
It’s been decades since Americans can get a sound and solid financial investment that yields double-digits.
Isn’t this a golden opportunity vs. a problem?
If you have good credit, would you like to get 10% on your money (for lets say 3 or 5 years minimum), GUARANTEED INTEREST from the government?
Remember, this would be like a Certificate of Deposit… locked in for 3 to 5 years, guaranteed not to lose value by the gov, and earning 10% APR if you lock it for 3 years, 12% APR if you lock it for 5.
Supposedly, the gov stands to make billions of profit on this bailout, when real property value is realized. So this way, instead, WE THE PEOPLE make the billions, and the gov doesn’t suddenly find a huge chunk of money that it can squander as usual.
Finance: at 38, should I be paying down my HELOC or contributing to 401K?
Tuesday, July 7th, 2009I’m 38, Married and have a primary mortgage of ~170,000 (@5.785%) and a HELOC of about 40,000 (@7.5%).
For years, I’ve always paid about 0/mo extra on my primary mortgage and contribute about 8% of my income to my 401K. Given the high interest rate on my HELOC, should I be putting every bit of available cash toward paying down my HELOC, or should I continue to invest in my 401K.
It seems to make sense for me to suspend my 401K contributions and put that money toward HELOC until the rates come back down or until the HELOC balance is more reasonable.
I have no other debt.
Any advice?
One more tidbit . . . . we have no plans to move and will likely stay in our hose for a long time. We’ve been here for 7 years already.
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