Never taken out a loan. Advice?

[murksiderock]

Every few weeks I get this junk mail trying to sell me a loan...

I've never done it before, mainly because I feel like I don't want to be indebted to anyone. And I guess technically I have, I'm leasing my vehicle. But other than that, I've never taken on a loan. My friend was recently telling me that I should, if I'm trying to pay off this car, and just pay the loan back. Also how she's used loans to leverage other moves, paying for other shyt with other people's money...

I just checked the mail one last time before heading to the airport, got another loan notice, and I'm contemplating on making that leap to pay this car off. Is it a go or no?

 

[Wig Twistin Season]

Is the loan interest rate higher or lower than your auto loan rate?

We need more information.

 

[Seoul Gleou]

Don't. Unsecured loans have higher interest rates.

Just pay off your car and keep it moving

 

[Hathaway]

Please don't.

 

[Elim Garak]

Don't take any high interest loans, and don't take any loans that you can't immediately payback.

 

[br82186]

DAWG DON'T

Let that be the nuclear option and when I say nuclear, I MEAN NUCLEAR!

 

[Mike Nasty]

and I'm contemplating on making that leap to pay this car off. Is it a go or no?

You're not paying the car off if you're doing it with a loan. You're just moving numbers around and depending on the interest rates you could be setting yourself back further.

 

[How Sway?]

Not worth it at all.

 

[cheek100]

 

[Primetime21]

Don't do it

 

[Trav]

Don't do it

Reconsider

Read some lit-erature...

 

[murksiderock]

Thanks fellas, this was all I needed to hear. I was always against it and she been trying to explain to me how getting the loan makes sense, and I just couldn't see it. Appreciate it!

 

[OperationNumbNutts]

Every few weeks I get this junk mail trying to sell me a loan...

I've never done it before, mainly because I feel like I don't want to be indebted to anyone. And I guess technically I have, I'm leasing my vehicle. But other than that, I've never taken on a loan. My friend was recently telling me that I should, if I'm trying to pay off this car, and just pay the loan back. Also how she's used loans to leverage other moves, paying for other shyt with other people's money...

I just checked the mail one last time before heading to the airport, got another loan notice, and I'm contemplating on making that leap to pay this car off. Is it a go or no?

1. Don't pay off a loan with another loan. Only exception is one with a lower interest rate.
2. Advertised loans usually come with higher interest rates. Don't get caught up looking at the loan amount and ignoring the interest.
3. Be careful with your friend's advise. Optics and reality are two different things.
4. For personal knowledge, learn how to use an ammonization table so you can learn exactly how much a personal loan will cost you.

 

[Dallas' 4 Eva]

The only time taking a loan out is worth it is if you are consolidating all your loan/debts into one aka using a big loan to pay off the smaller loans and just pay the one loan that is usually at a lower interest rate. Otherwise don't do it.

 

[CHICAGO]

DONT DO IT






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