On March 22, 2011 I went into my credit union to inquire about a personal loan. The loan officer stated that we would not be able to borrow more than $10K (which I was expecting).She also stated that our minimum interest rate would be around 13.6%.I was expecting a high interest rate, especially since I was asking about an unsecured loan, but I was not expecting it to be that high.
I told her that 13.6% would not work for us, since we had a credit card with a rate of 12.8%.When I was about to leave, she started to get creative. She remembered that our car loans were through them. She pulled our file, looked up the value of are cars and compared them to what we owed. Between the two vehicles we had $18K “equity.”
So we consolidated the two loans and we’re pulling the equity out of our vehicles. It will be a 4 yr loan, and our total car payments will be less than what we are paying now, with an interest rate of 3.14%.I didn’t even know you could pull equity out of your vehicles. The best part is this gives us enough to pay for our IVF! We closed on our loan Monday March 28th.Hooray!!!
Isn't it amazing that you had to leave feeling defeated for them to actually do what they should have done in the first place!! GRRR... but I am glad it worked out and you go the loan! Congrats
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