Quote:
Originally Posted by Therealbigrich
Here's the situation I went to my credit union and applied for a loan in which I got a 72 month at 12.99% up to 26 k but at that rate I'm trying to stay as low as possible. I know my credit isn't the best right now but I think the main problem is I already have 2 loans out on my avalanche and z28 Camaro so the third loan is hurting my debt to income ratio. I could either buy a V6 Camaro for under 20k while I trade in my z28 and refinance in a couple months or I could just keep waiting until next year and save then decide. Just wanted to get some opinions on what would other people do in my situation.
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You'd be out of you mind to take a loan like that. And if you got a 12.99% rate from a CU, you have more wrong with your credit report then DTI as DTI is not factored in on your credit score. As for doing a refi, well assuming you qualify in the future and that's risky given your currently credit situation.
Here is what the loan would look like at 20K:
Principal borrowed:
$20,000.00
Regular Payment amount:
$401.48
*Total Repaid:
$28,906.56
*Total Interest Paid:
$8,906.56