by Hope
I have a viable offer for the van! The problem is the loan amount and the sale amount…well, they are farther apart than I’d hoped, but I’m confident this could be the best offer I will get. So right now I’m working with my banks to see if I can get a lower interest personal loan to pay the difference between the sale price and the loan.
Selling this van would immediately cut $1000 out of my monthly obligations…which in my mind more than makes up for the couple of hundred dollars a small personal loan would cost per month.
I don’t know if I’m going to be able to pull it off, if the buyers will wait to see if I can…but the opportunity has filled me with hope, that I really, really could make some significant progress to being debt free before the end of this year!
Just thought I would drop in and share this exciting possibility.
Updated: I received word from the bank this morning that they will give me a personal loan to cover the negative equity in the van. Wahoo! I’ve contacted the buyer with the news and am waiting to hear back. Please pray…the sell of this vehicle would be a GIANT leap towards my debt payoff.
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
Awesome. If you have your loan through a bank or credit union with a physical location that will ease the buyers nerves. Check into the personal loan and make sure to discuss any prepayment penalties (because I know you will pay off sooner then they give you!).
If you can do entire transaction: take cash, get title, sign over car, and start new loan in one visit it would work perfectly. Rooting for you. Love that you are not afraid of huge changes and taking on challenges!
Good work, almost done with the car now! Hoping you will easily and quickly get the pay off loan.
Nice job, Hope! Fingers are crossed and prayers have been said that everything works out!!
Good luck! Fingers crossed!
That’s great! I hope it all works out!