Personal Loans

[nazdrowie]

I'm considering taking out a personal loan to pay off whats left of a student loan (private @ 4.1%). I'm well ahead on payments, but there is no way to clear my cosigner, who might need of a loan them self. I just want to clear any hurdles for them in case they need something asap when it comes up.

Are rates generally more competitive from a credit union or large banks? Are rates usually higher for smaller (around 10k) amounts or does that depend on credit rating, history, etc.?

Sound like a solid move or am i asking for trouble...

 

[miniojw]

If you're ahead on your loan your co-signer has nothing to worry about. Just keep making payment. Co-signers kick in when payment are not being made.

 

[nazdrowie]

If you're ahead on your loan your co-signer has nothing to worry about. Just keep making payment. Co-signers kick in when payment are not being made.

Would they have to worry about their debt-to-income ratio for when they need to apply?

I just dont want them to get hit with a higher rate because they are attached to me...its my pops, who will probably need a new car at some point, and he co-signed a lot of money for my mom (debt runs in my family

). Would what he has on her AND me make it more diffucult?

 

[antidope]

If you're ahead on your loan your co-signer has nothing to worry about. Just keep making payment. Co-signers kick in when payment are not being made.

Doesnt it still show up on their credit report and increases their debt though? 

In on thread for info

 

[crcballer55]

 

If you're ahead on your loan your co-signer has nothing to worry about. Just keep making payment. Co-signers kick in when payment are not being made.

Would they have to worry about their debt-to-income ratio for when they need to apply?

I just dont want them to get hit with a higher rate because they are attached to me...its my pops, who will probably need a new car at some point, and he co-signed a lot of money for my mom (debt runs in my family

)

Yes, it counts towards the debt-to-income ratio. If you're ahead on payments, I wouldn't even worry about it. 4.1% is a pretty competitive rate IMO.

From your story, the problem isn't the student loan, but that your dad needs to learn to stop co-signing for other people. The rope can't hurt you if you don't hang it around your neck.

 

[miniojw]

If you're ahead on your loan your co-signer has nothing to worry about. Just keep making payment. Co-signers kick in when payment are not being made.

Would they have to worry about their debt-to-income ratio for when they need to apply?

I just dont want them to get hit with a higher rate because they are attached to me...its my pops, who will probably need a new car at some point, and he co-signed a lot of money for my mom (debt runs in my family ). Would what he has on her AND me make it more diffucult?

You make it sound like debt is a genetic disease.

 

[nazdrowie]

You make it sound like debt is a genetic disease.

of course not im just saying my folks carry quite a bit...debt when used responsibly can be a powerful tool

 

[flyny]

I have a similar situation
I have X amount of PRIVATE student loan debt...Private meaning they don't offer ANY other payment plans other than the standard 10 year one which I apparently signed the contract for when I was 18 (why did my mother let me sign that)

As I said...they offer NO OTHER PAYMENT PLANS..other than the standard 10 year one. And it's 4 different loans at 4 different interet rates (each loan for each year of school)

Is there a way I can consolidate my loan with a 3rd party, and possibly get 1 rate and an extended payment term? With more payment options?

Can this negatively affect my credit?

 

[yanky]

^what did you take a loan out for when you were 18? Just curious

 

[flyny]

^what did you take a loan out for when you were 18? Just curious

College, fam

 

[g mat ic]

Just to let you know, if you tell them the reason for a personal loan is to pay off a school loan, you will get denied. Just say you need it to pay off your credit card debt.