I'm screwed

kannibul

Most banks won't even allow that. I'd hate to think what the APR is on a loan like that =/


I refinanced our 2005 Civic (because the loan was set up for a balloon payment (thanks to a shady dealer that didn't explain it as such..."you can just keep making the same payment until it's paid off, you won't have to refinance" - BS!)

Anyhow, I did that last December, for 4 years - it was the longest I could do, and, had I waited until May/June where the balloon payment would be due, I could have only done it for 3 years.

I financed it with as much as I could get (which was more than the pay off amount) and used the remainder to eliminate my motorcycle payment, which still had 2 years left on it as well.

In the end, I know I'm technically paying for my bike still, and "lost" money (in the sense that I'm upside down on an 05 civic) - but my payment is lower, and the interest rate is lower than both of the former loans. The end result is that freed up money to pay towards credit debt, which now because of that...I'm ahead.

Should I (we, actually) manage to stay focused on "living spartan now" - I could have *all* of my debts wiped out by the time I'm 39. **ALL** of them. Then I can live like a Sultan.

Motto:

Spartan now, Sultan later.