Car dying

iVillage Member
Registered: 09-22-2003
Car dying
3
Thu, 12-09-2004 - 9:53am

I can't believe my luck. I picked my car up from the mechanic on Tuesday to find out it needs about $500 in repairs. Not a ton of money, but not worth it since the car is probably only worth $500. The axel is going and the oil seal is leaking. Not much life in it, so I need a new-to-me car. I have most of my savings locked against loans, so not much help even if I wanted to pay the $500. I wish I had that sort of cash lying around, but what I do have available in savings is for the infamous shed. I know on this board we all try to keep a savings account, but like most here there always seems to be an expensive emergency happening that requires that money.

So I've applied for an Equity Loan or Line, depends which seems the best, for $15,000. I want to pay off my two CC, my line of credit and buy the car outright for lower insurance. The interest rate would be lower and I just hope my credit score doesn't affect my application. My credit is clean, but with the balances high on my CC it means I get high interest rates, or told I have too many lines of credit. I only owe just over $73,000 on my condo and one just sold the other day for $130,000, so I hope I stand a good chance and also not need an appraisal.

I find out in a couple of hours if I am approved, so keep your fingers crossed otherwise I don't know what I can do. I use my car for my work in sales, so it is essential I have one.

iVillage Member
Registered: 02-19-2004
In reply to: rwblair
Thu, 12-09-2004 - 9:56am
Good luck in getting the loan and I am sorry to hear about your car!

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iVillage Member
Registered: 06-04-2004
In reply to: rwblair
Thu, 12-09-2004 - 11:25am
Definitely good luck to you and I too am sorry to hear about your car! Doesn't seem like there is ever a good time for things like this to happen! Keep us posted on how things are going and I will keep my fingers crossed for you!!
~leanne

~leanne

deciding to be happy doesn't mean that everything is perfect, but that you had decided to look beyond the imp

iVillage Member
Registered: 09-22-2003
In reply to: rwblair
Thu, 12-09-2004 - 5:46pm

Hi Ladies -

Thanks for your wonderful words of support. I was approved for the loan and trying to see if I can get away with not needing an appraisal - they want $300 up front for that! So I need to get it all figured out. I'll let you know what happens next. Seems as though I will have my CC paid off with this loan.