Personal Loan Rates, What to expect
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Personal Loan Rates, What to expect
Posted by TheWiz on 11/13 at 11:47 am
My wife and I are looking into getting a personal loan to consolidate our student loan debt. It will be backed by my F-I-L. The lender we are using does most of his commercial loans, and is very familiar with all of us. What type of rate can I expect to get?

This post was edited on 11/13 at 12:18 pm

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Posted by LSURussian on 11/13 at 11:58 am to TheWiz
No collateral? Just personal guarantees?


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Posted by Breadcrumbs on 11/13 at 11:58 am to TheWiz
what rate do you have already? isn't student loan interest deductible?


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Posted by mglsu21 on 11/13 at 12:03 pm to TheWiz
It fully depends on the lender, but most financial institutions have cancelled their personal loan programs....Chase, Capital One, etc. You almost have to go to a credit union for unsecured loans now. And if you are consolidating student loans I would assume that the unsecured balance would be relatively high (10k or more). Most lenders want collateral for 10k+ these days.

I got an unsecured loan for 8.4% recently, and I was very happy to get it that low. The few places that still offer them were all around double digit interest rate best case scenario.



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Posted by TheWiz on 11/13 at 12:03 pm to LSURussian
quote:

No collateral? Just personal guarantees?

The lender is working up a couple of scenarios for us right now. They have all of my mortgage info. I assume a secured loan would yield a better rate than an unsecured. Student loans are at a 6.8% rate. F that.



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Posted by TheWiz on 11/13 at 12:05 pm to mglsu21
quote:

balance would be relatively high (10k or more).

Yeah, we're talking $248,000. Wife just graduated Med School. I just finished with my MBA and a little bit left over from undergrad. Like I said, the lender does tens of millions of $ worth of busines with my FIL, so they know we should be covered with him backing us.


This post was edited on 11/13 at 12:10 pm

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Posted by LSURussian on 11/13 at 12:33 pm to TheWiz
quote:

Student loans are at a 6.8% rate. F that.

I doubt you'll be able to do much better than that without getting a first mortgage on real estate.

If it's unsecured you will also lose the deduction for interest which you have on student loans up to a maximum amount of $2,500 as I recall.



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Posted by tigeralum06 on 11/13 at 1:20 pm to LSURussian
The deduction will be phased out very quickly for an MD.


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Posted by TheWiz on 11/13 at 1:27 pm to LSURussian
I'm curious to see what options he is going to give us.


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Posted by yellowfin on 11/13 at 1:47 pm to TheWiz
quote:

. Student loans are at a 6.8% rate. F that.



You aren't going to get an unsecured personal loan for less than that


You aren't going to be able to deduct your interest anymore




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Posted by TheWiz on 11/13 at 2:25 pm to yellowfin
quote:

You aren't going to be able to deduct your interest anymore

We're already on a prorated deduction. Hopefully after I finish my MBA, I'll be at a higher income level; however, it will likely leave us unable to take any deductions on student loan interest.



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Posted by foshizzle on 11/13 at 2:58 pm to TheWiz
Student loans are almost always lower than personal unsecured everything else being equal. The only advantage I could see is if you planned to default, b/c student loans are not discharged by bankruptcy.

quote:

we're talking $248,000





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Posted by TheWiz on 11/13 at 3:04 pm to foshizzle
quote:

we're talking $248,000


Yeah, it's not glorious, but should be very easy to manage. Especially if she still specializes after residency.



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Posted by Bayou Tiger on 11/13 at 8:18 pm to yellowfin
I thought Obama was going to take care of those student loan interest rates. When does all of that go into effect?


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Posted by LSUSUPERSTAR on 11/13 at 8:38 pm to Bayou Tiger
I'm waiting on my Obama Bucks for our student loans. Hell, I would just be happy with lower rates. Our highest rate is 6.125. We have 6 figures in loans.


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Posted by lnomm34 on 11/13 at 8:51 pm to TheWiz
quote:

the lender does tens of millions of $ worth of busines with my FIL


Dude, a cool quarter mill shouldn't be a problem for him, then! Get your FIL to just wipe those suckers out!


This post was edited on 11/13 at 8:52 pm

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Posted by TheWiz on 11/13 at 9:02 pm to lnomm34
I wish. He's weird about stuff like that. He's an old, I earned mine the hard way kinda guy. It sucks because I know he could do it without batting an eye.


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Posted by saderade on 11/13 at 9:20 pm to yellowfin
quote:

You aren't going to get an unsecured personal loan for less than that


You aren't going to be able to deduct your interest anymore


Exactly, I would be very surprised if your rate was better.



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Posted by weaglebeagle on 11/14 at 6:47 am to saderade
If I were in your shoes I'd just stick with the student loans since that is likely the best rate you will get and just put all of my focus on paying them off as soon as possible.

If your father in law won't just give you the money, would he consider giving you a personal loan? I'm guessing the answer is no since you didn't mention that as an option.



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Posted by yellowfin on 11/14 at 9:13 am to TheWiz
If he has any cash in CDs or savings accounts he's lucky to be making 1% so tell him you'll split the different @ 3.5% and you both win


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