Personal Loan Rates, What to expect | Page 2 | TigerDroppings.com

Posted byMessage
TheWiz
LSU Fan
NOLA
Member since Aug 2007
7570 posts

re: Personal Loan Rates, What to expect


So they came back with a 4.25% balloon for 24 months, and converts to a fixed term for 5 years after that. I told them that would absolutely kill me. I asked them to see about working something more along the lines of a 5/10 or 5/15 balloon, but it doesn't seem likely.





Back to top
TheWiz
LSU Fan
NOLA
Member since Aug 2007
7570 posts

re: Personal Loan Rates, What to expect


So the lender came back again. We're definitely getting a good ole boy deal. Offered a 4.25% 24 month interest only, and instead of going into term they're going to re-issue the remainder for another 24 months interest only. Then they'll issue one more 12 month interest only note, which will then balloon to a 5yr term at the end of that. (Rate then TBD). The interest only will be low enough that we won't hit our monthly budget, and we'll still be able to apply several $100 towards principle for the next five years. Every little bit counts, in that aspect, and we should be able to chip away about $24,000 worth of principle over those five years.





Back to top
yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
72292 posts

re: Personal Loan Rates, What to expect


(no message)


This post was edited on 11/15 at 7:49 pm


Back to top
TheWiz
LSU Fan
NOLA
Member since Aug 2007
7570 posts

re: Personal Loan Rates, What to expect


Haha. It's going to save me exponentially, but I'm dreading that $4800/month note come 5 years from now, but it will only be for five years.





Back to top
lnomm34
USA Fan
Louisiana
Member since Oct 2009
8074 posts

re: Personal Loan Rates, What to expect


quote:

$4800/month note





OUCH! That hurts me just thinking about it.


But, I'm glad you got it worked out.






Back to top
  Replies (0)


Back to top