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Posted: Thu Jul 19, 2007 11:54 am Subject: NERVOUS about getting a loan

I guess it is good but I almost feel like I am having a small panic attack about having another bill. We are not seriously in debt. It is managable. I would love to have at least a small savings account going but at the time it just doesn't seem possible and now we need a van.(as I said in another post)
I am just worried that something will happen with a new loan.

I am watching the interest rate because our mortgage rate is much lower then what the rate is right now. If we refinance for the same amount we will owe more a month. We can't afford too much more a month or we will be in trouble.

Okay. I am sorry I rambled. I talk when I get really nervous.

Please tell me this is normal and a good thing.

Posted: Thu Jul 19, 2007 11:58 am Subject:

I think it is completely normal to be nervous, especially about making a major purchase. If you have thought this through carefully and know you can afford it, then go for it but if you are having second thoughts, give it a little more time and think about it some more. I jumped at the chance to get a new car because I wanted one, thinking we could easily manage another bill and I am now in the middle of Chapter 13 bankruptcy. Good luck and take care.

Posted: Fri Jul 20, 2007 5:46 am Subject:

Oh gosh, I am sorry to hear that. We are trying to spend under $5000 so we would be buying a used one. I am not sure if we will find one at a dealership or car lot so we might be buying from a person and they obviously can't finance us...lol.

Posted: Fri Jul 20, 2007 11:31 am Subject:

Thats ok, it was stupid of me to get a new car anyway. I had a perfectly good 1994 van sitting in my driveway. I bought it a couple years ago for $1600 wholesale from a dealership and that is what I drive now. It is a nice van, actually. Sometimes you can get good deals on older vans from dealers for cash-that is what we did for both our vans.

dalfire4 · Posted: Mon Jul 23, 2007 3:26 pm Subject:

An idea - rather than refinance maybe check with your bank - there are ways to get a loan to purchase a used car from a private party. I know my daughter is getting one through the credit union she belongs to. You might be better off doing that for a smaller loan like that (even tho $5000 isn't really a small amount!) instead of upping your house interest rates & basically paying for the car for many years - just a thought

Posted: Fri Jul 27, 2007 11:29 am Subject:

Yeah, we already have a home equity loan of $12,000 through a bank which was to consolidate last year when I messed up the mortgage and a credit card.
I just wish everything would stand still for a little so I could catch my breath but I knwo the world doesn't work that way.

Posted: Fri Aug 03, 2007 5:44 pm Subject:

I'm having a similiar nervousness about something that me and my husband just did. We needed a bathroom repair really bad, so we hired someone to do a job. We took out a credit line with them for 4K to fix the bathroom all up. I mean it's great that my bathroom is going to be good, and it will ad value to our house-- but now I gotta figure out how to manage another $110.00 a month for the payments. It's always one thing after another.

Posted: Tue Aug 07, 2007 12:33 pm Subject:

I know what you mean sulli. I know my truck won't last forever and better to sell it while it still has some value then to wait until it is junk.
But we still have a that stinking bank loan which I feel is hanging over our heads. We would be so much better off if we didn't have that.
Oh and have to buy gas or food Wink

Posted: Fri Aug 10, 2007 5:40 pm Subject:

I hear ya! Things cost soo much these days. I often wonder how older folks are able to handle all of these things. it's really sad.

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