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Posts Tagged ‘auto loan’

We have 12,000 in school loans, about 2,000 in medical bills, 8,500 in auto loan, 4,000 in credit card debt, and 124,000 owed on our house. With that said we will be receiving 5,000 for tax refund. We have 3 vehicles (one that needs 2,000 in repairs that is paid off, another that is paid off and the family van that we are in the process of paying off). We need 2 cars, so one could be sold. We will be selling our house in the spring and living rent free in our parents house while they are away for a year while my husband goes back to school, so we could use our equity about 24,000 to pay off all debt and have less to put down on another house when we decide to buy. What would you do in our financial situation?

Option 1: Sell the van. It is worth about 8,200 and we owe 8,400. We then take the 0 car payment and put it towards paying down debt. However, we would need 2,000 to put into the broken down car. Or/and sell the broken down car worth 0 in it’s current state.

Option 2: Using tax return to pay off credit card debt and them some

Option 3: When we sell the house pay it all off and have less money down on a new house when we decide to buy again.

I don’t know…I see these options are right around the corner or sitting on my lap so it is nice to see a light at the end of the tunnel, but was just looking for some financial advice.

I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

Please, real answers, and no opinions/judgements.

Thank You.