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Andrewcr1

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Car loan to pay off car for sale
We owe 7000 on a car and we have a neighbor who wants to buy it for 9000. They do not feel comfortable giving us the cash till they have the title and are willing to wait a few weeks. We have credit scores of 750 and 748 my wife and I. Our credit union is willing to give a personal loan of 7000. How will this hurt our credit if we take the loan to pay off the lein and then pay off the personnel loan a week later? We have quite a few diverse accounts, mortgage, credit cards, equity lines of credit, student debt ext... That we pay off regularly and on time without issue.

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watch out

sounds lk bs

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Better idea - got the $7k non-secured loan, sell the car, then slowly use the $9k you got to pay down the personal loan over time. It will mean a few bucks extra paid in interest, but otherwise it will look rather good on your credit report by doing so. Now if you intend to take out a really big loan (mortgage) or you really need the money in the near-future then don't do it that way, but otherwise it could only help to do so.

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