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Re: what type of loan?
[Re: Slow Drifter]
#9026480
03/29/24 06:02 PM
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Joined: Jun 2011
Posts: 34,189
Buzzsaw
THF Celebrity
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THF Celebrity
Joined: Jun 2011
Posts: 34,189 |
I remodeled a bathroom last June. I used a large statewide company and got 0% for a year. Already paid it off. That's like free money. i'm thinking this route if you can pay it off within terms
SPACE FOR RENT
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Re: what type of loan?
[Re: Slow Drifter]
#9026492
03/29/24 06:34 PM
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Joined: Jul 2008
Posts: 33,507
bigbob_ftw
OP
Big Sprocket Bob
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OP
Big Sprocket Bob
Joined: Jul 2008
Posts: 33,507 |
I remodeled a bathroom last June. I used a large statewide company and got 0% for a year. Already paid it off. That's like free money. What was the company?
Ultra MAGA '24.
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Re: what type of loan?
[Re: bigbob_ftw]
#9029522
04/05/24 11:36 AM
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Joined: Apr 2009
Posts: 5,564
Slow Drifter
THF Trophy Hunter
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THF Trophy Hunter
Joined: Apr 2009
Posts: 5,564 |
"I have no idea what WW-III will be fought with, but WW-IV will be fought with sticks and stones." A. Einstein
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Re: what type of loan?
[Re: Sewer rat]
#9029933
04/06/24 07:20 AM
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Joined: Aug 2004
Posts: 17,721
Txduckman
THF Celebrity
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THF Celebrity
Joined: Aug 2004
Posts: 17,721 |
Take a loan from your 401k Yes that is brilliant. You can’t afford it now while you are working so rob from your retirement that you will be depending on when you no longer have a paycheck. I really don’t agree with a lot that Dave Ramsey says and am not just preaching his kool aid. If you need a loan for a home get one. Buy something reasonable that you can afford. If you need a car loan get one but buy a modest used car. If you are not paying cash and have to get a loan so that you can have transportation do it but get something frugal. If you need a loan for some sort of business venture that is going to make you money do it. However getting a loan to buy something you just want that isn’t absolutely essential is about as stupid as it gets. Ever notice how the banks have the nicest and largest buildings in town? It’s because of schmucks who can’t wait to have stuff and finance it instead of saving up and waiting. #1 401k loan is great that it is paid back in 5 years or less plus you get the interest. #2 some folks like live nicer than they ever have before they die. Dave is not always right. Just don't be stupid.
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Re: what type of loan?
[Re: Jman]
#9029940
04/06/24 09:38 AM
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Joined: Dec 2011
Posts: 14,317
Ramsey
Pepe' Le Pew
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Pepe' Le Pew
Joined: Dec 2011
Posts: 14,317 |
A HELOC allows you to write off the interest yes. Depending on how much you need, a home equity loan might make sense but would come with more costs up front than a personal loan. However, the rate would be lower than a personal loan and term more favorable in most instances. I completed a HELOC at First United and they paid all costs including appraisal. Current variable rate with them is 8.5% this month. I can take out however much I want to $250,000 in literally a couple seconds on the app and it shows up in my checking account there. I am not sure if you can write off the interest as I just go standard deduction. May nit be the most prudent, but definately the easiest.
Big Beckett!!
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Re: what type of loan?
[Re: bigbob_ftw]
#9029950
04/06/24 10:56 AM
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Joined: May 2009
Posts: 10,458
Ramball36
THF Celebrity
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THF Celebrity
Joined: May 2009
Posts: 10,458 |
I took Ramsey’s advice 5 years ago and got a HELOC. It’s pretty awesome having that money a few clicks away if you need it. I’ve made some good cash on deals that pop up online that I snag to flip that otherwise wouldn’t have that kind of money laying around. It’s also nice to pay it down in big chunks some months while having the option to pay a little over the interest other months.
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