Overhaulin'

What should I do? Accept a horrible loan to pay to get my car out of the shop or something else?

The finance charge on this loan is $500, plus 15 % interest , and the loan amount is $1,200 If I don't get the loan the shop who has fixed my car is threatening to put a lien on it and sell it. What should I do? The terms are for twelve months, and theyre adding this on top of my existing loan so my payments will go from $256 per month to about $380 ? Whatwould you do in this situation, I only have a few more days to decide. this thing has about $600 dollars worth of fees and interest just for $1,200 dollars

Public Comments

1. Sounds like you may have no choice, Unless you can get a better interest rate on some other credit card or line of credit immediately, Try calling a few credit card company's or go to your bank to see if they can help you, otherwise i think you are going to have to take this as a painful learning lesson about $.
2. We've been in the same situation. Had to decide if the car was worth it, like is it paid for, good on gas and basically dependable. Then consider the other option let it go to the auto shop and buy another car, have to worry if it might break down and have another garage bill plus have payments on the car and your loan. We opt for the loan because our car was paid for and actually didn't cause us much trouble. We got our 92 van in 2000, had the work done, and we're still driving the same van!