Refinancing Auto Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,000.00 | Status: | Expired |
| Grade: | A | DTI: | 77% |
| Lender Rate: | 15% | Borrower: | matteoms |
| Finished | State: | AL | |
| Funded: | 11% | Group: | (No Group) |
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Purpose of loan: I am looking to use this $14,000 to pay off my current auto loan which is at 11.5%. I am hoping that this loan will be bid down to a similar or lower interest rate than that. If it is at a similar rate I will still be happy to use Prosper for this loan as I enjoy the thought of other normal people gaining something from the interest rather than a large corporation. I also find that the Prosper payment system encourages me more to pay down early. This will also allow me to have the title in my name and make this vehicle more attractive for trade-in should I choose to trade-in for a better gas economy vehicle. Whether this loan funds or not this balance will still be paid off in the next 2 years, I hope that the interest will be earned by Prosper lenders. My financial situation: I have just recently paid off my other Prosper loan and consider myself to be in a very good financial situation. Over the years I have gained a lot of debt, however in the last 2 years my wife and I have paid off over half of our debt. We are within a year to two years of having everything paid off and will use this loan to further us on that goal. Since my last listing I have switched jobs (due to impending layoffs of much of the staff at the former employer). I have been at the new job for under a year but I am very settled in there already. We live in a trailer that I own, although we do pay a monthly lot rent for the neighborhood we are in. I have never made late payments and have always kept my credit in good standing. I do carry a good bit of debt, but I've also never fallen behind and we see the light at the end of the tunnel getting closer every day. My wife and I maintain at least $1,000 in our savings account for emergencies or other problems. The Prosper loan will be paid back on schedule if not early, and once my debt has been paid down I intend to repay this generosity by lending to others as well -- I have done a small amount of lending already and look forward to doing more. Monthly net income: $ My wife's income does not show on my DTI, which is one of the main reasons that it is so high currently. This is just take-home pay. My income: $1,700 Wife's income: $1,100 Total: $2,800 *Please note that this does not include any overtime which we do get fairly often. Monthly expenses: $ Lot Rent: $150 (this includes the water bill) Power: $100 (Fluctuates from $80 to $120, so on average about $100) Phone/Cable/Internet: $115 Car Insurance: $75 House Insurance: $45 Vehicle Payment: $375 Credit Card: $150 (This also covers our Internet, Netflix service, and a couple of other items) Gas: $200 Groceries: $200 Misc: $100 (Eating out, non-grocery items, etc.) Total: $1,510 This leaves $1,290 extra for any other needed items or paying extra on bills. So as much as $1,665 a month could be set aside to pay the Prosper loan (current vehicle payment + extra), in addition to being able to scale back savings deposits to cover bills as well. When comparing to my own loan you can see how our monthly expenses have lowered by moving down to one vehicle, carpooling, and paying off other debts. This makes me even more capable of paying back this loan. Thanks for your interest in my loan and you can count on me paying back this debt on or before schedule. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 137594 | Paying Off High Interest Loan | B | $15,000 @ 14% | May 15, 2007 | Loan created |
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