Should I take this personal loan?
I got approved for a personal loan for $15,000. ($14,100 actually because if I paid $900 upfront my interest rate was lowered a lot) but the APR is 15.54%.
My current car loan is $8300. (It was originally like $10,000) but the APR is 29.9% so I’ve been paying on it ($315 a month) for 17 months and have only paid $1,700 to principal. (And the car is over 10 years old over 150,000 miles so I couldn’t get a refinanced auto loan)
And then I have like $5,000 in credit card dept (all APR more than 15.5)
And $900 owed in taxes.
So if I take this loan I can pay almost everything “off” and have one monthly payment of $340.
But am I missing anything?
(I know it’ll ding my credit for a few reasons for a bit and I’m ok with that)
Oh also the lender is Sofi.