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Debt Consolidation Loan Advice

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#1 franknitty69

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  • 38 posts

Posted 26 October 2017 - 02:22 PM

Hey guys I'm considering a consolidation loan from OneMain Financial. The terms are $20k/60 months @ 24%. They are using the equity in my car (08 Cadillac escalade) and will pay $6k to Navy Fed for the remainder of the car and will give me the rest to pay whichever debts that I choose. The monthly payment will be $569 (which is less than I pay for the car and all credit cards today).
My goal with the funds is to pay off the Capital One, Capital One, Best Buy/Citi, Paypal, $1000 on the NFCU Visa and $1000 on the NFCU Line Of Credit and put the rest towards purchasing a car (we have $3k already saved).
All of my accounts are paid on time each month and I pay the minimum and a little bit more when I can. The reason why I am considering a debt consolidation loan is to get a second car. My wife's car just died, we have 3 kids in 2 different schools that get picked up at 2 different times during the day and I no longer work within the range of the metro (subway train). Previously, I was taking the train, but now I have a 2-hour commute by car. I applied for a car loan with PenFed and was denied, Capital One has pre-approved me for a car loan but they have a lot of restrictions that I don't agree with. At this time, I really just want to buy a car outright, but I don't have the capital.
So, my question is based on all of this information and my accounts listed below, do you see anything wrong with this idea?
Navy Federal Auto Loan
Original Loan Amt: $24k
Balance: $6k
Interest Rate: 7.49%
Monthly Payment: $415
Navy Fed Checking Line of Credit
Balance: $15k
Limit: $15k
Interest Rate: 16.90%
Monthly Interest Amt: $206
Monthly Payment: $236
Navy Fed Visa
Balance: $24k
Limit: $24k
Interest Rate: 18%
Monthly Interest Amt: $311
Monthly Payment: $483
Capital One MC
Balance: $1300
Limit: $1,500
Interest Rate: 23.90%
Monthly Interest Amt: $30
Monthly Payment: $50
Capital One MC
Balance: $1,400
Limit: $1,500
Interest Rate: 25.90%
Monthly Interest Amt: $30
Monthly Payment: $50
Best Buy/Citi
Balance: $473
Limit: $500
Interest Rate: 26.24%
Monthly Interest Amt: $12
Monthly Payment: $50
Balance: $1,100
Limit: $1300
Interest Rate: 9.99%/19.99%
Monthly Interest Amt: $16
Monthly Payment: $50

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