# chances of refinance



## bdeco11 (25 Aug 2008)

hi, i going to ask aib if they will combine my personal loan, car loan, and overdraft into one payment to make things easier. Does anyone think they will approve it.here are the details..


personal loan---320 per month with balance of 10,300

Car loan----300 per month with 40 repaments left fixed rate..

overdraft---1,500, wanna clear it and cancel it

the car is worth 5,000more than loan.

I want to combine these and a top up to 3,000 to pay evening college fees for year, so looking at 25,000euro over 5 years which is around 515 monthly, of which 15,500 would be secured with the car 

my other outgoings that are set are car insurance 80 p/m, gym 65 p/m car tax 60 p/m, dart 90 om i dont pay rent.

My net take home per month is 2280euro plus bits and pieces of overtime nothing much...


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## PaddyW (25 Aug 2008)

Well, firstly, I would say, from personal experience, that their interest rates are pretty high and you may be better talking to someone else with lower interest rates. I'm adraid that I would not be able to answer your actual question though, as I would not be well enough placed to answer it.


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## bdeco11 (25 Aug 2008)

i know there not cheapest interest wise but i been with them all my life and they can see my repayemnt records on there loans and my salary goes there, applying to other banks would take ages and for 25,000 id prob have no chance , thanks for ur reply


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## PaddyW (25 Aug 2008)

Sorry I couldn't be of more assistance. Best of luck.


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## AmIok (30 Aug 2008)

Sell the car.  You are talking about taking out a 25 year loan for 25,000.  The outstanding loan on the car is 12,000 and it's worth 17,000.

That car will be scrap metal a very long time before you finish paying off that loan.  Do yourself a serious favour and if necessary swallow your pride.  Sell that car.

In 1 swoop you'll reduce your debt in half, if you absolutely need a car for work etc., buy a 7/6 year old Focus with your 5,000 left over.  But sell that car ASAP.

Also, if it's a recognised course, there is tax refief available on doing further education courses at night.  It's capped at about 600p/a.


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## z106 (30 Aug 2008)

Selling the car is a very good suggestion i think.

You've seriously gotta question as to whether taking on all that extra debt is worth it just for a status symbol.


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## dem_syhp (30 Aug 2008)

The OP already has the car and the loan is not for a new car. I would question whether it really is worth 5K more than the loan against it - only because a number of posters have over estimated the value of their car. There is a difference in the asking price and what people get. 
Having said that owning something worth 12-17K that's depreciating while you've 23,800 debt may not be the wisest. 

@AmIOK this is over 5 years, not 25 years. 

The extra finance is for college, which is something worth investing in. OP - I'm making some assumptions here. I'm guessing you're young and living at home - just based on you're not paying rent. In this case, 25K in debt is a lot. 
You've a personal loan of 10K and an overdraft. Do you have something to show for them?  If they were for college that's one thing, to fund your lifestyle is another and in this case I'd be surprised if the bank would give you the extra. But I don't know.


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