should i take out the loan??? ANY BANKERS HERE??
i need 30K right now, so i ask for a loan at the bank and they gave me a rate of 15.99% for 5 years
i also have a CD woth about the same at the same bank that pays me out 4.14% , i am a bit confused what should i do , break up the CD or take out the loan (that i probably will be able to pay out in 6-7 months) . and also in today world, i know i wont get another CD with the same rate again
i need a smart advise,
- Anonymous1 decade agoFavorite Answer
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- 1 decade ago
If you are absolutely sure that you can pay this loan back in 6-7 months - then I would take the loan and keep the CD. The interest rate seems very high to me.....are there some credit issues? If so, having the loan and making the payments on time while you have it would add to your credit score. If you were to use the CD money, would you pay yourself back that money?? If you would, you could always use the CD money and then pay the monies back into a CD account that allows for additional deposits to be made.
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- Anonymous1 decade ago
Break up the CD.
The lost interest and penalties are a lot less than the 16% you'll be paying on the loan.