I came across this blog just looking for information about loans. interesting read. thank you for sharing your experience with loans. and this blog have a nice layout too. congrats!

I did not have any college loans in undergrad. But I did get a famous Sallie Mae loan for grad school (MBA). I paid it off in 2-3 yrs afer graduation.

I’ve only had one auto loan. My first brand new car that I got straight out of college. A present to myself. It was horrible. I leased the car (that’s a no no), then I had a 8% rate since I didn’t have a big credit history. After the lease period was up I decided to keep the car and the remainder of the loaned rolled over. Took me 4.5 yrs to pay it off. I kept the car for 11 yrs until it was totalled. I saved to buy a new car outright with cash. Now if I can let the frugal side and want side compromise to get a car.

I recently got my first mortgage loan last year. I’m sure I did not get the best deal. It was for a new build condo/townhouse. I was not able to lock in any low rates becuase my condo was not complete until the rates rose back up. The incentive to go with the builder’s lender (a broker) was $1000. After applying with other mortgage companies it appeared that the broker was the best bet at the time. My loan was bought by another company. Payments are automatically deducted. 30 yr fixed with 20 % down and I don’t plan to refinance. I plan to make one extra payment per year.

Now on to the topic of personal loans. I have given out personal loans to several people. Some have paid me back and some are still paying me back and some never paid me back. I would love to get into the loan shark business .. LOL. Anyhow, my return on personal loans is very little. I’m still learning how to make it a smooth process. I usually use a set dollar amount fee, but I’m thinking the fee is too low.

I have always paid my credit cards off in full. Years ago I made the God-awful mistake of putting an ex-boy toy on my $500 limit credit card. This sucker called and increased the limit to $2000 and ran it up. Of course he didn’t pay. I had to take him to small claims court where I won, and he made one payment. I never pursued it further. I chalked it up to lessoned learned.

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