Yeah that was the problem that kept coming back when weighing those two different options.
I took a step back on this entire thing and honestly I’m afraid of the car breaking down again and I end up in this issue again.
But on the other hand, I REALLY wouldn’t want to roll this over and make my interest worse and dig myself deeper into debt.
I’m teetering on either decision rn but am not afraid of just not having a car and having to keep using my parents until I can afford a reliable one.
This is the move. Do the 13% interest personal loan, pay off your other high interest loan ASAP. In the meantime, Uber/bus/train/walk. I’m not sure why your insurance is so high but that makes owning any car a terrible idea
Insurance premium on some EVs might be a deal breaker.
Now it might take a while, but given that you live in Philly, are you SURE you can’t take the bus to work? 20 miles out means what, King of Prussia or Plymouth Meeting?
Totally agree. Take the loan and use your parents car to get your credit back on track. That is, only if the loan payment is significantly less than your current total cost of insurance + current loan payment. As your credit returns, opportunities will open up. Once all those loans are done and paid on time it will do wonders for your credit.
If you are currently on your own policy and decide to go carless for a while, consider maintaining continuous liability coverage, or your next obstacle could be the cost of getting a new insurance policy as someone who was previously uninsured.
GEICO has a reputation for that kind of thing. In looking around, lots of fancy ads equates to nasty treatment of their customers.