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What is the best-kept secret among realtors?
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Have a contract in place!!!
We are!
As long as you have a good relationship, you should do it. I borrowed 20k from my mom and just paid her back via a down payment on her new car a couple yrs later. Worked out great.
Swallow your pride and take the interest free loan. If it makes you feel better, pay her 1-2% interest or something so that she gets some value.
I came here to say this. Look at it as a business transaction. Have a structured payment plan, don’t default, pay her some interest. If she won’t take the interest, save and buy her a nice dinner/gift as a thank you.
Chief
10k might be a lot to you but, not to her. Bank loans are super high right now, if you can’t wait your sister is prob the best option financially.
Definitely can’t wait. My car won’t pass inspection in January and isn’t worth it to fix. It’s a 2001 Volvo that’s beat.
Borrow from your sis and don’t blow it. It’s a gift in this economy with interest rates that just went up again. She’s your sister. She loves you. Do right by her back and pay back faster if you can. Don’t find yourself in a position of doing it again.
Thanks everyone!. I accepted the loan from my sister and we set up a $300 min a month payment plan.
Pro
Good decision
Take the loan from your sister- she loves you and doesn't want you to waste money on interest. Sign an agreement and make sure you pay it back - I'd say set up a monthly bank transfer, so you don't have to mention it again or hand over cash every time you see her, as that could change family dynamics. I've done this in the past for family members and it makes me happy I can help.
Pro
I gave my sister the down payment for her house and she has been paying it back consistently. That’s what family is for
Rising Star
Take the loan and be greatful. There are a lot more ways to pay her back for her generosity. If she is married and have kids, offer to babysit so she can go out and enjoy a night with her S.O. Offer to do small chores around the house (if she has one). Make sure she knows how appreciative you are for the loan. So if anything happens and you need to delay a payment or two, she would understand.
Rising Star
Splurge on her kids then. My sister-in-law splurges on my daughter (mostly because she has no kids) so anytime she needs help running errands, I oblige. Give and take.
If she can reasonably afford it take the help and support each other. Why drop an extra $8k in interest over pride?
Enthusiast
Agreeing with everyone recommending to borrow from your sister. I would do the same for my younger sister. As long as you pay her back, you shouldn’t feel weird!
No way I would borrow money from family. Maybe I'm in the minority, but it doesn't seem like it's a good idea.
It depends on the dynamic. I would never loan money to my family but if were in this situation I’ll take the deal because I know I’ll meet my obligations. They won’t have to worry about asking me for the payment etc.
Edit: If were in the position to help I would gift to my family. I’ve done it before and this avoids the whole not paying back situation etc.
Borrow from your sister and pay her interest if it makes you feel better. If she insists on no interest, keep some of the money you save in an emergency fund so you won’t have to ask your sister the next time you need money.
Interest freeeee, just get that in writing
take the loan from her, my dad is doing the same for me since apr is through the roof
Chief
I’d take it from your sister IF you are ready to commit to paying her back monthly and doing it without her having to ask
Money between friends and family is usually a really bad idea so you have to be ready to commit to this and go above and beyond to meet the payments
Chief
Excellent. Keep it up. She wants the best for you and it sounds like you’re doing the best you can to be appreciative. Glad this is working out!
Tell you what—I’ll borrow the money from your sister and then I’ll loan it to you at 5%.
I get your point lol
It really comes down to your family dynamic but I would personally have no trouble extending or accepting a loan to my family. Just keep on top of your payments so you don’t lose her trust.
I did this when my sister needed a car. $45K Loan for a Lexus. She made the car payments, and I didn't need to use my credit during that time. It did drop a little when the loan was paid.
Pro
If you don’t take that money and stop complaining
If your sister is willing to loan you it AND you intend to pay her back in full, no BS, get a contract written up and notarized and go with your sister. Don’t ever let money ruin your relationship so you gotta be on top of payments. Interest is thru the roof rn and the fed keeps increasing rates
When my brother asked to borrow money we made a contract. If he broke it I’d never loan him money again. Fool me once shame on you. Fool me twice shame on me. He paid it all back on time no issues.
Stick to the contract/agreement you make with your sister and you’ll be fine. The last thing you want is to ruin your relationship over money.