A new driver, another car, and a small personal loan


    of hope

    While I was sick, Beauty took her driver’s license test. Sea Cadet took her and my car. (We left a few months ago but didn’t have the proper papers etc) She was able to get her driver’s license … barely.

    Since she is not legally my foster child and the liability implications are, I did not try to add her to my auto insurance and not allow her to drive my car. (This was no surprise, we had talked about it, full transparency for her to understand.)

    She saved up for months to buy a car. The week I got home from the hospital, she found a car. After much discussion and review, she decided to continue with the purchase.

    A small loan

    Unfortunately the car was more than she could afford. And while this local used car dealer has a good reputation, I wasn’t comfortable with her getting into debt so young. And as you all know, the funding rate is insane in these places. Not to mention that as a new driver she would have to pay for full coverage of a lovely old car … insane cost again!

    Let’s call it the COVID brain or thankful that we are a living brain. I made the spontaneous decision to lend her the money she needed for the car. And she went and bought the car. They called me over the phone to pay the balance.

    I loaned her a total of $ 2,200, understanding that she will pay me $ 400 per paycheck until it is paid off. This gives her enough time to cover her insurance, gasoline and some pocket money. And it almost halved her monthly insurance costs because she didn’t have to be fully covered.

    She has already made the first payment … the loan will be repaid by the end of June.

    The money

    Before you jump my throat while I was sick, all of my “extra” income was building up. So I had enough money in my daily account to cover the loan. I haven’t touched my EF or other savings accounts.

    And the loan will be repaid before I make my final payment for my car, which would have been the case otherwise.

    After all, we’ve been helped a lot over the years. I felt like this was a small way to pay it forward.


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