Should I refinance my Honda Fit and put it on Turo while I purchase a new car for my own use?

"I bought a car that doesn't fit me. At six foot five and 330 pounds, I don't know why I thought a Honda Fit would fit me.

That said, I want to refinance this car and list it on Turo to pay down the loan. At the same time, I want to buy a new car for my own personal use. Does this sound like a good plan?"

Answer
“This actually sounds like it might be a good plan, as Turo says that the average lister can make around $706 a month.
That said, you’ll have to take your own taxes out, which might drop it to around $500. If you can get your refinance down to that amount per month, it should work.
Keep in mind that you might go through periods where you don’t make as much on Turo, so you should definitely have some extra cash to pay the difference.
If your income is high enough to comfortably pay both loans and you have a great credit score, more power to you.”
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Eric Schad
Answered on Jun 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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