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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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