<prompt> Human: Hey everyone, I have a remainig student loan debt from WellsFargo 17,500 at 8.5 interest. Its killing me but I have been doing a good job paying it back. I recently switched banks to a credit union and they offered to put a lien on my car and offer me 8,500 at 5 so I could pay off some of my wells fargo loan. I project that I will have all of the 17,500 paid off in 1.5-2 years fingers crossed.Is this worth it? I also was told that paying off a private loan is better for my credit than a student loan.Thanks!Assistant: Lets assume you are paying down your 17.5K balance in two years. ensure there are no originationlender fees or if they are you add this to the calculation. With the help, 8,500 5, youre looking at around 425 in interest the first year on that loan you will probably be making minimum payments so that is fuzzy math, and safely assume 400 on the next year until you are done paying that off. Then the rest, 9K at 8.5 is 765 a year, and probably none the year after because youll start paying off your credit union at that point.Now without the help, youre looking at 17500 .085 1,487.5 the first year again you will be making aggressive payments so this is naturally going to go down a bit due to reducing your principal every month. And the next year would be 8750 .085 743.75, probably less. So with help, interest is 1590. Without the CU, its 2231.25. So is 700 worth it to you? Again, very fuzzy math without all the payment information. Feel free to double check this math. Regarding your credit, make your payments on time, and you will look good. If anything, having two different accounts you are paying on time would probably be better than one. Human: Should I be worried about any repercussions with the bank owning my car?  <response>: You may need to increase your insurance coverage. Most liens require full coverage which varies a bit by state. So you may end up eating most of your savings in those costs. 