Saturday, July 9, 2011

Adoption Loan APRs

Why is it cheaper to finance a car than an adoption?

The cost of financing our Prius: 7.24% APR

The cost of financing our Tacoma: 3.6% APR

Average cost of financing the saving of a child's life: 9+% APR

:-(

15 comments:

  1. That is just horrible. Is that the average interest on an adoption loan? I guess maybe they look at it as.....: you can always repo a car but a child might be a little harder?!?! Either way that is not fair. I hope you can find a better loan :)

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  2. Have you looked into interest free adoption loans? There are some groups that offer them (ABBA, Lifesong for Orphans, etc). The loans are usually offered by Evangelical groups, so, I'm not sure if they'd count LDS couples as meeting the "Christian couple" requirement, but, it's worth a try.

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  3. We're finding this is the case as well. And we don't qualify for no interest adoption loans because we aren't using an agency. From my limited research, we are probably going to end up applying for 0% interest credit cards that we can pay off with the tax credit. Completely uncomfortable and NOT what we want to do, but it is looking like our only option at the moment.

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  4. This is the part of the adoption that gives me anxiety every time I think about it! It is SO expensive! I know that it is completely worth it and I am more than willing to go through what I have to in order to bring the twins home...BUT, I still worry! I also knew that fundraising would be difficult but I underestimated that as well. I hadn't had the chance to look into the loans yet... It sounds like I had better get going since the homestudy report is written now and waiting approval from the two agencies we are working with.
    Cynthia
    http://www.adreamadoption.blogspot.com

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  5. It's sad that so many make so much off a child's life. I've heard others call it the adoption cost "ransom" and that truly is what we're paying. We're adopting Olga from R****A. We live in Gig Harbor. Not sure how far that is from you but we when we saw your family on the RR site and saw you were here in the state we wanted to invite you to our rummage sale/bbq pulled pork sandwich fundraiser on Saturday. We'd love to meet other RR families.

    Jenn
    www.savingourstarfish.blogspot.com

    ReplyDelete
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