Comments for Automobile Refinancing, Car Refinancing, Apply, Loan

Comment on Q&A: How can I pay off my car loan quicker? Refinance an option??? by stan c

stan c — Mon, 22 Nov 2010 17:30:02 +0000

Since you already have the loan, why don’t you just pay extra each month? If you have a simple interest loan, you’ll pay about 70% in interest on the first 3 years. That’s how bank make their money. You should also be able to request an amortization from the finance co or bank that will give you a monthly break down between interest/principal.

Comment on Q&A: How can I pay off my car loan quicker? Refinance an option??? by average joe

average joe — Mon, 22 Nov 2010 17:11:18 +0000

when you refinance.. you typically make the loan drag out longer as you add more to the loan itself… adding the 2000 dollars to the loan kills the interest help especially upfront.. getting a second job would help you pay the loan off faster.. just be careful not to refinance to a lower interest rate that drags on longer also causing you to pay more in the long run.. smaller payments may make you lazy and not pay more upfront.

Comment on how do you refinance your car loan? by Steve

Steve — Sun, 21 Nov 2010 06:03:42 +0000

Credit Unions are often a great choice. If you just need money for a used car purchase you can get cash from simple loans. Just doing a quick search on yahoo will offer many sites like this – http://www.successlendinggroup.com/sc8858slg/ which I have found useful. They get a few key companies in contact with you to chat about possibilities.

Comment on How does one refinance a car loan? After how long can you try to refinance? by Inquisitive125

Inquisitive125 — Fri, 19 Nov 2010 19:09:19 +0000

Refinancing is only good if you can keep the same term and lower your interest rate. Since a vehicle is a depreciating asset, you will not do yourself any favors by extending the term longer than you anticipate keeping the vehicle.

To refinance, go to your bank or credit union (a credit union usually has better rates!) and see if you qualify for a lower rate. Keep in mind that every application you submit will generate an inquiry to your credit bureau report and these will lower your credit score! If you do not know your credit score you can find out what it is at http://www.annualcreditreport .com.

Obtaining a copy of your credit report at this website is free but you must purchase the “credit score” option. Check out the FAQ’s to find out more!

Good Luck

Comment on How does one refinance a car loan? After how long can you try to refinance? by xeno277

xeno277 — Fri, 19 Nov 2010 18:53:11 +0000

You typically should not want to refinance unless the new interest rate you can get is 2% below your current one.

That being said, it is quite easy. Simply go to capitalone.com and they will take care of you. There is a charge, usually $ 50-$ 100 for refinancing.

I got out of paying 6.5% interest on my car in 2003 and got a 3.5% when I refinanced. So, my payments were lower and I also SAVED money on interest.

I think you can refinance any time you want, but you will be paying more money if you can’t get a good break on the interest rate.

Happy Holidays

Comment on headed for financial ruin? by David M

David M — Thu, 18 Nov 2010 09:40:04 +0000

You over extended yourself with car(s) and home. If you owe more an all than what they’re worth, then you didn’t put enough down. Sell the car(s) and get a cheaper one or two. Selling the home is probably not a good option for you under current situations, otherwise I’d tell you to downsize there too. Although you may be forced into doing so. Is public transportation an option? If not, car pooling? Get rid of at least one of the cell phones. Maybe both. And get Vonage or something at home. Pretty cheap. Turn down the heat and A/C. Although I consider an education an excellent long term investment, if you’re on the brink of financial ruin you may want to postpone that. Unless you’re on the verge of a degree AND the degree is all but guaranteed to significantly increase your income, quit going to school for now and work more (cuts expenses and increases income at the same time). If the education is more of a personal satisfaction thing and not a career enhancement thing, then you definitely need to dump school for now. Find other was to cut expenses, buy things on sale, buy in bulk, don’t eat out. If you smoke or drink, stop. No more pets, can you put one or two up for adoption? You’re telling us you can’t afford them, but you have three.

I’m sure some of this stuff sounds tough, but you’re in a tough situation. This will not be easy or painless. Good luck!

Comment on headed for financial ruin? by coach

coach — Thu, 18 Nov 2010 08:59:32 +0000

The answer is to either spend less or earn more. You spent more than you could really afford on the house and car, but it is done and will cost you even more to “trade down” at this point.

I’m assuming that you’re paying for school with student loans? Is you degree going to assure you of getting a good job? If not, you might cut back on your classes temporarily.

It may be time to start thinking about a second job for your husband or more hours for you. It will be difficult, but it will also be temporary until you are done with school.

Comment on headed for financial ruin? by Jerrold J

Jerrold J — Thu, 18 Nov 2010 08:21:00 +0000

You have 2 options. First option is to spend less. But looking at your post there is not much that can be cut. You CAN go talk to your lender on the house and the car loan, explain your situation and that you fell that you are at risk of falling behind on payments and want to see what options you have to refinance each or both. TALKING to your lenders will show that you are making an honest effort to repay what you owe and they MAY have a refi option to lower your current payments.
The second option you have is to earn more income and this does NOT mean that you find another job, it simply means EARN MORE MONEY from whatever way you can. Are there things around the house you could sell on ebay or in the newspaper? Can you do errands for your family or friends to earn cash? Can you sell blood? Think about what hours and talents you have that can create cash and don’t just think “job income” but that is an option.
When I was going to college; I had 4, FOUR FULLTIME jobs. No lie. I work fulltime as a roughneck on a oil drilling rig in West Texas 6 AM to 3 PM, then went to classes a night from 6 to 10 PM (fulltime student carrying 12 hours) Monday thru Thursday. I was also in the National Gaurd 1 weekend a month and 2 weeks in the summer for fulltime Guard duty. In addition I delivered pizzas on Friday night and the weekends that I did not have Guard duty; and put in enough hours to be considered fulltime. It CAN be done so when I hear somebody say that they are working ONE job and can’t find the time to work more I grin.
Mexican family put 3 kids thru college by going dumpster diving for aluminum cans. People earn money by walking pets, sitting pets, raking or mowing lawns. Look around and think about a NEED then find a way to fill it to create additional income.

Comment on headed for financial ruin? by Megan O

Megan O — Thu, 18 Nov 2010 07:52:27 +0000

I am glad to see you have no credit card debt. That is one less financial burden to bear.

It does not look like your expenses are anything too out of the ordinary. You make just enough to cover expenses, but it could be worse.

I do not see anywhere that you can cut costs other than in the automobile department.

If you and your husband can survive with just one car, you have a few options to cut down costs:

1) sell paid off car, gain $ from selling car, and cut costs in gas and car insurance
2) put 1 car in storage, cuts gas costs and insurance costs
3) try to carpool as often as possible, cuts gas costs

Alternatively, instead of or in addition to cutting costs, you could increase income. Does husband have the time for a part time job? It would only be temporary, say until the car is paid off. If between the 2 of you, you can make an extra 520 a month, you will have the car paid off in half the time.

Hope some of these ideas help.

Comment on Refinancing car loan for longer period? by Ray

Ray — Tue, 16 Nov 2010 21:26:53 +0000

Yes you can refinance but you did not include the key to your question which is the model year of vehicle.

here is a guideline in effect by some lenders.
Current or up to 2 model years old – 72 to 84 months
up to 5 model years 60 months, beyond that it drops to shorter terms and some prime lenders will not consider loans for vehicles beyond 6 or 7 model years old.

why don’t you contact your current lender before shopping around and see if they will extend for lower payments, and then shop and compare the interest rate. good luck

some – guidelines
1 ) the newer the model the longer the term
2 ) the newer the model the lower the rate
3 ) the older the model the shorter the term
4 ) the older the model the higher the rate
5 ) the higher the amount the lower the rate
6 ) the lower the amount the higher the rate

Comment on Refinancing car loan for longer period? by Eric

Eric — Tue, 16 Nov 2010 21:04:04 +0000

It *is* possible to refinance a car loan, but it’s almost never financially advantageous. Refi rates for car loans are *much* higher than what you would get when you initially buy the car. I suppose the reason for this is that usually the only people who tend to need to refinance their car loan are people in financial trouble.

Comment on Need around 3000.00 asap!!? by gramma

gramma — Mon, 15 Nov 2010 10:47:35 +0000

THIS IS NOT AN ANSWER, BUT A WARNING. I JUST GOOGLED PROSPER.COM. EVERYTHING WRITTEN ABT IT SD SCAM!!!!

Comment on Need around 3000.00 asap!!? by Domino

Domino — Mon, 15 Nov 2010 10:05:00 +0000

sell you car and get a cheap one, and don’t upgrade until you can pay cash

Comment on Long Term Used Car Refinace?? by oklatom

oklatom — Sat, 13 Nov 2010 22:30:55 +0000

Very doubtful. The average life of a vehicle is 10 years, so a 01 is already 6 years old, in 5 more years it’s already past it’s average life.

Comment on Q&A: Need some suggestions on auto refinancing? by Kennady S

Kennady S — Fri, 12 Nov 2010 13:16:27 +0000

If you think that you are paying a higher repayment amount for your existing car loan