Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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FYI your new payment would be around $550 not $800.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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21 Replies
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Touché, but who's checking?
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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14+48 = 60. That's 5 years. Where are you coming up with 7-8?
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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I might have said it more gently but I agree with vaultaddict. If you are able to finish off the loan at the current rate I would do so. If you are afraid you won't be able to make the payments or...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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Not sure what HELOC rates are right now, but I used one to pay off both of my cars. Then I could deduct the interest. You might want to look into that.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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So I purchased an Infiniti for $43K @ 0.9% financing for 3 years. Well the $1200 monthly car payments have taking a toll lately and I was thinking of refinancing the balance, which is at about $24K....
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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62 months but who is counting.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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yikes $43k for a car. Crap I can't wrap my mind around it.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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The refi sounds like a good idea to me. Cash in hand today is better than cash in hand tomorrow.
If you invested the extra cash you'd be saving every month it's likely to be worth more in 4 years...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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^Lol? This sounds like terrible advice...and the immorality that has caused ruin in our markets. Is your word truly worth nothing?
Sometimes you have to wonder why debtor prison went away.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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refi now @ 1.99/48 mths. then, if you lose your job, pay off the car with an unsecured loan & default on it.
https://www.penfed.org/productsandrates/loans/personalloans/personalloans.asp
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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Sorry, but I speak American. We don't have no stupid thingies on our letters. What are you? Some type of communist?
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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The rate of 1.99% is pretty good and who knows, rates may jump up next year, that's why I was thinking of refinancing. Things are tight now and I can continue paying the car bill, but I'm thinking...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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It really comes down to whether or not you can handle the current $1200/monthly payment. If you can do it, but it would simply be "tight" (ie: no big vacations for the next 2 years), then it comes to...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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Hahah, touche. But the point still applies.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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If things are that tight, I say go for it. Bast case if you do that is you have the option to pay it off early.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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:lol:
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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Additionally, you can refinance at the 48-month 1.9% rate, but continue to make $1200 payments, with the surplus going to principle. It's unlikely they would have an early payment penalty.
So, if...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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suck it up.
Pay extra.
Then never borrow money for a car again.
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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So your willing to be making payments on this car for 7-8 years?
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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Well what is your definition of "wise"? If you can't afford the car then sure refinance but it sucks having a car payment for 4 more years vs 22 months. From an interest rate perspective, your...
Need advice about refinancing current car loan
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Thread created 02-17-2012 by dealmunkey
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missed the 1200 for 3 years part. I was assuming 5 years, but in retro spec that would have sounded like a high payment.
