Refinancing question

[merkathomas]

Has anyone ever refinanced there car before...if so what company did u do it with an what all does it take to make ir happen...I wanna free up some money but this car payment is a little to high at 349.94 a month

[ImpalaSlayer]

Has anyone ever refinanced there car before...if so what company did u do it with an what all does it take to make ir happen...I wanna free up some money but this car payment is a little to high at 349.94 a month

hell i wish mine was that low

[Egon Spengler]

Has anyone ever refinanced there car before...if so what company did u do it with an what all does it take to make ir happen...I wanna free up some money but this car payment is a little to high at 349.94 a month
Mine is 349 too! haha I would like to hear what people have to say for this...

[merkathomas]

Omg!!! u pay more than that...my total expenses on this car is about 750..its not a lot but its more than what I wanna pay...I only put down $1000 when I got it

[ImpalaSlayer]

Omg!!! u pay more than that...my total expenses on this car is about 750..its not a lot but its more than what I wanna pay...I only put down $1000 when I got it

i pay 431 minimum but usually 500. when i bought my car they were actually still worth something. sad thing is, i usually spend more then the car payment is on mods per month.

[justbob]

Mine was $429.xx and I thought that was decent! Ofcourse I bought it only a year old with nothing down. To refinance, it will need to be paid down to a certain percentage below wholesale I believe. Basically if you need the money to lower your payments then you can't afford to pay it down that much. Good luck.

[merkathomas]

Well whatever u do for a living I need a application....if my interest wasn't so high it wouldn't be a problem....I feel trapped like i will never get this car paid off

[Mac-MerC]

my note is only $289. usually pay 4-5 hundred

[merkathomas]

I thought refinancing was when u called your original finance company an request a payoff amount...then u call a bank an ask them to refinance the car then u tell them how much u need they pay it then u start making payments to them...I didn't know u needed another down payment

[ImpalaSlayer]

Well whatever u do for a living I need a application....if my interest wasn't so high it wouldn't be a problem....I feel trapped like i will never get this car paid off

mine is i think 7.99% on a 20k loan. i used to feel the same way but now that im down to 9800 or so it feels like im actually getting somewhere.

[justbob]

I thought refinancing was when u called your original finance company an request a payoff amount...then u call a bank an ask them to refinance the car then u tell them how much u need they pay it then u start making payments to them...I didn't know u needed another down payment
You are on the right track kinda.. The next bank will only give you bottom dollar amount on value of the car. It is not a "down payment", consider it more of a pay down to qualify for loan.

[martyo]

Let me make sure I understand this. You want to borrow money and take cash out of the car, correct?

[babbage]

i pay 431 minimum but usually 500. when i bought my car they were actually still worth something. sad thing is, i usually spend more then the car payment is on mods per month.


+1 :D:rolleyes: - Mine is only $235 per month.

[babbage]

Let me make sure I understand this. You want to borrow money and take cash out of the car, correct?

No he wants a better interest rate. If you re-fi a car you could put say $3000 into it up front - switch banks and end up with a lower interest rate and a much lower payment. ( I think is waht he wants )

[BAD MERC]

Damn, cars depreciate pretty quick. Might not be able to refi it. Mine was $502. My Taurus was $415. I know, rape.

[merkathomas]

Yeah I want a lower interest rate an payment

[PonyUP]

There are a couple things you can do.

1) Depending on the amount left on principle, you can go to a bank or a credit union, the'll take over the lien on the vehicle at a lower interest rate to you. That's the good news, the bad news is many banks won't do it on a car older than 5 years old.

2) And this is probably the stronger option. I have done this twice. Provided you don't have designs on leaving your job anytime soon, you take a loan out of your 401K (This is how I am paying for my Marauder this week) The interest rate is usually a little below market (mine was just 4%), but here's the best part, they take the money out of each paycheck and you define the number of payments. In addition this will give you your title in case you are ever in a real bad spot and need to sell. And the money your paying back?It's yours

How much longer do you ahve to pay on the car, a third option is to take a new loan from the bank, pay off the car with the money from the loan, and then pay your new loan over 2-3 years which wil greatly lower your monthly

[fastblackmerc]

If you own your home you can take out an equity loan, pay off the car then pay off the equity loan.

[merkathomas]

Well I been on the job for three years an haven't thought about a 401k cause they always talking bout the yard shutting down...I got sucked into signing the papers but no reading the fine print I fell for the " an old man comin in later with all the money so its now or never" line....I wanna take out a loan but i haven't had any luck finding a bank to do it...which I don't know why I pay my student loan on time an i haven't ever missed a payment an this is the second car i have financed but they say my credit isn't good enough

[PonyUP]

There probably isn't a whole lot you can do, abscent of trying another car creditor, maybe Ford Motor Credit, their rates have always been pretty reasonable for me, but it will still depend on what the principle amount left is

[Da Dark Jedi]

mIne was $500.00 per for 60 months. I purchased new in01/04 thru my CU. Glad that bill is gone!

[merkathomas]

What is Ford motor credit?...is this something I can go to my location Ford dealer an discuss

[PonyUP]

Probably not, I don't think a dealer will do a lot to help you on a car they already sold if you aren't buying a new one. Try contacting them through here

http://www.fordcredit.com/index.jhtml

[Kennyrauder]

When I was 19 I got financing for my 69 Charger... i doubled the payments & it still took me 28 months to kill the loan. Rule #1 Don't get over your head!! We all want everything today... smart men wait to tomorrow. I'm 58 now & life does not change if you have to wait a bit. God Bless to our young Marauder & Ford men

[Vortex]

I dont see how refinancing will save you any real money. You may be able to get a bit lower payment but you will be paying much longer and probably more interest over the long haul. Id advise just keep making payments or, if you cant do it, sell it and get a cheaper car.

[PonyUP]

Aww screw it, default on the student loans, it's not like they can repo your education :lol:. J/K, Vortex is right, all you'll do is end up extending the payments and paying a lot more in the long run, how much longer do you have to pay on it?