Well i called the bank to refinanace the R , I took it on orig for $555 a month payments becuase i lsot a shitload on the trade. . . well 2 yrs go by and i get her down to $16,500 owed, so scheduled to be payed off like Jan 16, 06
Thing is im still in school and sucks living on my own and modding and paying out the *** for insurance, and these retarded payments., I would like to get a beater too .
Well the bank says they can refinance still at a decent rate of %7, so my payments will be $320 a month. Not bad, still leaves me with money , but i will be refinanceing for 60 months to get that lwo of a payment .
I plan on keping the car for ever
You think this sounds like a viable option for now?

 

Yes, sounds like a good idea if you need to free up a little income per month. If you plan on keeping the car, I'd say go for it.

7% seems a lttle high, though.. Shop around. Also, make sure there are not any hidden finance fees..

 

will the refinance process cost u any $$. if your future saving (on interest) will be great than the cost to do refinance(paper work fees)......then I think it wil be a good idea to do that.

 

nope , no fees, its through my credit union , so they arent sneaky , like asome places can be , , yea my currecnt 4.9% is great, but im not gonna stress over %7, its pretty normal for a used car.
I tihnk im gonna do it , it will be nice to have the extra money to clear up some stuff, get a beater so the R can be pulled from the sdtreets, and build theblock up

 

I just looked at the rates here, and if you were quoted 7% (used car loan rate) then that is a decent rate.

 

i say do it because its a lower monthly rate and lower intrest rate wich will save you money also a very big plus is you can always pay more so you can pay that 500 a month and the car will be payed off even faster but if you cant afford to pay the extra 2 hun sometimes you can always pay the 320 so by re financing you will save money and leave yourself with more available options as to getting your car paid for and saving money sorry for the lack of puntuation and i hope all that i said makes some sort of sense

 

Just make sure to double check on all the terms & conditions.

Be sure to check to see if it's a simple interest or not. I believe with a "simple" interest, you can payoff your loan before the term is up, but you won't be charged with any fees & penalties.

 

Dude, I totally understand your plight...I too have a hellish $545 60 month payment...but I also plan on keeping my R forever...why give it up? Pay it off, then get the newest and greatest thing. Shop around for a better rate to get your payment even lower, but keep the R

 

I did virtually the same exact thing, that seems like a good deal to me. I would personally go for it. The cool thing would be if you can scrounge up like $500 or $1000 to throw into the deal, then your payments would be a bit lower
HTH
M

 

Go for it Pete. I did it on my '01, went from a 8.5% to a 5.99%. I added in another year but it was worth it. Payments went from 450 to 300! Of course, my car was stolen 2 days after refinancing.

I did it via my credit union, and they didn't screw me at all. No penalties for paying off early, like cosworth mentioned some places can do.

 

i wil be refinacing my loan come end of the year. i only got like 10,000 more to go. i think i am going to just consolidate all my stuff to make one payment if i can.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">I plan on keping the car for ever
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Good idea, because after seeing how you treat it (at EXPO specifically), not many people would give you decent money for it.

 

Yo Pete, I just refinanced. Had 39 payments left @ 570/month @ 8.1%

Refinanced 41 payments at 500/month @ 5.6%

Total saved if I don't send extra = 1100.00

Still owing 18400

 

i refinanced over hlaf a year ago to 3.9 and i have 3 more years to go.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by RealTypeR &raquo;</TD></TR><TR><TD CLASS="quote">Yo Pete, I just refinanced. Had 39 payments left @ 570/month @ 8.1%

Refinanced 41 payments at 500/month @ 5.6%

Total saved if I don't send extra = 1100.00

Still owing 18400 </TD></TR></TABLE>

Damn Marc, you need to stay away from the NAWWWSSS..

 

yea i beat on it , but its cool ,ididnt buy it to be a trailor bitch or garage queen . . . well she will be now becasue its getting to the point where its too much for the street, she has paid her dues though no doubt
its getting a full rebuild and roll cage in the next few months
the extra money will be nice with a doubt huge weight of my shoulders.

 

Big Pete's turblow R
Trailored biznatches

Trailored race kaaas like X4RACER Robert

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by WittTypeR &raquo;</TD></TR><TR><TD CLASS="quote">$545 60 month payment </TD></TR></TABLE>

thats like 32,700! you have about 8,000 in interest? did you even have a down payment? thats an INSANE price.

 

I was going to do that with my gsr but not yet for the itr

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by haloseven &raquo;</TD></TR><TR><TD CLASS="quote">

thats like 32,700! you have about 8,000 in interest? did you even have a down payment? thats an INSANE price.
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Damn your right but I am in the same boat. I bought mine last June for $22,500 and financed for 60 months and adding it up with my $512 a month payments I will be paying $30,725 when it is all said and done. I am like most though in saying that I will own the car for a very long time. About how long untill you can refinance? It has almost been a year for me and I can sure use lower payments/interest.

 

well my situation is that i lost 5g's on the trade and no money off frmo the dealer becuase it was an R and their only one , they aint stupid , total price with tax, title , transfer, and trade issues came to $33 and change and i needed like $3k or sometihng like that down and got $555 a amonth for 60 months i think it was . something like that . . . . huge weight off my shoulders for sure.

 

well i sell cars for a living and paying 7% for an 01 isnt all that bad...i just put a woman into a car at 24%

 

HAHAHAHA damn , i cant see paying that much interest on anything any more.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by JeremyL &raquo;</TD></TR><TR><TD CLASS="quote">well i sell cars for a living and paying 7% for an 01 isnt all that bad...i just put a woman into a car at 24% </TD></TR></TABLE>

...and you can still sleep at night?

 

When I got my R, I didn't put any down payment at all... and it was $544 for 60 month at 8.45% interest. Then, I refinanced it with lower interest rate 5%

I think if you shop around, you could find a low interest rate. If you have credit union account, I'm sure you can find a lower rate.