Solve An Argument - Refinancing Car Loan AFTER Making Really Large Payment?
Jan 19, 2008 by hbds | Posted in Personal Finance
If you're planning to refinance your car loan in a few months (at a MUCH reduce interest rate) what is the logic in paying a large chunk of money NOW to the company that holds the squiffed-interest loan at the moment?
Seriously, I'm missing the logic here. Wouldn't it be smarter, if you have a chunk of in money (which is equal to three high-interest rate car loan payments) why wouldn't you just make your customary payment for the next few months, refinance at the lower rate and THEN pay the big chunk of money?
Up to date car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is assets each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST RATE, IT IS COSTING YOU MORE INTEREST. Fly the coop the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward master.
Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you persist that smaller loan at a smaller interest rate.
How Do I Get Out A Car Payment/loan I Cannot Afford?
May 02, 2007 by Broke | Posted in Credit
I don't style nearly as much money as I use to and I am struggling with my car payments.
Put across the car essentially, don't worry your not alone. Or take out a personal loan, and list the car as collateral. It is essentially only 2 ways without ruining your attribute personally. Or call your lender, which depends on the person and the credit history. Alot of americans are contest into a lot of credit problems believe it or not, specially with the subprime loans affecting the protection market.
May 01, 2007 by Lance D | Posted in Buying & Selling
I have a 2005 automobile and pay approx. $475.00/month on this car. I am judgement myself going backwards. I have put too much money in the car to go to CarMax, or a place and sell it because they will not offer me a lot. I would bent to sell it at a resonable price. CapitalOne does not refiance, so I cant get lower payments... What do I do? How do I do it? Where do I do it? Could I truck it? I need advice bad!
If you do marketing it, you will probably be worse off since the will roll over what you owe on that one to another one. If you have decent credit, try to borrow enough to pay off the vehicle and belittle your payment that way. If you stop paying and let it go back, you will have a repossession on your credit, and despite what people will tell you, there is no such item as a "voluntary repossession" that won't hurt your credit. You may just have to chew the bullet and keep paying until you finally get it paid off if you can't find any other way to do it.
Will Paying Half Of My Car Loan Payment Be Better Than Paying Nothing, In Regards To It Dinging My Credit?
Jan 21, 2008 by abby | Posted in Credit
I can't rich enough to pay my entire auto loan payment this month.
I only have half of it. Any advice? Should I pay what I can on time? Will this one incidence sadness my credit?
Pay what you can and call the loan proprietorship to explain your situation. It will still report as a late payment, but making a payment agreement will keep you from getting on your lender's bad side, thus keeping you out of fault. One question you need to be able to answer is "what are you doing to make guaranteed this doesn't happen next month."
I am so anguished. HELP! I've been out on disability for the past month and I haven't received my check. The strike it rich I have my car loan through is threatening to take it away.The guy just told me to call the red cross for help - that was embarrassing. They said they don't do that. I have no one to mooch from, and I have $8 in my account. Any ideas? Have any of you been here before?
If you have a obedient pay history? Ask them if they will move your payment to the end of your loan. Some lender will do this once a year for good customers.
If not, they normally can not start repossession proceedings until you hove missed 3-payments.
Call and talk to them, the last factor they want to do is take your car, they just want their money.
Auto loan calculator - Bankrate.com
Looking for an auto loan abacus? Bankrate.com provides car loan and auto loan calculators to help with your buying decision.
CareOne Credit Counseling
Provides online solvency counseling to individuals burdened with unsecured debt.
Up to date car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is assets each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST RATE, IT IS COSTING YOU MORE INTEREST. Fly the coop the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward master. 
y do