Is it worth it to refinance my car here is the offer I got…?
Tags:2005 nissan altima, altima, loan company, nissan altima, thanks in advance,
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Heres a story
Back when we initial financed my automobile my credit was bad as well as we financed a 2005 Nissan Altima with a 16% seductiveness rate for 6 years…..long prolonged story reduced my credit has softened a lot as well as we attempted to refinance as well as was authorized for a loan during 9% for a superfluous 4 years
Here is my problem— we am "upside down upon my loan" as well as would have to compensate 2,200 out of slot for a brand brand new loan association (credit union) to financial given we owe some-more than a automobile is worth….I have a income though it would transparent out my savings….should we go aged or brand brand new loan???? Thanks in advance
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It’s hard to answer that question without knowing how much you still owe. But from the information you provided, I’m guessing you owe about $18,000. If that’s the case, paying it down by $2,200 and refinancing at the lower interest rate would save you about $1,200 a year in payments. In other words, if you put that savings in the bank, in two years you’d have saved more than the $2,200 you paid to refinance.
If you’re able to save money, refinance the car– it’ll more than pay for itself. If you typically spend everything you have, you probably shouldn’t because you won’t replace the money you’ve saved.
Good luck!
You might want to sit tight on the original loan for a few more months until you can save enough that you’ll have some left after buying your way down on the new loan. You should also shop the new loan a little more. Have you tried a credit union? They often have good rates.
Let’s say you use up the $2200. What happens if you have an emergency? do you have family members who could bail you out or would you have to put the money on a credit card?
If you’ve got family members or expect to build up your emergency fund quickly, I’d be tempted.
i run the figures and you are better off refinancing with the credt union!!!
Bottom line are you going to save more than $2200 in the long run?? Is it worth emptying out your savings?? Personally with today’s economy I’d keep as much in savings as possible..
The way the economy is going, I think it is a good idea to leave your savings alone,because that money is your emergency money just in case something bad happens.
I would stick with the old loan until the economy goes into an upswing freeing up more credit, then you might be able to get a much better deal.
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