Refinance or buy new?? This is for you financial guru's!?
Tags:amp, high interest rate, new car, poor credit, vibe,
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Ok here’s the deal. Almost the year as well as the half ago we paid for the brand brand new car, interjection to the large down payment. we had usually been vital in my home for 6 months or so, we hadn’t proposed my right away stream job, as well as we had unequivocally bad credit.
Since afterwards we have paid the couple of things off upon my credit, though not all things by far, we have been during my pursuit roughly the year as well as the half, I’ve lived in my good for only underneath 2 years.
My subject is since of my resources formerly we was slapped with an intensely tall seductiveness rate, only next the authorised extent we believe. Would it be value it to refinance my automobile (2004 Vibe) or would it only be improved to buy the newer automobile for around the same cost or lower? we would unequivocally similar to to have the reduce seductiveness rate & reduce payment. Also if it was chose to buy new, what have been they chances I’d get slapped w/ such the tall rate again? Help!!
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I would say refinance,(try seeing if your personal bank will take over the note)because it is alot easier, and the car market isn’t as soft as it used to be (a soft market means low interest rates due to high production and people buying cars. We are currently in an economic rescession, so things have gotten tougher, or a ‘hard market’)so your probablility with getting an interest rate that is not much different or worse is higher that what I would want to risk. Also, speak to your personal banker. you may be able (if you have any) to pull some equity out of your car and use it to pay off more on your credit if that is high on your priority list. Good luck.
I’m not a financial guru, but it depends on what you really want to do. I know someone who went to Capital One’s website and completed an application for a car loan. They gave her a great rate. She then went to the dealer who tried to tell her with her score, which was excellent by the way, he could only give her a certain interest rate (which was a crappy one). She then whipped out the check that capital one sent her and they changed their tune. To get her business they ended up beating the capital one rate.
So, what am I saying? Do your homework, get what you want, and most definitely come in with some leverage, like a pre appoved check in hand. Without the check they would have given her a much higher rate.