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Need Advice on my Car


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#11 Mrs Pantherfan

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Posted 09 November 2012 - 08:25 AM

Good Lord...what do you do that makes you drive over 100 miles a day??

I'm actually in the process of refi'ing my car. Opened up an acct with the credit Union. Going from 8.79% to %4.75...I'll finalize everything on the 19th and I'll be able to skip December's payment...woo hoo

#12 The Saltman

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Posted 09 November 2012 - 09:42 AM

I love not having a car payment.

#13 GAme

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Posted 09 November 2012 - 09:44 AM

Dude you gotta light that bitch on fire and collect the insurance payment

#14 Mrs Pantherfan

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Posted 09 November 2012 - 09:47 AM

I love not having a car payment.


Maybe one day I'll know what that's like....you lucky bastard

#15 Jase

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Posted 09 November 2012 - 10:08 AM

I learned something new this time around buying a car.

To get the best interest rate from a credit union. A) buy a new car, and B- put down a minimum of 30%.

Got a loan for 1%. Now I can concentrate more on paying down my wife's @#$% unrefinanceable student loans at 6.9% instead.

All of this assuming you can't do better with a promotional rate at the dealer.

#16 Carolina Husker

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Posted 09 November 2012 - 10:16 AM

Refinance and keep it.

#17 Mrs Pantherfan

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Posted 09 November 2012 - 10:21 AM

I learned something new this time around buying a car.

To get the best interest rate from a credit union. A) buy a new car, and B- put down a minimum of 30%.

Got a loan for 1%. Now I can concentrate more on paying down my wife's @#$% unrefinanceable student loans at 6.9% instead.

All of this assuming you can't do better with a promotional rate at the dealer.


little bitter about something there, buddy? :)

#18 g5jamz

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Posted 09 November 2012 - 10:24 AM

The only time you consider a car as any sort of investment to recoup anything would be in as a business use. Even then I wouldn't if self employed because I'm cheap and don't need a new car. If you're looking at a car as a source of equity...don't. It's toilet tissue. Pay it off early.

If refinancing...look at home equity line/loan so you can get the tax benefit of the interest deduction.

#19 Doyle

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Posted 09 November 2012 - 03:12 PM

If you were driving the car for free up until now you've already gotten a good deal.

#20 thefuzz

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Posted 09 November 2012 - 04:43 PM

You are not upside down, it's probably worth about 11,000 depending on condition.

You do need to re fi however and keep the payment the same or up it a bit, and go with fewer months.

Pay as much as you can, and get it paid off and keep it.


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