Refinancing my auto loan - Pontiac G8 Forum: G8 Forums - G8Board.com
 
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post #1 of 14 (permalink) Old 05-27-2011, 02:31 PM Thread Starter
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Refinancing my auto loan

So I am looking to refinance my loan for the G8. I lost my full time job recently and started working a part time one and i will have to get a second part time job just to pay the bills. Hopefully i can get my payments lowered or i will have to sell my G8 unfortunately . Plus it is costing me $70 to fill up the tank which doesnt help either and sometimes it doesnt even last a whole week. So my question is, would anyone know where a good place is to refinance?? At 24, I never thought I would be going through this but times are rough, not just for me but for alot of ppl. Im trying to figure out a way to keep the car, bc the last thing i want to do is get rid of it, despite the issues i am having with it. Thank you for your time and any suggestions.
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post #2 of 14 (permalink) Old 05-28-2011, 01:50 AM
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Ugh. Sorry to hear. Have you talked to a local credit union? They may be able to get you a lower rate than a typical bank... This will lower your payment. You may also be able to get your term extended which could lower your payment if ultimately end up costing you more in interest. Good luck. I'll think good thoughts for you...
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post #3 of 14 (permalink) Old 05-28-2011, 08:46 AM
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I had a friend refinance his truck many years ago.....he wished he never did it. Your payment might be lower, but you end up paying more than you were going to pay.

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post #4 of 14 (permalink) Old 05-28-2011, 09:02 AM
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Dave Ramsey says sell it and buy one again when you do not have to live check to check.
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post #5 of 14 (permalink) Old 05-29-2011, 06:59 PM
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i refied, only because my bank was offering like 2.8% and i was paying around 6.8%. it ended up dropping my payments about $25 a month and saving me about $800+ over the life of the loan. i also got to skip a month payment. so everything works out great, and its even easier to pay the bill every month. i can just transfer the money.

maybe you can get it refied and skip a payment to help out your situation now. most loan rates are at a all time low right now. i was lucky and my car is worth much more then i owe, i guess that has a lot to do with it too.

btw, i just was in a motorcycle accedent and i am unable to work right now. so i got to find a way to keep the car... im taking it one month at a time

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post #6 of 14 (permalink) Old 05-30-2011, 12:34 AM
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^ I was in the same boat. I was paying somelike like 6.9% from the dealership, and my bank (Chase) was offering 3.5%, so I went with them and lowered my payment from $291 to $264. It's not much, but it helps.
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post #7 of 14 (permalink) Old 05-30-2011, 07:43 AM
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Sorry to hear that. What did you do for work? Maybe someone on the board can help.

The car should be the least of your worries right now. With all other living expenses going up - especially in NJ. But if you do choose to keep the car shop around for rates. If you can get into a credit union - go for it - but given your employment status right now it might be tough to get a good rate, or any loan at all. Whatever you do, DO NOT cash-advance your credit cards. You'll be in a huge hole - possibly for a long time too. As nice as the G8 is it's not worth the financial pit you could find yourself in.

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post #8 of 14 (permalink) Old 05-30-2011, 08:16 AM
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Whatever you do, DO NOT cash-advance your credit cards. You'll be in a huge hole - possibly for a long time too. As nice as the G8 is it's not worth the financial pit you could find yourself in.
Sound advice from Steve. Sit down and take a long hard look at where you spend your money. If you're like most of us, the small purchases you make here and there throughout your week are what really adds up. And I know if I were in your shoes I would take any and as many jobs as I could handle to keep the money flowing and the g8 in my garage. Good luck, we're pulling for you.

How much would a refi help you anyway, what is your loan rate and term?
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post #9 of 14 (permalink) Old 05-31-2011, 09:53 AM Thread Starter
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Quote:
Originally Posted by mikemaj82 View Post
^ I was in the same boat. I was paying somelike like 6.9% from the dealership, and my bank (Chase) was offering 3.5%, so I went with them and lowered my payment from $291 to $264. It's not much, but it helps.
Yea I have loan through TD Bank and its 6.99% which sucks lol.

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Sorry to hear that. What did you do for work? Maybe someone on the board can help.

The car should be the least of your worries right now. With all other living expenses going up - especially in NJ. But if you do choose to keep the car shop around for rates. If you can get into a credit union - go for it - but given your employment status right now it might be tough to get a good rate, or any loan at all. Whatever you do, DO NOT cash-advance your credit cards. You'll be in a huge hole - possibly for a long time too. As nice as the G8 is it's not worth the financial pit you could find yourself in.
I worked as an IT Technician which wasnt bad at all, but with the economy the way it is right now, didnt work out. Ive been looking at a bunch of different banks getting rates so hopefully I can find one that will be worth it. I am also looking into credit unions and thats where I hope to find the best deal. I never take cash-advances out on my credit cards so I dont put myself in a hole like you said.

Quote:
Originally Posted by ClarkWGriswald1 View Post
Sound advice from Steve. Sit down and take a long hard look at where you spend your money. If you're like most of us, the small purchases you make here and there throughout your week are what really adds up. And I know if I were in your shoes I would take any and as many jobs as I could handle to keep the money flowing and the g8 in my garage. Good luck, we're pulling for you.

How much would a refi help you anyway, what is your loan rate and term?
Yea Ive been sitting down and writing down all my expenses and have been trying to eliminate anything that is not essential. Instead of going out to lunch, ill bring a lunch, small stuff like that can really add up. I actually grabbed two part time jobs so I still have a decent income but its nothing like when I had my full time job. Im hoping that refinancing would help. My rate is 6.99% and I have 3 years left on the loan.

Thank you everyone for the support and suggestions, they are very much appreciated.
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post #10 of 14 (permalink) Old 05-31-2011, 10:07 AM
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I worked as an IT Technician
PM me some info on your IT credentials. Maybe I can help.

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post #11 of 14 (permalink) Old 05-31-2011, 09:03 PM
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Originally Posted by mikemaj82 View Post
^ I was in the same boat. I was paying somelike like 6.9% from the dealership, and my bank (Chase) was offering 3.5%, so I went with them and lowered my payment from $291 to $264. It's not much, but it helps.
I wish I had your payment!!!

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post #12 of 14 (permalink) Old 06-01-2011, 12:50 AM
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I wish I had your payment!!!
it's all in the down payment. I say, save big and pay up front, so if any troubles arise down the road, you'll have a small monthly payment to worry about.
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post #13 of 14 (permalink) Old 06-01-2011, 12:17 PM
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If I was in your shoes I would sell it. a refi isnt going to save you as much money as getting a more fuel efficient car would.
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post #14 of 14 (permalink) Old 06-01-2011, 12:45 PM
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check out amplify credit union. i got 2.9%
on an 09 g8 gt a month or so ago. i have
golden credit, not sure what yours looks like,
obviously, but its worth a try.

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