Tweet
We have a car loan that I have not been happy with the interest rate on. On a lark, I called Navy Federal. We did the refi with them over the phone at 2% less than my original loan AND, they have a promotion going on that after 60 days, they will deposit $200 into my savings account as a thank you. I have been paying double on my van loan and i should have it paid off in a year if I continue to do so. Next week we will call on my husband's auto loan and see if we can do the same on it. (He was hit by another driver and his paid off vehicle was totaled, but he was left with a balance to pay due to the price of cars going up so much). So, if you belong to a credit union or more than one bank, it never hurts to call around and compare rates.
-
-
How did he have a balance to pay if the vehicle was paid off?Originally posted by mom-from-missouri View Post
Great job on the refi.
Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
His GMC was paid off. Someone hit it and their insurance paid the typical blue book value. But since the price of cars has jumped up so much, he could not find another for that price. So, the vehicle he ended up getting was more, hence a car loan. Insurance paid 16K for it, but after 4 weeks of looking we could not find another decent car for that price. So, he ended up getting a 30K car. He is disabled and travels several hundred miles a week back and forth to therapy and treatments so a reliable vehicle with low miles is very important. The few we found that were lower priced had over 100K miles on them or were junk. Can not risk having him break down on the road.Comment
-
That is a sweet deal on the refi. May I ask what rate Navy Federal CU is offering?Comment
-
They have a formula--it is based on the number of months on the loan and the milage and year of the vehicle and your credit score. I got a 4.9%. The gal said the current range is 4.9% to 18%, I should have done this months ago. When we found my van, we were "just looking"--but it was exactly what we had been searching over a year for and until that day, we had not been able to find one. So, we jumped at it. But, it was a Saturday afternoon and no banks were open so we went with the dealers loan. (At the time using Navy Fed never crossed my mind, and they are open 24/7, so we could have used them at the beginning. We have several accounts there, but mainly because our kids are military and it makes it easier to send money to them when they are deployed and such)Comment
-
I bought a new-to-me car in October. I was offered 3.95% on a 5 year term or 4.95% on a 6 year term. I took the 6 year term but have since regretted that decision.
I haven't been able to find a better rate. You're getting a great deal, IMO.Comment
-
Assuming you’re able, you can always make extra principal payments to reduce the overall interest.Originally posted by Petunia 100 View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
-
Oh, for sure. I'm just kicking myself for not snagging the lower rate when I had the chance.Originally posted by disneysteve View PostComment
-
I had a similar experience with my wrecked car. My car insurance payout was actually higher than what I paid for it, but unfortunately because of the higher cost of cars and lack of used cars in my area, I had to take money out of savings to make up the difference.Originally posted by mom-from-missouri View PostComment
-
If you were able to pay for the car in full, I'd call that a win.Originally posted by crazyliblady View Post
Comment
-
Assuming the refi didn't cost you anything out of pocket?
If you are paying double and will have it paid off in a year anyway, then besides the $200 bonus, a refi in your situation probably doesn't make sense.BrianComment
-
We had it financed thru the dealer we purchased it from. Shortly after our purchase, the dealership started supporting various activities we are against. Then the owner got in trouble for fraud and taking money out of people's accounts without authorization, and then they were sued for racism by some of their employees. We wanted to cut ties from them. Plus, the regular payment is about $72 less should I be in a situation where I can't pay double and/or money is tight.Originally posted by bjl584 View PostComment
-
-
-
7/12/2023: My wife and I recently refinanced our condo mortgage with our 5 or so years of heavy credit card debt
into one $438/mo payment (for the rest of our lives but so what? LOL)... because with a total balance of under $60k,
we will have a freed up income snowball to zap it all out in 5-7 years. We will be saving thousands and thousands of
dollars in interest at 7% instead of 25%+, even with all of the mortgage costs. We will have $750+ of freed up cash
each month.
It is a shame that we were unable to qualify for an FHA loan (condo issues) last year when the interest would have
been around 3% instead of the 7%, but, again, that's cool. We can't cry over spilled milk (although that was a LOT
of milk money to have spilled).
Normally it is not advised to merge unsecured debt with secured debt like we've done but we are in our retirement
years and cannot find any house or apartment with our budget and while not a showplace condo, we are in a
very safe, clean and quiet suburb. Wait... Whoa... What??? Yes, a $438/mo mortgage including all but $2500 of
consumer debt that is at 0%.
We have no intentions of assuming any more consumer debt, but we just paid cash for a new mattress that was
long, long overdue for replacement. There is a light at the end of the tunnel... but this time it's not a train!
Comment
Comment