Should I refinance?
02-12-03, 04:25 PM
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Should I refinance?
Just wanted to get some insight from some of the pros on this site. I am going to start looking for a condo/townhouse within the next couple months, and it is optimal to have the lowest debt/income ratio possible in order to get the best intrest rate, loan amount, etc. My car has been for sale for a while now, but the other day I thought about refinancing. The car is a 96 in excellent condition with 87,000 on the clock. i have 3 yrs left on my loan, but if I refinance for 5 more years, the payment would be super cheap-maybe 220month. Has anyone refinanced here, should I go that route, should I just dump the car and get a 98 GS3orSC3?
Input would be greatly appreciated
Input would be greatly appreciated
02-12-03, 06:34 PM
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That's a great question... I was thinking about doing the same.
But, can you refinance a car? The only reason I ask is because a car depreciates w/ time. Don't know.. just thinking out loud.
But, can you refinance a car? The only reason I ask is because a car depreciates w/ time. Don't know.. just thinking out loud.
02-12-03, 07:27 PM
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Hey D,
Wut up?! I got your message...here is my question though...how much are you paying a month? what is your payoff? what is the interest rate you are paying now? All of these factors are going to matter when you do decide to do this. I've had a couple of friends of mine refinance and have come out of it very well. It also doesn't look bad to lending agencies if you refinance your car which is good. My suggestion to you is before you go searching on the market for a house try to eliminate as much debt as possible (ie...doing balance transfers to eliminate the interest rates...if you go this route make sure that it is for atleast a year and after a year a low % rate so that you are able to pay off your debt instead of the interest rate!!) I don't think that getting rid of your car and getting into a new one is a good idea b/c...#1 insurance is crazy expensive on the 98+ GS's & SC's...#2 you will pay way more now if you buy a new car!!!!! This is what lending agencies will ask you though.
They take your monthly income and from that they subtract your car note and any outstanding balances on credit cards. From there they will ask for the min. amount required on all credit cards and the amount of the payoff. After all that it taken into account, they will tell you how much you can afford.
I don't know if you already knew this, but I think that you should wait a little longer and try to sell the car.
Just my .02
P.S. I've been in the market for a house, too....but you know how much these houses are goin for out here!!!!
Danny
Holla back!!
Wut up?! I got your message...here is my question though...how much are you paying a month? what is your payoff? what is the interest rate you are paying now? All of these factors are going to matter when you do decide to do this. I've had a couple of friends of mine refinance and have come out of it very well. It also doesn't look bad to lending agencies if you refinance your car which is good. My suggestion to you is before you go searching on the market for a house try to eliminate as much debt as possible (ie...doing balance transfers to eliminate the interest rates...if you go this route make sure that it is for atleast a year and after a year a low % rate so that you are able to pay off your debt instead of the interest rate!!) I don't think that getting rid of your car and getting into a new one is a good idea b/c...#1 insurance is crazy expensive on the 98+ GS's & SC's...#2 you will pay way more now if you buy a new car!!!!! This is what lending agencies will ask you though.
They take your monthly income and from that they subtract your car note and any outstanding balances on credit cards. From there they will ask for the min. amount required on all credit cards and the amount of the payoff. After all that it taken into account, they will tell you how much you can afford.
I don't know if you already knew this, but I think that you should wait a little longer and try to sell the car.
Just my .02
P.S. I've been in the market for a house, too....but you know how much these houses are goin for out here!!!!
Danny
Holla back!!
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