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#3286560 - 02/18/14 07:04 PM Re: Refinancing car loan [Re: NHHEMI]
Pop_Rivit Offline


Registered: 02/09/08
Posts: 6217
Loc: Midwest
Originally Posted By: NHHEMI

You do realize that not everyone can afford to pay cash for a vehicle right?


That's the type of thinking that gets people into perpetual debt.

Anyone who can afford payments can afford to pay cash. All you need to do is practice some self-discipline and save up the money first. Take the money you're blowing on payments and put it into a safe investment. Continue making that payment to yourself every month, and in 3-4 years you'll have enough to buy that new car.

Then, if you're really smart you'll pay cash for an inexpensive used vehicle, and continue saving.

And while you're saving it up you'll be collecting some interest as well, so instead of paying interest you'll be collecting it. And unlike the original poster who was excited over saving a few dollars in interest, you'll be able to get very excited about both the interest you've saved and the interest you've earned.

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#3286610 - 02/18/14 07:26 PM Re: Refinancing car loan [Re: Benzadmiral]
hattaresguy Offline


Registered: 06/01/11
Posts: 7180
Loc: CT
And the Dave Ramsey police show up.

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#3286621 - 02/18/14 07:36 PM Re: Refinancing car loan [Re: hattaresguy]
KrisZ Online   happy


Registered: 12/23/06
Posts: 6264
Loc: Toronto, Canada
Originally Posted By: hattaresguy
And the Dave Ramsey police show up.


The truth is oftentimes uncomfortable to those that are trying to turn a blind eye to it.
Would you make a similar comment if all the replies were encouraging OP to get the longest loan possible with the least amount of down payment?


Edited by KrisZ (02/18/14 07:36 PM)
_________________________
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#3286708 - 02/18/14 08:51 PM Re: Refinancing car loan [Re: hattaresguy]
Pop_Rivit Offline


Registered: 02/09/08
Posts: 6217
Loc: Midwest
Originally Posted By: hattaresguy
And the Dave Ramsey police show up.


And the financially irresponsible are uncomfortable.

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#3286823 - 02/18/14 11:00 PM Re: Refinancing car loan [Re: Benzadmiral]
hattaresguy Offline


Registered: 06/01/11
Posts: 7180
Loc: CT
Some people fear money, others use it as it as the tool it is. Different strokes as they say.

It just gets old whenever anyone posts about a new vehicle the DR police kick down the door.

Contrary to popular BITOG belief not everyone who *gasp* finances a vehicle purchase is financially busted and should be in an old beater.


Edited by hattaresguy (02/18/14 11:02 PM)

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#3286877 - 02/19/14 02:55 AM Re: Refinancing car loan [Re: Benzadmiral]
HTSS_TR Offline


Registered: 04/17/06
Posts: 19528
Loc: Lake Forest, CA
The easiest to re-finance a car loan was with IBM Mid-America Credit Union, they also had very good interest rate.

All they want is either email or phone call to give them the Vin number of the car, they will deposit the amount you like up to 100% of the car value into your account the same day, either into checking or saving, and you need to mail them the title within 30 days. This procedure is applied to buying a new or used car from dealer or private seller.

They even allowed you to re-finance by phone their car loan when interest rate went down, as long as you re-finance with at least $100 more than current loan balance, but you can pay that amount to the new loan on the same day.
_________________________
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'14 Honda Accord LX
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#3286949 - 02/19/14 07:46 AM Re: Refinancing car loan [Re: Pop_Rivit]
Benzadmiral Offline


Registered: 10/12/05
Posts: 4814
Loc: Da Swamp
Originally Posted By: Pop_Rivit
Originally Posted By: NHHEMI

You do realize that not everyone can afford to pay cash for a vehicle right?


That's the type of thinking that gets people into perpetual debt.

Anyone who can afford payments can afford to pay cash. All you need to do is practice some self-discipline and save up the money first. Take the money you're blowing on payments and put it into a safe investment. Continue making that payment to yourself every month, and in 3-4 years you'll have enough to buy that new car.

Then, if you're really smart you'll pay cash for an inexpensive used vehicle, and continue saving.

And while you're saving it up you'll be collecting some interest as well, so instead of paying interest you'll be collecting it. And unlike the original poster who was excited over saving a few dollars in interest, you'll be able to get very excited about both the interest you've saved and the interest you've earned.

Uh, that is exactly what I've done for the last four years, since paying the PA off way early: save. I was able to make a whopping down payment on the Regal, so that my note was much lower than I paid for the previous car. I could have paid cash, yes; but I didn't like to touch more of my capital than I could help. And now, with this low-interest loan, I'll be earning more in savings interest than I'm paying out.

I don't call $250 a "few" dollars in interest, either.
_________________________
* *
-- Paul W. (The Benzadmiral)
('11 Buick Regal CXL, charcoal/cream, 2.4L NA)
http://benzadmiral-uncle.blogspot.com/

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#3286995 - 02/19/14 08:56 AM Re: Refinancing car loan [Re: Pop_Rivit]
supton Offline


Registered: 11/09/08
Posts: 10484
Loc: NH
Originally Posted By: Pop_Rivit
Originally Posted By: NHHEMI

You do realize that not everyone can afford to pay cash for a vehicle right?


That's the type of thinking that gets people into perpetual debt.

Anyone who can afford payments can afford to pay cash. All you need to do is practice some self-discipline and save up the money first. Take the money you're blowing on payments and put it into a safe investment. Continue making that payment to yourself every month, and in 3-4 years you'll have enough to buy that new car.

Then, if you're really smart you'll pay cash for an inexpensive used vehicle, and continue saving.

And while you're saving it up you'll be collecting some interest as well, so instead of paying interest you'll be collecting it. And unlike the original poster who was excited over saving a few dollars in interest, you'll be able to get very excited about both the interest you've saved and the interest you've earned.


Banks stopped paying interest a while ago. It's nice to sit on cash, but technically it's losing money, if it sits at the bank.

Whenever I saved up money I made the mistake of putting it towards the principle on my house under the thought of saving money off interest. Now I'm not sure that was wise; what I've put towards principle could have paid off my current vehicle loans.
_________________________
2011 Toyota Camry, base, 2.5L/6MT, 130k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 135k, ours
1999 Toyota Camry LE, 2.2L/4AT, 145k, his

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#3286999 - 02/19/14 09:05 AM Re: Refinancing car loan [Re: supton]
Quattro Pete Offline


Registered: 10/30/02
Posts: 33255
Loc: Great Lakes
Originally Posted By: supton
Whenever I saved up money I made the mistake of putting it towards the principle on my house under the thought of saving money off interest. Now I'm not sure that was wise; what I've put towards principle could have paid off my current vehicle loans.

Well, it would make sense to pay off the loan with a higher interest rate first.
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'02 530i (Edge HM 10W-40)
'15 Q5 3.0T (Edge 5W-40)

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#3287034 - 02/19/14 09:31 AM Re: Refinancing car loan [Re: JHZR2]
NHHEMI Online   content


Registered: 07/06/07
Posts: 6492
Loc: NH
Originally Posted By: JHZR2
Originally Posted By: NHHEMI


You do realize that not everyone can afford to pay cash for a vehicle right?


Absolutely, but you do realize that nobody "deserves" anything, and what they can afford is what they can afford - maybe not new. And "affording" doesnt necessarily mean what monthly payment one can handle and have $0 (or negative) savings at the end of the month. Lots of broke people out there, broke off of bad decisions... With uptrimmed cars with fancy nameplates and nothing to show for it at the end.

There's nothing wrong with trying to prevent people from making poor decisions. Not sure why people have to bring up these same kind of arguments each time. Im free to my opinions and strategy, as are you.

But your question in reality is OT from the OP, who made the right move.


I took it OT? Ha that's rich Mr. Moderator. YOU sir took it off topic with your condescending comments about the OP having debt and not being able to afford the car because he took a loan on it. You are talking out of both sides of your mouth. 1st he can't afford it because he didn't pay cash then he did the right thing. Just crazy.

Yes, you have a right to your opinion( so do I sir )but it is the way you put it( like some others do who preach about no debt here ). The reality is most people can not afford to pay cash for a new vehicle these days. They cost too much.

I am very responsible financially. I have a savings account( small but a few grand - was more before I got sick and can't work regular anymore )and my bills are paid on time or early every month leaving me plenty of money for food, entertainment, and to put some away if I need to. I do not need you telling me/others that I/we am irresponsible or can't afford a vehicle because I have to make payments on it.

You may be a Mod and me standing up to you may have consequences but you are out of line Sir. You went beyond opinion here and got insulting!

EDIT and for the record I just bought a brand new vehicle last week. What I wanted for trim and options and what I could afford were two different things. I settled on a lesser trim level and left off some options on the vehicle to keep the payment down to my predetermined budget. So people who need car loans can be responsible too.


Edited by NHHEMI (02/19/14 09:35 AM)
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#3287043 - 02/19/14 09:43 AM Re: Refinancing car loan [Re: Pop_Rivit]
NHHEMI Online   content


Registered: 07/06/07
Posts: 6492
Loc: NH
Originally Posted By: Pop_Rivit
Originally Posted By: NHHEMI

You do realize that not everyone can afford to pay cash for a vehicle right?


That's the type of thinking that gets people into perpetual debt.

Anyone who can afford payments can afford to pay cash. All you need to do is practice some self-discipline and save up the money first. Take the money you're blowing on payments and put it into a safe investment. Continue making that payment to yourself every month, and in 3-4 years you'll have enough to buy that new car.

Then, if you're really smart you'll pay cash for an inexpensive used vehicle, and continue saving.

And while you're saving it up you'll be collecting some interest as well, so instead of paying interest you'll be collecting it. And unlike the original poster who was excited over saving a few dollars in interest, you'll be able to get very excited about both the interest you've saved and the interest you've earned.


Save the lecture for the financial forum. Your post only applies to people who are in an upper income bracket. The average person can not save enough money to buy a new car with cash like that. Also, what about the person who needs a car then not 4-6 years down the road?

For anyone who has the financial resources to actually pay cash for a vehicle that is great and all the power to them. I do not, especially now since I got sick. I need a dependable vehicle that I know what it will cost me each month in my budget. Used cars that break down and cost an arm and a leg to fix do not interest me. A known monthly payment and then a warranty that covers any breakdowns is what I choose to have.

I am not irresponsible financially. Some of you on this site are just out of touch with average people and what they can afford. And just because someone carries a note on something it doesn't mean they don't know what they are doing or are going to wind up broke and bankrupt.

I have a safety net in the bank, my bills are always paid on time or even early, and I have money each month to live on. I am not taking a trip around the world but if I want to do something reasonable I can. Paying cash for a vehicle is not possible for me.
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#3287044 - 02/19/14 09:45 AM Re: Refinancing car loan [Re: hattaresguy]
NHHEMI Online   content


Registered: 07/06/07
Posts: 6492
Loc: NH
Originally Posted By: hattaresguy


Contrary to popular BITOG belief not everyone who *gasp* finances a vehicle purchase is financially busted and should be in an old beater.


THANK YOU!!!!!

approved
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#3287052 - 02/19/14 09:53 AM Re: Refinancing car loan [Re: NHHEMI]
NHHEMI Online   content


Registered: 07/06/07
Posts: 6492
Loc: NH
To the OP;

Sorry this thread took off as it did( including me taking the bait and getting into it with some ). Unfortunately it happens every single time someone talks about a car loan here. A certain few think they are superior to everyone and must preach to them about the evils of loans and how stupid and irresponsible you are if you have one.

As I said earlier you did good. Smart move and don't let anyone get you down with their condescending remarks.
_________________________
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#3287056 - 02/19/14 09:57 AM Re: Refinancing car loan [Re: Benzadmiral]
Benzadmiral Offline


Registered: 10/12/05
Posts: 4814
Loc: Da Swamp
I certainly didn't intend to get a flame war started, or impress anyone with my financial acumen (which generally is about the size of the mustard seed that serves me as a conscience). It's because I've absorbed such advice from many posters here that I considered the refinancing in the first place.

So to all of you: Thanks.
_________________________
* *
-- Paul W. (The Benzadmiral)
('11 Buick Regal CXL, charcoal/cream, 2.4L NA)
http://benzadmiral-uncle.blogspot.com/

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#3287074 - 02/19/14 10:34 AM Re: Refinancing car loan [Re: Benzadmiral]
mrsilv04 Offline


Registered: 12/08/06
Posts: 7859
Loc: Illinois
A lot of it depends solely on your credit score. Even the insurance companies look at them anymore.

A person can have a high credit score, and not have a huge income. It just requires that you make the best decision(s) possible with whatever money it is that you make.

And the higher your credit score, the lower the interest rates that you will be quoted.

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Whatever you do... do NOT speed through the town of Gauley Bridge, WV.

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