Question about a car loan...
The guy at the dealership recommended we do it - try and get the car we have now out of his name since he has the house too. He said that it would seem like a bit too much with the house and another car less than a year old on it since we only have one income. He said we'd probably be able to work out a much better deal/interest rate if we did that. I'm clueless how this stuff works though since I've always kept the loan the dealership gave us. |
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| Thats right. Its not exactly a refinance, but you want to get a new loan to pay off the old loan. The one that will be on the loan will need to apply, etc, and the car once again will be collateral. Not sure how much you owe, but I did find one time, that the rate was less for me to get a personal loan then for the auto loan. All depends on your credit, etc. Good luck |
Shelly wrote: Thats right. Its not exactly a refinance, but you want to get a new loan to pay off the old loan. The one that will be on the loan will need to apply, etc, and the car once again will be collateral. Not sure how much you owe, but I did find one time, that the rate was less for me to get a personal loan then for the auto loan. All depends on your credit, etc. Good luck
Thanks! One of the lenders is offering 1/2 point less interest than we have now, so that's the one I'm looking at.  Jason fell asleep when we got home from looking at trucks, because he worked midnight shift last night so I've been working on this all day for him trying to find the best deal.
I'm not sure how a personal loan would do for us. We've never had one. Other than the house, the car we have now/ the cars we've had in the past, and student loans there's really nothing else on our credit. Jason has a government credit card that he can only use on deployments and business travel, but the government pays it off (I don't even think it's on his credit report). We're probably the only people left in the U.S. that do not have a single credit card, and everyone else thinks it's so weird! lol I kinda like it though - stops impulse buys and Jason & I both agree that if we're not committed enough to save the money for whatever it is we want then we don't want it bad enough. So considering not having much credit and lack of collateral, we probably wouldn't get too good of a rate for a personal loan. I might would be surprised though, who knows? |
| Good luck! I wish I didn't have credit cards sometimes! |
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