I was wondering if anyone here might be able to help me out with refinancing the s2000. Its an '01 with currently 60,000 miles on it, I just want to get lower monthly payments and APR rate. I might possibly be interested in consolidating some of my expenses as well. Thanks in advance.

 

do you know how much you still owe on it and what rate your paying on it and any other debt you want to consolidate?

 

Well I'm paying $15,000 for the s2000 plus the $5000 that I owed on my Accord that I traded in. So total its roughly $20,000 at 11% APR since this is my first vehicle purchase on just my credit. To consolidate ALL of my expenses and cards would take another $8,000 roughly.

I can pay all the expenses right now ok, but it is somewhat of a struggle. It'll be nice to just make 1 payment for everything.

 

I am a VP at a Bank in Southlake.. I would love to help you, but a refi on an '01 is really not the best choice. Interest rates for car loans are based on two things credit and year of the vehicle. Being that the S is a '01 most banks won't refi older than an '02. Your best bet is a Home Equity Line of Credit or a personal unsecured loan...Please message me back I would love to assist you in your decision!
Jose.

 

PM'ed

 

Yikes 11 percent interest?

 

Or if you want i could give you my Email.

 

Yeah, unfortunately my parents did not use my credit on the previous cars to establish at least some sort of credit for the future. I didn't like the 11% but its the best anyone would have given me, especially for an '01.

 

psh 11% is better than me im payin 15% for my mustang

 

You rolled $5000 worth of debt, or "negative equity" (a rose by any other name and all that crap ) into your current auto loan, and now you want to refinance and roll more debt into this loan?

You're driving an eight year old depreciating asset. Currently you owe almost twice as much as the asset is worth. I hope you've got gap coverage on your insurance policy, although I'm not sure if they'd even cover that big of a disparity. You need to be working on paying that loan off as fast as you can, not extending the term. Or I guess you could just roll $15000 worth of "negative equity" into your next auto loan, and end up paying forty grand for the pimpin' Corolla you'll be driving.

When I read stuff like this it just blows my mind. Have you ever considered that you might be living just a little bit beyond your means?