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Hows re-financing work? I'm only 19 and when I bought a new car last year my interest rate is like at 21 or 22%. The dealership said go talk to state farm in about a year later to get re-financed. It's now been a year and a half and I'm off work the rest of this week so I would like to go do this.
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?
corrosivefrost
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[quote name='Sleepkyng']there's a belgian fry shop in NYC that sells only fries but serves over 40 types of mayo sauces - they are delish.[/quote]
Pommes Frites, I believe.
I've been thinking of checking it out, being the connaisseur of french fries that I am.
Pommes Frites, I believe.
I've been thinking of checking it out, being the connaisseur of french fries that I am.
corrosivefrost
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[quote name='mr ryles']Hows re-financing work? I'm only 19 and when I bought a new car last year my interest rate is like at 21 or 22%. The dealership said go talk to state farm in about a year later to get re-financed. It's now been a year and a half and I'm off work the rest of this week so I would like to go do this.
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?[/quote]
Depends. It's basically just one company buying out your debt. Think of it as getting a new loan to pay off your current loan with a better interest rate. Most banks would probably do it over the phone. You may have to fax them some info like the title to the car and your insurance cards. You'd probably only have to pay a fee if a) the original loan has early payment escalators or b) the new bank has an application fee for your new loan.
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?[/quote]
Depends. It's basically just one company buying out your debt. Think of it as getting a new loan to pay off your current loan with a better interest rate. Most banks would probably do it over the phone. You may have to fax them some info like the title to the car and your insurance cards. You'd probably only have to pay a fee if a) the original loan has early payment escalators or b) the new bank has an application fee for your new loan.
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[quote name='mr ryles']Hows re-financing work? I'm only 19 and when I bought a new car last year my interest rate is like at 21 or 22%. The dealership said go talk to state farm in about a year later to get re-financed. It's now been a year and a half and I'm off work the rest of this week so I would like to go do this.
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?[/quote]
It probably won't cost anything or that much. It will be just another lender that pays of your existing loan - they want you to pay them interest instead of whoever owns your first loan. At a 22% interest rate, you want to get rid of that ASAP.
Let me clarify I know how it works, I know the purpose. Just is there alot of paperwork involved, any kind of paper wok to take with me, does it cost anything?[/quote]
It probably won't cost anything or that much. It will be just another lender that pays of your existing loan - they want you to pay them interest instead of whoever owns your first loan. At a 22% interest rate, you want to get rid of that ASAP.
[quote name='mr ryles']Hows re-financing work? [/quote]
first off, you're getting assraped with the interest rate. i bought a new car on THursday and the rate from the WORST financer was about 9.75% SO, unless you have REALLY shitty credit, the rate you're at is worse than most credit cards. The only reason I went with the worst financer was because there was a $2000 cash-back if you went through them. By law, at least in NY, you only need to make 3 payments before refinancing. With the current interest rate about 6.5%, there's an extra $75/month for me on my payments with the shitty financer, but I got the $2000 cash back, so after the third payment, I'll refinance.
Call around and find what bank/credit union has the best rates. Usually credit unions have better rates. Call them and do a preapproval over the phone. When you go in, it's just a matter of verifying your identity and signing some papers. Make sure you have photo ID, valid license, proof of insurance with full comp/collision, and proof of registration of your car with you. You should also have the original selling price of your car.
first off, you're getting assraped with the interest rate. i bought a new car on THursday and the rate from the WORST financer was about 9.75% SO, unless you have REALLY shitty credit, the rate you're at is worse than most credit cards. The only reason I went with the worst financer was because there was a $2000 cash-back if you went through them. By law, at least in NY, you only need to make 3 payments before refinancing. With the current interest rate about 6.5%, there's an extra $75/month for me on my payments with the shitty financer, but I got the $2000 cash back, so after the third payment, I'll refinance.
Call around and find what bank/credit union has the best rates. Usually credit unions have better rates. Call them and do a preapproval over the phone. When you go in, it's just a matter of verifying your identity and signing some papers. Make sure you have photo ID, valid license, proof of insurance with full comp/collision, and proof of registration of your car with you. You should also have the original selling price of your car.
sblymnlcrymnl
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[quote name='mr ryles']ya the car at MSRP was $14,150
after all the payments at 22% I am paying about $23,000 for the car.[/QUOTE] Wow. Don't you drive a focus? You need to take care of that ASAP.
after all the payments at 22% I am paying about $23,000 for the car.[/QUOTE] Wow. Don't you drive a focus? You need to take care of that ASAP.
[quote name='sblymnlcrymnl']Wow. Don't you drive a focus? You need to take care of that ASAP.[/QUOTE]
Ya I drive a focus.
heres the new ott for your viewing pleasure http://cheapassgamer.com/forums/showthread.php?p=2397392#post2397392
Ya I drive a focus.
heres the new ott for your viewing pleasure http://cheapassgamer.com/forums/showthread.php?p=2397392#post2397392
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