refinance my car

This is such a huge relief… they cut my interest rate from 10.99% to 5.75%

The only bad thing, though it’s better than not having financed at all, is that I had to charge 2500 bucks to my credit card to get the balance on my car down to an amount the bank will refinance. The interest rate on my credit card is 5% for life though.

It raised my total credit card balances to about 12K!!! It’s never been that high before!

I have to pay an additional $3800 towards my car before I stand a chance… but my CC company is offering me 5% interest (permanently) on all charges. I can charge the 3800 to my credit card and then re-finance! I know it’s bad to run up credit cards but this is my only way of getting a better interest rate with my car.

This is March 27, so I will give it about 6 weeks to establish an income I can report. I think the week of May 14th would be a good time to apply. That way by the time my birthday rolls around (June 1) I will be making smaller payments. There’s no reason in hell why I should pay 11 percent interest when I have a 700 credit score!!!

I can now PROVE that I make a living because of my restaurant job. I figure another 2 months on the job then I can apply for the refinancing loan. I will have to borrow about 14 thousand.

Something has to give! My interest rate is ridiculous and I could probably drive a BMW for what I’m paying on this damn Elantra! lol

I just called my original finance company and checked the status of my account. It’s paid in full. The refinancing has been successfully completed, saving me a couple of thousand dollars in interest.

The loan officer called me yesterday to say I had underestimated the amount needed for pay-off of the existing loan. It’s going to be about $350 more than I thought, so he’s upped the refinancing to cover it. I will not have a payment due till February 10th, so essentially I get to skip the January payment. I’m going to use the savings to open a secured credit card account at my credit union, which will be used solely for making the monthly car payments. This way, I’ll not only be decreasing my indebtedness through refinancing, I’ll also be increasing my credit scores by establishing two new credit lines.

I spoke to a loan officer at HSBC in San Diego after I prequalified for refinancing online. He sent me a loan packet, which I need to complete and return via DHL tomorrow. Refinancing will lower my current interest rate by 5.61%, knock three months off the remaining term of the loan, and reduce my monthly payments by about $37. I should be able to save a couple of thousand dollars in interest payments. It’s not as good as I had hoped, but better than what I have now. Barring any unforeseen glitches, my car should be refinanced by the end of the month.

My credit union said come back at the end of 2007 and they can help. Their “high” rates are nearly 9% lower than what I am currently paying, but I will not qualify till late December. In the meantime, she suggested that I take up an offer from HSBC that would knock 4% off my current interest or else establish a secured VISA card with the FCU to help boost my credit score. I’ll probably do both. I’m paying way too much a month right now. I know people who pay less and drive Vettes and Jags. The US credit system sucks could be better.

Around July of 2007 I will attempt to re-finance this bitch. My interest rate is so high considering my credit score was decent when I applied for the car loan. If I can get it down to 7% that would be a joy!

I found out I have to do several things first before I can be approved:

1. Finish paying for my eye surgery ($2,000 balance remains).

2. Pay off my $200 one one CC (simple enough).

3. Bring my other CC to $3000 ($1300 left to do that).

4. GET OFF MATERNITY LEAVE AND GET A JOB! (most important, duh)