QuestionQUESTION: Hi
I have received offers in the mail and I responded to two and I waiting to make a final decision. Here are the facts
I have a 2008 nissan sentra. with about 52,000 miles on it
I purchased it at the nissan dealership in 2008 with a 17% APR. I was a first time buyer and was told I didnt have enough credit
Im paying $377/month. I have an estimated 12,000 owed and approx 36 more payments
Im being offered to purchase a newer model car. Im asking to reduce my monthly payment by at least $100 for it to be worthwhile. I have been offered $40-$90 off my monthly payment.
I also asked for a 0 down payment (financial difficulties) and they said that they can only do that with a new car.
should I refinance? the other option is that I have student loans while Im in school. It is possible in about a year to pay off the loan completely using my student financial aid. I have about 3 more years on my car note. Im having financial problems
my zip code is 92104
ANSWER: Hi Tracy,
Please answer this one Q so I fully understand your post - you want to reduce your payments by a least $100. , you been offered $40 - $90 less payments if you trade and buy a new one ? or are those numbers to re-finance present vehicle ?
I am guessing it's to upgrade to another used car, if so, what are the terms and rate, make and miles ?
Ray http://www.usedcartips.org/
---------- FOLLOW-UP ----------
QUESTION: yes those numbers are to upgrade to either a new or used car.It would be a trade in. I didnt ask if I can even keep my present vehicle. I think they told me that it wouldnt be an option.
AnswerIt's 100% if a deal was made for another car your Sentra would be part of the deal with your pay out rolled into the new deal. Without going into detail don't trade, you will end up with a deal being way upside down for years to come, let's shop to get the Sentra refinanced, with lower payments and Interest rate. If you have made all payments on time your new rate hopefully will be much lower than 17%,,, that rate is a killer where most of your payments has not been towards equity.
Let's start with you doing some homework
1,,, Phone the lender and get an exact pay out figure,,, then put your cards on the table, you would like to refinance for 60 months to make payments affordable and at same time you are sure you qualify for much lower rate. If they bite don't commit till you have shopped all avenues for the best deal.
2,,, Having a pay out figure at hand then contact where you bank or any credit union to apply for a loan for the amount of the lien.
3... With you presently paying 17% I want you to go to this link on my website http://www.usedcartips.org/CREDI.html to fully understand how it works and at same time if you want click on the banner and get a free quote for refinance.
4,,, A car loan can be paid out at anytime therefore it will be your decision when the time comes if you want to use your student loans as an option.
This thread is getting maxed out, I will guide you further if there is something you don't fully understand,,, contact me at paulsenray@yahoo.com
