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| *Loan,banking and credit>>>refinance loan |
The bank for my car loan stinks! Is it worth it to refinance with my bank even though...? |
The APR would be twice as much? Here's the deal. I only owe like 1500 for my car. I pay 200 a month right now. I'm super poor though and just graduated college. If I refinance with MY personal bank, they can give me 36 months at 13%. The monthly payment is only 70 a month. I'd still pay the 200 a month though, if I can, and then if there's a month I'm short... just pay slightly less. I'd have my car paid off in January if I kept up with the 200 a month. I know it sounds dumb, but my current lender keeps being really shady and screwing around with weird late charges and saying I "missed" payments. MY bank is awesome and everyone is super helpful. Would I be paying about the same if I still do 200 a month at 13% interest? Don't refinance it. Keep records of all your payments with the current lender, and if they say that you were late or missed payments- make copies of everybank statement and check receipt with the dates to show they are incorrect. If they still insist on saying that you were late and charging you giant fees, write them a quick letter saying that you are writing to the credit bureaus and will say that they are illegally reporting incorrect informaation. There are tons of sample letters out there for discrepencies that you can cut/paste into Word, then edit for the specific biller. Regardless, I wouldn't refinance with your bank at such a high rate! Do whatever you can to keep up with the $200/month payment. Even if you took a personal loan or line of credit for the remaining balance, that would be better than doing a complete refinance. It'll give you another type of credit record on your credit report and longer terms to pay back at a lower rate. Personal loan would be a lump sum with monthly amount due back at the bank. Not a car loan. Usually better rates. Personal Line of Credit is kind of like a credit card, except you determine the max amount with your bank and you can use all of those funds or only a portion, for as long as you want. It's a on-going thing. Source(s): http://www.creditinfocenter.com/forms/... https://www.wellsfargo.com/personal_cred... you can refinance no problem. You would pay 2520. for a car you owe $1500.00 on. That is 68 percent higher than the loan balance. $1020.00 in interest . Doesnt that seem high to you? 13% per year (using simple interest calculation) on $1500.00 is 195.00 per year for interest. Something in your post is not right. |
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