# Bank Loan Specialist- Car Payment Question
**URL:** https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409
**Category:** NYSpeed Automotive
**Created:** [October 27, 2009, 5:18pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409 "2009-10-27T17:18:06Z")
**Posts on this page:** 20
**Page:** 2
### Author:  [@Bull49](https://forums.speedlife.net/u/Bull49)
#### Post date: [October 30, 2009, 6:22am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/21 "2009-10-30T06:22:18Z")
> [@Fry](#):
>
> Jesus dude. You paid over $7k in interest in a $15k car loan. It’s almost paid off so hopefully you’ve got a lot better credit now and will never do anything like that again. Yikes.
yikes!
might have been better off putting it on a credit card.
---
### Author:  [@travisn](https://forums.speedlife.net/u/travisn)
#### Post date: [October 30, 2009, 8:06am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/22 "2009-10-30T08:06:24Z")
> [@92slowcivic](#):
>
> yikes!
>
> might have been better off putting it on a credit card.
probably not, because the cc will have a much less minimum payment and chances are he wouldnt send in the fully amortized amount to pay it off ever.
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### Author:  [@Geehee](https://forums.speedlife.net/u/Geehee)
#### Post date: [October 30, 2009, 8:20am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/23 "2009-10-30T08:20:52Z")
If dude paid 15.x% on a 60 month car loan, he would not have gotten a better rate on a CC.
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### Author:  [@rdandy5875](https://forums.speedlife.net/u/rdandy5875)
#### Post date: [October 30, 2009, 9:06am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/24 "2009-10-30T09:06:30Z")
That is super high interest.
Hopefully the actual amount financed was more. If it was more like $16.5k (adding tax, title) then it was more like 11.4% interest.
If you paid that on time for over 4 years now, maybe look into refinancing the remaining balance, you could possibly save like $20-30 a month for the next 18 months…Not a whole lot but still worth it IMO.
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### Author:  [@Brooklyn](https://forums.speedlife.net/u/Brooklyn)
#### Post date: [October 30, 2009, 9:48am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/25 "2009-10-30T09:48:20Z")
Haha 66 month loans on a car. Do you have 24 inch rims and ride it G style blasting ‘I got money’ and giving people in econo boxes nasty looks?
_points_
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### Author:  [@newman](https://forums.speedlife.net/u/newman)
#### Post date: [October 30, 2009, 9:53am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/26 "2009-10-30T09:53:01Z")
lol.
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### Author:  [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)
#### Post date: [October 30, 2009, 9:59am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/27 "2009-10-30T09:59:49Z")
I can’t believe how badly your getting taken. I pay about $350 a month for about a 14K loan but it is only for 4 years. If you can I’d pay the balance off asap.
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### Author:  [@AndyB](https://forums.speedlife.net/u/AndyB)
#### Post date: [October 30, 2009, 10:09am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/28 "2009-10-30T10:09:57Z")
after taxes and title fees car was around 17xxx. i was 22 with no credit besides very small credit card. i got the car thru keller and they went thru fnb. im not worried about it i have had every payemnt on time or early so my credit score has gone up greatly and i wont have to worry about crap rates again.
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [October 30, 2009, 10:12am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/29 "2009-10-30T10:12:28Z")
> [@bigtymer7463](#):
>
> andy is educated
>
> just forgets minor details sometime walter \<3
the evidence would argue to the contrary
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### Author:  [@travisn](https://forums.speedlife.net/u/travisn)
#### Post date: [October 30, 2009, 10:14am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/30 "2009-10-30T10:14:26Z")
> [@walter](#):
>
> the evidence would argue to the contrary
ya cant know everything!
have you looked into refinancing? I got stuck with 16% through five star (HATE that bank), but refinanced to 8.59 after a year with hsbc
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### Author:  [@dubbin91](https://forums.speedlife.net/u/dubbin91)
#### Post date: [October 30, 2009, 10:50am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/31 "2009-10-30T10:50:17Z")
> [@travisn](#):
>
> ya cant know everything!
>
> have you looked into refinancing? I got stuck with 16% through five star (HATE that bank), but refinanced to 8.59 after a year with hsbc
no, but the evidence points that he was an idiot, you as well for signing a 16% car loan…
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [October 30, 2009, 11:05am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/32 "2009-10-30T11:05:42Z")
Why would you refinance when you’re almost to term, when you’ve already paid 90% of the interest cost?
:facepalm:
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### Author:  [@JayS](https://forums.speedlife.net/u/JayS)
#### Post date: [October 30, 2009, 11:25am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/33 "2009-10-30T11:25:19Z")
> [@walter](#):
>
> Why would you refinance when you’re almost to term, when you’ve already paid 90% of the interest cost?
>
> :facepalm:
Exactly. This far into the loan the vast majority of your payment is going to principal.
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### Author:  [@travisn](https://forums.speedlife.net/u/travisn)
#### Post date: [October 30, 2009, 1:10pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/34 "2009-10-30T13:10:13Z")
16% is 16%.
you are the idiot if you pay the payment they give you after a refinance, which will be a lot lower (since the term is re-extended). You keep paying what you were before and it will dramatically reduce the amount of interest you pay in the long run along with making the loan pay off sooner that originally planned bc you will have shifted the amortization schedule in your favor with the lower interest rate
You get charged interest on your balance, regardless of term.
people who think a no-fee refinance is a bad idea really need to take a closer look at the numbers.
technically you dont pay “90%” of the interest cost, its not like they tell you that you must pay $XXX of interest before the loan is through. when the balance is paid you are done (basically)
if someone needs to see numbers to understand this I can throw something together real quick…
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### Author:  [@ubengineering](https://forums.speedlife.net/u/ubengineering)
#### Post date: [October 30, 2009, 1:29pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/35 "2009-10-30T13:29:39Z")
> [@AndyB](#):
>
> PS Walter, fuck yourself
x2, ya fucking prick :spank:
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### Author:  [@dubbin91](https://forums.speedlife.net/u/dubbin91)
#### Post date: [October 30, 2009, 1:44pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/36 "2009-10-30T13:44:03Z")
> [@travisn](#):
>
> 16% is 16%.
>
> you are the idiot if you pay the payment they give you after a refinance, which will be a lot lower (since the term is re-extended). You keep paying what you were before and it will dramatically reduce the amount of interest you pay in the long run along with making the loan pay off sooner that originally planned bc you will have shifted the amortization schedule in your favor with the lower interest rate
>
> You get charged interest on your balance, regardless of term.
>
> people who think a no-fee refinance is a bad idea really need to take a closer look at the numbers.
>
> technically you dont pay “90%” of the interest cost, its not like they tell you that you must pay $XXX of interest before the loan is through. when the balance is paid you are done (basically)
>
> if someone needs to see numbers to understand this I can throw something together real quick…
:picard::picard::picard::picard::picard::picard::picard::picard::picard::picard:
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### Author:  [@Penfold](https://forums.speedlife.net/u/Penfold)
#### Post date: [October 30, 2009, 1:55pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/37 "2009-10-30T13:55:30Z")
I would rather ride a bike than pay 16% apr.
Geez, I wish I could be making these loans. If you started with $10,000 and loaned it out at 16% apr, reinvesting every year for 29 years you would be a millionaire assuming no one defaults.
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### Author:  [@travisn](https://forums.speedlife.net/u/travisn)
#### Post date: [October 30, 2009, 2:08pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/38 "2009-10-30T14:08:48Z")
> [@dubbin91](#):
>
> :picard::picard::picard::picard::picard::picard::picard::picard::picard::picard:
prove it
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [October 30, 2009, 2:18pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/39 "2009-10-30T14:18:04Z")
> [@travisn](#):
>
> 16% is 16%.
>
> you are the idiot if you pay the payment they give you after a refinance, which will be a lot lower (since the term is re-extended). You keep paying what you were before and it will dramatically reduce the amount of interest you pay in the long run along with making the loan pay off sooner that originally planned bc you will have shifted the amortization schedule in your favor with the lower interest rate
>
> You get charged interest on your balance, regardless of term.
>
> people who think a no-fee refinance is a bad idea really need to take a closer look at the numbers.
>
> technically you dont pay “90%” of the interest cost, its not like they tell you that you must pay $XXX of interest before the loan is through. when the balance is paid you are done (basically)
>
> if someone needs to see numbers to understand this I can throw something together real quick…
Even if he could get as low as 8% that’s a lot of hassle to save $347 over 18 months. Assuming you can do it without an early payment penalty.
You’re right, but why bother?
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### Author:  [@travisn](https://forums.speedlife.net/u/travisn)
#### Post date: [October 30, 2009, 2:57pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/40 "2009-10-30T14:57:25Z")
it was more of an overall statement. most people think that way about refinancing and its wrong. granted every situation will be different numerically, but the principle remains the same.
but why pay $350 if all you would have to do is sign a few papers?
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