# Re-financing question
**URL:** https://forums.speedlife.net/t/re-financing-question/44302
**Category:** NYSpeed Automotive
**Created:** [March 2, 2008, 5:34pm UTC](https://forums.speedlife.net/t/re-financing-question/44302 "2008-03-02T17:34:09Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 5:34pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/1 "2008-03-02T17:34:09Z")
first of all i wasnt sure what forum to put this in…but anyway here’s my question. I want to re-finance my car and see if i can get a lower monthly payment. i plan on moving out within the next couple months before i start school. now do i have to wait a certain amount time time of owning the car or is there a recomended time to wait?
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### Author:  [@nitroinsane](https://forums.speedlife.net/u/nitroinsane)
#### Post date: [March 2, 2008, 5:43pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/2 "2008-03-02T17:43:30Z")
what makes you think they are going to finance you lower? who did you finance through the first time
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 5:48pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/3 "2008-03-02T17:48:46Z")
because i’ll be a student and living on my own? i financed through GMAC
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### Author:  [@slasky](https://forums.speedlife.net/u/slasky)
#### Post date: [March 2, 2008, 5:57pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/4 "2008-03-02T17:57:17Z")
GMAC usually has great rates so it would be hard to beat. also new cars get better rates than used cars; which is what some banks would consider your car. Are you trying to get a better interest rate or longer term?
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:01pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/5 "2008-03-02T18:01:49Z")
i really just want to get my monthly payments lower. the bank is bending me over every month lol
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### Author:  [@JustinH](https://forums.speedlife.net/u/JustinH)
#### Post date: [March 2, 2008, 6:04pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/6 "2008-03-02T18:04:05Z")
What is your rate and what is the balance owed?
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:10pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/7 "2008-03-02T18:10:34Z")
> [@JustinH](#):
>
> What is your rate and what is the balance owed?
not sure about the rate but i owe around 18k
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### Author:  [@OfficerK](https://forums.speedlife.net/u/OfficerK)
#### Post date: [March 2, 2008, 6:19pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/8 "2008-03-02T18:19:33Z")
how long have you had it?
you MAY be able to find a loan for lets say an extra year…though very likely at a higher rate…it will drop your payments but overall you will end up spending more
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:27pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/9 "2008-03-02T18:27:23Z")
> [@OfficerK](#):
>
> how long have you had it?
>
> you MAY be able to find a loan for lets say an extra year…though very likely at a higher rate…it will drop your payments but overall you will end up spending more
i’ve had it for around half a year.
i really want to get cheaper payments but i dont know how its going to work out for me. school is more important than a nice car. ugh idk.
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [March 2, 2008, 6:28pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/10 "2008-03-02T18:28:00Z")
> [@JDMjunkie](#):
>
> not sure about the rate but i owe around 18k
sorry, refinancing a car you bought new doesnt work, especially if your credit history hasnt changed… the ONLY time doing a refi works is if soemthing dropped off your credit report, adn you are going to say drop from 13-15% to ~ 8, but since you bought new from GMAC you are probably at ~5-6 % and refi’s start at ~8%… what is your monthly payment?
chances are you simply cant afford the car anymore
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:30pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/11 "2008-03-02T18:30:59Z")
> [@Viper966](#):
>
> sorry, refinancing a car you bought new doesnt work, especially if your credit history hasnt changed… the ONLY time doing a refi works is if soemthing dropped off your credit report, adn you are going to say drop from 13-15% to ~ 8, but since you bought new from GMAC you are probably at ~5-6 % and refi’s start at ~8%… what is your monthly payment?
>
> chances are you simply cant afford the car anymore
payments are $398 a month.
right now i can afford it completely fine. it’s just that i’m going to school in rochester and i want to move out so i don’t have to commute everyday. i just want to prevent myself from getting into financial trouble.
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### Author:  [@cky89](https://forums.speedlife.net/u/cky89)
#### Post date: [March 2, 2008, 6:31pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/12 "2008-03-02T18:31:21Z")
> [@Viper966](#):
>
> sorry, refinancing a car you bought new doesnt work, especially if your credit history hasnt changed… the ONLY time doing a refi works is if soemthing dropped off your credit report, adn you are going to say drop from 13-15% to ~ 8, but since you bought new from GMAC you are probably at ~5-6 % and refi’s start at ~8%… what is your monthly payment?
>
> chances are you simply cant afford the car anymore
He can afford it, just the way he prioritizes things makes it seem hard for him to do so.
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [March 2, 2008, 6:32pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/13 "2008-03-02T18:32:29Z")
I’ll take “Ways to tell that you can’t afford your car” for $1000 Alex!
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:32pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/14 "2008-03-02T18:32:59Z")
> [@cky89](#):
>
> He can afford it, just the way he prioritizes things makes it seem hard for him to do so.
look whos talking
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### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 2, 2008, 6:33pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/15 "2008-03-02T18:33:28Z")
okay,
Since you aren’t giving us the numbers we need:
I;m going to guess.
GMAC is huge and has awesome rates… being you bought a new GM i’m sure your rate is NO higher than 4%…and seeing as how you owe 18K on the car, I’m guessing you financed around 20K.
that leaves you around $458/mo for 48 months.
now… it would be god danm stupid to finace it for more than 72 months so i’ll plug in 72 months with 18K left over with the market rate going around 8% for a used car.
that will drop you to around 315/mo (which is lower than I expected) for ANOTHER 6 YEARS!
You’re nearly doubling your intrest rate… granted you will have a lower payment but that is if you financed the car for only 4 years to begin with.
Don’t refinance…just work more and make ends meet.
EDIT: you posted up your payment after I typed this…ugh.
It looks like you financed for 5 years…so you won’t drop too much a month.
Dude, if you can’t afford your car sell it.
You are right, school is more important than a car… so sell it for atleast what you owe on it( good luck ;))
and buy a $3K car to drive around
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### Author:  [@IanK](https://forums.speedlife.net/u/IanK)
#### Post date: [March 2, 2008, 6:36pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/16 "2008-03-02T18:36:20Z")
Ahhh, new cars are so sweet, lol Serioulsy though you should find out the rate your at now for referance, But Im sure with GMAC its low
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### Author:  [@cky89](https://forums.speedlife.net/u/cky89)
#### Post date: [March 2, 2008, 6:39pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/17 "2008-03-02T18:39:59Z")
> [@JDMjunkie](#):
>
> look whos talking
I have no problems paying my car payment, and I wont hence the sale of my projects 🙂
I just gotta pay for the damages made to my car:cry:
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### Author:  [@AShort](https://forums.speedlife.net/u/AShort)
#### Post date: [March 2, 2008, 6:55pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/18 "2008-03-02T18:55:54Z")
ugh…maybe i just will sell it.
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### Author:  [@IanK](https://forums.speedlife.net/u/IanK)
#### Post date: [March 2, 2008, 7:01pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/19 "2008-03-02T19:01:52Z")
Get a Cheaper DD cause thats all it is Is a DD
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [March 2, 2008, 7:04pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/20 "2008-03-02T19:04:07Z")
You’re really going to hate yourself when your grades start slipping because you have to work X amount to make a $400 dollar car payment. What are you going to school for?
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