# Re-financing question **URL:** \ **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:** 2
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:06pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/21 "2008-03-02T19:06:27Z")
> [@Fry](#): > > 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? i’m going to MCC for auto. havent decided if i want to take the GM or toyota program ---
**Author:** ![nitroinsane](https://avatars.discourse-cdn.com/v4/letter/n/d26b3c/32.png) [@nitroinsane](https://forums.speedlife.net/u/nitroinsane)\ **Post date:** [March 2, 2008, 7:10pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/22 "2008-03-02T19:10:03Z")
plus if you refinance through a bank minimum on a car loan is 10% interest ---
**Author:** ![maybe\_memories](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maybe_memories/32/5053_2.png) [@maybe\_memories](https://forums.speedlife.net/u/maybe_memories)\ **Post date:** [March 2, 2008, 7:11pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/23 "2008-03-02T19:11:11Z")
19 and a $400 a month car payment? Good luck. ---
**Author:** ![nitroinsane](https://avatars.discourse-cdn.com/v4/letter/n/d26b3c/32.png) [@nitroinsane](https://forums.speedlife.net/u/nitroinsane)\ **Post date:** [March 2, 2008, 7:15pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/24 "2008-03-02T19:15:07Z")
my mother is a loan consultant to do better then 10 percent u will need a a really good credit score. do u have a co signer. just do typical for this board take outrageous student loans out ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:17pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/25 "2008-03-02T19:17:29Z")
> [@nitroinsane](#): > > my mother is a loan consultant to do better then 10 percent u will need a a really good credit score. do u have a co signer. just do typical for this board take outrageous student loans out i’m the co-signer and my dad is the primary. not sure how good my or his credit score is. i know when we bought the car his wasnt too good because my parents were going through a divorce ---
**Author:** ![nitroinsane](https://avatars.discourse-cdn.com/v4/letter/n/d26b3c/32.png) [@nitroinsane](https://forums.speedlife.net/u/nitroinsane)\ **Post date:** [March 2, 2008, 7:21pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/26 "2008-03-02T19:21:49Z")
well if you wanna get rid of it you have 3 choices. a voluntary repo which will effect your credit score 150 points. you can go and sell it outright. or you can trade it in on a cheap car with hopefully a lower price. is this a lease, buy, or smart buy at 400 a month i bet its a smart buy. pretty much you are screwed at this point. refinancing is most likely not a option especially if you are not the primary owner of the vehicle. it is very rare also that a enthusiast will stick with mechanics as a trade shit gets old fast. so are you sure you wanna goto school ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [March 2, 2008, 7:31pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/27 "2008-03-02T19:31:29Z")
you get the economic :picard: The bank isn’t bending you over. In fact, the loan itself isn’t your problem at all. You bought more car than you can afford. Sell it and downgrade, or cut other expenses to meet your payment. If worst comes to worst, take extra student loans to make sure you do. The terms look better on your credit report and it will cost you a lot less than throwing away a favorable GMAC loan. ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:35pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/28 "2008-03-02T19:35:19Z")
> [@Joe](#): > > you get the economic :picard: > > The bank isn’t bending you over. In fact, the loan itself isn’t your problem at all. You bought more car than you can afford. > > Sell it and downgrade, or cut other expenses to meet your payment. If worst comes to worst, take extra student loans to make sure you do. The terms look better on your credit report and it will cost you a lot less than throwing away a favorable GMAC loan. i can meet the payment completely fine right now. im just worried that i cant when i get my own place, and im worried that i wont be able to sell it is my best bet going to the dealer and trading it in? ---
**Author:** ![nitroinsane](https://avatars.discourse-cdn.com/v4/letter/n/d26b3c/32.png) [@nitroinsane](https://forums.speedlife.net/u/nitroinsane)\ **Post date:** [March 2, 2008, 7:38pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/29 "2008-03-02T19:38:11Z")
WHAT IS YOUR INTEREST RATE CURRENTLY. what is the car worth dealer value not private party ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [March 2, 2008, 7:38pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/30 "2008-03-02T19:38:34Z")
private party sale is your best chance of not ending up upside down. Trade in will get you boned, particularly if you’re trading down. ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:41pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/31 "2008-03-02T19:41:25Z")
> [@nitroinsane](#): > > WHAT IS YOUR INTEREST RATE CURRENTLY. what is the car worth dealer value not private party I DON’T KNOW WHAT IT IS. i cannot find it on any of the paper work. its worth between 15.5-16.5k for a trade-in ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:42pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/32 "2008-03-02T19:42:24Z")
> [@Joe](#): > > private party sale is your best chance of not ending up upside down. Trade in will get you boned, particularly if you’re trading down. i know…i just hope someone would buy it. ---
**Author:** ![IanK](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/iank/32/5016_2.png) [@IanK](https://forums.speedlife.net/u/IanK)\ **Post date:** [March 2, 2008, 7:45pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/33 "2008-03-02T19:45:43Z")
Ugh 16 K on trade in thats not too great private party sale FTW ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:46pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/34 "2008-03-02T19:46:44Z")
> [@IKSHO89](#): > > Ugh 16 K on trade in thats not too great private party sale FTW yes i know. i doubt it will sell though. ---
**Author:** ![IanK](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/iank/32/5016_2.png) [@IanK](https://forums.speedlife.net/u/IanK)\ **Post date:** [March 2, 2008, 7:47pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/35 "2008-03-02T19:47:32Z")
I dont see why not, Obvioulsy not on here ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:48pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/36 "2008-03-02T19:48:15Z")
> [@IKSHO89](#): > > I dont see why not, Obvioulsy not on here i know. i posted it on [css.net](http://css.net) as well ---
**Author:** ![Matt\_Danger](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/matt_danger/32/4981_2.png) [@Matt\_Danger](https://forums.speedlife.net/u/Matt_Danger)\ **Post date:** [March 2, 2008, 7:50pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/37 "2008-03-02T19:50:09Z")
It’s good that you’re now looking ahead to make sure you can afford things, and you’re also realizing that just because you technically can make the payments every month it doesn’t necessarily mean you can afford it. Sell it off and down grade. You could probably find someone to take over payments on it. ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:52pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/38 "2008-03-02T19:52:21Z")
> [@Matt Danger](#): > > It’s good that you’re now looking ahead to make sure you can afford things, and you’re also realizing that just because you technically can make the payments every month it doesn’t necessarily mean you can afford it. > > Sell it off and down grade. You could probably find someone to take over payments on it. thanks 🙂 it’s a tough decision but i dont want to struggle and have to worry about it while im in school. i’d rather just something else that’s worry free. ---
**Author:** ![IanK](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/iank/32/5016_2.png) [@IanK](https://forums.speedlife.net/u/IanK)\ **Post date:** [March 2, 2008, 7:52pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/39 "2008-03-02T19:52:57Z")
> [@Matt Danger](#): > > It’s good that you’re now looking ahead to make sure you can afford things, and you’re also realizing that just because you technically can make the payments every month it doesn’t necessarily mean you can afford it. > > Sell it off and down grade. You could probably find someone to take over payments on it. woulda been nice to relize that before the puchase but I guess its still good ---
**Author:** ![AShort](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ashort/32/4947_2.png) [@AShort](https://forums.speedlife.net/u/AShort)\ **Post date:** [March 2, 2008, 7:53pm UTC](https://forums.speedlife.net/t/re-financing-question/44302/40 "2008-03-02T19:53:55Z")
> [@IKSHO89](#): > > woulda been nice to relize that before the puchase but I guess its still good :rolljerk: yes. i know. go get your car running so you can drive to work. [Previous page](https://forums.speedlife.net/t/re-financing-question/44302.md?page=1) [Next page](https://forums.speedlife.net/t/re-financing-question/44302.md?page=3)