should i refinance my car or get an unsecured loan and pay it off?
tupicce asked:
i have a car for about a year now. the interest rate is 16.75%. i owe 7,500 on the car. i have a score of about 690-700. should i refinance the car or should i get a loan from the bank and pay it off. which is better, i need some advice.
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i have a car for about a year now. the interest rate is 16.75%. i owe 7,500 on the car. i have a score of about 690-700. should i refinance the car or should i get a loan from the bank and pay it off. which is better, i need some advice.
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Tags: Car Loan, Interest Rate, Score
February 28th, 2009 at 9:52 am
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The two amount to the same thing. Go with whichever gives you the lowest interest rate.
March 2nd, 2009 at 7:53 pm
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ask both the bank that has the loan and your regular bank
there are costs involved with refi-ing a car loan and they might make the decision uneconomic.
March 6th, 2009 at 7:46 am
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16.75 is a high rate but leave it be. If you want to cut down on the interest, just make more than your monthly payment and have it applied toward the principle.
March 7th, 2009 at 12:09 am
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your car is probably worth less than the loan balance due to depreciation, so you can’t refi -
March 7th, 2009 at 2:56 am
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Try Prosper.com. Your credit score isn’t too bad and you should be able to get a 3 year loan at around 10 or 11 percent. It’s a really cool site! Grassroots people helping each other.
March 9th, 2009 at 9:10 pm
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By posting this question on Yahoo Answers, you’re inviting every scheming lowlife scammer to offer you a loan. And I guarantee they will reply soon. Don’t respond to anyone who offers a loan and has a generic contact email, i.e., yahoo.com. They are scammers. They will ask for money for proceesing stuf and you will not see a dime.
my little advice is that you go to a bank in your area to request for the loan and that is if you have a collateral, but if you want loan from those that give out unsecured loan without a collateral i know of someone that gives out unsecured loans, though he is the only one i have tried for now so i don’t really know if his interest rate is the lowest, here is their contact information if you want to contact them. (kingstonloaninc@live.com)
i am sure they can be of help to you if you are genuine.