Where can I get the best rate on a refinance for an RV/truck loan?
*aigh* The recession is killing me. I have had a fullt-time eBay business (successful) for 9 years but my income has dropped to the point where I’m still current on all my bills but taking cash-advances off credit cards occasionally to get them paid (just one card and that’s the first I pay back, and ASAP, actually I just transferred that debt to another card — that’s another question…does that debt transfer as “cash-advance” or do they not know that when they pay off the balance of another card). I’m working three part-time jobs in hopes of not having to do that anymore. I live in my rig (2001 36′ fifth wheel) full-time and am staying put for a year to save money, and I’m looking at spaces on private property this week to cut my current $270 space fee in half. I’m already paying nearly $600 for the loans on the vehicles. I called the bank about refinancing and because I was honest about my income drop (dumb), they not only couldn’t lower it, the new estimated rate was higher than I’m paying now.
Who would you go to to look into a better rate on these loans? I’m currently paying 9.29% on the truck and 10.29% on the rig.
I have $20,000 in credit card debt which doesn’t help matters, with another $11,000 available. None of the cards are “maxed out”, I even have one card with a $9000 limit with a zero balance, but it’s not pretty. I just want to cut every corner I can to help get this debt paid down.
I’m 42 but was out of the game with mercury poisoning most of my adult life and started the eBay business at 32 a few years after getting my diagnosis, so I could set my own hours and focus on my health. I had almost all my debt paid off before putting a lot down on the rig and the truck in ‘07, just before the gas prices spiked and the economy started to tank. So here I am again.
Thanks ahead of time for any help or suggestions.
My credit rating fluctuates between the high 600’s and the low 700’s. But it’s surely dropping rapidly with the additional $7000 of debt in the last eight months.
I’m sorry, I guess I forgot to add that I’m not an idiot. I don’t respond to offers from private individuals (never mind people with anonymous e-mail addresses, and I’m sure as heck not gonna offer up my personal information to some outfit I’ve never heard of. The fact that you folks would try to steal the identity of someone who is already having a hard enough time is reprehensible.
Jerry
Tags: Credit Cards, Ebay Business, Gas Prices
July 11th, 2009 at 2:45 am
Brittany
To answer the credit card question, No they do not know which types of debt they are paying you will receive the balance transfer rate that was advertised to you.
The ability to get credit has become harder overall, once this new information hits your credit profile (2-3 months maybe sooner) you will have a lot more of a difficult time finding open lines of credit) … My advice would be to search for a no balance, no tranfer fee card and speak with that bank about refinancing as well. If you do all of your business at one spot, you will be able to negotiate some type of reduction.
good luck
July 12th, 2009 at 3:28 pm
Tracy
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July 13th, 2009 at 5:09 pm
Johnny
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July 17th, 2009 at 12:31 am
Darryl
Try getting a free online truck loan quote. The automated questionairre will let you know if you can be approved. It will only take a few minutes.