You've Got to Know Your 'Monthly Nut' Fox Business
Dear New Frugal You,
Please help me. All month long, I skip my daily Starbucks coffee, clip coupons and avoid eating out. Yet the bills keep coming in, and I'm always short when the big ones (mortgage, car payments and credit cards) are due. It seems totally unfair. I'm trying so hard and don't seem to be getting anywhere. What can I do?
- Frugally Frustrated
Dear Frugally,
I bet that is frustrating: You're saving a dollar here, there and everywhere but are still coming up short when the bills roll in. Let's see if we can't find a way to solve it for you.
The problem may be in something that a friend of mine calls "the monthly nut."It's not an economic term, but it is memorable and descriptive. It describes the amount of money that you owe each and every month, pretty much regardless of what you do during the month.
For example, each month your mortgage or rent is due, as is your car payment. Add cable TV, Internet and health club dues. Then tack on the minimum payments on your various credit cards, plus student loans.
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Can i refinance someones car payment with little or no credit history?
I have a friend selling his car and i am looking to purchase one.. he suggested me to take over payments after refinancing in my own name..would that be possible with my credit situation?
You can't refinance into someone else's name. You are going to have to buy the car from him, meaning you will need a new car loan altogether.
When looking for a new car loan, visit some local credit unions and never accept over 15% interest, even with the worst credit. Just trust me on that.
Good luck!
Want someone to take over the payments on my car. Payment/interest is high. Could they refinance it?
I think the best way to go with getting rid of my car is to have someone take over the payments. I tried trading it in at the dealership for a cheaper car, but they want me to hang on to it as my credit is getting better quickly. If someone does take over the payments, can they refinance it to get a lower interest rate and a lower payment? Or do they keep exactly what I have? Thanks!
I think the best way to go with getting rid of my car is to have someone take over the payments. I tried trading it in at the dealership for a cheaper car, but they want me to hang on to it as my credit is getting better quickly. If someone does take over the payments, can they refinance it to get a lower interest rate and a lower payment? Or do they keep exactly what I have? It is only 9 months old with relatively low miles, 6K, perfect maintenance, washed/vacuumed weekly.
You have to ask what is the payoff of your car as of today. It is usually a simple interest loan. Then you can ask for Pay-off for the car and hope it sells. Take over payments is a take it over thing and also says you cant afford it and that would mean you have taken pour care of the care maintenance because you have a hard time making payments. So it will be hard to sell . You would be better of keeping it and paying the car off.
You see, if I am looking for a car , 2 cars I would never buy.
1. Take over payments. Why? Because the owner cannot afford the car. Oils changes are missed Tors are worn, belts may need changing ,etc
2. Repo. for the same reasons and more. IE it may not have even been washed, stains, dents.
I mean no offense.
Just giving you some facts of car buying.
Hope that helps.
How do I refinance my car payment when my car is only worth $9000 and I still owe $15000?
my payments are $355 a month and I'm drowning. Any help?
At a 166% LTV (loan to value) you are going to be very hard pressed to find a lender who will refinance for you. Most will go 150% max, which means you would have to get your loan down to $13,500 to even start to qualify.
Your best bet is to start paying it down. Look at your expenses every month and start cutting stuff out. Pay a little more every month to get the balance down and then in a year or so, depending on your credit and age of the car, you can try again when you owe less than 1.5 times the value of the car.
Best of luck
if..and that's a giant IF!! you find a bank that will do that, your rate will be huge and you MAy save 25-50 bucks a month but you'll pay $2000-$4000 more in interest, not good. To be honest, in today's market $355 for a payment is Nothing so your better off cutting back on other spending, fast food, video games, internet, costume jewelery, wiggs, twinkies, were ever you can save a little. You should try to pay down that loan asap. When it comes to saving money, forget about trying to save with a quick fix, you'll spend more. Think small now for Big long term savings.
Good luck and work you budget, don't get lazy
I really want to lower my car payment is it possible to refinance?
I have a 2005 Honda pilot with 30k miles on it
My payoff is 22k the truck is in good condition
I had the truck for 2 years still owe for 3 and a half years my interest rate is 7.9%
is it possible to lower my monthly payment
I have good credit
my monthly payment is $570
Has any one successively refinance
yes, you can refinance. But it is not in your best interest. Right now you have a 7.9% rate. That is pretty decent. If you refinance, you will not lower hte rate. In fact, the rate will go up. Because you are looking for a USED car loan now. On a vehicle that is about to be 4 yrs old. So, a higher rate. The only way to lower the payment then, is to go longer term. You have been paying 2 yrs. Do you want to keep paying 4-5-6 more years? How much money DO you want to spend on this depreciating piece of property?
After 24 x 570 = $13,680. Then you want to make longer payments on 22k more. The rate will be higher, there is no disputing that. So lets say you get a 9.5% rate on 60 months (you have to go 60 to see any appreciable difference in payment) 60 x 462 = 27,720.
You will have been paying for SEVEN years
You will have paid a total of $41,400
In seven years that car will be worth about $3000 (educated guess).
You will have pushed over $38,000 into a hole.
If you keep paying on the current note, you will save interest. You will save your money. And you will be out from under the car faster. If you stretch this term out, be prepared to drive this car until 2013. It will take you that long to be in a position to get out from under it.
Think it over
Solve an argument - refinancing car loan AFTER making really large payment?
If you're planning to refinance your car loan in a few months (at a MUCH lower interest rate) what is the logic in paying a large chunk of money NOW to the company that holds the high-interest loan at the moment?
Seriously, I'm missing the logic here. Wouldn't it be smarter, if you have a chunk of money (which is equal to three high-interest rate car loan payments) why wouldn't you just make your normal payment for the next few months, refinance at the lower rate and THEN pay the big chunk of money?
Modern car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is principal each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST RATE, IT IS COSTING YOU MORE INTEREST. Make the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward principal.
Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you continue that smaller loan at a smaller interest rate.
It does not make any sense to give a huge payment unless you specified it to the principal and even if you did it this way refinancing is not always the best solution. Company always take your money and apply to the interest first.
Can my exwife force me to sell or refinance a car that she cosigned for. I have never missed a payment.?
My exwife cosigned for my car and now she insists that I sell or refinance it. She cosigned for the car after she had an accident in my other car and it was no longer usable. We were not divorced at the time she cosigned but when we got divorced, I agreed that the car was my encumbrance. I have never missed a payment and have 3 yrs left to pay for the car.
If when you got divorce you both decided that the car was yours then see if you have that somewhere in writing, if so then no she can't make you. Who was first on the loan, you or her? I know when my mom cosigned for me she was first on the loan and I was second meaning the car was her property but that I was allowed to drive it and make the payments on it. I would advise you to talk to your lawyer asap.
either that or just stop paying the payments, that would be pretty funny.
First, call the lender and ask if she can be removed as the cosigner. Depending on the amount owed, your own credit history, and your payment history, they may agree that you no longer 'need' a cosigner.
If that won't work, you will need to refinance. Again, the current lender may be able to do this for you at little or no cost, and you simply keep making the same payments.
She can't force you to sell the car, however. If you had been sharing payments, she could ask you to buy her out (pay her back), but you could do that without selling it. Alternately, she could agree to take other assets (furniture or whatever) that equals the amount you might owe her.
It's great that you haven't missed a payment but the balance on the car is affecting both of your credit scores. It looks as though she has more debt on her credit than she actually does, so its understandable that she'd like her name removed from the vehicle.
Go to your personal bank and ask to apply for a auto refinancing loan. Who knows, maybe you'll get a better rate.
Good luck!
Can I refinance my car loan for a lower monthly payment?
I need a lower monthly payment on my 2006 Toyota Corolla I bought new from the dealer. Can I refinance the loan to do this? How do I go about it?
I already have a Home Equity Loan for something else. The car loan is through a credit union. I am maxed out on lines of credit.
I already used my Home Equity line of Credit for something else, so I can't use it for that. I still owe $14,500, there is not enough equity left to pay that!
I did it with my car loan. I just went to a lender that I knew did car loans and they pulled up the value of my car using kelly blue book and then they told me sure!! They gave me a lower rate and a lower payment. Although, I did have to do some shopping for the right payment it was all worth it in the end :)
But.....if you own a home, use a line of credit or home equity loan to pay it. Talk to your bank if this applies. Try first to just get a line of credit on your house, since the fees will be MUCH less than with a home equity loan. The line of credit will be a variable interest rate, where the home equity loan will be a fixed rate. But both are tax deductible.
Forget about refinancing the loan. You'll just wind up in the same predicament a few months from now. Sell your current car and use whatever savings you have to purchase a used car (in full). If you get tired of that car, save up some more money and repeat the process. Before you know it, you'll be back in a great car but WITH NO DEBT.
If I refinance my car loan before making my first payment. Can a dealership or bank charge any kind of fee?
My used car loan rate I got from the dealership I bought my used car from is 8.77%. Seems like I will be able to refinance with a 6.4% rate. With additional expenses of a 75 dollar application fee and a 50 dollar title transfer fee. Loan amount is for little over 11,000 dollars. Seems like it may be worth doing.
You should be able to refinance without paying any fees to the dealership or the bank that currently holds your note.
You will make up the fees for application and title transfer in less than a year, so definitely refinance to get the lower rate.
However, the $75 application fee sounds really steep. If you can find a credit union, they probably won't charge you an application fee, and their interest rates might be lower than 6.4%.
does it hurt my credit if i refinance my car? what's the best way to lower my car payment?
Your credit score will probably decline slightly if you refinance because of an additional credit inquiry and a new credit account.
Here are the ways to reduce your car payment:
1) Lower you interest rate
2) Lengthen the term of your loan
3) Reduce the amount of your loan
Nobody knows your situation so it isn't possible to tell you which method is best for you, possibly a combination of methods.
If you move from a high COL area to a low COL area, can you refinance a car for a cheaper payment?
(COL - Cost of living)
I know nothing about this kind of stuff, which is why i'm asking! I want my cousin to move back to Ohio from Virginia. She's got an outrageous pament on a car she hates. She has no problem making the payment in VA because the cost of living is so high. But if she were to move back to OH, she might need 2 jobs to make it (payment & living expenses). Is there anything she can do? Can she turn the car in for a cheaper one? It's an '06 Altima and i think she owes $20k on it, if that helps. I want her to move back so bad, but i don't know what she can do about the stupid car!!!! Please help!
It depends on her credit rating. She would have to find a bank (doesn't matter where, but a local bank where she will move too would be more likely to lend).
If she has a high rate now, then she probably won't be able to get a much lower rate in the future.
Because its a newer car, she probably owes more on it than she could get selling it or turning it in, which creates a problem for her. She could refinance with a longer term loan, but she would end up paying even more over the long run, to save $30-40 a month in payments.
WRJ
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