15Mar/1015
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March 15th, 2010 - 13:49
go with your nearest credit union!
thats the best, banks charge extra and they charge the seller, which in turn passes the charge unto you
credit unions are the best, the are more friendly, and theyre local.
so theyll take care of you, and dealers and other people like them better
and they mostly put cielings on there rates, which is A PLUS!
=)
hope i could help
March 15th, 2010 - 14:22
Most manufacturers have a first time buyer program. The best thing to do is go to the dealer fill out a credit ap and tell them you have maybe $4500 down. Minimum income for banks to finance is 1800 a month which you have and they also look at equity in the vehicle. I'm saying 4500 because if the bank says no, then you can say what if i come up with 9000? You can usually negotiate the interest rates too! Credit unions in your situations are sometimes good too!
They may also want a cosigner.
March 16th, 2010 - 01:11
Basically your score reflects your credit history. The longer you have your accounts open and in good standing, the higher your score will become. You will know it's getting better when you keep getting credit card offers in the mail with 0% all over them.. balance transfers.. purchases for a year, etc. It takes a little while, you also want to keep your debt down to next to nothing.. not 50% of your credit limit.
As far as car loans, if you look hard enough you can find at least somewhere that will offer you an 18k car loan… but you've only been working at your job for 3 months… are you sure its steady enough to be dropping that kind of cash on a car? If you wind up missing payments, they take your car and your credit score goes down. You should go to the credit union and see how much they would let you finance an automobile for, then look in the car section of the classifieds.. that is where you will ultimately find the best deal for the kind of auto you need. If anything, go for something that is 3 or 4 years old to start with. We can't all start out driving around in mercedes.
March 16th, 2010 - 17:19
utilities and phone companied only report delinquincies. some insurance companies or gyms will report positive payments but not most. your best bet is to get a credit card or two and use them and pay them off each month.
March 17th, 2010 - 03:16
honestly at that pay rate why waste your money on a car loan when your car is just going to continue to decline in value?
I would say take a look around for a car you can pay cash for. If all you need is some decent transportation you could easily pick up a ride for a couple hundred to a couple thousand…
You would be much better off saving for a decent car that you really want and can really afford and besides having a car loan would mean getting full coverage insurance which at your age is not going to be cheap and may cost as much as the car payment itself.
March 17th, 2010 - 03:35
March 17th, 2010 - 06:25
Simple interst loan. Compunded daily.
If you make the payment 3 days early, you pay 3 days less interest.
If you do this one time, your payment at the end of 5 years will be less than if you paid on the exact day each month.
If you do this regularly, or add $1.00 to each payment, you may save a few hundred dollors over the 5 years.
Play with amortization stuff on web sites or Excel. It;ll surprise you the difference a few days and a few dollors a month will make.
Good Luck
March 17th, 2010 - 07:28
Auto finance is what I do for a living and your right on track with your thinking.
Credit scores are over 90% based on the last 24-months of activity so credit wise you would be better to have at least 24-payments made as agreed before paying the loan off.
On the other hand 3.9% as opposed to 18% would save you a ton of interest.
Only you can make this decision.
Good luck.
March 17th, 2010 - 10:41
New debt does not solve the problem of old debt.
My suggestion is that you sit down one weekend and schedule out every dollar you spend on a daily basis. Then, categorize that according to absolute musts (i.e., mortgage payment, health costs and food). Then, decide what other things you are spending money on that are not that necessary. Take that money and pay off the old debt.
March 17th, 2010 - 19:53
Auto finance is what I do for a living and Chase is one of my lenders.
They are just like all other banks, if someone has a credit card with them and has a good long payment history then yes it doe's play into the application process.
I have seen one of my lenders buy people that don't come anywhere near meeting their guidelines simply because the customer had a couple of credit cards with them and had paid well.
March 17th, 2010 - 22:17
Most lenders will not like the fact that your husband will be acting as his own general contractor, even if he is very qualified. If he has a friend who could be the contractor (at least on paper) it will save you worlds of trouble…
The equity line of credit you mentioned carries a higher rate of interest than a straight home improvement loan. Consider converting it using the same lender.
Some states will not allow more than one equity loan on a mortgaged home. Check with your banker. If that proves true in your state, there is always the possibility of paying off the equity line and obtaining a completely new secondary loan, which can include the money for the addition. Shopping around this type of loan can be very helpful. It can be very differnet from one type of institution to another. Credit Unions may have lower fees, but usually are not as competetive as banks in terms of interest rates. I would highly recommend talking with a seasoned mortgage broker. Even though they probably won't offer this type of financing, they will be helpful in giving you unbiased information as to your lowest cost alternative(s) and help steer you away from trouble by saying the wrong things to potential lenders.
If all else fails, you can completely refinance the house with an FHA 203K interim construction loan, or similar conventional loan. They carry 1.5 to 2% higher rates than regular mortgages, but after 12 on time payments can be "streamlined" for a super easy refiinance at normal, current rates of interest. There are no other conditions to be met for these types of refinance. They won't even consider credit if the payments are timely. It is automatically approved.
Your FICO scores, income and debt ratios are excellent. This sounds very much like a sensible thing to invest your time, energy and money in. You may have to do some shopping around, but it can be done.
However, I would avoid internet lending. I've of many cases that did not work out for myriad reasons; and only a few that have been satisfactory. This is a loan for a bricks and mortar institution. Good luck.
March 18th, 2010 - 12:11
You should have recieved copies of every paper you signed. Read them and see if they say you purchased the car and anything about the loan and loan payment. My sister and brother did something similar and contacted the car lot and got their car back because it was within 48 hrs and everything hadn't been transfered over yet. Read your copies and contact the car lot and explain that you thought you were only trying the car out for overnight and tell them you don't like the way the car drives and you want your car back or you want a different car. If they don't have all your financial information then they probably haven't secured a loan yet.
March 18th, 2010 - 12:15
I assume your goal is to lower your payment. First, forget the notion of buying another car. As others have mentioned, you are upside down and you will not be improving your situation.
Second, the difference in APR must be great enough to justify the refinance. 18 months is a long time to have been paying on this note before refinancing. You should understand that although your payment is level, the amount of interest that you pay monthly is not. You have paid more interest in the past 18 months than you will in the next, on the current loan. It would be a close call to determine whether refinancing is a viable alternative. One factor you did not tell us in your question is the current loan term, or the monthly payment for that manner.
If you finance (refinance) 20 grand for 60 months at 7.25% your payment will be a couple of dollars under $400. If that is saving you a hundred bucks a month, it may be worth it. Several others have suggested reducing the term of the loan. That is excellent advice but it may not be reasonable in your case. You can effectively reduce the term by increasing your payment above the minimum. If you paid $450 per month, the extra $50 would be applied toward the principle. On simple interest loans, you pay interest on the unpaid balance each month. So you would pay the car off much sooner but you'd still have the lower monthly commitment to fall back on in tough months.
When you refinance, I would also check your contract for any canceable items that you may not want. These items include, warranty, gap, credit insurance, tire coverage, etc. The refund of these items will reduce the amount of your pay off, thus reducing the amount you will need to refinance. If you want any of these products you can add them to the new loan after you shop for the best price.
Do not trade or buy a new car!
March 18th, 2010 - 19:01
Insurance: See http://www.progressive.com/ Run the numbers with various motorcycles. Compare with your family's vehicle policy. As a new rider, you might want a 250cc cruiser, or an LS650, simply because of insurance costs of a Cruiser versus sport bike.
The cost of the bike itself is a large Variable. I'm down on the lower end — bought a 4 year old Savage and have put 5 years 23,000 miles on it. Three rear tires, two front (second wasn't necessary but since I was putting a Metzeler on the rear….) Several oil/filter changes. Saddlebags, muffler (stock is *quiet*) seat (stock is plastic!) headlight (stock is a plastic housing!) a couple of wind screens, insurance, registration, gas….
All told, per mile costs — gas, oil, tires, is about $0.10 a mile. The bike, with all the accessories and stuff, came to about $3150, or $0.14 a mile and dropping. Registration and insurance is $160/year, and since I only do 4600 miles/year that's about $0.04 per mile. *FOR ME* the motorcycle costs $0.28 per mile — less than half the cost of a low performance econobox.
If you put on more miles/year the per mile cost of the bike and registration/insurance will drop, making the bike even a better deal.
IF the bike is your sole transportation it will save money versus a car. If the bike is merely a fair weather alternative to and in addition to a car, you will not save money.
March 18th, 2010 - 23:52
You need to get a free copy of your credit report. If you have never had any problems with credit it sounds like someone may have compromised your credit. Once you get your credit report, you can look for incorrect information or accounts someone else may have opened in your name. If you have accounts opened in your name fraudulently go to the police file a police report and work with the credit bureau to fix your credit. If this was done fraudulently unfortunately it can take a lot of time and effort to clear it up. Good luck