ohni0000 asked:
this interest rate is making the montlhy payments $650 /month. The loan officer said that if I pay this for a year we can get it refinance. I not sure about this, I believe I jumped to fast and didnot realize. My questions are, is this too much interest , can I get it refinance for cheaper payments like she said, can I take vehicle back to save from going through this, is 17.5% alot???? Please help me , I really dont know too much about this and need help from internet buddies. Thansk in advance
Jamie
this interest rate is making the montlhy payments $650 /month. The loan officer said that if I pay this for a year we can get it refinance. I not sure about this, I believe I jumped to fast and didnot realize. My questions are, is this too much interest , can I get it refinance for cheaper payments like she said, can I take vehicle back to save from going through this, is 17.5% alot???? Please help me , I really dont know too much about this and need help from internet buddies. Thansk in advance
Jamie
Anna
Unfortunately, the time to ascertain what you are paying in interest was before you agreed to the loan. Did you receive loan disclosure forms that show the amount financed and the financing terms?
Comment by jlf — August 13, 2010 @ 7:22 am
Thelma
17.5% is way too much – call your local bank or credit union immediately – do not wait – do two things – ask about refinancing now to get a lower rate (you should be under 10%) and if you don’t have it, look into Gap Insurance (and if you do have it, check the price).
It’s probably too late to return the truck since it is now a “used” truck and you lost a few thousand dollars just driving it off the lot.
Comment by Steve D — August 13, 2010 @ 11:48 am
Kevin
You’re locked in to the contract that you signed. Unless you credit is really in the toilet, they saw you coming and took full advantage of you.
Shop around for a better deal. If you have good credit, many banks and credit unions will be happy to refinance that note for a lower rate.
For future reference, before you buy check with your bank and see what they will offer you. They know you best and can probably give you an idea without pulling a credit report that would tip off dealers and other finance sources that you’re shopping around. (On the other hand, if they see that inquiry they may be less likely to try to pull a fast one.)
Comment by Bash Limpbutt's Oozing Cyst© — August 15, 2010 @ 9:24 pm
Carol
jumped too fast? you think?
this guy was good to convince you to pay that rate. you cannot take it back. lets hope you can refi to a lower rate. but still that first year will be a killer.
you have to fight to keep your money. be smart and fight harder. this guy beat you bad. next time you will win.
Comment by David Z — August 16, 2010 @ 12:57 pm
Sherry
You don’t have to wait a year if you just go to another lender. Credit unions will have the best rates, in the 6% range in my area. A 6.5% rate would take your payments to $528 for 5 years, $454 for 6 years.
17.5% is horrific.
Comment by Jay S — August 17, 2010 @ 5:56 pm
Larry
It seems that most loans seem a challenge to get in this econonmy. The online places are good and often a nicer experience.
I suggest
Comment by Theresa Y — August 18, 2010 @ 3:13 am