06-21-2014 11:55 PM
I forgot to mention that the loan I cosigned for is finally paid off. I have learned a valuable lesson about cosigning. I won't do it again. People often take your kindness for weakness. I had to pay the majority of the loan. If I can hold out a little longer I will definitely make my priority getting the balances down.
06-22-2014 01:35 PM
I don't really know how long it will take me to pay the balances all the way down. The only thing I can do is be diligent in doing what I can before the next thing goes out on this vehicle. I am going to pay Lane Bryant completely off in the next 2 weeks and then begin to pay down the Best Buy Card.
06-22-2014 08:08 PM
So that's good then if the cosigned loan is paid off. Definitely work on getting the cards paid off. And if you have to buy a car, you have to buy a car (be sure to not let your COAF approval expire if you need a car). I think as you keep attacking those card balances, your FICO will rise dramatically. Even if you need to accept 10% today, I'm pretty sure you'll be able to refi to sub 5% rates once your score goes over 650.
06-25-2014 05:35 PM
Well I decided to go to the Acura dealership and what do you know I was approved with Neighbors Credit Union with 7.45%. I think that this is the best rate that I am going to get at this point and will open an account with them. I am currently with a credit union that is very conservative. I had also gotten an approval with campus federal credit union with a rate of 10.8. I am going to take this and run with it. I still have to put down 3000.00 and also I will be getting 1500.00 for my trade in.
06-26-2014 06:43 AM
Sounds like a decent deal! Just remember to keep working on your credit. Once those scores go up (even to 650+)/it's been six months, refi immediately in my opinion.
07-01-2014 05:01 PM
I got so sick and tired of the car dealerships and them rushing me because it was the end of the month. Too many dealerships either wanted to throw you into something you
didn't really want or avoid questions you had about the vehicle and try to convince you to buy something you didn't want to buy. I finally decided to apply through carmax and boy am I glad I did that. I had a rate of 5.5% for 60mths 6.7% for 66mths and 7.4% for 72 mths. There was no haggling and no stress. The gentleman on the other end was very patient with me to help me select a car I really wanted. My car is being transferred and I can't wait. Down payment of 2000.00 and they did not need to verify my income.
I will be purchasing a 2011 infiniti m37x.
07-02-2014 02:36 PM - edited 07-02-2014 02:37 PM
That APR is really high, if you could pay the car off in 24 months it would be better. a 5 year auto loan at that APR you will pay around $10,000 in interest!!!
What on Earth are you talking about? 5% isn't bad at all for a 60 month auto loan.The BEST rates I know of are around 1.75%, so 5.5% is only a ~3.5% premium.
Also how did you come up with that 10k in interest figure given that you don't know principle? I'm willing to bet that OP will pay no where near 10k in interest over the life of the loan, but I'd need to know original loan amount, term, and APR to calculate exactly.
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