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Frequent Contributor
Posts: 290
Registered: ‎11-10-2010
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Refinance options

hello all. i have owned a 2010 nissan altima for 2 years.  all payments on time.  6 year loan $471/monthly.   the balance is about $18,000 with 60,000 miles on the care. 

 

my scores are lower 700s and don't know my EX but imagine it's upper 600s.  do you think i would get a refinance or should i even do it?  

 

thx

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Refinance options

I think you might have a few thousand in negative equity, unless you have a heavily optioned model.

 

What is your current APR?

 

I would recommend you put a large junk of money towards the car. Then refi into a low rate 36 month loan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 290
Registered: ‎11-10-2010
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Re: Refinance options

ya it was just about fully loaded.  leather, bose stero, the sl model.  the apr was 10.9%  at the time. cap one.  

 

so ya either way i still have negative equity.  so you think i should make a large payment then go to 36 months?

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Refinance options

[ Edited ]

Yes, large payment of at least $3k. Then refi to 36 months with an APR around 2%. Your new monthly minimum payment will be $430.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 711
Registered: ‎10-25-2011
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Re: Refinance options


Ortz33__ wrote:

hello all. i have owned a 2010 nissan altima for 2 years.  all payments on time.  6 year loan $471/monthly.   the balance is about $18,000 with 60,000 miles on the care. 

 

my scores are lower 700s and don't know my EX but imagine it's upper 600s.  do you think i would get a refinance or should i even do it?  

 

thx


Instead of making a $3k payment and then applying for a refinance, you might want to do it the other way around.

 

Apply for a refinance first, but request $15k. If approved, then go ahead and make the $3k payment. Just in case you aren't approved, you haven't made the payment for nothing. But then again, your scores are fine and you should be able to be approved. Maybe it doesn't matter which order you do this lol.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Refinance options

I think applying and making the payment is a good way to do it. The approving bank will tell you how large of a payment you need to make. Although, it never hurts to make extra payments on your loan. You should never be making only the minimum payment. That's how a loan ends up being upside-down.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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